I'll try summarise my interpretation of Listing Rule 7.1 7.1...

I'll try summarise my interpretation of Listing Rule 7.1

7.1 allows GMC to issue 15% capital without shareholder approval

7.1A allows GMC to issue another 10% shares on offer if it receives special resolution passed at AGM.

An exception under listing rule 7.2 which doesn't contribute to the 15% from above.
(My guess is its Exception 15)
"Exception 15 An issue of +securities under a +security purchase plan, excluding an
issue to the plan’s underwriters. Exception 15 is only available once in any 12 month period and if both of the following apply:
• The number of +securities to be issued is not greater than 30% of the number of fully paid +ordinary securities already on issue.
• The issue price of the +securities is at least 80% of the +volume weighted average market price for +securities in that +class,
calculated over the last 5 days on which sales in the +securities were recorded, either before the day on which the issue was
announced or before the day on which the issue was made."

GMC have conducted a few capital raisings now under the Exception (i.e. Listing Rule 7.2).

Be interesting to see which Exception they've been using particularly given:
1. The use of options which significantly dilutes existing shareholders. No dilution examples were provided in the notice to shareholder meeting.
2. The issue of shares to Triple C (who has acted as Lead Manager) pursuant to the Exception.

If Leonard or Hamish is on here, please enlighten me as to which Exception all the recent issues have been based under.

Note the following too:
"The Federal Court has clarified the proper application of ASX Listing Rule 7.1 (known as the “15% rule”) and the limitations of ASX Listing Rule 7.2, Exception 2, (known as the “underwriters’ exception”). Companies, underwriters and advisers should take note that the underwriters’ exception to the 15% rule does not extend to securities issued to the underwriter as part of its fee."

Please don't make me have to go back to the ASX to request further clarification.