What are they saying using the word 'when' unless they have total confidence that shareholders will approve the resolutions. Surely it's not just a naive choice of word.
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The appropriate formulation for such a sentence would read "The Board has total confidence that shareholders will see the value in this transaction. A further announcement will be made to the market if the share placement is approved by shareholders and completed."
The Board is not there to make decisions for the shareholders, or to substitute its opinion with that of the shareholders.
Then again, it is unlikely the Board would see it that way because they are cementing a price floor with a 60% price increase on their 1 cent buying with insider information of the McDonalds contract in January.
Just wait until the next announcement that includes their blowout expenses and loss for the period. It will be all daisies with "WE DID SOME MINT CAPITAL RAISINGS SO WE R GOOD TO GO!!111"
Ha - classic VML.
How does a board "cement a price floor" when it is the market that determines the share price? For example, if the market sold down VML to below $0.40, then the current cap raising and the planned SPP would be a poor deal for investors. Are you giving the Directors credit for powers that they simply do not have?
That's not what I was asking, I thought you were suggesting that the Directors can set a price floor, which seems incongruous as only the market can set the price. The Directors can of course influence the share price. For example, the thing I'd be nervous about now if I sold is that they make another announcement that pops the price, crafting a nice gain for the new insto's and Mr Cook, and I'd be on the sidelines buying in higher than I sold! At least holders can top up a few in the SPP at the same price as the cap raising.
OK Baa_Baa, silly me, capital raising prices do not act as a price floor. What a foolish comment for me to make. The directors are not cementing a nice 60% price floor over their 1 cent shares. How very foolish of me to think that. Now that Baa_Baa is happy, next topic:
Yes very comical, much like sitting at the red light saying "green" until it goes green then taking the credit. You've been long and talking about it all day. Every day is a great day to buy in it-guy world. If Wallace was around we could ask him, Let's Ask Wallace.
How very comical that just prior to the trading halt and the announcement of the capital raising price that the market suddenly decides to sell down to 1.6.
What a wonderful ride the VML game is :D
But hey - I sold out at 62.5 cents and got called out as a heathen, I still feel soooo silly.