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.
