"In compliance with Listing Rule 7.7.1 and the corporations Act, Norfolk has appointed Commonwealth Securities (the Nominee) to arrange for the sale on ASX of the Rights which would have been granted to Ineligible Shareholders. The Nominee will direct the net proceeds (if any) to Norfolk or any other party upon Norfolks instruction to facilitate pro-rata payments to Ineligible Shareholders. The Nominee will have the absolute and sole discretion to determine the timing and the price at which the Rights may be sold and the manner in which any sale is made. Any interest earned on the proceeds of the sale of these Rights will firstly be applied against expenses of such sale, including brokerage, and any balance will accrue to Norfolk. The proceeds of sale (if any) will be paid in Australian dollars to the Ineligible Shareholders for whose benefit the Rights have been sold in proportion to their shareholdings (after deducting brokerage commission and other expenses). If any such net proceeds of sale are less than the reasonable costs that would be incurred by Norfolk for distributing those proceeds, such proceeds may be retained by the Nominee. Notwithstanding that the Nominee may sell Rights, Ineligible Shareholders may nevertheless receive no net proceeds if the costs of the sale are greater than the sale proceeds. Neither Norfolk nor the Nominee will be liable for a failure to sell Rights or to sell Rights at any particular price. If the Nominee is unable to sell the Rights of Ineligible Shareholders, then those Rights will be allowed to lapse."
NFK Price at posting:
76.0¢ Sentiment: None Disclosure: Not Held
