Metgasco Limited is pleased to announce that it has established a share sale facility (Facility) for holders of Unmarketable Parcels of the Company’s shares. Of the Company’s approximately 4,200 shareholders, 1,470 hold Unmarketable Parcels.
The Company is providing the Facility to Unmarketable Parcel holders to sell their shares without incurring any costs that could otherwise make a sale of their shares uneconomic.
The Company expects to reduce the administrative costs associated with maintaining a large number of small shareholders.
An Unmarketable Parcel (which is a parcel of the Company’s shares with a market value of less than $500 on the Record Date) will be any registered shareholding of 8,197 shares or less. The Record Date for the purposes of establishing holders of Unmarketable Parcels has been set at 7.00pm on 15 February 2016.
The sale price will be determined once all of the Shares under the Facility are sold. Each shareholder will receive their proportionate share of the sale proceeds for all Shares sold through the Facility. If all or some of the Shares are sold off‐market, the sale price for those Shares will be deemed to be the volume weighted average price of all the Company’s Shares sold on‐market during the five trading days up to (and including) the Closing Date.
However, Rule 149 of the Company’s Constitution provides that there will be a Minimum Sale Price under the Facility. This is the volume weighted average sale price of all Metgasco’s Shares sold on the ASX during the five trading days immediately preceding the Record Date, rounded off to the nearest half cent, which has been calculated as $0.06.
A summary of the key dates in relation to the Facility is as follows:
Summary of key dates
Unmarketable Parcels Record Date: at 7.00pm on 15 February 2016
Unmarketable Parcels Announcement to ASX: 18 February 2016
Letters sent to shareholders holding Unmarketable Parcels: 18 February 2016
Closing Date for receipt of Share Retention Form: 31 March 2016
Unmarketable Parcels Payment Date: expected to be on or about 22 April 2016
Attached is a copy of the Letter, Information Pack and the Share Retention Form which today has been sent to all shareholders holding an Unmarketable Parcel of the Company’s shares on the Record Date.
Peter J Henderson, Managing Director & CEO
Phone: +61 02 9923 9100