There are grounds for URL shareholders to challenge the merger....

There are grounds for URL shareholders to challenge the merger. There's also the fact that even URL themselves are not sure whether they require holder approval.

It is for this very reason I assume management are requesting the placement rather than accessing the 20m facility that was already arranged through Trafalgar Capital Investment Fund several months ago. With access to 20m there is absolutely no need for this placement other than for the following reason:

Maloney, via Tulla resources, will be the big beneficiary of the placement further consolidating his position as the majority shareholder. So if it comes down to a URL vote on the merger, he'll have the remaining holders exactly where he wants them, over a barrel with their pants around their ankles. You can bet he's got Ingram in the exact same position albiet with the promise of a golden handshake once the takeov.... sorry, merger happens.

Can't wait for this meeting, I think I might actually get expelled.