Aspermont’s big plans leave the Unmade Index unmoved
At the very tail end of last week – in fact, 6:41pm on a Friday before the long Australia Day Weekend — mining publisher Aspermont dropped its notice of annual general meeting on the ASX.
Either someone was pushing a deadline, or Aspermont really didn’t want wider attention on the contents. You can read it here.
Within was notice of resolutions to:
- Appoint or re-appoint five directors — remembering it was Aspermont that was temporarily suspended from trading for not having enough directors late last year
- Ratify a significant dilution with the issuing of 250m shares (around 8% of the company at the time)
- Approve equity incentives for four directors, and separately approve a plan for issuing up to 350m shares in performance rights in future
- Reduce the number of shares on issue with a 1-for-250 consolidation
- Approve the remuneration report
If the latter goes awry at the AGM (23 February) and more than 25% of the vote goes against the rem report, the two-strikes law will trigger a vote on a spill motion. That would leave shareholders in the odd position of having to vote on the directors they just approved a moment before.
In other Aspermont news, this year the publisher of the Mining Journal is moving beyond subscriptions into the realm of 100% “High Quality Revenue”, according to an investor presentation that dropped today.
But what does it mean? Mumbrella was following up to the nebulous fourth column (click to expand)
After all that action, I am disappointed to have to tell you Aspermont didn’t move at all on the Unmade Index.
Today’s trading was dominated by selling across the index, with most names down. ARN led the falls, down 3.95%, followed by Southern Cross down 2.86% and Ooh Media down 2.62%. Pureprofile was down 3.64%, GTN eased 1.69% and News Corp drifted down 0.29%. Ive, Vinyl, Gumtree joined Aspermont out of the action.
Offsetting the weakness were a smaller cluster of risers. Enero was the strongest, up 2.40%, with Motio rising 1.96% and SEG up 1.82%. Nine also edged higher, up 1.38%, but the gains were not enough to shift the Index into positive territory. It closed down a smidge at 442.7.
