As MacqBank is a probable beneficiary of these funds, I believe that they should not be able to vote their substantial shareholding in favour of the resolution as it is likely they are going to be the only shareholder that benefits from this proposal as all current shareholders will suffer a 50% dilution in the value of their shareholding(once the market wakes up to what is happening here).
Any suggestion that raising $A5mil(before costs) is going to open up the possibility of MacqBank releasing a substantial part of the balance of $US160mil of the facility for acquisitions is fanciful IMO.
It mightn't be until the 2016 Annual Accounts are released in March,2017 that shareholders will find out how these new funds have been used - will it be used to fund small bolt-on acquisitions or will it be used to shore-up the Current Reserve based lending facility provided by MacqBank?
As MacqBank is a probable beneficiary of these funds, I believe...
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