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THORNEY TECHNOLOGIES LTD Capital/Financing Update 2009
65908_rns_2009-07-14_262cc5bd-c311-4462-8d9d-5b6f8af855ed.pdf
Capital/Financing Update
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Australian Renewable Fuels Limited (ASX Code: ARW)
ASX and Media Release
15 July 2009
The Manager
Company Announcements Office ASX Limited Exchange Plaza, 2 The Esplanade PERTH WA 6000
Dear Sir/Madam.
Rights issue closure and notice of shortfall
Australian Renewable Fuels Limited (ARW) announces that its recent renounceable rights issue of 2 new shares for every 3 existing shares (Rights Issue) closed on 10 July 2009 with the following results:
| Total number of new shares on offer: | 225,344,874 |
|---|---|
| Total number of shares validly applied for: | 147,436,361 |
| Number of applications received: | 945 |
| Total shortfall: | 77,908,513 |
| Underwritten shortfall: | 77,908,513 |
The Rights Issue is underwritten to \$2.25 million and ARW confirms that in accordance with the terms of its underwriting agreement with Wasabi Energy Limited (the Underwriter) and in accordance with the sub-underwriting agreements between the Underwriter and Australian Enterprise Holdings Pty Ltd (AEH) and Rentiers Pty Ltd (Rentiers), 51,367,945 shares of the underwritten shortfall will be taken up by the Underwriter, 7,823,408 shares of the underwritten shortfall will be taken up by AEH and 18,717,160 shares of the underwritten shortfall will be taken up by Rentiers. Following the Rights Issue, the Underwriter will hold approximately 23.08% of ARW's shares. AEH and Michelle Playoust (the spouse of Julien Playoust, a director of ARW and AEH) will hold approximately 16.96% of ARW's shares and Rentiers will hold approximately 3.32% of ARW's shares.
ARW confirm that a shortfall notice has been issued to the Underwriter in accordance with the underwriting agreement.
AUSTRALIAN RENEWABLE FUELS LIMITED ABH 66 096 782 188 SUITE 3
18 ANGOVE ST
NORTH PERTH WA 6006 PO BOX 119 NOETH MEETH WA 6906 TEL + 61 8 9227 7688 FAX + 61 8 9227 0101 EMAIL [email protected] WEB www.artuels.com.ou
When completed, the total funds raised under the Rights Issue will be \$2,253,448.74 before issue costs. The new shares are expected to be issued on 20 July 2009 and holding statements are expected to be despatched on this date.
Yours faithfully
Tania Öosterhof Company Secretary