Ann: Rocklands Financing Update, page-95

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h00ts

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29/12/14

18:13

Post #: 14515767
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Originally posted by ozblue ↑

Lateron, you are correct the resolution states....

“That, in accordance with ASX Listing Rule 7.1, and for all other purposes, the Company be authorised to
issue to Century Spirit Investments Limited 5,000,000 Options to acquire shares in CuDeco Limited at $1.50
per share, on or before 31 December 2016 on the terms and conditions as set out in the explanatory
Memorandum forming part of the Notice of this Extraordinary General Meeting.”

It's the explanation that states.....

"Resolution 5 seeks approval by shareholders pursuant to ASX Listing Rule 7.1 of this new securities issue.
Specific Information required by ASX Listing Rule 7.3 with respect to Resolution 5
For the purposes of ASX Listing Rule 7.3 information is provided as follows:-
(i) The total number of options to be issued is 5,000,000 exercisable at $1.25 on or before 31 January
2017.
(ii) The consideration for the option will be for the services rendered in relation to the Capital raising to
Haitong.
(iii) Any shares issued pursuant to the exercise of the options will be fully paid ordinary shares in the
Company and rank equally in all respects with the Company’s existing quoted shares.
(iv) The allottee of the New Securities Issue will be Century Spirit Investments Limited.
The allottee is not a related party of the Company.
(v) The consideration for the option issue will meet the costs associated with the services rendered in
relation to the Capital raising to Haitong."

Apologies for the confusion, it means the options lapse on a Saturday, and are indeed only worth 33c each for a total value of $1.65m for raising $6m or a touch over 25% commission.

It would indeed be nice if the company could clarify the situation, the announcement is very un-professional, pathetic really.
How often do Australian companies have options that expire on a Saturday?? I've never come across it before!!

Expand

Toss a coin on whats incorrect Ozblue !! equally as much chance as the the $1.50 resolution amount as the $1.25 explanatory memorandum being incorrect - as for the date December 2016 or January 2017 ??

Either-way another ASX ann clarification will be forthcoming - IMO

CDU Price at posting: $1.46 Sentiment: None Disclosure: Not Held
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