9 December
2020
ASX Code: MXC
Completion of Unmarketable Parcel Share Sale Facility
MGC Pharmaceuticals Ltd (ASX: MXC, ‘MGC Pharma’ or ‘the Company’), a European based biopharma company specialising in the production and development of phytocannabinoid derived
medicines, confirms that further to the announcements released 22 June 2020 and 26 October
2020, that the sale of 50,696,634 fully paid ordinary shares pursuant to the Company’s
Unmarketable Parcel Sale Facility (UMP Facility) has today been completed.
The UMP Facility applied to shareholders who as at 19 June 2020 (Record Date) were holders of
shares in MGC Pharma with a market value of less than $500. Under the UMP Facility the Company
has arranged for the sale of the unmarketable parcels for a total 5,067 shareholders representing
50,696,634 shares, through an independent equity broker and the sale proceeds will be distributed
by Computershare to each UMP Facility shareholder on a pro-rata basis. The sale of the UMP facility
shares commenced on 11 August and was completed today, on the terms and conditions as
previously announced, at an average price of 2.5 cents for the 50,696,634 UMP Facility shares.
Under the terms of the UMP Facility, there were 1,139 shareholders representing 12,480,489 shares
that elected to continue holding MGC Pharma shares and 360 shareholders representing 4,663,914
shares that elected to top up their MGC Pharma share parcel to be above the market value of $500
during the notice period.
Computershare will now complete a reconciliation of the UMP Facility share sales and prepare the
formal documentation for the pro-rata distribution of proceeds to each UMP Facility shareholder,
which is expected to be completed in approximately 1-2 weeks. UMP Facility shareholders can
contact Computershare for further information as required.
MGC Pharma confirms its shareholder base has now been reduced by 5,067 shareholders. This will
significantly reduce the Company’s administrative and corporate costs moving forward.
--Ends--
Authorised for release by the Board, for further information please contact:
PR/IR Advisors – Media & Capital Partners
Melissa Hamilton (PR) +61 417 750 274
Rod Hinchcliffe (IR) +61 412 277 377
[email protected][email protected]MGC Pharmaceuticals Ltd
Brett Mitchell
Executive Chairman
+61 8 6382 3390
[email protected]
(20min delay)