Maybe I'm thick, but it seems to me that the article 7 limits the ability of the directors as to how they may issue the shares. This limitation only allows them to issue them in favour or a rights issue or scrip dividend alternative, which I guess means they can issue shares instead of cash??
7. THAT subject to the passing of Resolution number 6 set
out in the Notice of Meeting at which this Resolution is to
be proposed the Directors be and they are hereby
empowered to allot equity securities (within the meaning
of Article 104 of the Order) for cash pursuant to the
authority in that regard conferred on them by paragraph
(i) of Resolution 6 as if Article 99(1) of the Order did not
apply to any such allotment, provided that this power shall
be limited to:
(i) the allotment of equity securities in connection with a
rights issue or a scrip dividend alternative in favour of
ordinary shareholders where the equity securities
respectively attributable to the interests of all ordinary
shareholders are proportionate...
now what article 99(1) states I have no knowledge...comments anybody?
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