The administrators (Administrators) of Power Applied sciences Restricted (ASX: EGY) ACN 002 679 469 (Firm) are happy to give you the chance to take part in a non-renounceable rights situation on the idea of 1 new totally paid abnormal share within the Firm (every, a New Share) for each 1 current share within the Firm (every, a Share) held on the Report Date held (Entitlement) at a problem value of $0.03 (3 cents) per New Share (Provide Value) to lift roughly $12.7 million (earlier than prices) (Provide).
Shaw and Companions Restricted have been appointed as lead supervisor of the Provide. The Provide shouldn’t be underwritten.
The Provide is accessible to all Shareholders who’re, as at 7.00pm (Melbourne time) on 17 September 2024 (Report Date), registered (in accordance with the data of the Firm’s Share Registry) with a registered tackle in Australia, New Zealand and sure shareholders in the UK (Eligible Shareholders).
Underneath the Provide, Eligible Shareholders are additionally in a position to apply for New Shares in extra of their Entitlement (Extra New Shares). The allocation of Extra New Shares and any cut back might be topic to the supply of Extra New Shares and the Firm’s absolute discretion.
The Provide Value ($0.03 (3 cents)) represents a:
- 14.3% low cost to the final traded value of A$0.035 as at 11 September 2024;
- 14.3% low cost to the 10-day quantity weighted adjusted value of A$0.035 as at and together with 11 September 2024; and
- 7.7% low cost to theoretical ex-rights value of A$0.033.
Please word that Extra New Shares will solely be allotted to you if there are enough New Shares from Eligible Shareholders who don’t take up their full Entitlement or from New Shares that will have been supplied to Ineligible Shareholders had they been eligible to take part within the Provide (Shortfall). As well as, the Firm intends to permit the Lead Supervisor (outlined beneath) to put any Extra New Shares below a Shortfall in its absolute discretion.
The gross proceeds of the Provide might be utilized by the Firm to scale back debt, develop EGY’s gross sales division, and replenish common working capital reserves. Proceeds may even be utilized to the prices of endeavor the Provide.
The professional forma consolidated steadiness sheet illustrates the impact of the Provide on the monetary place of the Firm.
The Provide is to be made pursuant to s708AA of the Firms Act and could also be summarised as follows:
- Australian and New Zealand residents and sure shareholders from the UK holding Shares might subscribe below the Provide for 1 New Share for each 1 Share held as on the Report Date.
- The Provide of roughly 422,074,788 New Shares to an quantity of roughly $12.7 million (earlier than prices).
- New Shares are priced at $0.03 (3 cents) per New Share.
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