The Board has decided to reduce the Offer Price to align with recent market conditions and in order to provide eligible shareholders with the ability to participate in the Company’s capital raising activities.
The terms of the SPP have been formally modified as follows:
The Revised SPP Price (assuming an issue price of $0.08 per share) is a discount of 11% to $0.09, being the 5 day VWAP for the Shares prior to the date of this announcement.
Other than the modifications noted above, all terms and conditions of the SPP remain unchanged.
Participation in the SPP is optional and open to all MMJ shareholders registered as at 5:00pm (AWST) on 13 February 2020 with a registered address in Australia or New Zealand (“Eligible Shareholders”).
Under the modified terms of the SPP, existing Eligible Shareholders may continue to apply for between $1,000 and $30,000 worth of Shares without incurring any brokerage or transaction costs.
In accordance with the Revised SPP Price, Eligible Shareholders may opt to take up one of the following offers of Shares:
*Note: The above assumes that the Revised SPP Price is $0.08. If the final Revised SPP Price is higher than $0.08, applicants will be issued less Shares under each of the above offers.
Eligible Shareholders who have previously applied under the SPP will be issued Shares at the Revised SPP Price.
If you require further information, please contact the Company’s share registry provider Automic on 1300 288 664 between 9:00am and 5:00pm (AEDT) or +61 2 8072 1400 (outside of Australia) between 8:30am and 5:00pm (AEST) Monday to Friday.
Shareholders that wish to download their personalised SPP application form online may do so by logging onto https://investor.automic.com.au/#/home and using their SRN/HIN and postcode or username and password (once logged in, select ‘Statements and Documents’ and click to view your form via ‘SPP Applications’ dated 19 February 2020).
An updated timetable with the Revised Closing Date for the SPP is set out below:
Note: The Company may vary the dates and times of the SPP without notice and in compliance with ASX Listing Rules. Accordingly, shareholders are encouraged to submit their SPP Application Forms as early as possible.