ALS LIMITED — Capital/Financing Update 2013

Jul 17, 2013

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ASX Circular

Date: 18 July 2013

Key topics

1. ALS Limited

2. ASX Code: ALQ

3. Pro-rata Accelerated Renounceable Entitlement Offer, which includes Entitlements trading for the Retail Entitlement Offer component only.

Reading List

Client Advisers Compliance Managers Corporate Advisory DTR Operators Issuers Institutions

ASX Settlement Participants Office Managers Operations Managers (back office) Research Analysts ASX Clear Participants Market Participants

Authorised By

Adrian Smythe

Contact

ALS LIMITED – PRO-RATA ACCELERATED RENOUNCEABLE ENTITLEMENT OFFER (WITH RETAIL ENTITLEMENTS TRADING) TO RAISE APPROXIMATELY $246 MILLION

Participating Organisations are advised that ALS Limited (the “Company”) has announced a 1 for 11 pro-rata accelerated renounceable entitlement offer (with retail entitlements trading) (the “Entitlement Offer”), at an offer price of $7.80 per new ordinary share to raise approximately $246 million.

The Entitlement Offer has two components:

• An institutional entitlement offer, where offers have been made to eligible institutional security holders for them to apply for their pro-rata entitlement (the “Institutional Entitlement Offer”).

• A retail entitlement offer, where an offer will be made to eligible retail security holders for them to apply for their pro-rata entitlement (the “Retail Entitlement Offer”).

The Entitlement Offer is fully underwritten.

Rights trading for the Retail Entitlement Offer only is expected to commence on Friday, 19 July 2013 and end on Friday, 2 August 2013.

The Record Date for the Entitlement Offer is Friday, 19 July 2013.

The Retail Entitlement Offer is expected to close at 5:00pm AEST on Monday, 12 August 2013.

New ordinary shares issued under the Entitlement Offer will rank equally with existing ordinary shares.

Adrian Smythe

ASX Limited ABN 98 008 624 691 Exchange Centre 20 Bridge Street Sydney NSW 2000 PO Box H224 Australia Square NSW 1215

Internet: http://www.asx.com.au

No responsibility is accepted for any inaccuracies contained in the matter published.

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The indicative timetable in relation to the Entitlement Offer is as follows and may be subject to change:

Indicative Dates	Event
Monday, 15 July 2013	Trading Halt commenced
Tuesday, 16 July 2013	Entitlement Offer announced Institutional Entitlement Offer opens
Wednesday, 17 July 2013	Institutional Entitlement Offer closes (11am)
Wednesday, 17 July 2013 (4.00pm) – Thursday, 18 July 2013 (9am)	Institutional Shortfall Bookbuild
Friday, 19 July 2013	Results of Institutional Offer and Institutional Bookbuild announced Trading Halt lifted - Ordinary shares recommence trading (ASX code: ALQ) Rights trading for Retail Entitlementsonlycommences on a deferred settlement basis (ASX code: ALQR) Record Date for eligibility in the Entitlement Offer (7pm)
Monday, 22 July 2013	Retail Entitlement Offer opens
Thursday, 25 July 2013	Offer Booklet despatched to retail shareholders and Retail Entitlements allotted
Friday, 26 July 2013	Retail Entitlements commence trading on a normal (T+3) basis (ASX Code: ALQR) Settlement of Institutional Entitlement Offer and Institutional Bookbuild
Monday, 29 July 2013	Issue and commencement of trading on a normal (T+3) basis of shares issued under Institutional Entitlement Offer and Institutional Bookbuild (ASX code: ALQ)
Friday, 2 August 2013	Rights trading for Retail Entitlements ends (ASX code: ALQR)
Tuesday, 6 August 2013	Deferred settlement trading commences for new shares issued under Retail Entitlement Offer (ASX code: ALQN)
Monday, 12 August 2013	Retail Entitlement Offer closes (5pm)
Thursday, 15 August 2013	Results of Retail Entitlement Offer announced Retail Shortfall Bookbuild
Tuesday, 20 August 2013	Settlement of Retail Entitlement Offer
Wednesday, 21 August 2013	Issue under Retail Entitlement Offer and Retail Bookbuild Last day of deferred settlement trading in Retail Entitlement Offer shares (ASX code: ALQN)
Thursday, 22 August 2013	Trading of new shares issued under Retail Entitlement Offer and Retail Bookbuild commences on a normal (T+3) settlement basis (ASX code: ALQ)

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Settlement issues

Despite the fact that securities are trading “ex entitlement” on ASX Trade, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances during the deemed “CHESS ex-period”, i.e. the period commencing on the deemed CHESS Ex-Date up to and including the record date.

However, a record date cum balance will be available the business day following the record date, which will be equal to the registered holding balance at CHESS end of day on the record date. As a result any transfer that occurs prior to record date will be effectively transferred on a “cum” basis.

Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.

CHESS will perform automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.

Trading issues

ASX will not price a “cum” market with respect to trading in the Company’s ordinary securities. Persons who acquire the Company’s ordinary securities after the commencement of the trading halt on Monday, 15 July 2013 are not entitled to participate in the Entitlement Offer.

Further information

For further details, please call the ALS Limited Offer Information line on 1300 397 535 (within Australia) or +61 3 9415 4290 (outside Australia) from 8:30am to 5:30pm (Sydney time) Monday to Friday from Monday, until 12 August 2013 or when the Retail Entitlement Offer closes.

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