Thanks Petey for the clarification - Yes rights issues on a pro-rata basis do not require shareholder approval - and in the case of a rights issue at 20 cents done pro-rata then I would expect nearly every shareholder to take up their entitlement. If it is not done on a pro-rata basis or it is a capital raising then it does need shareholder approval (if it is more than 15% of shares per annum).
I think that shareholders would only wish to vote against this if it was a rights issue done "not pro-rata" or if it was a capital raising at an unfair price.
TAM Price at posting:
56.9¢ Sentiment: Buy Disclosure: Held
