Besides cancelling 15 million shares from Strongbridge shareholders are to get a benefit. Whether this eventuates to $$$ remains to be seen. The boys are trying to shore up support for the upcoming AGM.
Key point:-
"In recognising that ATL1103 partnering plans have not progressed as expected (due to termination of Strongbridge License Agreement) and recent shareholder and option holder feedback with respect to the existing listed loyalty options due to expire in January 2017, the Company intends to implement two initiatives to provide all long-term supportive shareholders and option holders a benefit of greater exposure in the Company to successful completion of business development opportunities currently being progressed by the Company.
As a reward regime for its shareholders and as a way of distributing part of the value regained by the Company through the Deed of Settlement with Strongbridge, ANP intends to issue free bonus options (Bonus Options) to all of its ordinary shareholders on a pro rata basis. The terms and the record date for the Bonus Option issue will be determined by the Company following the AGM and the issue will be expected to occur following the sale of shares under the less than marketable parcel share program
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(noting this program is subject to approval of the special resolution amending the constitution of the Company at the AGM). Shareholders with non-marketable holdings wishing to top up their holding to increase their participation in the Bonus Option issue may do so prior to the record date for the Bonus Option issue. Eligible shareholders will receive Bonus Options (no application is required) in accordance with the ASX Listing Rules and the timetable to be set out in a prospectus to be lodged by the Company following the AGM.
The Company also intends to make an offer of new options (New Options), which will be open to the public in a limited capacity but will be offered as first priority to current option holders.
The Company will prepare and lodge a prospectus in respect of the Bonus Options and New Options shortly after the AGM. No funds will be raised as a result of the Bonus Option issue.
In line with loyalty options due to expire in January 2017, a total of 46,950,984 New Options with an exercise price of $0.08 and a three year expiry date are proposed to be issued under the New Options offer. The issue price of the New Options will be A$0.002 per New Option. If all New Options are taken up, the Company would expect to receive $93,901.97 as a result of the New Option issue with funds to be applied towards meeting expenses of the Bonus Option and New Option Offers.
The Company will apply for quotation of both the Bonus Options and the New Options."
ANP Price at posting:
4.8¢ Sentiment: Hold Disclosure: Held
