CRP
24/09/2012 14:24
MEETING
REL: 1424 HRS Chatham Rock Phosphate Limited
MEETING: CRP: Special Meeting Result
Chatham Rock Phosphate Limited (NZX: CRP) advises that all resolutions before
the Special Meeting today have been passed and it has issued new ordinary
shares to Subsea Investments II, LLC (Subsea), Boskalis Offshore B.V.
(Boskalis), and the Directors of CRP in lieu of directors' fees.
Issue of shares to Subsea
CRP has today issued 16,867,592 shares to Subsea at an issue price of $0.20
per share.
In April 2012, the Company entered into a convertible loan agreement (CLA)
with Subsea. Under the CLA, Subsea had advanced and was owed NZ$3,373,518.37
(Balance).
At the special meeting held today, the Board of CRP sought and obtained
shareholder approval in accordance with Rule 7(d) of the Takeovers Code to
convert the Balance to ordinary shares. Accordingly, in satisfaction of the
Balance, CRP has issued 16,867,592 shares to Subsea at a conversion price of
$0.20 per share.
This issue increased Subsea's shareholding in the Company to 28.8%.
Issue of shares to Boskalis
CRP has today issued 10,595,638 shares to Boskalis at an issue price of $0.22
per share.
In July 2012, CRP entered into an investment agreement with Boskalis Offshore
B.V. (Boskalis). Where, subject to shareholder approval, shares are to be
issued to Boskalis so that it has a 19.99% shareholding in the Company.
At the special meeting held today shareholder approval was obtained.
Accordingly, CRP has issued 10,595,638 shares to Boskalis at an issue price
of $0.22 per share.
This issue increased Boskalis' shareholding in the Company to 19.99%.
Issue of Shares to Directors in lieu of Fees
CRP also advises that it has today issued 120,688 ordinary shares under NZAX
Listing Rule 7.3.7 to its directors at an issue price of $0.232 per share in
satisfaction of directors' fees owing to 30 September 2012.
Full particulars of today's share allotments follows below.
Chris Castle
Managing Director
Email: [email protected]
Class of security: Ordinary shares
ISIN: NZWENE0003S0
Number issued: 27,583,918 ordinary shares
Issue price: 16,867,592 ordinary shares at $0.20 per ordinary share
10,595,638 ordinary shares at $0.22 per ordinary share
120,688 ordinary shares at $0.232 per ordinary share
Payment in cash: Yes
Fully paid: Yes
Percentage of class: 27.75%
Purpose of the issue: For working capital purposes, in
payment of fees under a contract for services, and in lieu of payment of
directors' fees
Authority for the issue: Board resolutions and shareholder resolutions
Date of issue: 24 September 2012
Total number of securities on issue following allotments: 126,960,444
ordinary shares
End CA:00227668 For:CRP Type:MEETING Time:2012-09-24 14:24:02
