Intrepid issues 2nd tranche of performance rights to Surya Paloh
Wednesday, October 24 2012 - 05:14 AM WIB
ASX-listed Intrepid Mines Limited reported the issuance of the second and final tranche of performance rights to prominent Indonesian businessman, Surya Paloh.
The issuance of the final tranche of performance rights over 25,604,016 ordinary shares of the company was subject to final approval by the TSX, the company said in a press statement on Wednesday.
Paloh and his associates are working closely with the company and assisting in the engagement with key Indonesian stakeholders, particularly in both central and local government. As a substantial shareholder in Intrepid, whose interests are now fully aligned with existing Intrepid shareholders, Paloh is well-placed to assist in promoting the company?s profile and business interests within Indonesia.
Interpid is currently developing a copper-gold project in Tujuh Bukit in East Java.
As previously reported, Intrepid and Surya Paloh entered into a subscription agreement, under the terms of which the company had issued 27,680,017 ordinary shares to the subscriber for a nominal price. These shares are subject to trading restrictions for 12 months from their issue date.
Additionally, the company has issued to the subscriber, for no consideration, 25,604,016 performance rights to ordinary shares, which vest upon the daily volume-weighted average price of the company?s shares equaling or exceeding A$1.00 for one full calendar month on the ASX and C$1.00 for one full calendar month on the TSX, and which lapse after one year should vesting not occurred. This target would represent value uplift of over four times based on the market share price at the time of the agreement.
The final tranche of 25,604,016 performance rights to be issued under the subscription agreement was subject to requisite TSX approvals being obtained. These approvals have now been obtained and the company has issued the final tranche of performance rights, for no consideration.
Surya Paloh is a prominent political and business figure in Indonesia. He is the founder and owner of the first Indonesian news television network, Metro TV, and the Media Group, which publishes the Media Indonesia and Lampung Post newspapers.
Editing by Benget Besalicto Tnb.