The administrators (Administrators) of Energy Technologies Limited (ASX: EGY) ACN 002 679 469 (Firm) are happy to give you the chance to take part in a non-renounceable rights challenge on the premise of 1 new absolutely paid strange share within the Firm (every, a New Share) for each 1 current share within the Firm (every, a Share) held on the File Date held (Entitlement) at a difficulty worth of $0.03 (3 cents) per New Share (Provide Worth) to boost roughly $12.7 million (earlier than prices) (Provide).
Shaw and Companions Restricted have been appointed as lead supervisor of the Provide. The Provide will not be underwritten.
The Provide is obtainable to all Shareholders who’re, as at 7.00pm (Melbourne time) on 17 September 2024 (File Date), registered (in accordance with the data of the Firm’s Share Registry) with a registered deal with in Australia, New Zealand and sure shareholders in the UK (Eligible Shareholders).
Below the Provide, Eligible Shareholders are additionally in a position to apply for New Shares in extra of their Entitlement (Further New Shares). The allocation of Further New Shares and any reduce might be topic to the supply of Further New Shares and the Firm’s absolute discretion.
The Provide Worth ($0.03 (3 cents)) represents a:
- 14.3% low cost to the final traded worth of A$0.035 as at 11 September 2024;
- 14.3% low cost to the 10-day quantity weighted adjusted worth of A$0.035 as at and together with 11 September 2024; and
- 7.7% low cost to theoretical ex-rights worth of A$0.033.
Please observe that Further New Shares will solely be allotted to you if there are ample New Shares from Eligible Shareholders who don’t take up their full Entitlement or from New Shares that may have been provided 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 under) to position any Further New Shares underneath 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 basic working capital reserves. Proceeds may also be utilized to the prices of enterprise 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 underneath the Provide for 1 New Share for each 1 Share held as on the File 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.
Click here for the full ASX Release
This text contains content material from Vitality Applied sciences Restricted, licensed for the aim of publishing on Investing Information Australia. This text doesn’t represent monetary product recommendation. It’s your accountability to carry out correct due diligence earlier than performing upon any data offered right here. Please seek advice from our full disclaimer right here.