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- Release Date: 23/04/14 10:33
- Summary: ALLOT: CRP: Completion of Rights Issue and AIM Listing Update
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CRP
23/04/2014 08:33
ALLOT
REL: 0833 HRS Chatham Rock Phosphate Limited
ALLOT: CRP: Completion of Rights Issue and AIM Listing Update
22 April 2014
Completion of Rights Issue and AIM Listing Update
Chatham Rock Phosphate Limited (NZX: CRP) is pleased to advise that it has
today allotted new shares under its rights issue to existing shareholders.
The rights issue has been extremely well supported with $1,795,315.95
subscribed out of a maximum of approximately $2.1 million under the offer.
Net of oversubscriptions of $182,500 a total of $1,612 800 was subscribed.
There was strong interest in the oversubscription facility where applicants
could apply for additional shares in excess of the rights they held. A total
of 4,016,934 shares were applied for in the oversubscription facility and
with this facility limited to 2.8 million shares CRP has had to scale all
oversubscription facility applications in accordance with the prospectus.
Affected applicants will be refunded excess application monies shortly.
As previously advised the rights issue was fully underwritten and the
shortfall of 3,670,690 shares will be placed with the underwriter in
approximately one weeks' time. Full details of today's allotment to
applicants are set out below.
The Board of CRP thanks shareholders for their outstanding support of this
offer.
AIM Listing Update
As previously advised to the market CRP intends to undertake a capital
raising and secondary listing on London's AIM market. Considerable work has
been progressing in this respect. CRP is pleased to advise that it has
secured its advisory team in this respect and has engaged:
- Nominated Advisor and Broker: Daniel Stewart & Company plc.
- Lead Financial Advisor and Broker: Wimmer Financial LLP.
- UK Legal Adviser: Fasken Martineau.
- Investigating Accountant: BDO.
It is intended to raise approximately NZ$8 million through this capital
raising. Pricing for the capital raising has not yet been determined. The
proceeds will be applied principally to the costs associated with CRP's
marine consent application and meeting CRP's overheads ideally until all
approvals and contracts are in place for our rock phosphate project on the
Chatham Rise.
At present CRP is working through due diligence requirements associated with
the capital raising and AIM listing. It is intended that the offering will
commence in June.
Chris Castle
Chief Executive
Email: [email protected]
Class of security: Ordinary shares
ISIN: NZWENE0003S0
Number issued: 10,751,839 ordinary shares
Issue price: $0.15 per ordinary share
Payment in cash: Yes
Fully paid: Yes
Percentage of class: 6.93%
Purpose of the issue: As set out in rights issue prospectus
Authority for the issue: Board resolutions and NZAX Listing Rule 7.3.4
Date of issue: 22 April 2014
Total number of securities on issue following allotments: 155,157,137
ordinary shares
End CA:00249702 For:CRP Type:ALLOT Time:2014-04-23 08:33:46
