RE: RNS OUT28 Jun 2022 10:21
Explanation of Resolution 7: This resolution, proposed as a special resolution, supplements the directors’ general authority to allot shares as conferred on them pursuant to Resolution 6. Section 561 of the CA 2006 requires a Company proposing to allot equity securities to offer them first to existing shareholders in proportion to their existing shareholdings. If passed, this requirement will not apply to allotment of shares for cash up to a nominal value of £300,000 being 27.95% of the issued share capital of the Company. This authority enables the directors to raise additional equity capital through an issue of shares for cash. This authority will expire after one year or at the date of the next Annual General Meeting, whichever is earlier.
What tosh. So if we vote 6&7 yes, then regardless the first 15 million shares won’t need to be offered to shareholders as the requirement to do this won’t apply.
@Bennster this is worse than previous, as it’s confirming they know they can offer out the shares but aren’t willing too. Time for a chat with Viv