Wasabi Energy Limited ASX Compliance (6837U)
05 12월 2013 - 4:01PM
UK Regulatory
TIDMWAS
RNS Number : 6837U
Wasabi Energy Limited
05 December 2013
5 December 2013
NON-RENOUNCEABLE RIGHTS ISSUE
Notice under s708AA of the Corporations Act 2001 (Cth) (the
"Act")
On 6 December 2013, Wasabi Energy Limited (Company) will
despatch to eligible shareholders an Offer Document in respect of a
pro-rata non-renounceable rights issue on the basis of one (1)
ordinary Share for every one (1) Ordinary Shares held by
Shareholders registered at 5.00pm (Melbourne time) on 5 December
2013 at an issue price of 0.4 cents per Share (Rights Issue).
The Rights Issue, if fully subscribed, will raise approximately
A$14.8 million and will result in the issue of approximately
3,718,761,160 new ordinary shares in the Company.
The Company gives notice under s708AA of the Act, that:
(a) the Company will offer the new Shares under the Rights Issue
without disclosure under Part 6D.2 of the Act;
(b) this notice is being given under s708AA(2)(f) of the Act;
(c) As at the date of this notice, the Company has complied with:
(i) the provisions of Chapter 2M as they apply to the Company; and
(ii) s674 of the Act;
(d) As at the date of this notice, there is no information to be
disclosed by the Company which is excluded information (as defined
in s708AA(8) of the Act) and that investors and their professional
advisers would reasonably require for the purpose of making an
informed assessment of the assets and liabilities, financial
position and performance, profits and losses and prospects of the
Company or the rights and liabilities attaching to the new
Shares;
(e) The potential effect of the issue of the new Shares under
the Rights Issue will have on the control of the Company, and the
consequences of that effect, are described below.
Effect of the Offer
Assuming the Offer is fully taken up by Eligible Shareholders,
$14,875,044.64 less expenses of the Offer, which are estimated to
be $300,000, will be raised. The funds raised will be used as set
out in the Use of Proceeds paragraph set out above.
If the Offer is fully subscribed, a further 3,718,761,160
Ordinary Shares will be issued, increasing the Company's issued
capital by 100%.
Effect of the Offer on control of the Company
As the Offer is being made as a pro-rata rights issue on a 1 for
1 basis, the maximum number of new Ordinary Shares which may be
issued under the Offer represents 100% of the share capital of the
Company currently on issue. Accordingly, the Offer could have a
material effect on the control of the Company.
By way of example, the most significant effect which the Offer
could have on the control of the Company would occur if the largest
Eligible Shareholder takes up its full entitlement under the Offer
and no other Eligible Shareholder subscribes to the Offer. In these
circumstances the largest Eligible Shareholder's holding would
increase from 9.46% to 17.28%.
As at least some other Eligible Shareholders are expected to
take up their Entitlements, the proportional increase in the
holdings of the largest Eligible Shareholder is likely to be less
than shown above, and will be less if the Company secures an
underwriter for all or part of any Shortfall.
If the Company secures an underwriter for the whole of any
Shortfall, and no Eligible Shareholder take up their entitlement
under the Offer, the underwriter would acquire voting power of 50%
in the Company.
For further information, please contact:
Wasabi Energy Limited
John Byrne, Executive Chairman +61 (0)3 9663 7132
Diane Bettess, COO
Cenkos Securities - London Financial
Advisor, Broker & NOMAD
Ivonne Cantu +44 (0)207 397 8900
Beth McKiernan +44 (0)131 220 9778
Newgate Threadneedle - UK Media
Enquiries
Josh Royston +44 (0)207 653 9850
Hilary Millar
This information is provided by RNS
The company news service from the London Stock Exchange
END
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