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AGM

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mimma
October 31, 2019, 6:21pm
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Just received notice of the forthcoming AGM.

One item caught my eye:

  To consider and if thought fit pass the following resolution which shall be proposed as a Special Resolution:-

 

“That in accordance with the provisions of the Companies Acts applicable to the company to unconditionally authorise the Director’s generally to allot at any time during the period of five years from the adoption of this Resolution any relevant securities of the Company free of any pre-emption rights.”

 could someone out there please explain to a simpleton like me what this is about.

Thank you
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psgmariner
October 31, 2019, 7:08pm

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Pre-emption rights give shareholder's right of first refusal over the issue of new shares.

So basically saying they won't have to do this if they decide to issue new shares. They can sell them to who they want rather than offering them to existing shareholders first.

Interesting....




http://www.miabcleethorpes.net
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mimma
October 31, 2019, 7:27pm
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Thank you PSGM, now I know.

Next question is why? is it anything to do with the proposed takeover by Tom Shutes??? Why only five years?
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moosey_club
October 31, 2019, 7:34pm
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Quoted from mimma
Thank you PSGM, now I know.

Next question is why? is it anything to do with the proposed takeover by Tom Shutes??? Why only five years?


Is it because by then we will be in the Extreme Leisure Peakes Parkway Fentydome and be wholly self sufficient not needing any additional share income ?


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golfer
October 31, 2019, 9:40pm
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Think it means J.S.F. is to give all his shares and the transfer of benign loans to the Trust
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