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JATCORP LIMITED — Capital/Financing Update 2019
Nov 20, 2019
65154_rns_2019-11-20_b0697145-ae43-4a78-8443-10fcd90d3ae7.pdf
Capital/Financing Update
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JAT is a specialist in Australia-China trade, focused on growth within the Australian health and wellness consumer goods export industry.
ASX RELEASE 21 November 2019
NON-RENOUNCEABLE RIGHTS ISSUE OFFER
Jatenergy Limited is pleased to announce that it will be undertaking a pro rata nonrenounceable rights issue (the “Offer”) of ordinary fully paid shares to Eligible Shareholders, being persons who are registered as shareholders of the Company on the record date of 27 November 2019 ( Record Date ) and have a registered address in Australia or New Zealand, or who are otherwise eligible under all applicable securities laws to receive an offer of shares under the Offer.
The Offer is made on the basis of one new share ( New Shares ) for every five shares held by eligible shareholders on 27 November 2019 ( Record Date ) at an issue price of $0.05 per New Share to raise up to approximately $8.4 million (before expenses). In calculating entitlements under the Offer, fractions will be rounded down to the nearest whole number.
The Offer is not underwritten.
Shareholders who, at the Record Date, have an address registered in either Australia or New Zealand, or who are otherwise eligible under all applicable securities laws to receive an offer of shares under the Offer will be eligible to participate in the Offer. All other shareholders will not be eligible to participate.
New Shares issued pursuant to the Offer will rank equally with existing fully paid ordinary shares currently on issue and the Company will apply to ASX for official quotation of the New Shares.
Eligible shareholders will be entitled to apply for New Shares not otherwise taken up in the Offer at the same price of $0.05 per New Share ( Shortfall Shares ).
Use of Funds
It is intended that the proceeds from the Offer will be used in accordance with the table set out below.
| Use of funds | Amount |
|---|---|
| Instalment of the consideration for acquisition of JAT’s manufacturing subsidiary, Australian Natural Milk Association Pty Limited, due on 31 December 2019. |
$4,000,000 |
| Acquisition of new equipment and construction of expanded clean room for ANMA |
$3,000,000 |
| Purchase of inventory and working capital |
$1,400,000 |
| TOTAL | $8,400,000 |
Jatenergy Limited | ABN 31 122 826 242 Suite 306, 521 Toorak Road, Toorak VIC 3142 Phone 03 9090 7592 [email protected] | jatenergy.com
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Capital Structure
The capital structure of the Company following completion of the Offer is summarised below:
| Shares | Number |
|---|---|
| Shares on issue at date of the Offer | 842,881,776 |
| New Shares offered under the Offer | 168,576,355 |
| Total Shares on issue at completion of the Offer | 1,011,458,131 |
Timetable
The Offer is proposed to be conducted according to the following timetable:
| Event | 2019 |
|---|---|
| Announcement of Offer, Appendix 3B and cleansing notice lodged with ASX |
Thursday 21 November |
| Notice sent to Shareholders | Monday 25 November |
| ‘Ex’ date | Tuesday 26 November |
| Record Date (7.00pm Sydney time) | Wednesday 27 November |
| Offer Document sent to Eligible Shareholders and announcement of issue of the Offer Document |
Monday 2 December |
| Opening Date | Tuesday 3 December |
| Closing Date (5.00pm Sydney time) | Friday 13 December |
| Deferred settlement trading commences | Tuesday 17 December |
| ASX notified of any under-subscriptions | Thursday 19 December |
| Issue of new Shares and deferred settlement trading ends |
Monday 23 December |
| Issue of holding statements and commencement of trading of new Shares |
Tuesday 24 December |
All dates (other than the date of lodgement of the Offer Document with ASX) are indicative only. The Company reserves the right, subject to the Corporations Act, the ASX Listing Rules and other applicable laws, to vary the dates of the Offer, including
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extending the Closing Date or accepting late acceptances, either generally or in particular cases, without notice.
On 2 December 2019, the Company will dispatch an Offer Document together with a personalised Entitlement and Acceptance Form to eligible shareholders. The Entitlement and Acceptance Form together with the appropriate application monies needs to be returned to the Company’s share registry before 5.00pm (Sydney time) on the anticipated closing date of 13 December 2019.
The Offer Document includes details of the Offer and the risks associated with investing in the Company. It is recommended that you read the Offer Document carefully and, if you are interested in participating in the Offer, consult with your professional advisers.
For further information please contact the Company Secretary on 0411 713 555.
Wilson Yao Managing Director