Quote:
Formal meeting matters
1. Ratification of Previous Share Private Placements
To consider and, if thought fit, to pass the following resolution as an ordinary resolution of the Company:
“That the 8,205,511 ordinary shares issued by the Company for private placement capital raising without shareholder approval since the last Annual Meeting, as allowed under NZAX Listing Rule 7.3.5, be ratified with immediate effect under, and for the purpose of, NZAX Listing Rule 7.3.5(a)(iii).”
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The Company may wish to raise further capital for growth in the short term and wishes to ensure that it has the flexibility to do so without exceeding the 25% threshold described above. NZAX Listing Rule 7.3.5(a)(iii) allows further headroom to be created for this threshold if previous share issues within the last 12 months are formally ratified by the shareholders by way of an ordinary resolution. Accordingly, the Company is seeking that Resolution 1 is passed in order to allow the Board the flexibility to decide on any such further capital raising.
So, now VML are lining themselves up for