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ULTRASIS - ONWARDS AND UPWARDS

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Ford Barfle - Tue, 13 Dec 05 :

In resolution 5 we are asked to grant Ultrasis the authority to create 198,500,000 new shares. Since these have a nominal value of 0.1p each their total nominal value is £198,500.

Resolution 6 seems to grant the directors authority to dispose of £388,283 worth of shares at their nominal value so that would be 388,283,000 shares. That is more than were created in resolution 5 so I'm not sure how they manage that.

Resolution 7 seems to say that some of these shares will be allotted through a rights issue. But that need not apply to up to 116,485,000 of them. Or perhaps it's another 116,485,000?

Since there is no indication that Ultrasis needs so much extra money for ordinary running costs it would seem to be planning something extraordinary, like a takeover.

But this is speculation based on what may be my complete misinterpretation of the document.


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