Financial settlement of the transaction is well advanced and requires the Company to:
i. Pay the Tranche 1 acquisition payment of US$5m in cash to MGI (or its nominee) within 10 business days of Completion; and
ii. Issue US$5m of shares in Vector to MGI (or its nominee) at a price of A$0.022 per share.
The issue of US$5m of shares in Vector to MGI (or its nominee) was approved at a general of shareholders that was held on 21 September 2018.
As this shareholder approval was received more than three months ago, the Company has applied to the Australian Securities Exchange (“ASX”
for a waiver under Listing Rule 14.7. This application requests approval to issue the shares to MGI (or its nominees) later than three months after the meeting held and if received the Company would issue the shares to MGI (or its nominees) immediately.
Surely this will get ticked off before Wednesday.
