a specific authority in respect of any particular allotment or issue of the Shares contemplated in clause 7.1. The approval contemplated by clause 7.1 be effective for the period provided in the Special Resolution in question but may be revoked at any time by Special Resolution. The Board may issue capitalisation Shares or offer a cash payment in lieu of awarding a capitalisation Share in accordance with section 47 of the Act. PREEMPTION ON ISSUE OF EQUITY SECURITIES Each Shareholder has a right, before any other Person who is not a Shareholder, to be offered and subscribe for a percentage of the Securities to be issued by the Company. This right: must be exercised within a reasonable period determined by the Board; will be in proportion to the Voting Power of that Shareholder’s general Voting Rights immediately before the offer was made; can be waived on behalf of all Shareholders by a Special resolution of Shareholders. The offer to the Shareholders referred to in clause 8.1 shall be Delivered in Writing and must state: the number of Securities offered; a reasonable time, determined by the Board, by which the offer must be accepted; and the requisite portion of the subscription price to be paid, failing which the offer shall be deemed to have been rejected. In exercising a right in terms of clause 8.1, a Shareholder may subscribe for fewer Securities than the Shareholder would be entitled to subscribe for under that section. After the time in which to accept the offer expires, or upon the receipt of a reasonable indication from the Person to who the offer is made that he/it declines to accept the Securities offered, the Directors may issue such Securities on terms that they resolve to be most favourable to the Company. CERTIFICATES EVIDENCING ISSUED SECURITIES AND SECURITIES REGISTER
a specific authority in respect of any particular allotment or issue of the Shares contemplated in clause 7.1. The approval contemplated by clause 7.1 be effective for the period provided in the Special Resolution in question but may be revoked at any time by Special Resolution. The Board may issue capitalisation Shares or offer a cash payment in lieu of awarding a capitalisation Share in accordance with section 47 of the Act. PREEMPTION ON ISSUE OF EQUITY SECURITIES Each Shareholder has a right, before any other Person who is not a Shareholder, to be offered and subscribe for a percentage of the Securities to be issued by the Company. This right: must be exercised within a reasonable period determined by the Board; will be in proportion to the Voting Power of that Shareholder’s general Voting Rights immediately before the offer was made; can be waived on behalf of all Shareholders by a Special resolution of Shareholders. The offer to the Shareholders referred to in clause 8.1 shall be Delivered in Writing and must state: the number of Securities offered; a reasonable time, determined by the Board, by which the offer must be accepted; and the requisite portion of the subscription price to be paid, failing which the offer shall be deemed to have been rejected. In exercising a right in terms of clause 8.1, a Shareholder may subscribe for fewer Securities than the Shareholder would be entitled to subscribe for under that section. After the time in which to accept the offer expires, or upon the receipt of a reasonable indication from the Person to who the offer is made that he/it declines to accept the Securities offered, the Directors may issue such Securities on terms that they resolve to be most favourable to the Company. CERTIFICATES EVIDENCING ISSUED SECURITIES AND SECURITIES REGISTER
Skylaw-MOI-June-2015.docx