fisho, i've just re-read the announcement from IFE regarding the general meeting and resolution 1. It is my understanding that these shares have already been issued in December last year and it is not actually seeking approval to issue any further shares. It is simply asking for these shares to be classed as a shareholder approved placement so that it opens the door for a further 15% to be completed within a 12 month period of that date.
Therefore I believe this capital is already included in current shares issued and isn't an additional issue of securities. Resolution 1 is just to give management the flexibility of raising more capital if needed without breaching the 15% rule as far as I can tell.
Could be wrong, and happy to be corrected but thats how it reads to me. My understanding is that the additional shares they intend to issue are:
Resolution 2 - 1,200,000 options to intersuisse as part of recent capital raising i believe to fund stage 1? Resolution 3 - up to 11,000,000 shares to professionals and sophisticateds Resolution 4 - Undertermined amount of options for employee performance Resolution 5-9 - 1,200,000 performance rights and 400,000 options to finch, mckay and rowe
Not trying to defend the directors as I think resolutions 3 through 9 are daylight robbery and not required at all. But just be mindful of the wording of some of the resolutions so you don't overstate their greed too much.
Resolution 1 has already occurred so its not actually additional shares, and resolution 3 says 'up to' so may not be the full amount, although in reality they shouldn't do it at all.
Anyway, feel free to correct me but thats how i see it.
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