TIDMSO4
RNS Number : 1597W
Salt Lake Potash Limited
14 August 2020
14 August 2020 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
Not for release to US wire services or distribution in the
United States
DESPATCH OF RETAIL ENTITLEMENT OFFER BOOKLET
Salt Lake Potash Limited (Salt Lake or the Company) (ASX:SO4)
confirms that the retail entitlement offer booklet (Retail Offer
Booklet) and personalised entitlement and acceptance form in
connection with the fully underwritten pro rata accelerated
non-renounceable entitlement offer (Entitlement Offer), as
announced on 5 August 2020, was despatched to eligible retail
shareholders, with instructions being sent to eligible Depositary
Interest (DI) holders today.
A copy of the Retail Offer Booklet can be downloaded from
https://www.so4.com.au/.
A letter to ineligible retail shareholders notifying them of the
Entitlement Offer and their ineligibility to participate has also
been despatched today.
Retail Entitlement Offer
The retail component of the Entitlement Offer (Retail
Entitlement Offer) opens today, 14 August 2020, and is expected to
close at 5.00pm (WST) on 25 August 2020, with the latest time for
settlement of relevant CREST instructions for Depositary Interest
(DI) holders under the Retail Entitlement Offer being 11.00am (BST)
on Monday, 24 August 2020.
Shareholder Enquiries
Eligible retail shareholders are encouraged to carefully read
the Retail Offer Booklet for further details relating to the Retail
Entitlement Offer.
Shareholders with questions in relation to the Retail
Entitlement Offer may contact the Company on +61 8 6559 5800 at any
time from 9:00 am to 5:00 pm (WST) Monday to Friday (excluding
public holidays) during the Retail Entitlement Offer period.
Depositary Interest holders may contact Computershare Investor
Services PLC on +44 (0)370 702 0003 between 8.30am and 5.30pm
Monday to Friday (excluding Public Holidays) in respect of the
procedures for accepting some or all of their entitlement.
Directors' subscriptions and Related Party Transaction
The following directors have indicated their intention to take
up their entitlements under the Retail Entitlement Offer as
follows:
Name Number of shares
Mark Pearce Up to 800,000
-----------------
Matthew Bungey Up to 100,000
-----------------
Bryn Jones 15,625
-----------------
In addition to the above, consulting fees payable to Mr Bungey
totalling approximately A$186,000 have been accrued by the Company.
Mr Bungey has indicated his willingness to accept Salt Lake
ordinary shares (Ordinary Shares) in settlement of these
outstanding fees, with such Ordinary Shares to be issued at the
capital raising price of $0.50 per share. The issue of such shares
would be subject to the receipt of prior Shareholder approval and a
general meeting will be called to approve such issue in due
course.
The proposed issue of Ordinary Shares to Mr Bungey would
constitute a related party transaction under Rule 13 of the AIM
Rules for Companies. The independent directors, having consulted
the Company's nominated adviser, Grant Thornton UK LLP, consider
that the terms of the transaction are fair and reasonable insofar
as the Company's shareholders are concerned.
Conversion of Institutional Convertible Notes
As announced on 2 July 2020, the Company raised A$15m through
the placement of 15 million unsecured zero-coupon Convertible
Notes.
Following announcement of the results of the Institutional
Entitlement Offer and Placement on 11 August 2020, 5 million
Convertible Notes held by Institutional investors (Institutional
Convertible Notes) will mandatorily convert into 11,111,113 fully
paid Ordinary Shares at A$0.45 per share on 17 August 2020.
Conversion of 10 million Convertible Notes issued to Equatorial
Resources Limited into 22,222,223 Ordinary Shares at A$0.45 per
share is subject to Salt Lake Shareholder approval, which is
expected to be sought at a meeting to be held in September
2020.
Settlement and dealings
Application has been made to the AIM Market of London Stock
Exchange Plc (AIM) for the 11,111,113 new Ordinary Shares being
issued on conversion of the Institutional Convertible Notes, which
rank pari passu with the Company's existing issued Ordinary Shares,
to be admitted to trading. Dealings on AIM are expected to commence
at 8:00am on or around 17 August 2020 (Admission).
This application is in addition to the 142,083,323 Ordinary
Shares pursuant to the Institutional Offer as announced on 11
August 2020, for which admission is also expected to take place on
17 August 2020.
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules (DTRs), following Admission and
including the admission of the 142,083,323 Institutional Offer
shares, Salt Lake will have 506,480,276 Ordinary Shares in issue
with voting rights attached. Salt Lake does not hold any shares in
treasury. This figure of 506,480,276 may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in the Company, under the ASX Listing
Rules or the DTRs.
For further information please visit https://www.so4.com.au/ or
contact:
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Seamus Fricker Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch Cenkos Securities plc (Joint Broker) Tel: +44 (0) 131 220 6939
Rupert Fane / Ernest Bell Hannam & Partners (Joint Broker) Tel: +44 (0) 20 7907 8500
This announcement has been authorised for release by the Company
Secretary, Mr Clint McGhie.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Not for release to US wire services or distribution in the
United States.
This announcement has been prepared for publication in Australia
and may not be released to US wire services or distributed in the
United States. This announcement does not constitute an offer to
sell, or a solicitation of an offer to buy, securities in the
United States or any other jurisdiction. Any securities described
in this announcement have not been, and will not be, registered
under the US Securities Act of 1933 and may not be offered or sold
in the United States except in transactions exempt from, or not
subject to, the registration requirements of the US Securities Act
and applicable US state securities laws.
Forward Looking Statements
This announcement may include forward-looking statements. These
forward-looking statements are based on Salt Lake Potash Limited's
expectations and beliefs concerning future events. Forward looking
statements are necessarily subject to risks, uncertainties and
other factors, many of which are outside the control of Salt Lake
Potash Limited, which could cause actual results to differ
materially from such statements. Salt Lake Potash Limited makes no
undertaking to subsequently update or revise the forward-looking
statements made in this announcement, to reflect the circumstances
or events after the date of that announcement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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(END) Dow Jones Newswires
August 14, 2020 02:00 ET (06:00 GMT)
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