What type of resolution is necessary for a new issue of shares?

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For a new issue of shares, an ordinary resolution is necessary. An ordinary resolution is a decision made by a simple majority of members present at a meeting or voting in favor of the resolution. This type of resolution is typically required for regular business operations of a company, including the issuance of additional shares.

The rationale behind needing an ordinary resolution for share issuance is due to the day-to-day nature of managing a company's capital structure. While certain fundamental changes within a company, such as altering the articles of association or winding up, may require a special resolution, the act of issuing shares falls within the routine governance and does not necessitate a higher threshold of approval.

In contrast, a special resolution typically requires a higher percentage of votes or may involve more complex matters that have a significant impact on shareholders' rights, which is not the case for issuing new shares. A supermajority resolution is even more restrictive than a special resolution and is not standard for share issues. A board resolution can authorize many actions within a company, including proposing a share issue, but ultimately, a vote by the shareholders through an ordinary resolution is what allows for the formal issuance of new shares.