30 April 2019
Dear Shareholder
Gas2Grid Limited (Company) - 1 for 2 Non-Renounceable Entitlement Offer
The Company announced on 29 April 2019 a 1 for 2 non-renounceable Entitlement Offer at an issue price of $0.003 per share to raise approximately $1.717 m (before transaction costs) (Entitlement Offer). The Entitlement Offer is not underwritten.
The net proceeds of the Entitlement Offer will be applied to deepening the existing well Nuevo Malolos-1 targeting two oil bearing sandstones in the Malolos oil field within Service Contract 44 in the Philippines and costs related to the Entitlement Offer.
The Company is writing to advise you as a shareholder of the Company with a registered address outside of Australia and New Zealand that, in accordance with ASX Listing Rule 7.7.1(b), the Company will not be offering the New Shares under the Entitlement Offer to you. The shares that would otherwise have been offered to you will form part of the shortfall, and will be offered to shareholders who are eligible to participate in the Entitlement Offer, or new investors identified by the Board.
You will not receive a copy of the offer document, however, a copy of the offer document is available on the ASX's website (www.asx.com.au), and the Company's website (www.gas2grid.com), for your reference only.
Details of the Entitlement Offer are summarised below.
Summary of Key Information
Type of offer | Non-renounceable 1 for 2 entitlement offer of approximately |
572,204,538 ordinary shares to shareholders that are on the | |
share register of the Company as at the record date | |
Offer price | $0.003 per new share |
Offer ratio | 1 new share for every 2 existing shares held at the record date |
Trading of entitlements | Entitlements may not be sold on ASX or otherwise transferred |
off market | |
Ranking of new shares | The new shares will be fully paid and will rank equally in all |
respects with the Company's existing issued ordinary shares | |
Number of shares quoted on ASX | The number of ordinary shares to be quoted on ASX on |
completion of the Entitlement Offer (assuming the Entitlement | |
Offer is fully subscribed) will be approximately 1,716,613,614 |
Please note that the Company's shares will be quoted on an 'ex' basis from 1 May 2019. Any shares bought after this date and/or registered after therecord date will not be able to participate in the Entitlement Offer.
Gas2Grid Limited | Level 2, 18‐22 Pitt Street | PO Box R1911 | T +61 2 9251 0316 |
ABN 46 112 138 780 | Sydney NSW 2000 | Royal Exchange NSW 1225 | |
www.gas2grid.com | Australia | Australia | office@gas2grid.com |
Indicative Timetable
Event | Date | |
Notice of Entitlement Offer sent to all Shareholders | 30 April 2019 | |
Ex-Date: the date on which Shares commence trading | 1 | May 2019 |
without entitlement to participate in the Entitlement Offer | ||
Record date (7pm Sydney time) | 2 | May 2019 |
Dispatch of offer document and application form to Eligible | 7 | May 2019 |
Shareholders | ||
Entitlement Offer closes (5pm Sydney time) | 27 | May 2019 |
New shares quoted on deferred settlement basis | 28 | May 2019 |
Shortfall shares notified to ASX | 30 | May 2019 |
Issue and allotment of new Shares | 3 | June 2019 |
Normal trading of Shares expected to commence | 4 | June 2019 |
Dispatch of holding statements | 6 | June 2019 |
Note: Dates and times are indicative only and subject to change. Subject to compliance with the ASX
Listing Rules, the Company reserves the right to: (i) not proceed with the Entitlement Offer and return any applications moneys received without interest; or (ii) vary the dates and times above including closing the offer earlier or later.
For further information on the Entitlement Offer please refer to the offer document or contact the Company:
Level 2
Export House
18-22 Pitt Street
Sydney NSW 2000
Telephone: | +61 2 9251 0316 |
Email: | office@gas2grid.com |
Yours sincerely |
Dennis Morton
Managing Director
Gas2Grid Limite
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Gas2Grid Limited published this content on 30 April 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 30 April 2019 07:52:04 UTC