At last an update on the unmarketable shares exercise.
Not good that the SP is down to 2.2 cents.
MGC Pharmaceuticals Ltd (ASX: MXC, ‘MGC Pharma’ or ‘the Company’), provides the following
update on its Unmarketable Parcel Share Sale Facility (‘Facility’) for holders of parcels of fully paid
ordinary shares in the Company (‘Shares’) valued at less than $500, (each, an ‘Unmarketable
Parcel’, ‘UMP’) as detailed in the ASX release on 22 June 2020.
The Facility sale process is well advanced however due to the large parcel of shares to be sold under
the Facility combined with a share price limit of a minimum $0.024 under the rules of the Facility,
it has taken the designated broker longer than expected to complete the share sale process.
The Board is working to complete the share sale process under the Facility and distribute the funds
to UMP holders as soon as practical, and operating in compliance with the rules of the Facility.
Operation and Rules of the UMP Facility
Under the rules of the Facility, the Company is not able distribute the proceeds in part during the
process as this would provide an unfair outcome for some UMP shareholders. In order to manage
the process under the Facility rules, the Company is required to wait until the sale of all
Unmarketable Parcel shares has completed, so as to calculate the average price for Computershare
to distribute respective proceeds to Unmarketable Parcel shareholders. Shares cannot be
reinstated as the closing date of 7 August 2020 has passed.
All funds received through sales completed under the Facility are being held on trust by
Computershare and as soon as the full parcel of Shares are sold, owed monies will be distributed
via cheque or EFT payment to Unmarketable Parcel shareholders (depending on their
Computershare preferences). If Unmarketable Parcel shareholders wish to check or update their
payment preferences, UMP holders are able to go to www.investorcentre.com/au and log into their
portfolio to review/update their preferences.
The Company is working to ensure this process is completed as promptly as possible, and to provide
the best outcome for Unmarketable Parcel shareholders.
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Last
35.5¢ |
Change
0.010(2.90%) |
Mkt cap ! $17.18M |
Open | High | Low | Value | Volume |
35.0¢ | 36.0¢ | 34.5¢ | $6.75K | 18.84K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
1 | 1885 | 29.0¢ |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
36.5¢ | 100 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 1885 | 0.290 |
1 | 2200 | 0.230 |
1 | 20000 | 0.225 |
1 | 4545 | 0.220 |
2 | 6011 | 0.210 |
Price($) | Vol. | No. |
---|---|---|
0.365 | 100 | 1 |
0.380 | 79 | 1 |
0.400 | 1090 | 3 |
0.420 | 23 | 1 |
0.430 | 28 | 1 |
Last trade - 13.02pm 27/09/2024 (20 minute delay) ? |
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