The SSP was heavily oversubscribed. We will only get slightly more than half than applied for.
Brandrill advises that the Company’s Share Purchase Plan closed on 3 August 2007. Support for the Plan was extremely strong with applications totalling $5,245,000 being received from 1,212 shareholders. As indicated in the announcement of the SPP on 13 July, the Plan was limited to 12,000,000 ordinary shares in aggregate. As a result of the oversubscription, it is necessary to scale back applications to approximately 56% of the application amount, although shareholders applying for the minimum parcel of 4,000 shares will receive the full $1,000 parcel, as specified in the announcement. On this basis the number of shares to be allotted will be as follows: Application Quantity Allotment Quantity Cost 20,000 11,250 $2,812.50 16,000 9,000 $2,250.00 12,000 6,750 $1,687.50 8,000 4,500 $1,125.00 4,000 4,000 $1,000.00 The balance of subscription monies will be refunded to participating shareholders. The shares will be allotted today and holding statements dispatched on 16 August. Refund cheques will be dispatched on 17 August. The Board thanks its shareholders for their support in subscribing to the SPP. Brandrill is also pleased to advise that, further to the announcement to the market on 13 July 2007, Brandrill Limited has completed the acquisition of the exploration drilling business of Strange Drilling and acquired the drilling rig hire business of Strange Investments. Brandrill is also expecting to complete the acquisition of a 70% interest in the lightweight haul truck tray manufacturing business, DT-Hi Load Australia, in the next 30 days. The business conditions which prevail in the drilling and blasting sector continue to remain favourable and the completion of the Strange Drilling transactions enables Brandrill to continue with our growth and diversification strategies. For further information: Mr Ken Perry, Managing Director
BDL Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held