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Mithril Silver and Gold Limited — Proxy Solicitation & Information Statement 2017
Apr 9, 2017
48546_rns_2017-04-09_4262bddf-a449-4ce4-9372-a9c52b763734.pdf
Proxy Solicitation & Information Statement
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MITHRIL RESOURCES LIMITED ACN 099 883 922
__________
NOTICE OF EXTRAORDINARY GENERAL MEETING
EXPLANATORY STATEMENT PROXY FORM
__________
Date of Meeting 12 May 2017
Time of Meeting 11.00 am (Adelaide time)
Place of Meeting HLB Mann Judd 169 Fullarton Road DULWICH SA 5065
NOTICE OF EXTRAORDINARY GENERAL MEETING
MITHRIL RESOURCES LIMITED ACN 099 883 922
Notice is hereby given that an Extraordinary General Meeting of Shareholders of Mithril Resources Limited ( Company ) will be held at 11.00 am on 12 May 2017 at HLB Mann Judd, 169 Fullarton Road, Dulwich, South Australia.
– Resolution 1: Approval of Previous Issue of Shares ASX Listing Rule 7.1
To consider and, if thought fit, pass, with or without amendment, the following resolution as an ordinary resolution:
‘ That for the purpose of ASX Listing Rule 7.4 and for all other purposes, approval is given to the previous issue by the Company of 92,972,459 Shares under ASX Listing Rule 7.1 on the terms and conditions described in the Explanatory Statement which is attached to and forms part of this Notice. ’
– Resolution 2: Approval of Previous Issue of Shares ASX Listing Rule 7.1A
To consider and, if thought fit, pass, with or without amendment, the following resolution as an ordinary resolution:
‘ That for the purpose of ASX Listing Rule 7.4 and for all other purposes, approval is given to the previous issue by the Company of 68,648,307 Shares under ASX Listing Rule 7.1A on the terms and conditions described in the Explanatory Statement which is attached to and forms part of this Notice. ’
– Resolution 3: Approval of Previous Issue of Options ASX Listing Rule 7.1
To consider and, if thought fit, pass, with or without amendment, the following resolution as an ordinary resolution:
‘ That for the purpose of ASX Listing Rule 7.4 and for all other purposes, approval is given to the previous issue by the Company of 10,000,000 Options under ASX Listing Rule 7.1 on the terms and conditions described in the Explanatory Statement which is attached to and forms part of this Notice. ’
Resolution 4: Issue of Options to David Hutton
To consider and, if thought fit, pass, with or without amendment, the following resolution as an ordinary resolution:
‘ That for the purpose of ASX Listing Rule 10.11 and for all other purposes, approval is given to the issue by the Company of 4,000,000 Options to Mr David Hutton (or his nominee) on the terms and conditions described in the Explanatory Statement which is attached to and forms part of this Notice. ’
Resolution 5: Issue of Options to Jim McKinnon-Matthews
To consider and, if thought fit, pass, with or without amendment, the following resolution as an ordinary resolution:
‘That for the purpose of ASX Listing Rule 7.1 and for all other purposes, approval is given to the issue by the Company of 1,000,000 Options to Mr Jim McKinnon-Matthews (or his nominee) on the terms
and conditions described in the Explanatory Statement which is attached to and forms part of this Notice. ’
DATED 10 APRIL 2017
BY ORDER OF THE BOARD MITHRIL RESOURCES LIMITED
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DONALD STEPHENS COMPANY SECRETARY
NOTES :
1. Explanatory Statement
The Explanatory Statement accompanying this Notice of Extraordinary General Meeting is incorporated in and comprises part of this Notice of Extraordinary General Meeting and should be read in conjunction with this Notice of Extraordinary General Meeting.
Shareholders are specifically referred to the Glossary in the Explanatory Statement which contains definitions of capitalised terms used in both this Notice of Extraordinary General Meeting and the Explanatory Statement.
2. Voting Exclusion Statements
(a) Resolution 1
The Company will disregard any votes cast on Resolution 1 by persons who participated in the issue of Shares and associates of those persons.
However, the Company will not disregard a vote if:
-
(i) it is cast by the person as proxy for a person who is entitled to vote, in accordance with directions on the proxy form; or
-
(ii) it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.
(b) Resolution 2
The Company will disregard any votes cast on Resolution 2 by persons who participated in the issue of Shares and associates of those persons.
However, the Company will not disregard a vote if:
-
(i) it is cast by the person as proxy for a person who is entitled to vote, in accordance with directions on the proxy form; or
-
(ii) it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.
(c) Resolution 3
The Company will disregard any votes cast on Resolution 3 by persons who participated in the issue of Options and associates of those persons.
However, the Company will not disregard a vote if:
-
(i) it is cast by the person as proxy for a person who is entitled to vote, in accordance with directions on the proxy form; or
-
(ii) it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.
-
(d) Resolution 4
-
(i) For the purposes of the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on Resolution 4 if:
- the person is either:
-
a member of the Key Management Personnel for the Company or, if the Company is part of a consolidated entity, for the entity; or
-
a Closely Related Party of such a member; and
-
the appointment does not specify the way the proxy is to vote on the Resolution.
However, the Company will not disregard a vote if:
-
the person is the chair of the meeting at which the Resolution is voted on; and
-
the appointment expressly authorises the chair to exercise the proxy even if the Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company or, if the Company is part of a consolidated entity, for the entity.
-
(ii) For the purposes of the ASX Listing Rules, the Company will disregard any votes cast on Resolution 4 by a person who is to receive securities in relation to the Company if the Resolution is passed, and associates of that person.
However, subject always to paragraph 2(d)(i), the Company will not disregard a vote if:
-
it is cast by the person as proxy for a person who is entitled to vote, in accordance with directions on the proxy form; or
-
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.
(e) Resolution 5
-
(i) For the purposes of the Corporations Act, a person appointed as a proxy must not vote, on the basis of that appointment, on Resolution 5 if:
-
the person is either:
-
a member of the Key Management Personnel for the Company or, if the Company is part of a consolidated entity, for the entity; or
-
a Closely Related Party of such a member; and
-
-
the appointment does not specify the way the proxy is to vote on the Resolution.
However, the Company will not disregard a vote if:
-
the person is the chair of the meeting at which the Resolution is voted on; and
-
the appointment expressly authorises the chair to exercise the proxy even if the Resolution is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company or, if the Company is part of a consolidated entity, for the entity.
-
(ii) For the purposes of the ASX Listing Rules, the Company will disregard any votes cast on Resolution 5 by a person who may participate in the proposed issue and a person who might obtain a benefit, except a benefit solely in the capacity of a holder of ordinary securities, if the Resolution is passed, and associates of those persons.
However, subject always to paragraph 2(e)(i), the Company need not disregard a vote if:
-
it is cast by a person as proxy for a person who is entitled to vote, in accordance with the directions on the proxy form; or
-
it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the proxy form to vote as the proxy decides.
3. Proxies
A Shareholder entitled to attend this Meeting and vote is entitled to appoint a proxy to attend and vote for the Shareholder at the Meeting. A proxy need not be a Shareholder. If the Shareholder is entitled to cast two or more votes at the Meeting, the Shareholder may appoint two proxies and may specify the proportion or number of votes which each proxy is appointed to exercise. A form of proxy accompanies this Notice.
To record a valid vote, a Shareholder will need to take the following steps:
-
3.1 complete and lodge the manual proxy form at the share registry of the Company, Computershare Investor Services Pty Limited:
-
(a) by post at the following address:
Computershare Investor Services Pty Limited GPO Box 242 MELBOURNE VIC 3001
OR
-
(b) by facsimile on 1800 783 447 (within Australia) or +61 3 9473 2555 (outside Australia); or
-
3.2 for Intermediary Online subscribers only (custodians), cast the Shareholder’s vote online by visiting www.intermediaryonline.com,
so that it is received no later than 11.00 am (Adelaide) on 10 May 2017.
Please note that if the chair of the meeting is your proxy (or becomes your proxy by default), you expressly authorise the chair to exercise your proxy on Resolutions 4 and 5 even though they are connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company, which includes the chair. If you appoint the chair as your proxy you can direct the chair to vote for or against or abstain from voting on Resolution 4 and/or Resolution 5 by marking the appropriate box on the proxy form.
The chair intends to vote undirected proxies in favour of each item of business. In exceptional circumstances, the chair may change his or her voting intention on any Resolution, in which case an ASX announcement will be made.
4. ‘Snap Shot’ Time
- The Company may specify a time, not more than 48 hours before the Meeting, at which a ‘snap shot’ of Shareholders will be taken for the purposes of determining Shareholder entitlements to vote at the Meeting. The Directors have determined that all Shares of the Company that are quoted on ASX as at 7.00 pm (Adelaide time) on 10 May 2017 shall, for the purposes of determining voting entitlements at the Meeting, be taken to be held by the persons registered as holding the Shares at that time.
5. Corporate Representative
Any corporate Shareholder who has appointed a person to act as its corporate representative at the Meeting should provide that person with a certificate or letter executed in accordance with the Corporations Act authorising him or her to act as that company’s representative. The authority may be sent to the Company and/or share registry in advance of the Meeting or handed in at the Meeting when registering as a corporate representative.
EXPLANATORY STATEMENT
This Explanatory Statement forms part of a Notice convening an Extraordinary General Meeting of Shareholders of Mithril Resources Limited to be held on 12 May 2017. This Explanatory Statement is to assist Shareholders in understanding the background to and the legal and other implications of the Notice and the reasons for the Resolutions proposed. Both documents should be read in their entirety and in conjunction with each other.
Other than the information set out in this Explanatory Statement, the Directors believe that there is no other information that could reasonably be required by Shareholders to consider Resolutions 1 to 5 (inclusive).
1. Resolutions 1 and 2: Approval of Previous Issue of Shares – ASX Listing Rules 7.1 and 7.1A
ASX Listing Rule 7.1 provides that a company must not, subject to certain exceptions, issue or agree to issue more equity securities in any 12 month period other than the number which is equal to 15% of its fully paid ordinary securities on issue at the start of that 12 month period ( 15% share issue capacity ).
ASX Listing Rule 7.1A provides that certain eligible companies may seek shareholder approval at its annual general meeting ( AGM ) to issue up to a further 10% of its fully paid ordinary securities on issue at the start of the 12 month period commencing on the date of the AGM ( 10% share issue capacity ). The Company is an eligible company and sought and received Shareholder approval to the 10% share issue capacity at its AGM on 9 November 2016. The Shareholder approval is valid until the earlier of 12 months from the date of the AGM (that is, until 9 November 2017) or, if the Company undertakes a significant transaction requiring Shareholder approval under ASX Listing Rule 11.1.2 or 11.2, the date Shareholders approve that transaction.
On 1 March 2017, the Company announced a placement of 161,620,766 Shares ( Placement Shares ) at $0.005 (0.5 cents) per Share to raise $808,103. The Placement Shares were issued on 10 March 2017. Of the Placement Shares, 92,972,459 Shares were issued without Shareholder approval under ASX Listing Rule 7.1, and 68,648,307 Shares were issued without Shareholder approval under ASX Listing Rule 7.1A.
ASX Listing Rule 7.4 provides that an issue of securities made without approval under ASX Listing Rule 7.1 or 7.1A will be treated as having been made with shareholder approval for the purposes of those ASX Listing Rules if shareholders subsequently approve it and the issue did not breach ASX Listing Rule 7.1.
Accordingly, the Company is seeking Shareholder approval under ASX Listing Rule 7.4 to approve the issue on 10 March 2017 of:
-
92,972,459 Shares issued under the Company’s 15% share issue capacity; and
-
68,648,307 Shares issued under the Company’s 10% share issue capacity.
Without Shareholder approval pursuant to ASX Listing Rule 7.4, the issues will be counted towards the Company’s 15% share issue capacity and 10% share issue capacity respectively and will therefore reduce the Company’s capacity to issue securities in the future without obtaining Shareholder approval.
For the purpose of ASX Listing Rule 7.5 information regarding the Placement Shares is provided as follows:
-
161,620,766 Shares have been issued, 92,972,459 under the Company’s 15% share issue capacity and 68,648,307 under the Company’s 10% share issue capacity.
-
The Shares were issued at an issue price of $0.005 (0.5 cents) each.
-
The terms and conditions of the Shares are the same as the terms and conditions of already issued Shares.
-
The allottees of the Shares are professional and sophisticated investor applicants as determined by the Board, none of whom are related parties of the Company.
-
Funds raised from the issue of the Shares will be used to underpin geophysical and drill testing of the Mexi Nickel Prospect (located 50 kilometres northeast of Kalgoorlie, Western Australia) and Stark Copper Prospect (located 80 kilometres southeast of Meekatharra, Western Australia), and to provide working capital.
The Directors do not have an interest in the outcome of Resolutions 1 and 2 and recommend that Shareholders vote in favour of Resolutions 1 and 2.
- Resolution 3: Approval of Previous Issue of Options – ASX Listing Rule 7.1
On 10 March 2017, the Company issued 10,000,000 Options to a broker in addition to its fee for arranging the share placement referred to above. The Options were issued without Shareholder approval under ASX Listing Rule 7.1.
ASX Listing Rule 7.4 provides that an issue of securities made without approval under ASX Listing Rule 7.1 will be treated as having been made with shareholder approval for the purposes of those ASX Listing Rules if shareholders subsequently approve it and the issue did not breach ASX Listing Rule 7.1.
Accordingly, the Company is seeking Shareholder approval under ASX Listing Rule 7.4 to approve the issue on 10 March 2017 of 10,000,000 Options issued under the Company’s 15% share issue capacity.
Without Shareholder approval pursuant to ASX Listing Rule 7.4, the issue will be counted towards the Company’s 15% share issue capacity and will therefore reduce the Company’s capacity to issue securities in the future without obtaining Shareholder approval.
For the purpose of ASX Listing Rule 7.5 information regarding the Options is provided as follows:
-
10,000,000 Options have been issued.
-
The Options were issued for no monetary consideration.
-
The terms and conditions of the options are contained in annexure A.
-
The Options were issued to Argonaut Investments Pty Ltd.
-
No funds were raised from the issue of the Options.
The Directors do not have an interest in the outcome of Resolution 3 and recommend that Shareholders vote in favour of Resolution 3.
3. Resolution 4: Approval of Issue of Options to Managing Director
- 3.1 General
The Directors have agreed, subject to obtaining Shareholder approval, to issue its Managing Director, Mr David Hutton, 4,000,000 Options as a key component of his remuneration. Resolution 4 seeks Shareholder approval for the issue of the Options to Mr Hutton and/or his nominee.
3.2 Chapter 2E of the Corporations Act
For a public company, or an entity that the public company controls, to give a financial benefit to a related party of the public company, the public company or entity must:
-
(a) obtain the approval of the public company’s members in the manner set out in sections 217 to 227 of the Corporations Act; and
-
(b) give the benefit within 15 months following such approval,
unless the giving of the financial benefit falls within an exception set out in sections 210 to 216 of the Corporations Act.
The grant of the Options constitutes giving a financial benefit and Mr Hutton is a related party of the Company by virtue of being a Director.
The Directors other than Mr Hutton consider that shareholder approval pursuant to Chapter 2E of the Corporations Act is not required because the grant of the Options is considered reasonable remuneration in the circumstances and was negotiated on an arm’s length basis.
3.3 ASX Listing Rule 10.11
ASX Listing Rule 10.11 also requires shareholder approval to be obtained where an entity issues, or agrees to issue, securities to a related party, or a person whose relationship with the entity or a related party is, in ASX’s opinion, such that approval should be obtained, unless an exception in ASX Listing Rule 10.12 applies.
As the grant of the Options involves the issue of securities to a related party of the Company, shareholder approval pursuant to ASX Listing Rule 10.11 is required unless an exception applies. It is the view of the Directors that the exceptions set out in ASX Listing Rule 10.12 do not apply in the current circumstances.
Approval pursuant to ASX Listing Rule 7.1 is not required for the grant of the Options as approval is being obtained under ASX Listing Rule 10.11. Accordingly, the grant of the Options to Mr Hutton will not be included in the use of the Company’s 15% share issue capacity pursuant to ASX Listing Rule 7.1.
3.4 Technical Information required by ASX Listing Rule 10.13
For the purposes of ASX Listing Rule 10.13, the following information is provided:
-
(a) The Options will be issued to Mr Hutton and/or his nominee.
-
(b) 4,000,000 Options will be issued.
-
(c) The Options will be issued no later than one month after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the ASX Listing Rules).
-
(d) The Options will be issued for no cash consideration, accordingly no funds will be raised.
-
(e) The terms and conditions of 2,000,000 of the Options to be issued to Mr Hutton and/or his nominee are set out in annexure A.
-
The terms and conditions of the other 2,000,000 of the Options to be issued to Mr Hutton and/or his nominee are set out in annexure B.
The Directors (other than Mr Hutton) do not have an interest in the outcome of Resolution 4 and recommend that Shareholders vote in favour of Resolution 4.
Please note that if the chair of the meeting is your proxy (or becomes your proxy by default), you expressly authorise the chair to exercise your proxy on Resolution 4 even though it is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company, which includes the chair. If you appoint the chair as your proxy you can direct the chair to vote for or against or abstain from voting on Resolution 4 by marking the appropriate box on the proxy form.
4. Resolution 5: Approval of Issue of Options to General Manager – Geology
- 4.1 General
– The Directors have agreed to issue its General Manager Geology, Mr Jim McKinnon-Matthews, 1,000,000 Options as a key component of his remuneration. Resolution 5 seeks Shareholder approval for the issue of the Options to Mr McKinnon-Matthews and/or his nominee.
Without Shareholder approval pursuant to ASX Listing Rule 7.1, the issue will be counted towards the Company’s 15% share issue capacity and will therefore reduce the Company’s capacity to issue securities in the future without obtaining Shareholder approval. Accordingly, Resolution 5 seeks Shareholder approval to allow the Company to issue the Options without using the Company’s 15% share issue capacity.
4.2 Technical information required by ASX Listing Rule 7.3
For the purposes of ASX Listing Rule 7.3, the following information is provided:
-
(a) 1,000,000 Options will be issued.
-
(b) The Options will be issued no later than three months after the date of the Meeting (or such later date to the extent permitted by any ASX waiver or modification of the ASX Listing Rules).
-
(c) The Options will be issued for no cash consideration, accordingly no funds will be raised.
-
(d) The Options will be issued to Mr McKinnon-Matthews (who is not a related party of the Company) and/or his nominee.
-
(e) The terms and conditions of the Options are set out in annexure A.
The Directors do not have an interest in the outcome of Resolution 5 and recommend that Shareholders vote in favour of Resolution 5.
Please note that if the chair of the meeting is your proxy (or becomes your proxy by default), you expressly authorise the chair to exercise your proxy on Resolution 5 even though it is connected directly or indirectly with the remuneration of a member of the Key Management Personnel for the Company, which includes the chair. If you appoint the chair as your proxy you can direct the chair to vote for or against or abstain from voting on Resolution 5 by marking the appropriate box on the proxy form.
- Glossary
In this Explanatory Statement and Notice of Extraordinary General Meeting the following expressions have the following meanings unless stated otherwise or unless the context otherwise requires:
ASX means ASX Limited ACN 008 624 691;
ASX Listing Rules means the listing rules of ASX;
Board means the board of directors of the Company;
Closely Related Party of a member of the Key Management Personnel for an entity means:
-
(a) a spouse or child of the member;
-
(b) a child of the member’s spouse;
-
(c) a dependant of the member or of the member’s spouse;
-
(d) anyone else who is one of the member’s family and may be expected to influence the member, or be influenced by the member, in the member’s dealings with the entity;
-
(e) a company the member controls; or
-
(f) a person prescribed as such by the Corporations Regulations 2001 (Cth);
Company means Mithril Resources Limited ACN 099 883 922;
Corporations Act means Corporations Act 2001 (Cth);
Director means a director of the Company;
Key Management Personnel has the same meaning as in the accounting standards as defined in section 9 of the Corporations Act (so the term broadly includes those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including any director, whether executive or otherwise, of the Company);
Meeting means the meeting of shareholders convened by the Notice;
Notice means the notice of extraordinary general meeting to which this Explanatory Statement is attached;
Option means an option to acquire a Share;
Share means a fully paid ordinary share in the capital of the Company; and
Shareholder means the holder of a Share.
ANNEXURE A
TERMS AND CONDITIONS OF OPTIONS
-
Each option entitles the holder to one ordinary share in the Company.
-
Each of the options has an exercise price of $0.01.
-
Each option is exercisable in whole or in part at any time during the period commencing on the date of issue and expiring on 31 December 2020 ( Exercise Period ). Options not exercised before the expiry of the Exercise Period will lapse.
-
Options are exercisable by notice in writing to the Board delivered to the registered office of the Company and payment of the exercise price per option in cleared funds.
-
The Company will not apply to ASX for official quotation of the options.
-
The Company will make application for official quotation on ASX of new shares allotted on exercise of the options. Those shares will participate equally in all respects with existing issued ordinary shares, and in particular new shares allotted on exercise of the options will qualify for dividends declared after the date of their allotment.
-
Options can only be transferred with Board approval, except that if at any time before expiry of the Exercise Period the optionholder dies, the legal personal representative of the deceased optionholder may:
-
(i) elect to be registered as the new holder of the options;
-
(ii) whether or not he or she becomes so registered, exercise those options in accordance with the terms and conditions on which they were granted; and
-
(iii) if the deceased has already exercised options, pay the exercise price in respect of those options.
-
An optionholder may only participate in new issues of securities to holders of ordinary shares in the Company if the option has been exercised and shares allotted in respect of the option before the record date for determining entitlements to the issue. The Company must give prior notice to the optionholder of any new issue before the record date for determining entitlements to the issue in accordance with the ASX Listing Rules.
-
If there is a bonus issue to the holders of ordinary shares in the capital of the Company, the number of ordinary shares over which the option is exercisable will be increased by the number of ordinary shares which the holder of the option would have received if the option had been exercised before the record date for the bonus issue.
-
If the Company makes a rights issue (other than a bonus issue), the exercise price of options on issue will be reduced according to the following formula:
A = O – E [P – (S + D)] (N + 1)
Where:
-
A = the new exercise price of the option;
-
O = the old exercise price of the option;
-
E = the number of underlying ordinary shares into which one option is exercisable;
-
P = the average closing sale price per ordinary share (weighted by reference to volume) recorded on the stock market of ASX during the five trading days immediately preceding the ex rights date or ex entitlements date (excluding special crossings and overnight sales and exchange traded option exercises);
-
S = the subscription price for a security under the pro rata issue;
-
D = the dividend due but not yet paid on existing underlying securities (except those to be issued under the pro rata issue); and
-
N = the number of securities with rights or entitlements that must be held to receive a right to one new security.
-
If, during the currency of the options the issued capital of the Company is reorganised, those options will be reorganised to the extent necessary to comply with ASX Listing Rules.
ANNEXURE B
TERMS AND CONDITIONS OF MANAGING DIRECTOR OPTIONS
-
Each option entitles the holder to one ordinary share in the Company.
-
Each of the options has an exercise price, rounded up to the next whole cent, 40% above the volume weighted average market price (as defined in the ASX Listing Rules) of the Company’s shares over the last 15 days on which sales in the Company’s shares were recorded prior to the date on which the options are issued.
-
Each option is exercisable in whole or in part at any time during the period commencing on the date of issue and expiring on the fifth anniversary of the date of issue ( Exercise Period ). Options not exercised before the expiry of the Exercise Period will lapse.
-
Options are exercisable by notice in writing to the Board delivered to the registered office of the Company and payment of the exercise price per option in cleared funds.
-
The Company will not apply to ASX for official quotation of the options.
-
The Company will make application for official quotation on ASX of new shares allotted on exercise of the options. Those shares will participate equally in all respects with existing issued ordinary shares, and in particular new shares allotted on exercise of the options will qualify for dividends declared after the date of their allotment.
-
Options can only be transferred with Board approval, except that if at any time before expiry of the Exercise Period the optionholder dies, the legal personal representative of the deceased optionholder may:
-
(i) elect to be registered as the new holder of the options;
-
(ii) whether or not he or she becomes so registered, exercise those options in accordance with the terms and conditions on which they were granted; and
-
(iii) if the deceased has already exercised options, pay the exercise price in respect of those options.
-
An optionholder may only participate in new issues of securities to holders of ordinary shares in the Company if the option has been exercised and shares allotted in respect of the option before the record date for determining entitlements to the issue. The Company must give prior notice to the optionholder of any new issue before the record date for determining entitlements to the issue in accordance with the ASX Listing Rules.
-
If there is a bonus issue to the holders of ordinary shares in the capital of the Company, the number of ordinary shares over which the option is exercisable will be increased by the number of ordinary shares which the holder of the option would have received if the option had been exercised before the record date for the bonus issue.
-
If the Company makes a rights issue (other than a bonus issue), the exercise price of options on issue will be reduced according to the following formula:
A = O – E [P – (S + D)] (N + 1)
Where:
-
A = the new exercise price of the option;
-
O = the old exercise price of the option;
-
E = the number of underlying ordinary shares into which one option is exercisable;
-
P = the average closing sale price per ordinary share (weighted by reference to volume) recorded on the stock market of ASX during the five trading days immediately preceding the ex rights date or ex entitlements date (excluding special crossings and overnight sales and exchange traded option exercises);
-
S = the subscription price for a security under the pro rata issue;
-
D = the dividend due but not yet paid on existing underlying securities (except those to be issued under the pro rata issue); and
-
N = the number of securities with rights or entitlements that must be held to receive a right to one new security.
-
If, during the currency of the options the issued capital of the Company is reorganised, those options will be reorganised to the extent necessary to comply with ASX Listing Rules.
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ACN 099 883 922
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