18th Apr 2012 07:00
18 April 2012 | ASX/AIM Code: WHE |
WILDHORSE ENERGY LIMITED DESPATCH OF SHARE PURCHASE PLAN AND NOTICE OF MEETING | |
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES, CANADA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL
Wildhorse Energy Limited ('WHE' or 'the Company'), the AIM and ASX listed company focussed on developing underground coal gasification ('UCG') and uranium projects in Central Europe, is pleased to announce that a notice of meeting ('Notice of Meeting') in respect of a general meeting of shareholders to be held on 18 May 2012 ('General Meeting') has been sent to shareholders.
The Company has also despatched a letter of offer and accompanying terms and conditions in respect of the Company's Share Purchase Plan ('SPP') (as referenced in the Company's announcement of 5 April 2012 ('5 April Announcement')) to those persons registered as holders of shares or depositary interests in the Company at 5pm AEST (10am BST) on 4 April 2012 ('Record Date') with a registered address in Australia, New Zealand or the United Kingdom.
The Notice of General Meeting and the SPP can be accessed on the Company's website, www.wildhorse.com.au.
Under the SPP each eligible shareholder (being those persons registered as holders of shares or depositary interests in the Company at the Record Date with a registered address in Australia, New Zealand or the United Kingdom and who are not resident or located in the United States or any other jurisdiction in or into which an offer of shares would be unlawful) can apply for up to AUD$15,000 or GBP£9,740.25 worth of fully paid ordinary shares in the Company ('Shares') at a subscription price of AUD$0.077 or GBP£0.05 per Share. The maximum number of Shares that will be issued under the SPP is 40,964,259 to raise up to €2,499,999 (approximately AUD$3,154,248 or GBP£2,058,999), before costs. These figures have been adjusted from those detailed in the 5 April Announcement due to exchange rate fluctuations.
As mentioned in the 5 April Announcement, any shortfall shares under the SPP may be allotted and issued to persons who are sophisticated and professional investors under section 707(8) and (11) of the Australian Corporations Act and who, where appropriate, fit within similar or equivalent UK or German categories ('SPP Shortfall Shares'). Please refer to Section 3.6 of the explanatory memorandum of the Notice of Meeting for further details.
At the General Meeting the Company is, amongst other things, seeking shareholder approval of the issue of Shares under the SPP as the Company may not have the benefit of the ASX Listing Rule 7.2 exception 15 in relation to the Shares to be issued under the SPP or sufficient capacity under Listing Rule 7.1 at the date of the issue of the Shares under the SPP. Please refer to ASX Resolution 7 and Sections 3.5 and 9.2 of the explanatory memorandum of the Notice of Meeting for further details.
Indicative Timetable for SPP Offer
The key dates for the SPP offer are set out below:
Date | Details |
4 April 2012 | Record Date 5pm (AEST) (Australian Register) The date on which the Company determined Eligible Shareholders as defined in SPP. |
4 April 2012 | Record Date 10am (BST) (holders of Depositary Interests) The date on which the Company determined Eligible Shareholders as defined in SPP. |
18 April 2012 | Opening Date The date on which the SPP opens. |
15 May 2012 | Closing Date 5pm (AEST) (Australian Register) The date on which the SPP closes. Applications and payments must be received by 5pm (AEST). |
15 May 2012 | Closing Date 10am (BST) (holders of Depositary Interests) The date on which the SPP closes. Applications and payments must be received by 10am (BST). |
18 May 2012 | General Meeting The General Meeting will take place at 10.00 a.m. (AWST) at Level 21, Allendale Square, 77 St George's Terrace Perth, Western Australia. |
21 May 2012 | Allotment Date The date Shares under the SPP are allotted, any scale back and the issue price of the Shares is announced. |
22 May 2012 | Despatch Date The date on which holding statements are sent to relevant shareholders and/or CREST accounts are updated. |
22 May 2012 | AIM Admission Date The date on which it is expected that Shares under the SPP will commence trading on AIM. |
24 May 2012 | ASX Quotation Date The date on which it is expected that Shares under the SPP will commence trading on ASX. |
\* These dates may be changed at the Company's discretion. Any changes will be advised to ASX and AIM as required.
**ENDS**
For further information please visit www.wildhorse.com.au or contact:
Matt Swinney | Wildhorse Energy Limited | Tel: +44 (0)207 292 9110 |
Daniela Amihood | Grant Thornton UK LLP | Tel: +44 (0)207 383 5100 |
Richard Greenfield | GMP Securities Europe LLP | Tel: +44 (0)207 647 2800 |
Clayton Bush | Liberum Capital Limited | Tel: +44 (0)203 100 2222 |
Susie Geliher | St Brides Media & Finance Ltd | Tel: +44 (0)207 236 1177 |
Further Information on Wildhorse:
Wildhorse Business Model
The WHE business model is focussed upon applying UCG technology to convert coal into syngas and then selling the syngas to power stations as a gas feedstock. The development and expansion of the UCG portfolio is underpinned by a potentially world class uranium project which the Company is advancing with its Hungarian uranium development partners Mecsek-Öko and Mecsekérc, with the support of the Hungarian Government.
Business Strategy
The Company's business strategy is to become a major supplier of gas feedstock to power stations in Central Europe. WHE's project development strategy is based primarily upon acquiring strategic UCG sites in key locations in Central Europe where gas markets are dominated by Russian gas imports, energy security is a major factor for governments and large scale industrial consumers of gas and gas prices are correspondingly high. The expansion is underpinned by the development of the Mecsek Hills Uranium Project.
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