TIDM88E
RNS Number : 8865K
88 Energy Limited
26 April 2020
This announcement contains inside information
27(th) April 2020
OFF-MARKET TAKEOVER BID FOR XCD ENERGY LIMITED
Creating an Alaska-Focused Oil Company
88 Energy Limited (ASX: 88E; AIM: 88E) ("88 Energy"), is pleased
to announce its intention to make an off-market takeover offer to
acquire all of the fully paid ordinary shares and listed options on
issue in XCD Energy Limited (ASX: XCD) ("XCD Energy"), an oil
exploration company with operations on the North Slope of Alaska,
USA.
Highlights
-- 88 Energy's Offer is:
- 1.67 new 88 Energy shares for every XCD Energy share held ("Share Offer"); and
- 0.5 new 88 Energy shares for every XCD Energy listed option held ("Option Offer"),
(together, "the Proposed Offers").
-- Share Offer values the XCD Energy shares at 1.0 cent each(1) , representing a:
- 100% premium to the closing price of XCD Energy shares on ASX
on 24 April 2020 of 0.5 cents;
- 120% premium to the 10-day VWAP of XCD Energy shares(2) ;
- 102% premium to 30-day VWAP of XCD Energy shares(2) ;
- 36% premium to 60-day VWAP of XCD Energy shares(2) ; and
- a value equal to XCD Energy's placement in October 2019 which
was undertaken at 1.0 cent per share.
-- Option Offer values the XCD Energy listed options at 0.3 cents each(3) , representing an:
- 85% premium to the VWAP of all trades completed on ASX since
the options were listed (XCDOA) on 25 February 2020.
-- The merger creates an Alaska focused oil explorer with:
- a diversified portfolio of 3 key project areas; Project
Icewine, Yukon Leases and Project Peregrine at various stages of
project maturity;
- Board, management and technical team with proven operational
capability and a track record for delivering on project objectives,
together with access to an extensive network of global and Alaskan
relationships - both business and technical; and
- Increased scale, market presence, funding capability and share
trading liquidity across ASX and AIM.
-- XCD securityholders will hold up to 15% of the combined group, thereby:
- retaining exposure to the potential future upside of the
Brookian oil plays across both sets of assets;
- mitigating and diversifying exploration risk whilst gaining
exposure to 88 Energy's assets, balance sheet and farm-out
expertise; and
- benefiting from the combined group's strong exploration and
operating expertise, enhanced financial strength and the ability to
optimise exploration activity across an enlarged portfolio.
-- Major XCD Energy shareholders have entered into pre-bid
acceptance agreements with 88 Energy in respect of 18.5% of shares
on issue and 6.8% of listed options on issue.
1. Based on the 10-day volume weighted average price (VWAP) of 88
Energy shares on ASX of 0.6 cents up to and including 24 April 2020.
The implied value of the Share Offer will change with fluctuations
in the 88 Energy share price.
2. VWAP of XCD Energy shares is calculated for the period up to the
close of trading on the ASX on 24 April 2020.
3. Based on the 10-day volume weighted average price (VWAP) of 88
Energy shares on ASX of 0.6 cents up to and including 24 April 2020.
The implied value of the Option Offer will change with fluctuations
in the 88 Energy share price.
Introduction
88 Energy is an Australian-based oil and gas
exploration/appraisal company targeting oil on the North Slope of
Alaska. 88 Energy's main project is Project Icewine, which
comprises approximately 480,000 contiguous acres onshore Alaska in
prolific oil-rich provinces.
XCD Energy is an ASX-listed public company, with a focus on
exploration in the USA with a 100% working interest in 195,373
acres on the highly prospective North Slope of Alaska.
Constructive discussions took place between 88E and XCD
directors over the weekend; however, the short timeframe prevented
execution of a bid implementation deed. We look forward to
continued discussions in anticipation of an agreement, including
securing a recommendation from the XCD directors; however, there is
no guarantee that this will occur.
Compelling Offer for XCD Shareholder and Listed
Optionholders
88 Energy has, today, announced its intention to make an
off-market takeover offer ("Offer") to acquire all of the fully
paid ordinary shares and listed options on issue in XCD Energy
under the Corporations Act 2001 (Cth) (the "Corporations Act").
Under the Offer, XCD Energy securityholders will receive:
-- 1.67 new 88 Energy shares for every XCD Energy share held ("Share Offer"); and
-- 0.5 new 88 Energy shares for every XCD Energy listed option held ("Option Offer"),
(together, the "Proposed Offers").
The Share Offer values the XCD Energy shares at 1.0 cent each(4)
, representing a:
-- 100% premium to the closing price of XCD Energy shares on ASX on 24 April 2020 of 0.5 cents;
-- 120% premium to the 10-day VWAP of XCD Energy shares 5 ;
-- 102% premium to 30-day VWAP of XCD Energy shares(5) ;
-- 36% premium to 60-day VWAP of XCD Energy shares(5) ; and
-- a value equal to XCD Energy's placement announced in October
2019 which was undertaken at 1.0 cent per share and included a 1
for 2 free attaching option exercisable at 2 cents per option6.
4. Based on the 10-day volume weighted average price (VWAP) of
88 Energy shares on ASX of 0.6 cents up to and including 24 April
2020. The implied value of the Share Offer will change with fluctuations
in the 88 Energy share price.
5. VWAP of XCD Energy shares is calculated for the period up
to the close of trading on the ASX on 24 April 2020.
6. Placement was announced on 23 October 2019 and shares were
issued in November 2019 (Tranche 1) and December 2019 (Tranche
2).
The Option Offer values the listed XCD Energy options at 0.3
cents each(7) , representing an 85% premium to the VWAP of all
trades completed on ASX since the options were listed (XCDOA) on 25
February 2020.
The Option Offer provides an opportunity to realise value for
the XCD Energy Options in circumstances where there is otherwise an
illiquid market for them. The chart below displays the trading
volume and daily VWAP since listing on 25 February 2020 vs the
implied Option Offer Price.
The Proposed Offers value the equity of XCD Energy at
approximately A$7.5 million and deliver a substantial premium to
XCD Energy Shareholders and Optionholders, who will retain a 15%
ownership and participation in the future performance of the
combined group.
7. Based on the 10-day volume weighted average price (VWAP) of 88
Energy shares on ASX of 0.6 cents up to and including 24 April 2020.
The implied value of the Option Offer will change with fluctuations
in the 88 Energy share price.
Strategic Rationale for the Transaction
The transaction creates an Alaska-focused oil exploration and
appraisal company with a diversified portfolio of three highly
prospective project areas: Project Icewine, Yukon Leases and
Project Peregrine and provides an attractive investment proposition
for existing and new shareholders.
Key benefits of the transaction include:
-- the creation of an established oil exploration and appraisal
company with an attractive and complementary portfolio of
exploration assets - at various stages of project maturity;
-- enhanced strategic, commercial, technical and financial
strength to optimise funding of operations, including an increased
level of liquidity and exposure to a larger global investor base
giving greater financing flexibility;
-- the ability to optimise operational activity across the
combined group's highly prospective exploration / appraisal
portfolio with potential synergies associated with future project
development and infrastructure requirements; and
-- a strong board, management and technical team with a proven
track record for advancing projects and delivering on milestones,
including two 3D and one 2D seismic survey, drilling of four
exploration wells safely and on budget over a 5 year period as well
as execution of farm-in/farm-out transactions.
88 Energy Managing Director, Mr David Wall, said the strategic
merit for the combination is clear:
"In a combined company, XCD Energy shareholders and listed
option holders will be able to leverage from 88 Energy's geological
and operational expertise, specific to the North Slope of Alaska,
where we have drilled four wells as Operator and acquired several
2D and 3D seismic surveys over the last five years. This includes
extensive technical knowledge of the regionally successful Brookian
oil plays, in which 88 Energy retains significant upside exposure
via its highly prospective portfolio of exploration/appraisal
projects covering 250,000 net acres (480,000 gross) co-located on
the North Slope."
Transaction Details
The Proposed Offers are subject to only a limited number of
conditions, including a 90% minimum acceptance condition. A full
list of proposed conditions for the Proposed Offers is provided in
Annexure A of this announcement.
The Share Offer will extend to all XCD Energy shares which come
into the bid class during the Offer period as a result of the
exercise of listed or unlisted options or the conversion of
performance rights held by XCD Energy executives (subject to
obtaining any necessary ASIC modifications), during the Offer
period. An Option Offer will be made in respect of the XCD Energy
listed options currently on issue.
Further details regarding the Proposed Offers will be contained
in the Bidder's Statement, which will be sent to XCD Energy
securityholders. 88 Energy currently expects the Bidder's Statement
to be dispatched to XCD Energy securityholders by the middle of May
2020.
Independent Board Committee
The 88 Energy board of directors has established an independent
board committee to consider, amongst other things, the terms of the
Potential Offers and the application of ASX Listing Rule 10.1 and
Chapter 2E of the Corporations Act to the Offer ("Independent Board
Committee"). The Independent Board Committee is comprised of each
of the directors of 88 Energy, other than David Wall, the Managing
Director, who currently holds 29,395,798 XCD Energy shares and
2,500,000 XCD Energy listed options.
The Independent Board Committee has independently assessed Mr
Wall's personal interest in XCD Energy and has determined that
Listing Rule 10.1 does not apply to the transaction because Mr
Wall's XCD Energy shares and listed options do not have sufficient
value for them to be classified as a "substantial asset" for the
purposes of Listing Rule 10.1.
Additionally, the Independent Board Committee has also
determined that Chapter 2E of the Corporations Act does not apply
because Mr Wall will receive the same consideration as all other
XCD Energy shareholders and listed option holders.
The Independent Board Committee approved the bid consideration
payable under the Proposed Offers based on its own determination on
the relative values of 88 Energy shares, and XCD Energy shares and
listed options, having taken advice from 88 Energy's corporate
adviser.
Michael Evans (through his controlled entities, Tevlo Pty Ltd
and Tour Holdings Pty Ltd) holds 4,000,000 shares in XCD Energy.
The Independent Board Committee formed the view (and Michael Evans
confirmed) that this holding was not significant enough to
constitute a material personal interest under the Corporations Act
and therefore did not preclude Mr Evans from being a member of the
Independent Board Committee.
Owing to Mr Wall's and Mr Evans' interests in XCD Energy shares
and XCD Energy listed options, as detailed above, the Proposed
Offers and the Pre-Bid Acceptance Deeds (as set out below)
represent related party transactions pursuant to the AIM Rules for
Companies. Accordingly, Steve Staley, the remaining independent
director of 88 Energy, having consulted with the Company's
nominated adviser, Cenkos Securities plc, considers that the terms
of the Proposed Offers and the Pre-Bid Acceptance Deeds are fair
and reasonable insofar as the Company's shareholders are
concerned.
Pre-Bid Acceptance Deeds
88 Energy has entered into pre bid acceptance deeds with major
XCD Energy shareholders and listed option holders listed in
Annexure B (together, the "Shareholders"), in respect of 18.5% of
the XCD Energy shares and 6.8% of the XCD Energy listed options on
issue. Pursuant to these deeds, the Shareholders have undertaken to
accept the Proposed Offers, in the absence of a superior
proposal.
Advisers
88 Energy is being advised by Longreach Capital as corporate
adviser and Steinepreis Paganin as the legal adviser in relation to
the Proposed Offers.
Forward Looking Statements and Disclaimers
This announcement is for information purposes only and does not
constitute a prospectus or prospectus equivalent document. It is
not intended to and does not constitute, or form part of, an offer,
invitation or the solicitation of an offer to purchase or otherwise
acquire, subscribe for, sell or otherwise dispose of any
securities, or the solicitation of any vote or approval in any
jurisdiction, nor shall there be any offer, sale, issuance or
transfer of securities in any jurisdiction in contravention of any
applicable law.
This announcement contains forward looking statements. Forward
looking statements are often, but not always, identified by the use
of words such as "seek", "anticipate", "forecast", "believe",
"plan", "estimate", "expect" and "intend" and statements that an
event or result "may", "will", "should", "could" or "might" occur
or be achieved and other similar expressions.
The forward-looking statements in this announcement are based on
current expectations, estimates, forecasts and projections about 88
Energy and XCD Energy and the industry in which they operate. They
do, however, relate to future matters and are subject to various
inherent risks and uncertainties. Actual events or results may
differ materially from the events or results expressed or implied
by any forward-looking statements. The past performance of 88
Energy or XCD Energy is no guarantee of future performance.
None of 88 Energy, XCD Energy, or any of their directors,
officers, employees, agents or contractors makes any representation
or warranty (either express or implied) as to the accuracy or
likelihood of fulfilment of any forward looking statement, or any
events or results expressed or implied in any forward looking
statement, except to the extent required by law.
You are cautioned not to place undue reliance on any
forward-looking statement. The forward-looking statements in this
announcement reflect views held only as at the date of this
announcement.
This announcement has been authorised by the Board.
For further information
Longreach Capital (Advisor to 88E in relation to the Proposed
Offers)
Darren Martin Tel: +61 412 144 719
Media and Investor Relations:
88 Energy Ltd
Dave Wall, Managing Director Tel: +61 8 9485 0990
Email: admin@88energy.com
Finlay Thomson , Investor Relations Tel: +44 7976 248471
Hartleys Ltd
Dale Bryan
Tel: + 61 8 9268 2829
Cenkos Securities Cenkos Securities Tel: + 44 131 220 6939
Neil McDonald/Derrick Lee
ANNEXURE A
Completion of the Offer, and any contract resulting from
acceptance of the Offer, are subject to the following
conditions:
1. Minimum acceptance
At or before the end of the Offer Period, 88 Energy has a
Relevant Interest in:
(a) the number of XCD Energy shares that represents at least 90%
of the aggregate of all the XCD Energy shares on issue (on a fully
diluted basis); and
(b) the number of XCD Energy listed options that represents at
least 90% of the aggregate of all the XCD Energy listed options on
issue.
2. No regulatory action
Between the Announcement Date and the end of the Offer Period
(each inclusive):
(a) there is not in effect any preliminary or final decision,
order or ruling issued by any Government Authority;
(b) no application is made to any Government Authority (other
than by 88 Energy or any associate of the 88 Energy); and
(c) no action or investigation is announced, commenced, or
threatened by any Government Authority,
in consequence of or in connection with the Offer (other than an
application to, or a decision or order of, or action or
investigation by, ASIC or the Takeovers Panel in exercise of the
powers and discretions conferred by the Corporations Act) which
restrains, prohibit or impedes, or threatens to restrain, prohibit
or impede, or materially impact on, the making of the Offer and the
completion of any transaction completed by the Bidder's Statement
(including, without limitation, full, lawful, timely and effectual
implementation of 88 Energy's intentions expressed in the Bidder's
Statement) or which requires the divestiture by 88 Energy of any
XCD Energy shares or XCD Energy listed options or any material
assets of the XCD Energy Group.
3. No prescribed occurrences
Between the Announcement Date and the date 3 business days after
the end of the Offer Period (each inclusive), none of the following
prescribed occurrences (being the occurrences listed in section
652C of the Corporations Act) happen:
(a) XCD Energy converts all or any of its shares into a larger
or smaller number of shares under section 254H of the Corporations
Act;
(b) XCD Energy or a subsidiary of XCD Energy resolves to reduce
its share capital in any way;
(c) XCD Energy or a subsidiary of XCD Energy enters into a
buy-back agreement or resolves to approve the terms of a buy-back
agreement under subsection 257C(1) or 257D(1) of the Corporations
Act;
(d) XCD Energy or a subsidiary of XCD Energy issues shares, or
grants an option over its shares, or agrees to make such an issue
or grant such an option;
(e) XCD Energy or a subsidiary of XCD Energy issues, or agrees
to issue, convertible notes;
(f) XCD Energy or a subsidiary of XCD Energy disposes, or agrees
to dispose, of the whole or a substantial part of its business or
property;
(g) XCD Energy or a subsidiary of XCD Energy grants, or agrees
to grant, a Security Interest in the whole, or a substantial part,
of its business or property;
(h) XCD Energy or a subsidiary of XCD Energy resolves to be wound up;
(i) a liquidator or provisional liquidator of XCD Energy or a
subsidiary of XCD Energy is appointed;
(j) a court makes an order for the winding up of XCD Energy or a
subsidiary of XCD Energy;
(k) an administrator of XCD Energy or a subsidiary of XCD Energy
is appointed under section 436A, 436B or 436C of the Corporations
Act;
(l) XCD Energy or a subsidiary of XCD Energy executes a deed of
company arrangement; or
(m) a receiver, or a receiver and manager, is appointed in
relation to the whole, or a substantial part, of the property of
XCD Energy or a subsidiary of XCD Energy.
4. No exercise of rights under certain agreements or arrangements
If between the Announcement Date and the end of the Offer Period
(each inclusive) any person:
(a) is entitled to exercise, or will as a result of the Takeover
Bid, the acquisition of XCD Energy shares or XCD Energy listed
options by 88 Energy or the removal of XCD Energy from the official
list of ASX if the Takeover Bid is successful, becomes entitled to
exercise; or
(b) purports to exercise, states an intention to exercise
(whether or not that intention is stated to be final decision), or
asserts the ability to exercise,
any right under any provision of any agreement or other
arrangement to which any member of the XCD Energy Group is a party
or to which any member of the XCD Energy Group or any of its assets
or businesses may be subject, which results in, or could result
in:
(c) any moneys borrowed by any member of the XCD Energy Group
being or becoming repayable or being declared repayable immediately
or earlier than the repayment date provided for in such agreement
or arrangement;
(d) any such agreement or arrangement that imposes or may impose
obligations or liabilities on any party of more than $100,000 per
annum or more than $200,000 in total or that is otherwise material
to the business of the XCD Energy Group being terminated or
modified or not renewed or the performance of any obligations under
any such agreement or arrangement being accelerated; or
(e) any assets of any member of the XCD Energy Group, including
any interest of any member of the XCD Energy Group in any body
corporate, trust, joint venture or other entity, being sold,
transferred or offered for sale or transfer, including under any
pre-emptive rights or similar provisions, or any contractual
arrangements relating to any such asset or interest, being
terminated or modified,
that person gives the relevant member of the XCD Energy Group
and 88 Energy in writing a binding, irrevocable and unconditional
release or waiver of that right.
5. Conduct of business
Between the Announcement Date and the end of the Offer Period
(each inclusive), no member of the XCD Energy Group:
(a) announces, declares, determines to pay, makes or pays any
dividend or other distribution (whether in cash or in specie);
(b) incurs capital expenditure exceeding $50,000 or, except in
the ordinary course of trading, transfers or otherwise disposes of
or creates any encumbrance in respect of, assets having a value
exceeding $50,000;
(c) acquires or disposes of any shares or other securities in
any body corporate or any units in any trust, or substantially all
of the assets of any business except where the aggregate
consideration paid or received by all members of the XCD Energy
Group for all such acquisitions or disposals does not exceed
$50,000 or enters into, or terminates any participation in, any
partnership, joint venture or similar commitment;
(d) borrows an amount which when combined with all other amounts
borrowed since the Announcement Date exceeds $50,000 or enters into
any swap, option, futures contract, forward commitment or other
derivative transaction;
(e) enters into, waives any material rights under, varies or
terminates any contract, commitment or arrangement which may
require annual expenditure by the relevant member of XCD Energy
Group in excess of $50,000 or is otherwise of material importance
to the business of the XCD Energy Group;
(f) enters into any unusual or abnormal contract or commitment
which is outside the ordinary course of business and which could
reasonably be expected to:
(i) change the nature of the business conducted by the XCD Energy Group; or
(ii) have a material adverse impact on the business conducted by the XCD Energy Group;
(g) enters into, amends, or agrees to enter into or amend any
contract, commitment or other arrangement with a related party (as
defined in section 228 of the Corporations Act), or an associate of
that related party, of XCD Energy;
(h) other than in the ordinary course of business and consistent
with past practice, XCD Energy or any of its subsidiaries disposes
of, acquires or agrees to dispose of or acquire, or creates or
agrees to create an equity interest in respect of any assets
(including, without limitation, under any off-take, joint venture
or similar deed), properties or businesses, or incurs, agrees to
incur or enters into a commitment or a series of commitments
involving capital expenditure by the XCD Energy Group, whether in
one or more transactions, where the amounts or value involved in
such transaction or transactions, commitments or series of
commitments exceeds $50,000 in aggregate;
(i) pays or agrees to pay the costs and expenses of all advisers
to XCD Energy Group in connection with the takeover bid where such
costs and expenses exceed $250,000;
(j) accelerates the rights of any of its directors or employees
to compensation or benefits of any kind (including, without
limitation, the vesting of any performance rights);
(k) increases the remuneration of, makes any bonus payment,
retention payment or termination payment to, or otherwise changes
the terms and conditions of employment of:
(i) any directors of XCD Energy; or
(ii) any employee of any member of the XCD Energy Group whose
total employment cost exceeds $25,000;
(l) issues any securities convertible into XCD Energy shares;
(m) changes its constitution (including adopting a new
constitution or modifying or repealing its constitution or a
provision of it) or passes any resolution of shareholders or any
class of shareholders;
(n) commences, compromises or settles any litigation or similar
proceedings for an amount exceeding $50,000;
(o) becomes Insolvent; or
(p) agrees, conditionally or otherwise, to do any of the things
referred to in paragraphs (a) to (o) above, or announces or
represents to any person that any of those things will be done,
unless the doing of that thing was specifically disclosed in any
ASX announcement made by XCD Energy before the Announcement
Date.
6. No inaccurate public information
88 Energy does not become aware, during the period between the
Announcement Date and the end of the Offer Period (each inclusive)
that:
(a) any announcement made by XCD Energy to ASX;
(b) any document lodged by or on behalf of XCD Energy with ASIC; or
(c) any other public statement made by or on behalf of XCD Energy,
is inaccurate or misleading in any material way, including by
omission.
7. No XCD Energy Material Adverse Change
Between the Announcement Date and the end of the Offer Period
(each inclusive), no act, omission, event, change, matter or
circumstance occurs, or is discovered or becomes public (either
individually or aggregated with other acts, omissions, events,
changes, matters or circumstances) which:
(a) has, will or is reasonably likely to have a material adverse
effect on the assets, liabilities, financial position, performance,
profitability or prospects of the XCD Energy Group taken as a whole
(whether individually or when aggregated with one or more other
events, matters or things); or
(b) any event, matter or thing, as described in sub-paragraph
(a), which occurred before the Announcement Date but was not
apparent from public filings of XCD Energy before then, becomes
public,
where the financial impact of such event, change, condition,
matter or thing on the XCD Energy Group exceeds $1,000,000, but
does not include:
(c) anything which has arisen solely as a result of actions
taken by any member of the XCD Energy Group in the ordinary course
of its business; or
(d) those events or circumstances relating to changes in the
global oil industry or security markets generally or a change in
the market price of oil which impacts on XCD Energy and its
competitors in a similar manner.
Definitions
The following defined terms are used in this Schedule:
Announcement Date means the date of the announcement of the
Proposed Offers by 88 Energy, being 27 April 2020.
Government Authority means any government or any governmental,
semi-governmental, statutory or judicial entity, agency or
authority, whether in Australia or elsewhere, including (without
limitation) any self-regulatory organisation established under
statute or otherwise discharging substantially public or regulatory
functions, and ASX or any other stock exchange.
A person is Insolvent if:
(a) it is (or states that it is) an insolvent under
administration or insolvent (each as defined in the Corporations
Act);
(b) it or its subsidiaries is in liquidation, in provisional
liquidation, under administration or wound up or has had a
controller, receiver or receiver and manager appointed to any part
of its property;
(c) it or its subsidiaries enters into a deed of company arrangement;
(d) it is subject to any arrangement, assignment, moratorium or
composition, protected from creditors under any statute or
dissolved;
(e) an application or order has been made (and in the case of an
application, it is not stayed, withdrawn or dismissed within 30
days), resolution passed, proposal put forward, or any other action
taken, in each case in connection with that person, which is
preparatory to or could result in any of (a), (b) or (c) above;
(f) it is taken (under section 459F(1) of the Corporations Act)
to have failed to comply with a statutory demand;
(g) it is the subject of an event described in section
459C(2)(b) or section 585 of the Corporations Act;
(h) it is otherwise unable to pay its debts when they fall due; or
(i) something having a substantially similar effect to (a) to
(g) happens in connection with that person under the law of any
jurisdiction. Relevant Interest has the meaning given to that term
in the Corporations Act.
Offer Period means the period during which the Offers are open
for acceptance.
Security Interest has the same meaning as in section 51A of the
Corporations Act.
XCD Energy Group means XCD Energy and its subsidiaries.
ANNEXURE B
XCD Energy % XCD Energy %
shares listed
options
Glenroyd Investments Pty Ltd 6,100,000 0.87% 1,000,000 0.85%
------------ ------- ----------- ------
Medserv Medical Couriers Pty
Ltd 8,920,344 1.27% 1,000,000 0.85%
------------ ------- ----------- ------
Ronald James Lambert 6,500,000 0.93% - -
------------ ------- ----------- ------
Benny Bind Pty Ltd 7,500,000 1.07% - -
------------ ------- ----------- ------
Boston Legal Services Pty Limited 4,000,000 0.57% - -
------------ ------- ----------- ------
Chelsea Investments (WA) Pty
Ltd 6,000,000 0.86% 1,500,000 1.28%
------------ ------- ----------- ------
Zerrin Investments Pty Ltd 5,000,000 0.71% - -
------------ ------- ----------- ------
Michael John Evans (through
Tevlo Pty Ltd and Tour Holdings
Pty Ltd) 4,000,000 0.57% - -
------------ ------- ----------- ------
David James Wall 29,395,798 4.20% 2,500,000 2.13%
------------ ------- ----------- ------
Crying Rock Pty Ltd 15,000,000 2.14% - -
------------ ------- ----------- ------
Mr Jason Alexander Bond + Ms
Jennifer Kate Langdon 12,000,000 1.71% - -
------------ ------- ----------- ------
Alexander Holdings (WA) Pty
Ltd 20,000,000 2.86% 2,000,000 1.70%
------------ ------- ----------- ------
Mr Joel Peter Roberts + Mrs
Janelle Mary Roberts 5,000,000 0.71% - -
------------ ------- ----------- ------
129,416,142 18.47% 8,000,000 6.81%
------------ ------- ----------- ------
Notes:
1. Percentage calculated based on 699,728,934 XCD Energy shares on issue as at 27 April 2020.
2. Percentage calculated based on 117,450,000 XCD Energy listed
options on issue as at 27 April 2020.
This information is provided by RNS, the news service of the
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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