re: massive oversubscribe for share purchase plan
This from the company. Note 9.5 million shares available and subscribers wanted 19.4 million. No wonder there is strong interest in CCE
(CCE) Clinical oversubscribe 17-Sep Clinical Cell Culture Ltd Perth, Australia, has announced that its Share Purchase Plan has closed oversubscribed, ensuring that the maximum of $4 million is raised by the SPP Plan.
C3’s chairman Dalton Gooding said, “With a SPP shareholder participation rate of approximately 37 per cent, the C3 board would like to thank the support that our shareholders have provided the company.
"As announced on 31 August 2004, with the level of demand exceeding the board’s expectations we deemed it was appropriate and fair to increase the SPP total from the original $1.5 million to $4 million.”
Applications were received for approximately $8.15 million or 19.4 million shares, the maximum number available under the SPP Plan was approximately 9.5 million shares.
In accordance with the terms of the SPP Plan, the shares applied for in each application will be scaled back on a pro-rata basis of approximately 50 per cent.
The issue of shares under the Plan will be allotted on Monday 20 September 2004, refund cheques for the scale-back will be issued on Tuesday 21 September 2004.
CCE Price at posting:
0.0¢ Sentiment: Hold Disclosure: Held
