Announcement PDF TALISMAN MINING LIMITED ABN 71 079 536 495 NOTICE OF ANNUAL GENERAL MEETING EXPLANATORY STATEMENT AND PROXY FORM TIME: 10.00am (WST) DATE: Friday, 6 November 2015 PLACE: Celtic Club 48 Ord Street West Perth, Western Australia 6005 This Notice of Meeting should be read in its entirety. If Shareholders are in doubt as to how they should vote, they should seek advice from their professional advisers prior to voting. Should you wish to discuss the matters in this Notice of Meeting please do not hesitate to contact the Company Secretary on (+61 8) 9380 4230. CONTENTS PAGE Notice of Annual General Meeting 4 Explanatory Statement 7 Glossary 14 Annexure A – Information Required by Listing Rule 7.3A.6 15 Annexure B – Summary of the Executive and Employee Option Plan 16 TIME AND PLACE OF MEETING AND HOW TO VOTE VENUE The Annual General Meeting of the Shareholders to which this Notice of Meeting relates will be held at 10.00am (WST) on Friday, 6 November 2015 at: Celtic Club 48 Ord Street West Perth, Western Australia 6005 YOUR VOTE IS IMPORTANT The business of the Annual General Meeting affects your shareholding and your vote is important. power of attorney under which they have been authorised to attend and vote at the meeting. VOTING BY A CORPORATION A Shareholder that is a corporation may appoint an individual to act as its representative and vote in person at the meeting. The appointment must comply with the requirements of section 250D of the Corporations Act. The representative should bring to the meeting evidence of his or her appointment, including any authority under which it is signed. Shareholders can download and fill out the 'Appointment of Corporate Representation' form from the website of the share registry of the Company – www.linkmarketservices.com.au. HOW TO VOTE VOTING BY PROXY Shareholders can vote by either:   attending the meeting and voting in person or by attorney or, in the case of corporate shareholders, by appointing a corporate representative to attend and vote; or appointing a proxy to attend and vote on their behalf using the proxy form accompanying this Notice of Meeting and by submitting their proxy appointment and voting instructions in person, by post, or by facsimile. VOTING IN PERSON Shareholders, or their attorneys, who plan to attend the meeting are asked to arrive at the venue 15 minutes prior to the time designated for the meeting, if possible, so that their holding may be checked against the Company's share register and attendance recorded. Attorneys should bring with them an original or certified copy of the A Shareholder entitled to attend and vote is entitled to appoint not more than two proxies. Each proxy will have the right to vote on a poll and also to speak at the meeting. The appointment of the proxy may specify the proportion or the number of votes that the proxy may exercise. Where more than one proxy is appointed and the appointment does not specify the proportion or number of the shareholder's votes each proxy may exercise, the votes will be divided equally among the proxies (i.e. where there are two proxies, each proxy may exercise half of the votes). A proxy need not be a shareholder and can be either an individual or a body corporate. If a proxy is not directed how to vote on an item of business, the proxy may generally vote, or abstain from voting, as they think fit. However, for the purposes of Resolution 1 (Adoption of the Remuneration Report), Resolution 4 (Ratification of Prior Placement), Resolution 5 (Approval of Additional 10% Share Capacity) and Resolution 6 (Re-Approval of Executive and Employee Option Plan), where a Restricted Voter is appointed as your proxy, that person generally will not cast your vote on Resolutions 1, 4, 5 or 6 if you have not directed them how to vote on that Resolution or, if the proxy is the Chair of the Meeting, unless the appointment expressly authorises the Chair to exercise the proxy even if the Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel. These rules are explained in this Notice. If you choose to appoint a proxy, you are encouraged to direct your proxy how to vote on Resolution 1 (Adoption of the Remuneration Report), Resolution 4 (Ratification of Prior Placement), Resolution 5 (Approval of Additional 10% Share Capacity) and Resolution 6 (Re-Approval of Executive and Employee Option Plan) by marking either “For”, “Against” or “Abstain” for that item of business. Should any resolution, other than those specified in this Notice, be proposed at the meeting, a proxy may vote on that resolution as they think fit. If a proxy is instructed to abstain from voting on an item of business, they are directed not to vote on the shareholder's behalf on the poll and the shares that are the subject of the proxy appointment will not be counted in calculating the required majority. Shareholders who return their proxy forms with a direction how to vote but do not nominate the identity of their proxy will be taken to have appointed the Chairman of the meeting as their proxy to vote on their behalf. If a proxy form is returned but the nominated proxy does not attend the meeting, the Chair of the Meeting will act in place of the nominated proxy and vote in accordance with any instructions. Proxy appointments in favour of the Chairman of the meeting, the secretary or any Director that do not contain a direction how to vote will be used where possible to support each of the resolutions proposed in this Notice, provided they are entitled to cast votes as a proxy under the voting exclusion rules which apply to some of the proposed resolutions. To be effective, proxies must be lodged by 10.00am (WST) on 4 November 2015. Proxies lodged after this time will be invalid. Proxies may be lodged using any of the following methods:  by post using the pre-addressed envelope provided with this Notice;  by post to Talisman Mining Ltd C/- Link Market Services Limited, Locked Bag A14, Sydney South NSW 1235;  in person to 1A Homebush Bay Drive, Rhodes NSW 2138;  by faxing a completed proxy form to +61 2 9287 0309; or  online - www.linkmarketservices.com.au Select ‘Investor Login’ and enter the holding details as shown on the proxy form. Select the ‘Voting’ tab and then follow the prompts. You will be taken to have signed your Proxy Form if you lodge it in accordance with the instructions given on the website. The proxy form must be signed by the shareholder or the shareholder's attorney. Proxies given by corporations must be executed in accordance with the Corporations Act. Where the appointment of a proxy is signed by the appointer's attorney, a certified copy of the power of attorney, or the power itself, must be received by the Company at the above address, by facsimile, or online and by 10.00 am (WST) on 4 November 2015, being not later than 48 hours before the commencement of the meeting. If facsimile transmission is used, the power of attorney must be certified. SHAREHOLDERS WHO ARE ENTITLED TO VOTE In accordance with Regulations 7.11.37 and 7.11.38 of the Corporations Regulations 2001, the Board has determined that a person's entitlement to vote at the Annual General Meeting will be the entitlement of that person set out in the Register of Shareholders as at 7.00 pm (AEDT) (4.00pm WST) on 4 November 2015. 3 NOTICE OF ANNUAL GENERAL MEETING Notice is given that the Annual General Meeting of Shareholders will be held at 10.00 am (WST) on Friday, 6 November 2015 at the Celtic Club, 48 Ord Street, West Perth, Western Australia 6005. The Explanatory Statement to this Notice of Meeting provides additional information on matters to be considered at the Annual General Meeting. The Explanatory Statement and the Proxy Form are part of this Notice of Meeting. Terms and abbreviations used in this Notice of Meeting and Explanatory Statement are defined in the Glossary. AGENDA 1. ANNUAL REPORT To receive and consider the financial report of the Company together with the reports of the directors and the auditor for the financial year ended 30 June 2015. 2. RESOLUTION 1 – ADOPTION OF THE REMUNERATION REPORT To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of section 250R(2) of the Corporations Act and for all other purposes, the remuneration report for the financial year ended 30 June 2015 be adopted”. The vote on this Resolution is advisory only and does not bind the Company or the directors. Shareholders are encouraged to read the Explanatory Statement for further details on the consequences of voting on this Resolution. Voting Exclusion: In accordance with section 250R(4) of the Corporations Act, a vote must not be cast (in any capacity) on Resolution 1 by, or on behalf of, either of the following persons: (a) a member of Key Management Personnel, details of whose remuneration are included in the remuneration report; or (b) a closely related party of such a member. However, such a person may cast a vote on Resolution 1 as a proxy if the vote is not cast on behalf of a person described above and either: (a) the proxy is appointed by writing and the appointment specifies how the proxy is to vote on the proposed resolution; or (b) if the appointment does not specify how the proxy is to vote on the resolution (undirected proxy), the proxy is the Chair of the Meeting and the appointment expressly authorises the Chair of the Meeting to exercise the proxy even if the resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel. The Chair of the Meeting will vote any undirected proxies in favour of Resolution 1 in accordance with the requirements of the Corporations Act and ASX Listing Rules. If you choose to appoint a proxy, you are encouraged to direct your proxy how to vote on this Resolution by marking either “For”, “Against” or “Abstain” for that item of business. 4 3. RESOLUTION 2 – RE-ELECTION OF MS KAREN GADSBY To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, Ms Karen Gadsby, a director of the Company who retires in accordance with clause 13.2 of the Company’s constitution and, being eligible, offers herself for re-election, be re-elected as a director of the Company”. 4. RESOLUTION 3 – RE-ELECTION OF MR BRIAN DAWES To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, Mr Brian Dawes, a director of the Company who retires in accordance with clause 13.2 of the Company’s constitution and, being eligible, offers himself for re-election, be re-elected as a director of the Company”. 5. RESOLUTION 4 – RATIFICATION OF PRIOR PLACEMENT To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, pursuant to Listing Rule 7.4 and for all other purposes, the prior issue on 17 July 2015 of 17,021,277 fully paid ordinary shares in the Company at $0.47 each to raise $8,000,000 (before costs) under a placement as set out in the Explanatory Statement accompanying this Notice of Meeting, be ratified.” Voting Exclusion: The Company will disregard any votes cast on Resolution 4 by any person who participated in the issue and any associates of those persons. However, the Company need not disregard a vote on Resolution 4 if: (a) it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. The Chair of the Meeting will vote any undirected proxies in favour of Resolution 4. If you choose to appoint a proxy, you are encouraged to direct your proxy how to vote on this Resolution by marking either “For”, “Against” or “Abstain” for that item of business. 6. RESOLUTION 5 – APPROVAL OF ADDITIONAL SHARE CAPACITY UNDER ASX LISTING RULE 7.1A To consider and, if thought fit, to pass the following as a special resolution: “That, pursuant to and in accordance with ASX Listing Rule 7.1A and for all other purposes, the shareholders of the Company approve the issue of equity securities up to 10% of the issued capital of the Company (at the time of the issue) calculated in accordance with the formula prescribed in ASX Listing Rule 7.1A.2 and on the terms and conditions as described in the Explanatory Statement accompanying this Notice of Meeting.” Voting Exclusion: The Company will disregard any votes cast on Resolution 5 by or on behalf of a person (and any associates of such a person) who may participate in the 10% placement facility and a person who might obtain a benefit, except a benefit solely in the capacity of a holder of shares, if this Resolution is 5 passed. At this point in time, there are no potential allottees to whom shares may be issued under this Resolution. However, the Company need not disregard a vote on Resolution 5 if: (a) it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or (b) it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. The Chair of the Meeting will vote any undirected proxies in favour of Resolution 5. If you choose to appoint a proxy, you are encouraged to direct your proxy how to vote on this Resolution by marking either “For”, “Against” or “Abstain” for that item of business. 7. RESOLUTION 6 – RE-APPROVAL OF EXECUTIVE AND EMPLOYEE OPTION PLAN To consider and, if thought fit, to pass the following resolution as an ordinary resolution: “That, for the purposes of Listing Rule 7.2 (Exception 9), section 260C(4) of the Corporations Act and for all other purposes, approval is given to the issue of Options under the Talisman Mining Executive and Employee Option Plan (EEOP) as described in the Explanatory Statement accompanying this Notice of Meeting.” Voting Exclusion: ASX Listing Rules Voting Exclusion The Company will disregard any votes cast on Resolution 6 by any Director of the Company and any associate of a Director of the Company. However, the Company need not disregard a vote on Resolution 6 if: (a) it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or (b) it is cast by the person chairing the meeting as a proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides. The Chair of the Meeting will vote any undirected proxies in favour of Resolution 6. If you choose to appoint a proxy, you are encouraged to direct your proxy how to vote on this Resolution by marking either “For”, “Against” or “Abstain” for that item of business. DATED: 2 OCTOBER 2015 BY ORDER OF THE BOARD ________________________ DANIEL MADDEN COMPANY SECRETARY 6 EXPLANATORY STATEMENT This Explanatory Statement has been prepared for the information of the Shareholders in connection with the business to be conducted at the Annual General Meeting to be held at 10.00am (WST) on Friday, 6 November 2015 at the Celtic Club, 48 Ord Street, West Perth, WA 6005. The purpose of this Explanatory Statement is to provide information which the directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions in the Notice of Meeting. 1. ANNUAL REPORT Section 317 of the Corporations Act requires the reports of the directors and of the auditors and the Annual Report, including the financial statements to be put before the Annual General Meeting and the Constitution provides for those reports and statements to be received and considered at the Annual General Meeting. Neither the Corporations Act nor the Constitution requires a vote of Shareholders at the Annual General Meeting on the reports or statements. Shareholders, as a whole, will be given the opportunity to raise questions on the reports and the statements and will be provided with a reasonable opportunity to ask questions or make comments on the management of the Company at the Annual General Meeting. Questions asked of the Auditor will be limited to those relevant to: • the conduct of the audit; • the preparation and content of the independent audit report; • the accounting policies adopted by the Company in relation to the preparation of accounts; and • the independence of the auditor in relation to the conduct of the audit. The Company’s 2015 Annual Report is available at www.talismanmining.com.au. Those holders that elected to receive a printed copy of the Annual Report will have received a copy with this Notice of Annual General Meeting. 2. RESOLUTION 1 – ADOPTION OF THE REMUNERATION REPORT Section 250R(2) of the Corporations Act requires that a resolution that the Remuneration Report be adopted be put to a vote of Shareholders at the Company’s Annual General Meeting. The vote on this resolution is advisory only to the Company and does not bind the Board or the Company. However, if 25% or more of the votes are cast against two consecutive annual section 250R(2) resolutions, the Corporations Act requires a shareholder vote on whether to convene a special meeting at which all directors (other than a managing director), who were in office when the second 250R(2) resolution was voted on, must stand for re-election. The Directors will consider the outcome of the vote and comments made by Shareholders on the Remuneration Report at the meeting when reviewing the Company’s remuneration policies. The Remuneration Report is set out in and forms part of the Directors’ Report within the Annual Report and is available on the Company website at www.talismanmining.com.au. The Remuneration Report:  explains the Board’s policy for determining the nature and amount of remuneration of Key Management Personnel of the Company;  discusses the relationship between such policy and the Company’s performance; and  sets out remuneration details for each member of Key Management Personnel. Note: Executive and non-executive directors accepted a voluntary 15% reduction in salary and superannuation for the 2015 financial year as a result of a number of cost reduction initiatives introduced to reduce corporate and administrative overheads. This follows a 10% reduction in salary and superannuation accepted by all directors and executives in the 2014 financial year. 7 3. RESOLUTION 2 – RE-ELECTION OF MS KAREN GADSBY Clause 13.2 of the Constitution provides that at each Annual General Meeting one-third of the Directors shall retire from office. Ms Karen Gadsby retires from office in accordance with this requirement and being eligible offers herself for re-election by Shareholders as a Director of the Company, with effect from the end of the meeting. Ms Gadsby has been a Director of the Company since April 2008. Ms Gadsby is a professional non-executive director with over 30 years’ finance and commercial experience across several sectors. Ms Gadsby worked as an Executive for North Ltd throughout Australia for 13 years including at Robe River Iron Associates and Energy Resources of Australia Ltd. Ms Gadsby holds a number of directorships in Western Australia and is currently the Chair of Strategen Environmental Consulting Pty Ltd, Chair of Community First International Ltd and Director and Chair of the Audit Committee of Landgate. Ms Gadsby is the Chair of the Company’s Audit Committee and a member of the Nomination and Remuneration Committees. Ms Gadsby is a Fellow of Chartered Accountants Australia and New Zealand and is a Member of the Australian Institute of Company Directors. The Board (with Ms Gadsby abstaining) unanimously recommends that shareholders vote in favour of Ms Gadsby’s re-election as a Director. 4. RESOLUTION 3 – RE-ELECTION OF MR BRIAN DAWES Clause 13.2 of the Constitution provides that at each Annual General Meeting one-third of the Directors shall retire from office. Mr Brian Dawes retires from office in accordance with this requirement and being eligible offers himself for re-election by Shareholders as a Director of the Company, with effect from the end of the meeting. Mr Dawes has been a Director of the Company since June 2009. Mr Dawes is a mining engineer with 40 years of international mining industry experience. He holds a BSc in Mining from the University of Leeds UK, and is a Member of the Australasian Institute of Mining and Metallurgy. He has worked and resided in the UK, Africa, the Middle East and across Australia and holds several First Class Mine Managers’ Certificates of Competency. Mr Dawes’ diverse expertise covers all key industry aspects from exploration through the discovery, feasibility, funding, approvals, project construction, commissioning, operations, optimisation, logistics, marketing and closure phases. This includes onsite management and corporate responsibilities in a diversity of challenging and successful underground and open pit operations across many commodities and geographies, with emphasis on copper, nickel, gold, zinc and lead, with iron ore, graphite, and coal. Prior to joining Talisman, Mr Dawes held senior positions with Jubilee Mines, Western Areas, LionOre Australia, WMC, Normandy Mining, Aberfoyle, Cyprus Gold, Minproc Engineers and MIM. Mr Dawes is a member of the Company’s Nomination, Remuneration and Audit committees. The Board (with Mr Dawes abstaining) unanimously recommends that shareholders vote in favour of Mr Dawes’s re-election as a Director. 5. RESOLUTION 4 – RATIFICATION OF PRIOR PLACEMENT A total of 17,021,277 ordinary Shares (Placement Shares) were issued to Australian professional, institutional and sophisticated investors on 17 July 2015. These investors did not require the issue of a disclosure document in order to subscribe for the Placement Shares. None of the subscribers for the Placement Shares was a related party of the Company for the purposes of the Corporations Act or the Listing Rules. The Placement Shares were issued at $0.47 per Share, raising $8,000,000 before costs of the issue. From their date of issue, the Placement Shares rank equally in all respects with the Company’s existing fully paid ordinary Shares. Resolution 4 seeks Shareholder approval under Listing Rule 7.4 to ratify the placement of the Placement Shares. The effect of such ratification will be that the placement of these Shares will not be 8 counted as reducing the number of securities which the company can issue in the future without Shareholder approval under the 15% limit imposed by Listing Rule 7.1 and the 10% additional placement capacity limit imposed by Listing Rule 7.1A (i.e. the 15% and 10% limited are “renewed” to the extent of the ratification). Pursuant to the Company’s announcement on 10 July 2015, the funds raised for the placement will be used to support potential joint venture funding at Doolgunna copper-gold joint venture with Sandfire, to progress the Company’s growth strategy at Sinclair and for working capital. The Board unanimously recommends that Shareholders vote in favour of this Resolution. 6. RESOLUTION 5 – APPROVAL OF ADDITIONAL SHARE ISSUE CAPACITY UNDER ASX LISTING RULE 7.1A ASX Listing Rule 7.1A enables mid to small cap listed companies to seek shareholder approval by special resolution to issue equity securities equivalent to an additional 10% of the number of ordinary securities on issue by way of placement over a 12 month period (10% Placement Facility). This is in addition to the existing 15% placement capacity permitted by ASX Listing Rule 7.1. A company is eligible to seek shareholder approval for this additional placement capacity if it satisfies both of the following criteria at the date of the Annual General Meeting: a. have a market capitalisation of $300 million or less; and b. not included in the S&P/ASX 300 Index. The Company currently satisfies both the above criteria, and it is anticipated that it will satisfy both these criteria at the date of the Annual General Meeting. Accordingly, Resolution 5 is seeking approval of ordinary shareholders by special resolution for the issue of such number of equity securities as calculated under the formula in ASX Listing Rule 7.1A.2, at an issue price as permitted by ASX Listing Rule 7.1A.3 to such persons as the Board may determine, on the terms as described in this Explanatory Statement. At the date of this Notice, the Company has on issue 148,559,904 fully paid ordinary shares. If Resolution 4 is passed, the Company will be permitted to issue (as at the date of this Notice): a. 22,283,985 equity securities under ASX Listing Rule 7.1; and b. 14,855,990 equity securities under ASX Listing Rule 7.1A. The actual number of equity securities that the Company will have capacity to issue under ASX Listing Rule 7.1A will be calculated at the date of issue of the equity securities in accordance with the formula prescribed in ASX Listing Rule 7.1A.2. The effect of Resolution 5 will be to allow the Directors to issue equity securities under ASX Listing Rule 7.1A, without using the Company’s 15% placement capacity under ASX Listing Rule 7.1. Information required by ASX Listing Rule 7.3A For the purposes of ASX Listing Rule 7.3A, the following information is provided: 1. 2. The minimum price at which the equity securities will be issued will be no less than 75% of the volume weighted average price for ordinary shares calculated over the 15 trading days on which trades are recorded immediately before: a. the date on which the price at which the shares are to be issued is agreed; or b. if the shares are not issued within 5 trading days of the date in paragraph a., the date on which the shares are issued. If Resolution 5 is approved by shareholders and the Company issues equity securities under the 10% Placement Facility, the existing ordinary shareholders face the risk of economic and voting 9 dilution as a result of the issue of equity securities which are the subject of this Resolution, to the extent that such shares are issued, including: a. the market price of ordinary shares may be significantly lower on the issue date than on the date on which this approval is being sought; and b. the equity securities may be issued at a price that is at a discount to the market price for those equity securities on the issue date or the equity securities may be issued as part consideration for the acquisition of a new asset, which may have an effect on the amount of funds raised by the issue of the shares. The following table gives examples of the potential dilution of existing ordinary shareholders on the basis of the current market price of shares and the current number of ordinary securities for variable “A”, calculated in accordance with the formula in ASX Listing Rule 7.1A.2 as at the date of the Notice. The table also shows: a. two examples where variable “A” has increased by 50% and 100%. Variable “A” is based on the number of ordinary securities the Company has on issue. The number of ordinary securities on issue may increase as a result of issues of ordinary securities that do not require shareholder approval (for example, a pro-rata entitlements issue or scrip issued under a takeover offer) or future specific placements under ASX Listing Rule 7.1 that are approved at a future shareholders’ meeting; and b. two examples of where the issue price of ordinary securities has decreased by 50% and increased by 100% as against the current market price. Variable ‘A’ in Listing Rules 7.1A.2 Current Variable A 148,559,904 Shares 50% increase in current Variable A 222,839,856 Shares 100% increase in current Variable A 297,119,808 Shares $0.22 50% decrease in issue price Dilution $0.44 Issue price 10% voting dilution Funds raised 10% voting dilution 14,855,990 $3,268,318 22,283,986 14,855,990 $6,536,636 22,283,986 $0.88 100% increase in issue price 14,855,990 $13,073,272 22,283,986 Funds raised 10% voting dilution $4,902,477 29,711,981 $9,804,954 29,711,981 $19,609,907 29,711,981 Funds raised $6,536,636 $13,073,272 $26,146,543 The table has been prepared on the following assumptions: a. the Company issues the maximum number of equity securities available under the 10% Placement Facility in ASX Listing Rule 7.1A; b. no unlisted options (including any unlisted options issued under the 10% Placement Facility) are exercised into shares before the date of issue of the equity securities; c. the 10% voting dilution reflects the aggregate percentage dilution against the issued share capital at the time of issue. This is why the voting dilution is shown in each example as 10%; d. the table does not show an example of dilution that may be caused to a particular shareholder by reason of placements under the 10% Placement Facility, based on that shareholder’s holding at the date of the Annual General Meeting; e. the table shows only the effect of issues of equity securities under ASX Listing Rule 7.1A, not under the 15% placement capacity under ASX Listing Rule 7.1; 10 f. the issue of equity securities under the 10% Placement Facility consists only of shares; and g. the issue price is $0.44 per share, being the closing price of the shares on ASX on 28 September 2015. 3. If any of the shares being approved by this Resolution are issued, they will be issued during the placement period, that is, within 12 months of the date of the Annual General Meeting (i.e. by 6 November 2016) and the approval being sought under Resolution 5 will cease to be valid if ordinary shareholders approve a transaction under ASX Listing Rules 11.1.2 (a significant change to the nature or scale of activities) or 11.2 (disposal of main undertaking) prior to 6