Applications under the SPP were received totalling almost $5.3m. The Board has resolved that, given the strong uptake from shareholders, feedback from a number of the Company’s largest shareholders and growth plans for the future, the Company has ensured that all applicants receive the full amount of their application with no scale back.
By taking the full $5.3m as opposed to the indicative amount of $3m under the SPP, the extra shares to be issued thereunder represent an approximate 2.3% in dilution to the shares on issue post allotment. The Board is of the view that the benefit of taking the extra $2.3m far outweighs the minimal dilution to shareholders.
Only applications that were received prior to the deadline were included in the allotment. An Appendix 3B in respect of the SPP shares follows.
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