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COSOL LIMITED — Capital/Financing Update 2020
Jan 21, 2020
64688_rns_2020-01-21_0c311829-6cb3-4f9a-b082-45e8987350dc.pdf
Capital/Financing Update
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20 January 2020
Pre-Quotation Disclosures
CAPITAL STRUCTURE
The capital structure of COSOL Limited (“Company”) is detailed below.
| Fully Paid Ordinary Shares |
Options | Other Securities | |
|---|---|---|---|
| Securities On Issue | 127,500,000 | 0 | 0 |
VOLUNTARY ESCROW
The following securities of the Company are subject to voluntary escrow.
| Number | Voluntary Escrow Period | |
|---|---|---|
| Fully Paid Ordinary Shares | 67,500,000 | 12 months from the date of quotation of the Company’s Shares on ASX |
COMPLETION
The Company confirms it has satisfied and not waived the conditions precedent to the acquisition by the Company of 100% of the issued capital of COSOL Australia Pty Ltd (“COSOL Australia”) (“Acquisition”), except that it has waived the condition precedent requiring the COSOL Australia vendors to discharge all security interests over the assets of COSOL Australia only to the extent necessary to allow security interests to remain in effect and not be discharged in respect of vehicles the subject of novated leases that COSOL Australia is a party to as part of certain employees’ salary packaging arrangements
The Company confirms completion of the Acquisition, including:
-
(a) the issue of 22,500,000 Shares to the vendors of COSOL Australia; and
-
(b) the payment of $9,313,124 cash to the vendors of COSOL Australia, being the cash consideration payable for the Acquisition as adjusted by reference to the net working capital position of COSOL Australia (see section 9.2(b) of the Company’s prospectus dated 10 December 2019).
COSOL Limited ABN 66 635 371 363 Level 3, 201 Leichhardt Street, Spring Hill QLD 4000 T +61 7 3129 3341 E [email protected] W cosol.com.au
ASX Code: COS
Pre-Quotation Disclosures
20 January 2020
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EARN OUT CONSIDERATION
The Company confirms that it will seek and obtain shareholder approval before it issues any Shares to COSOL Australia vendors in satisfaction of earn out consideration pursuant to the share purchase agreement under which the Company agreed to acquire 100% of COSOL Australia’s issued capital – see sections 5 and 9.2(c) of the company’s prospectus dated 10 December 2019 for further information about the earn out consideration.
Authorised for release by Mr Ben Secrett (Company Secretary).
Pre-Quotation Disclosures
20 January 2020
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