REG - 88 Energy Limited - Small Holding Share Sale Facility Update

88 EnergyAnnouncement

13/09/2023 09:30

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RNS Number : 3069M  88 Energy Limited  13 September 2023

 

88 Energy Limited

Small Holding Share Sale Facility Update

On 31 July 2023, 88 Energy Limited (ASX:88E, AIM:88E, OTC:EEENF) (88 Energy or
the Company) announced the implementation of a Small Holding Sale Facility
(Facility) for shareholders who own less than $500 value worth of 88 Energy
shares (Less than Marketable Parcel Shares).  The Company has received Notice
of Retention Forms from 862 shareholders with a combined total of 27,338,946
ordinary shares.  In addition, 623 shareholders with a combined total of
25,294,320 less than marketable parcel shares have either sold their shares,
merged their holdings or topped up their eligible share parcels.  At the
conclusion of the process, the remaining shares from the Small Holding Sale
Facility is a total of 212,193,734 ordinary shares (Share Facility Shares).
The Company's broker, Euroz Hartleys Limited will now commence the sale of the
Sale Facility Shares in an orderly manner.

The price for each share sold through the Facility will be not less than the
weighted average closing price of the Company's shares on ASX for each of the
five trading days immediately preceding the date the Company receives any
offer to purchase Less than Marketable Parcel Shares.

Upon sale of the less than marketable parcel shares, proceeds shall be
forwarded to participating shareholders as soon as practicable. The proceeds
from the sale process will be apportioned pro rata amongst all participating
shareholders according to the number of shares sold on their behalf.

Sale proceeds will be paid to you in Australian dollars either by electronic
transfer into the bank account with any Australian "Authorised Deposit-taking
Institution" (if you have previously provided banking details to the Company's
share registry) or alternatively by cheque to your registered address, as soon
as practicable following the sale of your shares. If your registered address
is in New Zealand, sale proceeds can be paid to you in Australian dollars or
New Zealand dollars by direct credit only and your sale proceeds will be
withheld until bank account details have been provided. Eligible shareholders
who reside outside of Australia and New Zealand may elect to receive the
proceeds electronically in their local currency using the share registry's
Global Wire Payment Service. For a list of currencies offered and how to
subscribe to the service, shareholders should contact Computershare on 1300
850 505 (within Australia) + 61 3 9415 4000 (outside Australia). A transaction
confirmation statement will be sent to you confirming the number of your
shares sold, the price and total sale proceeds you have received. All sale
proceeds will be rounded to the nearest cent.

All costs associated with the sale of your shares will be borne by the
Company.  No brokerage will be paid by you. Any tax consequences arising from
the sale of your shares will be your responsibility.

The Company announces that its UK broker and nominated adviser has changed its
name from Cenkos Securities plc to Cavendish Securities plc following
completion of its own corporate merger.

 

This announcement has been authorised by the Board.

 

 

 

 

 

 

 

Media and Investor Relations:

 

88 Energy Ltd

Ashley Gilbert, Managing
Director

 

Tel: +61 8 9485 0990

Email:investor-relations@88energy.com

 

 

 

Fivemark Partners, Investor and Media
Relations                      Tel: +61 410 276 744

Michael
Vaughan
                             Tel: +61 422 602 720

 

EurozHartleys Ltd

Dale
Bryan
Tel: + 61 8 9268 2829

 

Cavendish Securities
plc
Tel: + 44 131 220 6939

Neil McDonald / Derrick Lee

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