Lion completes unmarketable parcel sale
Wednesday, October 8 2014 - 04:33 AM WIB
ASX-listed Lion Energy Ltd said Wednesday that the unmarketable parcel sale process has been completed. As a result of this process the company has reduced its shareholders from approximately 1,830 as at 4 September 2014 to a total of 559 as at 6 October 2014.
During the process, the company said in a statement it received retention requests from 193 unmarketable parcel shareholders and a further 11 shareholders either sold or increased their holdings above the minimum of 2,777 shares.
A total of 1,371 unmarketable parcel shareholders, representing 490,263 ordinary shares, did not elect to retain their shares. The company has now finalized the sale of the shares by these shareholders who will receive a price of 19.88 cents per share (being the volume weighted average price for 30 days prior to process close date of 4 September 2014).
The shares were placed with sophisticated investors at 19 cents per share (net of a 4.4% placement fee), the company said, adding that it has paid all fees and costs associated with the sale of the shares and expects that cheques will be mailed to unmarketable parcel shareholders by Monday 13 October 2014.
Lion?s CEO Kim Morrison noted: ?We are pleased with the result of the unmarketable share sale facility which will reduce ongoing administrative costs for the company, and at the same time, has provided a mechanism for a significant number of shareholders to sell their relatively small shareholdings with no commission. Lion appreciates the support of the investors in purchasing the shares as we continue on our Indonesian growth strategy.?
Lion Energy Ltd is an ASX listed oil & gas exploration & production company focused on Indonesia, where it has been operating for over fifteen years. It has two existing conventional Production Sharing Contracts (PSC?s) ? Seram and South Block A - and an early mover position in the fledgling Indonesian unconventional industry via four Joint Study Applications.
Editing by Reiner Simanjuntak