Why were AC8 shares "Divested", page-2

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12 February 2021 - AusCann Group Holdings Limited (ASX: AC8) (AusCann or the Company) is pleased to announce that it has completed the small shareholding sale facility (Facility) for shareholders with holdings valued at less than A$500 which was announced to ASX on 17 July 2020. The Facility provided these shareholders with an opportunity to sell their shares in AusCann without incurring brokerage or handling costs.

As at market close on 16 July 2020 (Record Date), the Company had 23,079 shareholders of which 14,622 of these shareholders had a market value of less than A$500 (Unmarketable Parcels), which represented 17,782,490 fully paid ordinary shares. On 28 October 2020, the Company suspended the Facility following the appointment of Corporate Advisory firm Kidder Williams who were engaged by the Company to explore potential strategic acquisition opportunities. This allowed shareholders holding Unmarketable Parcels as at the Record Date with a further opportunity to take back their shares rather than having their shares sold through the Facility. On 16 November 2020, the Company announced it had entered into a scheme implementation deed with CannPal Animal Therapeutics Limited (ASX:CP1) (CannPal) under which AusCann will acquire 100% of the issued share capital of CannPal under a scheme of arrangement. The Scheme of Arrangement Booklet was released to the ASX by CannPal on 3 February 2021 and the Scheme meeting will be held on 8 March 2021.

The final number of shares eligible to be sold under the small shareholder sale facility was 7,964,285 fully paid ordinary shares, representing approximately 2.5% of AusCann’s total issued capital, from 7,748 shareholders.