Authorized Shares 3,501,000,000 as of Nov 11, 2013 so the additional would be 2.5 billion. Otherwise, I concur.
I sent a four paragraph letter to SG after hearing of the increase and expressed to him my concerns. Yes, it may be better to increase the "Authorized Shares" in comparison to a reverse split, but only temporarily, if there isn't sufficient tactic behind the increase. If we simply dish out IOUs without gaining any long term value, then when a reverse split is finally performed shareholders could experience much greater dilution. At that point shareholders may no longer be the #1 priority of SEEK, but possible Yahoo, Microsoft, or Google. Any of those top institutions would be very adamant of the final share structure before making an offer. Our focus should be to make certain that Scott keeps shareholder value as a priority. Reversing his 1 billion shares could keep him well within big profits, but could ultimately hurt the loyal retail community. (IMO)
Looking forward to the conference call.
PS. I've also reminded SG that he provided no mention of a necessity for increasing the "Authorized Shares" to meet the requirement of the $5 million credit facility during the Dec 19th conference call. Unless, the reference was linked to a prior conference call (Oct) where SG had mentioned the restricted share issuance and 6 month hold requirement before exercising as part of the credit deal to the institution...
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