Posting of Open Offer Circular
Posting of Open Offer Circular
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.
This announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Egdon Resources plc or other evaluation of any securities of Egdon Resources plc or any other entity and should not be considered as a recommendation that any investor should subscribe for or purchase any such securities.
EGDON RESOURCES PLC
("Egdon" or the "Company")
Posting of Open Offer Circular
Egdon is pleased to announce that, further to its announcement of 1 November 2016, it has today posted a circular (the "Circular") to Qualifying Shareholders regarding an Open Offer of up to approximately £2.06 million.
The Circular is also available on the Company's website at the bottom of this webpage
All capitalised terms in this announcement have the same meanings as those given to them in the Circular, unless the context otherwise requires.
The Open Offer is being made to Qualifying Shareholders on the register as at the Record Date of close of business on 7 November 2016, for up to 15,234,093 Open Offer Shares1 at 13.5 pence per Open Offer Share (being the same price as the Issue Price for the Subscription, announced on 1 November 2016) on the basis of:
1 Open Offer Share for every 16 Existing Ordinary Shares
As announced on 1 November 2016, the Issue Price represented a discount of approximately 10.0% to the Volume Weighted Average Price of an Existing Ordinary Share in the seven days prior to 1 November 2016.
Qualifying Shareholders are also being given the opportunity, provided that they take up their Open Offer Entitlements in full, to apply for additional Open Offer Shares through an Excess Application Facility.
Full details of the Open Offer, including terms and conditions and details on how to accept the Open Offer, are set out in the Circular posted to Qualifying Shareholders today and available on the Company's website.
1 The announcement of 1 November 2016 stated that up to 15,227,843 Open Offer Shares would be offered under the Open Offer which was based on the expected issued share capital of the Company on the Record Date being 243,645,490 Ordinary Shares. The actual issued share capital of the Company on the Record Date was 243,745,409, which requires 15,243,093 Open Offer Shares to be offered under the Open Offer for it to be made on a 1 for 16 basis.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2016
Record Date for entitlement under the Open Offer
Close of business on 7 November
Ex-entitlement date for Open Offer
8 November
Posting of the Circular and, to Qualifying non-CREST Shareholders only, the Application Forms
8 November
Open Offer Entitlements and Excess CREST Open Offer Entitlements credited to stock accounts in CREST of Qualifying CREST Shareholders
8.00 a.m. on 9 November
Latest recommended time and date for requesting withdrawal of Open Offer Entitlements and Excess CREST Open Offer Entitlements from CREST
4.30 p.m. on 18 November
Latest time for depositing Open Offer Entitlements and Excess CREST Open Offer Entitlements into CREST
3.00 p.m. on 21 November
Latest time and date for splitting Application Forms (to satisfy bona fide market claims)
3.00 p.m. on 22 November
Latest time and date for receipt of completed Application Forms and payment in full under the Open Offer or settlement of relevant CREST instruction (as appropriate)
11.00 a.m. on 24 November
Expected time and date of announcement of results of the Open Offer
7.00 a.m. on 25 November
Admission effective and dealings in the Open Offer Shares expected to commence on AIM
8.00 a.m. on 29 November
Expected date for crediting of Open Offer Shares in uncertificated form to CREST stock accounts
8.00 a.m. on 29 November
Expected date of despatch of share certificates in respect of Open Offer Shares in certificated form
13 December
Notes:
Each of the dates in the above timetable is subject to change at the absolute discretion of the Company. If any of the details should change, where appropriate, the revised times and/or dates will be notified to Shareholders by means of an announcement through a Regulatory Information Service.
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