HELIX RESOURCES LIMITED — Capital/Financing Update 2020

Aug 13, 2020

ASX Announcement 14 August 2020

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Allocation under Entitlement Offer

Helix Resources Limited (ASX:HLX) ( Helix or the Company ) refers to its announcement dated 8 July 2020 in relation to the closure and allocation of shares under the Entitlement Offer Prospectus ( Prospectus ) dated 5 June 2020.

The Company have been requested by ASX to provide further clarification to shareholders on the allocation of shares under the Entitlement Offer. Accordingly, please refer to below.

Allocations

The Company issued the Entitlement securities as follows:

	Shares	%	Comment
Entitlement	200,479,756	75.74%	Every shareholder received their original entitlement applied for.
Existing Shareholder Top Up	41,382,885	15.63%	Allocated on the basis below to select existingunrelated shareholders.
Shortfall	22,843,926	8.63%	Unrelated clients of stockbroker who participated in the placement, unrelated employees and selected unrelated investors.
TOTAL	264,706,567	100%

The Board considered factors such as length of time as a shareholder, whether selling occurred in the open period, number of shares held at the record date, support provided to the Company through participation in past placements, and general support of the company strategy and in its officers in carrying out the approved activities, in determining the issue of shares under the Top Up Facility and the Shortfall Offer.

Allocation Policy under the Top up facility

Reference is made to sections 5.6 (To Up Facility) of the Prospectus which stated that “The Board’s allocation policy is to allocate Shares under the Top Up Facility to Eligible Shareholders who apply for their full Entitlement so long as the issue of Shares to that Eligible Shareholder would not, so far as the Board is aware, result in them having Voting Power in more than 20.0% of the Company’s Shares.

However, the Directors reserve the right to issue to an Eligible Shareholder a lesser number of additional Securities under the Top Up Facility than the number for which the Applicant applies, or to reject an Application, or to not proceed with placing Shares under the Top Up Facility.”

Allocation Policy under the Shortfall Facility

We also refer shareholders to section 5.7 (Shortfall Offer) which stated “ Where there are Shortfall Securities, the allocation policy of the Directors in respect of the Shortfall Securities will be to determine Corporate Office T +61 8 9321 2644 78 Churchill Ave F +61 8 9321 3909 Subiaco WA 6008 E helix@helix.net.au

T +61 8 9321 2644 F +61 8 9321 3909 E helix@helix.net.au

ABN 27 009 138 738

helix.net.au

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the allottees of the Shortfall Securities at their absolute discretion. The Board will not allocate Shares under the Shortfall Offer to any investor where the issue of Shares to that investor would, so far as the Board is aware, result in them having Voting Power of more than 20% in the Company’s Shares.”

Based on the above, the Board reserved ultimate discretion to issue securities under the Top Up Facility and the Shortfall Offer on the basis that no shareholder had voting power of more than 20% of the Company.

This ASX release was authorised by the Helix Board.

CONTACT DETAILS:

Investors

Media

Peter Lester Michael Vaughan Executive Chairman Fivemark Partners +61 8 9321 2644 +61 422 602 720 helix@helix.net.au michael.vaughan@fivemark.com.au

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