Ann: Share Purchase Plan closes strongly oversubscribed, page-2

As a result of the oversubscription, the Company’s Board of Directors has decided, in accordance with the terms and conditions of the SPP, to increase the SPP’s offer size to $3.0 million, which will result in the issue of approximately 9.37 million new fully paid ordinary shares under the SPP at the issue price of $0.32 per share. All new shares issued under the SPP will rank equally with existing shares on issue. In accordance with the terms and conditions of the SPP, the Company will conduct a scale-back of SPP applications, with: o most applicants receiving a minimum basic entitlement of 3,125 SPP shares (worth $1,000 at issue price); and o any remaining SPP shares after basic entitlements have been satisfied being allocated on a pro rata basis to those applicants receiving a basic entitlement, based on the size of the applicant’s shareholding at the record date. Applicants who sold shares between the record date and the SPP close date, or who held less than a marketable parcel as at the record date (1,471 shares), will receive zero allocation (i.e. neither a basic entitlement nor a pro rata allocation).

Excess application funds resulting from the scale back, and any application funds received after the Closing will be returned to applicants by the Company’s registry as soon as possible. As announced to the market on Friday 30 April 2021, applicants may elect to receive any refund due via direct credit to an Australian bank account, rather than by the default cheque payment. Applicants who wish to receive any refund due to them via direct credit can add or update their bank account details by adding a New Payment Instruction at https://www.computershare.com.au/easyupdate/alc. It is expected that the new shares will be issued and allotted on Tuesday 11 May 2021