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DEVELOP GLOBAL LIMITED — Capital/Financing Update 2008
Sep 17, 2008
64801_rns_2008-09-17_dbce0698-e1d5-451f-8013-211c7bcab86e.pdf
Capital/Financing Update
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ASX ANNOUNCEMENT 18 S eptember 2008 ASX Code: JUT
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RESTRUCTURING OF CAPITAL RAI S ING
On Tuesday, 16 September 2008, Jutt Holdings Limited (the C o mpany) became aware that one of the t r igger conditions of the Underwriting Agreement with Argonaut Capital Limite d (Argonaut) in relation to the on e for four nonrenounceable entitlements issue had been breached. The br e ached condition related to the sustained l o wer value of the S&P/ASX Small Reso u rces Index.
Due to this breach of the U nderwriting Agreement and current m arket conditions, the Company requested a trading halt to finalise discussions wit h Argonaut.
The Company elected to w ithdraw the Prospectus dated 3 Sep t ember 2008 and therefore it did not desp a tch the Prospectus to Shareholders o n 16 September 2008 in accordance with t h e timetable.
The Company advises t h at it will now undertake a new on e for three nonrenounceable entitlement s issue at $0.06 per share. The enti t lements issue is fully underwritten by Arg o naut. The entitlements issue will rai s e approximately $1.38 million before costs to fund exploration at the Liberty-Ind e e Project and for general working capital p u rposes.
A new timetable will be announced including a revised reco r d date. A new Prospectus will be lodged w ith ASIC and the ASX in due course.
TIM SUGDEN Managing Director
For further information contact : Jutt Holdings Limited ABN: 28 122 180 205 Charles Morgan Tim Sugden T: + 6 1 8 6424 9188 Chairman Managing Director M: 0412 152 534 M: 0407 085 032 ww w .juttholdings.com E: [email protected] E: [email protected] [email protected]