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EASTERN RESOURCES LIMITED — Share Issue/Capital Change 2024
Oct 17, 2024
64824_rns_2024-10-17_da50cadf-3db1-484d-8cd4-0f0d91cd7ddb.pdf
Share Issue/Capital Change
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18 October 2024
Australian Securities Exchange Limited Level 40, Central Park 152-158 St Georges Terrace Perth WA 6000
PROPOSED CONSOLIDATION OF CAPITAL
Eastern Resources Limited (ASX: EFE) advises that it is seeking shareholder approval at the 2024 Annual General Meeting to be held on Wednesday 20 November 2024 to consolidate the issued capital of the Company through the conversion of every ten (10) shares into one (1) share (Consolidation).
The Consolidation is proposed to reduce EFE’s shares on issue to result in a more appropriate and effective capital structure for EFE (creating a share count below one billion) and provide for a share price that is considered more appealing to a wider range of investors.
The Consolidation applies equally to all shareholders and as such the shareholders proportional interest in the Company’s issued capital will remain unchanged (other than minor variations resulting from the rounding of fractional shareholdings).
The Directors of EFE unanimously recommend that shareholders vote FOR the proposed Consolidation.
For full details of the proposed Consolidation please refer to the 2024 Notice of Annual General Meeting Notice (Notice of Meeting) released today.
Table 1: Effect of the Consolidation
| Security | Number (pre-Consolidation) | Number (post-Consolidation) |
|---|---|---|
| Shares | ||
| Shares on issue as at the date of this Notice | 1,241,946,461 | 124,194,646 |
| Options | ||
| Options on issue as at the date of this Notice | 20,765,519 | 2,076,552 |
| Performance Rights | ||
| Performance Rights on issue as at the date of this Notice | 65,500,000 | 6,550,000 |
Note: This does not include any Shares contemplated by Resolutions 7 to 10 in the Notice of Meeting and assumes no performance rights or options are converted. These are approximate numbers only. The actual numbers will depend on the number of Shares, Performance Rights and Options held by each security holder as at 20 November 2024 and the effects of rounding
[A][ c/- BDJ Partners, Level 8, 124 Walker Street, North Sydney NSW 2060 ] T +61 2 9906 7551 | E [email protected]
Table 2: proposed timeline of the Consolidation
If approved by Shareholders, the Consolidation will take effect in accordance with the following timetable (as set out in Appendix 7A (paragraph 7) of the ASX Listing Rules.
| Action | Date |
|---|---|
| Effective date of Consolidation (being the date Shareholder approval is obtained). | 20 November 2024 |
| Last day for pre-Consolidation trading. | 21 November 2024 |
| Post-Consolidation trading starts on a deferred settlement basis. | 22 November 2024 |
| Record DateLast day for Company to register transfers on a pre-Consolidation basis. | 25 November 2024 |
| First day for Company to update its register and to send holding statements toSecurity Holders reflecting the change in the number of Securities they hold. | 26 November 2024 |
| Last day for Company to update its register and to send holding statements toSecurity Holders reflecting the change in the number of Securities they hold.Deferred settlement market ends | 2 December 2024 |
This announcement has been authorised for release by the Board.
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Heath Roberts Company Secretary