M US TAN G RES OURCES LI M ITE D
Level 10, 20 Martin Place, Sydney NSW 2000 Australia
Registered Office: PO Box 840, South Perth WA 6951
Sydney Telephone: +61 (0) 2 9239 3119| Perth Telephone: +61 (0) 8 9217 2400
ACN: 090 074 785 | Website:
www.mustangresources.com.au
30 October 2017
Elizabeth Harris
Principal Adviser, Listings Compliance (Perth)
Australian Securities Exchange
Level 40, Central Park
152 St Georges Terrace
PERTH WA 6000
BY EMAIL:
[email protected]
MUSTANG RESOURCES LIMITED (MUS) PRICE QUERY
Dear Elizabeth,
We refer to your letter dated 30 October 2017 querying the change in price of MUS shares (Letter).
Prior to responding to the price query request, MUS considers that it is important that it clarify the events leading
up to the suspension of its shares from trading on Monday, 30 October 2017.
The rough ruby tender took place from Friday, 27 October 2017, 9am local time in Mauritius, running over the
weekend to Monday, 30 October 2017. The tender was undertaken by way of ‘sealed bids’ where all bids are
made by registered participants and are delivered to a sealed tender box monitored by an independent security
company. The results of the tender are therefore unknown until all bids are opened and the highest bid above
the minimum reserve price is determined. MUS’s Managing Director, Company Secretary/CFO and other
members of management and the Board are attending the tender in Mauritius.
As at the opening of trading on Monday, 30 October 2017, the tender had not yet closed and therefore no results
had been published or made available. The results of the tender are expected in the evening (Perth time) on
Monday, 30 October 2017. Therefore, as at the open of trading on Monday, 30 October 2017, there was no
information MUS was capable of reporting to the market.
Notwithstanding the above, in order to ensure an orderly market pending the announcement of the tender resuts,
on Saturday, 28 October 2017, MUS, through its Company Secretary, sent a request for a trading halt to the
designated email address at ASX for the lodgment of trading halts (Trading Halt Request). MUS has evidence
that the email containing the Trading Halt Request was sent from the email server of the Company Secretary
and delivered at ASX on 16h18 WST. However, after the commencement of trading on Monday, 30 October
2017, in discussions with ASX, it became apparent that ASX had not received the Trading Halt Request for
reasons still unknown to MUS or ASX.
A copy of the Trading Halt Request is annexed to this letter.
MUS reiterates that the Trading Halt Request was intended to ensure an orderly market pending the
announcement of the tender results, albeit that the results of the auction were not yet known. For this reason,
