TIDMSO4
RNS Number : 7605V
Salt Lake Potash Limited
11 August 2020
11 August 2020 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
-------------------------
Not for release to US wire services or distribution in the
United States
SUCCESSFUL COMPLETION OF INSTITUTIONAL OFFER
Salt Lake Potash Limited (SO4 or the Company) is pleased to
announce that it has successfully completed the institutional
component of its A$98.5 million equity raising. The underwritten
equity raising comprised the institutional component of the
accelerated pro rata non-renounceable entitlement offer
(Institutional Entitlement Offer) and the institutional placement
(Placement) together with a retail component (Retail Entitlement
Offer). Collectively the Institutional Entitlement Offer and
Placement raised approximately A$71 million (together, the
Institutional Offer).
HIGHLIGHTS
-- Successful completion of the Institutional Offer for the
issue of 142.1 million new ordinary shares to raise approximately
A$71 million
-- The Institutional Offer was strongly supported by existing
and new institutional investors from Australia and overseas
-- The A$27 million Retail Entitlement Offer will open on 14
August 2020 and is expected to close on 25 August 2020
-- Both the Institutional Offer and the Retail Entitlement Offer
form part of the Company's fully underwritten A$98.5 million equity
raising at A$0.50 per new SO4 ordinary share (New Share)
Institutional Offer
The Company has successfully completed the Institutional Offer
of 142,083,323 New Shares, comprising 55,410,624 New Shares to be
issued under the Institutional Entitlement Offer and 86,672,699 New
Shares to be issued under the Placement (Placement Shares). The New
Shares in the Company being issued under the Institutional Offer
are expected to be issued on 17 August 2020.
The Placement Shares will be issued under Listing Rule 7.1
(51,447,505 shares) and Listing Rule 7.1A (35,225,194 shares). The
Company has relied on temporary capital raising relief (ASX Class
Waiver) which, amongst other things, permits it to include in its
calculation of placement capacity for the purposes of ASX Listing
Rule 7.1 the number of shares that are to be issued under the
underwritten pro-rata entitlement offer. The ASX Waiver permitted
the Company to issue an additional 16,560,273 Shares under the
Placement. Following the issue of the Placement Shares the Company
will have no remaining capacity under Listing Rule 7.1 and Listing
Rule 7.1A.
Retail Entitlement Offer
The retail component of the Entitlement Offer will open on 14
August 2020 and is expected to close on 25 August 2020 with the
latest time settlement of relevant CREST instructions for
Depositary Interest (DI) holders under the Retail Entitlement Offer
being 11.00am (BST) on Monday, 24 August 2020. Eligible retail
shareholders with an address in Australia, New Zealand, or the
United Kingdom will be invited to participate at the same offer
ratio as the Institutional Entitlement Offer and will be able to
subscribe for 1 New Share for every 3.2 shares held on the Record
Date which, for DI holders, is the close of business on Monday, 10
August 2020. The Ex-Entitlement Date for the Retail Entitlement
Offer is Tuesday, 11 August 2020. These New Shares are offered at
the same application price as the Institutional Entitlement Offer
of A$0.50 per New Share.
Eligible retail shareholders who have applied for their
entitlement under the Retail Entitlement Offer will also be
entitled to apply for additional New Shares over and above their
entitlement with a right to apply for up to a maximum of 50% above
their entitlement, subject to the Board's discretion to scale back
applications for additional New Shares in accordance with the
allocation policy to be detailed in the Retail Offer Booklet.
The Retail Offer Booklet, accompanied by a personalised
entitlement and acceptance form, will be dispatched to eligible
retail shareholders by no later than Friday, 14 August 2020.
Eligible retail shareholders wishing to participate in the Retail
Entitlement Offer should carefully read the Retail Offer Booklet
and accompanying personalised entitlement and acceptance form.
Euroz Securities Limited and Canaccord Genuity Group Inc acted
as joint lead managers, joint underwriters and bookrunners to the
equity raising. Argonaut Limited acted as co-manager to the equity
raising. Cenkos Securities Plc is the Company's United Kingdom
Corporate Broker.
The voluntary halt of trading of the Company's shares on ASX was
lifted prior to the opening of trade on 11 August 2020, following
an announcement to the ASX market regarding the above.
Settlement and Dealings
Application will be made to the AIM Market of London Stock
Exchange Plc (AIM) for the admission of the 142,083,323 New Shares
being issued under the Institutional Offer, 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).
Total Voting Rights
For the purposes of the Financial Conduct Authority's Disclosure
Guidance and Transparency Rules (DTRs), following Admission, Salt
Lake will have 495,369,163 Ordinary Shares in issue with voting
rights attached. Salt Lake does not hold any shares in treasury.
This figure of 495,369,163 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.
Directors' subscription
The following directors have subscribed for shares under the
Institutional Entitlement Offer:
Name Existing Shares subscribed Resultant Percentage
Shares for holding of voting
rights
Ian Middlemas 14,250,000 2,750,000 17,000,000 3.43%
----------- ------------------ ----------- -----------
Tony Swiericzuk 4,016,146 400,000 4,416,146 0.89%
----------- ------------------ ----------- -----------
For further information please visit
https://www.so4.com.au/asx-announcements/ 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 Board
of Directors.
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
ROIFIFVSTIILLII
(END) Dow Jones Newswires
August 11, 2020 02:00 ET (06:00 GMT)
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