how long, page-64

Correct, well thats the way I read it.

Here it is again

29/05/2009 2:25PM ASX Circular: Accelerated non-renounceable offer (2 Pages)



29 May 2009
PANAUST LIMITED - NON-RENOUNCEABLE ACCELERATED PRO- RATA ENTITLEMENT OFFER TO RAISE APPROXIMATELY $114 MILLION –
Participating Organisations are advised that PanAust Limited (the “Company”) has announced a fully underwritten 2 for 9 non-renounceable accelerated pro-rata entitlements offer of shares at a price of $0.28 per share to ordinary shareholders (the “Entitlement Offer”).
The Entitlement Offer has two components:
• An underwritten institutional offer, where offers will be made to qualifying institutional shareholders to apply for their pro-rata entitlement to raise approximately $50 million (the “Institutional Offer”).
• An underwritten retail offer, where offers will be made to qualifying retail shareholders to apply for their pro-rata entitlement to raise approximately $64 million (the “Retail Offer”).
The record date for the Entitlement Offer is Friday, 29 May 2009 (7pm AET).
The Retail Offer is expected to close on Monday, 22 June 2009.
The Company will ignore changes in security holdings which occur after the commencement of the trading halt on Monday, 26 May 2009 (other than registrations of transactions which were effected through ITS before the commencement of the trading halt) in determining eligible retail shareholders.
New shares issued under the Entitlement Offer will rank pari passu with existing shares in the Company.
The anticipated timetable in relation to the Entitlement Offer is as follows.
Event
Date
Institutional Offer opens
Tuesday, 26 May 2009
Institutional Offer closes
Friday, 29 May 2009
Trading Halt lifted. All shares trade ‘ex’ entitlement.
Friday, 29 May 2009
Record date for Entitlement Offer
Friday, 29 May 2009 (7pm AET)
Retail Offer opens
Tuesday, 1 June 2009
No responsibility is accepted for any inaccuracies in the matter published.
PNA2009.05.29mr re bc-poc.doc
Page 1
 
No responsibility is accepted for any inaccuracies in the matter published.
PNA2009.05.29mr re bc-poc.doc
Page 2
 
Completion of despatch of entitlement and acceptance forms to eligible retail shareholders
Thursday, 4 June 2009
Settlement of Institutional Offer
Friday, 5 June 2009
Normal (T+3) trading of new shares issued under the Institutional Offer commences.
Tuesday, 9 June 2009
Retail Offer closes
Monday, 22 June 2009
Issue of new shares and allotment of new shares under Retail Offer
Tuesday, 30 June 2009
Normal (T + 3) trading commences for Retail Offer shares
Wednesday, 1 July2009
Settlement Issues
Despite the fact that shares are trading “ex entitlement” on ITS, CHESS will not recognise for settlement purposes the “ex entitlement” or the “cum entitlement” tag on CHESS messages and CHESS will not maintain cum balances in these shares within the system. As a result any transfer that occurs prior to record date will be effectively transferred on a “Cum” basis.
Therefore, Participants must ensure that any transfer, including the priming of Broker Entrepot Accounts, is conducted in accordance with the basis of quote. For example, a transfer in relation to a transaction conducted on an ex-basis should ordinarily only occur post record date.
In addition, CHESS will not perform any automatic diary adjustments to “cum entitlement” settlement obligations outstanding as at the record date.
Trading Issues
ASX will not price a “cum” market with respect to trading in the Company’s shares. Persons who acquire the Company’s shares after the commencement of the trading halt on Monday, 26 May 2009, are not entitled to participate in the Entitlement Offer.
Further Information
For further details, please refer to the Company’s announcement dated 26 May 2009.