"The Company has since formed the view that the issue of these shares to the two directors may have resulted in an unintentional breach of Listing Rule 10.11 as prior hareholder approval was not sought prior to the placement. The Company notified ASX of the technical breach and recommended that the shares be sold on market and that the proceeds of any profit made on the sale be donated to charity.
This recommendation was accepted by ASX and the shares are in the process of being sold on market. It is expected that the price will be much lower than the issue price.
Therefore, neither Scott McKay nor David Sutich are likely to gain any financial benefit as a result of the placement but any profit will be donated to charity.
The breach of Listing Rule 10.11 was inadvertent and unintentional and the Company has taken steps to ensure such a breach is not repeated in the future.
Both Messrs Scott McKay and David Sutich are fully supportive of the Company and will purchase an equivalent number of shares on market at the first opportunity within the next trading window as provided for in the Company’s Trading Policy."
Source: Company report Appendix 3Y’s and Breach of Listing Rule 10.11 16th May.
So in the end no issue. Interesting thread
UXA Price at posting:
0.4¢ Sentiment: None Disclosure: Held
