MC Mining Limited - Fully Underwritten A$40M Rights Issue

MC Mining

27/09/2022 07:00

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RNS Number : 8024A  MC Mining Limited  27 September 2022

27 September 2022

MC Mining Limited

FULLY UNDERWRITTEN A$40 MILLION (ZAR 472 MILLION) RIGHTS ISSUE TO FUND THE
MAKHADO PROJECT

Highlights

·    Fully underwritten 1.012 for 1 pro rata renounceable rights issue
offer of New Shares to raise gross proceeds of A$40 million (equivalent to
approximately ZAR 472 million(1))

·    Net proceeds raised under the Rights Issue to fund the equity
contribution requirement in relation to the continued development of the
Makhado Project and to repay the Standby Facility(2)

·    Written commitments of approximately A$26 million (equivalent to ZAR
305 million) in debt funding (also) received for the continued development of
the Makhado Project

·    An enhanced development strategy for the Makhado Project which
optimises capex and reduces operational costs

·    Planning and early works at the Makhado Project expected to commence
as soon as possible after the completion of the Rights Issue, with
construction to start in early 2023

MC Mining Limited (MC Mining or the Company) is pleased to announce a fully
underwritten 1.012 for 1 renounceable rights issue offer of new shares in MC
Mining (each, a New Share) at an issue price of A$0.20 per New Share for
Eligible Shareholders in Australia and New Zealand and ZAR 2.36 per New Share
for Eligible Shareholders in South Africa (in either case, the Issue Price) to
raise gross proceeds of A$40 million (equivalent to approximately ZAR 472
million) (Rights Issue).

The funds raised under the Rights Issue will (either directly, or by way of
"set-off" in the case of the repayment of the Standby Facility) be used by the
Company:

·    to meet the Company's equity contribution (required for the IDC's
proposed debt funding, detailed further below) in relation the development of
the Makhado Project;

·    fund the continued development of the Makhado Project;

·    reduction of debt owed under the current Standby Facility (which is
approximately A$5.09 million (equivalent to ZAR 60 million)); and

·    for general working capital (including to pay the costs of the Rights
Issue) purposes.

1 A reference in this announcement to the equivalent "ZAR price" for an item
(e.g. for the Issue Price) is based on the ZAR/AUD exchange rate of 11.79 at
noon (Sydney time) on 16 September 2022.

2 For further detail in relation to the set-off (and priority
sub-underwriting) arrangements between the Company and the Dendocept Group,
please see Sections 1.3 and 1.4 of the Rights Issue offer booklet (Offer
Booklet).

Please see below and Sections 1.3 and 1.4 of the Offer Booklet for further
detail on the Company's proposed use of the funds raised under the Rights
Issue.

The Rights Issue will be made to all holders of the Company's fully paid
ordinary shares (each, a Share) who are, as at 7pm (local time(3)) on
Wednesday, 12 October 2022 (Record Date), registered (in accordance with the
records of the Company's share registry) with an address in Australia, New
Zealand or South Africa (Eligible Shareholders).

The Issue Price per New Share under the Rights Issue represents an
approximately 49.7% discount to the 30-day volume weighted average price
(VWAP) of Shares traded on ASX and an approximately 48.0% discount to the
30-day VWAP of Shares traded on JSE, in either case, over the 30 trading days
on which trades were recorded prior to (and including) Friday, 16 September
2022.

Since the Rights Issue is renounceable, "Rights(4)" will be tradeable on ASX
and JSE (but not on AIM) and/or otherwise transferable by Eligible
Shareholders to Eligible Investors(5). This provides Eligible Shareholders
with the opportunity to sell some or all of their Rights and for Eligible
Investors to acquire Rights and exercise those Rights to subscribe for a
corresponding number of New Shares(6).

3 A reference in this announcement to "local time" is a reference to Sydney
time for Eligible Investors in Australia (and New Zealand) or to Johannesburg
time for Eligible Investors in South Africa.

4 The tradeable securities known as "Rights" are referred to as "Letters of
Allocation" for Eligible Shareholders in South Africa.

5 As that term is defined in the Offer Booklet.

6 Eligible Shareholders can choose to take up all, part or none of their
Rights. The Rights Issue will also include a shortfall facility under which
Eligible Shareholders who take up all of their Rights may also apply for New
Shares in excess of their pro rata entitlement. There is no guarantee that
Eligible Shareholders who apply for additional New Shares in this manner will
receive any or all of the additional New Shares for which they apply.

Morgans Corporate Limited ACN 010 539 607 (Morgans or the Underwriter) and
Adelaide Equity Partners Limited ACN 119 059 559 (together, the Joint Lead
Managers) will act as joint lead managers of the Right Issue. The Rights Issue
is fully underwritten by Morgans, pursuant to the terms of an underwriting
agreement details of which are included in Sections 1.7 and 3.3 (and Schedule
2) of the Offer Booklet.

Senosi Group Investment Holdings Proprietary Limited (an entity that is owned
and controlled by Mr Mathews Senosi, a Director of the Company) (SGIH) and
Dendocept Proprietary Limited (Dendocept) and its associates (collectively,
the Dendocept Group) have each (as applicable) (i) irrevocably committed to
take up their Rights in full and (ii) entered into sub-underwriting agreements
with the Underwriter for the balance of the total amount the Company is
seeking to raise under the Rights Issue. SGIH has a pro rata Entitlement of
38,824,276 New Shares pursuant to the Rights Issue, and has additionally
sub-underwritten up to 51,128,010 of the balance of New Shares not subscribed
for or sold under the Rights Issue (for which SGIH will receive a fee from the
Underwriter).

Should any Shareholder (together with its Associates) acquire a Relevant
Interest in more than 20% of the Shares on completion of the Rights Issue that
Shareholder will, pursuant to the requirements of AIM, be required to enter
into a market standard relationship agreement with the Company designed to
seek to ensure that the Company's business is run for the benefit of
Shareholders as a whole and independently of any such Shareholder.

Fractional entitlements to New Shares will be rounded up or down (as
appropriate) with fractions of 0.5 and above being rounded up and fractions
below 0.5 being rounded down in either case to the nearest whole New Share.

Whilst the Company believes the Rights Issue structure to be the most
appropriate mechanism to raise the required funds, it acknowledges that
certain Shareholders in ineligible jurisdictions will be unable to
participate. However, the Company has opted for a renounceable rights issue
which allows all Shareholders, including those ineligible to participate, the
potential opportunity to monetize their rights if they choose to.

Timetable

Eligible Investors should refer to Schedule 1 of this announcement for the
corporate action timetable applicable to the Rights Issue on ASX and to
Schedule 1 of the Offer Booklet for the corporate action timetable applicable
to the Rights Issue on JSE.

Offer Booklet

Further details of the Rights Issue and other information described in this
announcement are set out in the Offer Booklet, a copy of which will be sent to
Eligible Shareholders (together with a personalised entitlement and acceptance
form) in accordance with the timetable set out in Schedule 1. Eligible
Shareholders should read the Offer Booklet carefully and in its entirety
before deciding whether to participate in the Rights Issue.

A copy of the Offer Booklet will also be available at the Company's website:
www.mcmining.co.za (http://www.mcmining.co.za) .

Godfrey Gomwe, Chief Executive Officer & Managing Director of MC Mining,
commented:

"The capital raise is a significant development for the Company and the
proceeds will also satisfy a requirement for debt funders (the IDC debt
funding) who are expected to contribute to the development of the Makhado
Project. With record global coal prices, this is a very exciting time for MC
Mining. The Rights Issue is transformational for the Company and ensures that
we have the cornerstone funding for our flagship Makhado Project. The
fundraising process has been undertaken in tough equity markets, particularly
for junior coal miners, and is it very pleasing to have the support of our
large shareholders.

The Makhado Project has very attractive project economics and is well
positioned  given the favourable coal price forecasts. This is an important
milestone in our ambition to become the premier producer of hard coking coal
in South Africa and provide long-term returns to our Shareholders. The
proceeds of the Rights Issue will contribute towards early-works at the
project, including confirmatory and geotechnical drilling, civils
infrastructure and securing long-lead time equipment for the Makhado coal
processing plant."

Makhado Project Background

The Makhado Project is a hard coking coal project in the Limpopo province of
South Africa. It is located in the Soutpansberg Coalfield, approximately 15km
north of the town of Louis Trichardt. It spans an area of over 60km² across
five farms. The Company owns the surface rights of the properties required for
the project and has the requisite regulatory approvals to commence mining. The
Makhado Project is MC Mining's flagship asset and most advanced project,
having reached bankable feasibility in April 2022. The bankable feasibility
study(7) (BFS) assessed a 'Base Case' development of Makhado. This was
subsequently expanded in August 2022 by Minxcon to assess potential
alternative development scenarios (at pre-feasibility level) as well as the
advantages of BOOT (build, own, operate, transfer) funding for elements of the
Makhado coal processing plant (CPP).

7 For further detail in relation to findings and features of the BFS prepared
by independent consultancy Minxcon (Pty) Ltd (Minxcon), please see the
Company's announcement dated 14 April 2022.

Figure 1: Makhado Project Location Area, Minxcon

The development of the Makhado Project will provide significant direct and
indirect benefits to local communities in one of the poorest areas of South
Africa. Makhado is expected to create approximately 650 job opportunities.

Makhado Project Development Strategy

Minxcon assessed potential alternative development scenarios (to
pre-feasibility level) for Makhado with a view to optimise capex and reduce
operational costs(8). This resulted in MC Mining subsequently committing to a
development strategy involving the construction of the Makhado CPP. This plant
will have the same processing capacity as the Vele CPP, namely 2.0Mt per
annum. Whilst this approach will increase construction capital costs, it is
expected to improve returns over the long-term when compared to the Base Case
through higher operational margins, unlocking long-term value for Shareholders
and retains the Vele Colliery for future opportunities.

8 For further detail on the findings and features of the alternative
development scenarios prepared by Minxcon, please see the Company's
announcement dated 30 August 2022.

The construction of a new CPP at Makhado results in a significant reduction in
logistics costs and provides similar NPV results but has a peak funding of ZAR
1.3 billion (equivalent to A$110 million). The increased peak funding is due
to the requirement to build the Makhado CPP. In order to reduce peak funding
requirement, Minxcon further assessed opportunities for BOOT arrangements. The
results were that the NPV value remained similar but the BOOT funding of up to
ZAR 653m resulted in Makhado's IRR increasing significantly (i.e. from 41.0%
to 61.6%).

The table below reflects the Minxcon assessment of the improved economics of
BOOT funding the Makhado CPP.

                                 Build new Makhado CPP  BOOT fund R663m of the new Makhado CPP
 Construction capital            ZAR 1.2bn              ZAR 1.2bn
 Peak funding                    ZAR 1.3bn              ZAR 653m
 Maximum BOOT funding((1))       -                      R663m
 Post-tax IRR                    41.0%                  61.6%
 Post-tax NPV((2))((6.1%))       ZAR 5.8bn              ZAR 5.8bn
 Post-tax NPV((10%))             ZAR 3.8bn              ZAR 3.9bn
 Average payback period (years)  3.5                    2.8

(1) Not necessarily indicative of finance to be secured (assumes 100%).

(2) The 6.1% (real, after tax/ 10.9% nominal) discount rate calculated by
Minxcon was the optimal rate due to inter alia, the Company's financial
position and macroeconomic factors.

Following this, MC Mining has initiated discussions with potential BOOT
funding providers and has also approached potential service providers to
complete the detailed study work that will allow for a full process plant
design specifically for the Makhado CPP. Minxcon confirmed that this design
work could potentially materially reduce capital costs and in turn, the peak
funding requirement.

Makhado Project Funding

The development of the Makhado Project is expected to be funded by a mix of
debt and equity. MC Mining has received written indicative commitments for
debt funding of ZAR 305 million (approximately A$26 million) towards the
development of the Makhado Project. This comprises a new ZAR 245 million
(approximately A$21 million) facility from the Industrial Development
Corporation of South Africa Limited (IDC), which is still subject to the
successful conclusion of a due diligence exercise and credit approval, and a
ZAR 60 million (approximately A$5.09 million) written commitment for BOOT
funding from a minerals processing company for portions of the Makhado CPP.
This debt funding is contingent on the capital mix of the Company and proceeds
from the Rights Issue will be sufficient to meet such requirement of the debt
funders.

The potential funding for Makhado is assessed in the table below.

                                                  Construction of Makhado CPP (no BOOT funding)  BOOT fund new Makhado CPP
 Peak funding                                     ZAR 1.3bn                                      ZAR 653m
 Construction capital                             ZAR 1.2bn                                      ZAR 1.2bn
 Underwritten Rights Issue                        (ZAR 420m)                                     (ZAR 420m)
 Potential BOOT funding                           (ZAR 60m)((1))                                 (ZAR 663m)((2))
 Indicative IDC debt funding                      (ZAR 245m)                                     (ZAR 245m)
 Potential debt funding((3))                      (ZAR 375m)                                     -
 Working capital funding (to peak funding) ((3))  (ZAR 200m)                                     -
 Average payback period (years)                   3.5                                            2.8

(1) In-principle BOOT funding proposal received.

(2) Not necessarily indicative of finance to be secured (assumes 100%).

(3) The Company is considering options in this regard.

Standby Facility

As announced on 6 June 2022, the Company and Dendocept entered into an
agreement pursuant to which Dendocept would provide the Company with up to ZAR
60 million (equivalent to approximately A$5.09 million) by way of a standby
loan facility (Standby Facility). Funds drawn under the Standby Facility were
utilised by the Company to progress early works at the Makhado Project, to
enhance specific areas of the Makhado BFS and for related geotechnical studies
and confirmatory drilling(9) as well as working capital.

9 For further detail on the nature and terms of the Standby Facility, please
see the Company's announcement dated 6 June 2022.

As at the date of this announcement, the Company has drawn ZAR 60 million
under the Standby Facility with interest settled on a monthly basis. The
Company intends to settle the outstanding balance by offsetting against
Dendocept's payment obligations for New Shares, either as a Shareholder or as
a sub-underwriter, owing under the Standby Facility. To the extent any Standby
Facility balance remains owing following the Right Issue, the Company intends
to promptly repay this to Dendocept either in cash or through the issue of
additional equity.

The Company will (at its election) either repay that remaining amount in cash
(including from cash raised under the Rights Issue) and/or (but provided that
the Company has sufficient placement capacity under Listing Rule 7.1 (and is
permitted to do so under section 606 of the Corporations Act)) convert that
outstanding amount into New Shares at either the Issue Price or at an issue
price which is 85% of the 30-day VWAP of Shares traded on JSE (at the
Company's election) (with that VWAP calculated over the 30 trading days prior
to the date on which those New Shares are issued to Dendocept (if any)).

Use of Funds

The purpose of the Rights Issue is to raise gross proceeds of A$40 million
(equivalent to ZAR 472 million) to be utilised by the Company for the
following purposes:

 Use of Funds                                                              Amount
 Fund the Company's equity contribution requirement in relation to the     A$31.11 million
 continued development of the Makhado Project
 Repay the total amount owing under the Standby Facility                   A$5.09 million
 General working capital (including to pay the costs of the Rights Issue)  A$3.80 million
 Total                                                                     A$40 million

The net proceeds will contribute towards the development of Makhado,
commencement of early-works that will facilitate (funding dependent), the
commencement of construction of Makhado in early CY2023. The early works
include completion of the confirmatory and geotechnical drilling programmes,
construction of specific civils infrastructure and ensures the Company can
commence securing long-lead time items required for the CPP. MC Mining has
also contracted specialised engineering consultants to complete the detailed
design for the Makhado CPP.

Treatment of the Rights of Ineligible Shareholders

The Company has appointed a nominee affiliated with the Underwriter and will
issue that nominee with the Rights which would otherwise have been available
for subscription by Ineligible Shareholders (i.e. had they been eligible to
participate in the Rights Issue). The nominee has been approved by the
Australian Securities and Investments Commission (ASIC) pursuant to section
615 of the Corporations Act.

The Rights issued to the ASIC approved nominee will then be offered for sale
and, to the extent that there is any value (referred to as a "premium")
realised from that sale, that premium (less any expenses associated with that
sale) will be remitted pro rata to all Ineligible Shareholders (and regardless
of which register the Ineligible Shareholder holds their Shares, where, or to
whom the Rights were ultimately sold).

No Offer in the United States or in the United Kingdom

The information in this announcement does not constitute an offer in any
jurisdiction in which, or to any person to whom, it would not be lawful to
make such an offer. No action has been taken to register the Rights Issue, the
rights to New Shares (Rights) or the New Shares, or otherwise to permit a
public offering of the Rights or New Shares, in any jurisdiction other than
Australia, New Zealand and South Africa.

This announcement does not constitute an offer to sell, or a solicitation of
an offer to buy, any securities in the United States. The Rights and the New
Shares have not been, and will not be, registered under the US Securities Act
of 1933 (US Securities Act) or the securities laws of any State or other
jurisdiction of the United States. The Rights may not be acquired and/or taken
up by persons in the United States and the New Shares may not be offered or
sold in the United States except in transactions exempt from, or not subject
to the registration requirements of the US Securities Act and the applicable
securities laws of any State or other jurisdiction of the United States.

The New Shares to be offered and sold to Eligible Investors will only be
offered and sold in "offshore transactions" (as defined in Rule 902(h)) in
compliance with Regulation S thereunder. The provision of this announcement is
not, and should not be considered as financial product advice. The information
in this announcement is general information only, and does not take into
account your individual objectives, taxation position, financial situation or
needs.

Before acting on the information, you should consider the appropriateness of
the information, having regard to your objectives, taxation position,
financial situation or needs. If you are unsure of your position, please
contact your accountant, lawyer, tax adviser, stockbroker, financial adviser
or other professional adviser without delay.

The Rights Issue is not being made to, and accordingly no Rights or New Shares
are being offered to, any person registered (in accordance with the records of
the Company' share registry) with an address in the United Kingdom. Such
persons are not "Eligible Shareholders" for the purposes of the Rights Issue.
This announcement does not contain an offer or constitute any part of an offer
of transferrable securities to the public within the meaning of sections 85
and 102B of the United Kingdom's Financial Services and Markets Act 2000 (as
amended) (FSMA) or otherwise. This announcement is not an approved prospectus
for the purposes of section 85 of the FSMA and a copy of it has not been, and
will not be, delivered to the United Kingdom's Financial Conduct Authority
(FCA) in accordance with the Prospectus Regulation Rules of the FCA made under
section 73A of FSMA or delivered to or approved by any other authority which
could be a competent authority for the purposes of Regulation (EU) 2017/1129
as it forms part of retained European Union law as defined in the United
Kingdom's European Union Withdrawal Act 2018 (Prospectus Regulation).

Shareholders registered (in accordance with the records of the Company's share
registry) with an address in the UK will not be sent an Entitlement and
Acceptance Form (and will not be issued with any Rights) and DI Holders
registered (in accordance with the records of the share registry) with an
address in the UK and who hold their interest in Shares by way of DIs in
uncertificated form, that is in CREST, will not have their CREST account
credited with any Rights.

Within the UK, the contents of this announcement have not been approved by an
authorised person within the meaning of FSMA on the basis that this
announcement is a non-real time communication by the Company to its members
for the purposes of paragraph 43 of the Financial Services and Markets Act
2000 (Financial Promotion) Order 2005.

The Company may however, in its absolute discretion, by way of direct
placement with certain Shareholders and DI Holders registered with an address
in the United Kingdom, offer to issue such number of New Shares to those
Shareholders and DI Holders that is equivalent to their pro rata entitlement
to New Shares under the Rights Issue (i.e. had they been eligible to
participate in the Rights Issue) at the Issue Price per New Share. Any such
direct placement (if applicable) will be made in parallel with but not under
the Rights Issue. Such direct placements in the United Kingdom will only be
made: (1) to any legal entity which is a qualified investor (as defined under
Article 2 of the Prospectus Regulation); (2) to fewer than 150 natural or
legal persons (other than qualified investors as defined under Article 2 of
the Prospectus Regulation); or (3) in any other circumstances falling within
section 86 of FSMA, provided that no such offer shall require the Company or
any other person to publish a prospectus pursuant to section 85 of FSMA.

Such direct placements will only be directed at persons in the United Kingdom
who are qualified investors (within the meaning of Article 2 of the Prospectus
Regulation) who: (1) have professional experience in matters relating to
investments falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005, as amended (FPO); (2) are high net
worth entities falling within Article 49(2)(a) to (d) of the FPO; or (3) are
such other persons to whom it may otherwise be lawful to communicate it. Any
investment or investment activity constituted by, or related to, such direct
placements will only be available to such persons and will be engaged in only
with such persons. Any other person should not rely on or act upon this
announcement in relation to any direct placement or subscription for New
Shares. Any Ineligible Shareholder who participates in any direct placement of
New Shares made by the Company in parallel with the Rights Issue will not be
entitled to receive a pro rata allocation of any premium realised from the
sale of Rights to the extent of that participation because the Rights that
would have otherwise been issued to those "placees" will be deemed by the
Company to have lapsed.

A letter setting out further information in relation to these arrangements
will be sent to Shareholders who are not eligible to participate in the Rights
Issue on or about 13 October 2022.

1(0) "DIs" or "Depositary Interests" are defined as dematerialised depositary
interests in respect of Shares issued by Computershare Investor Services PLC
acting as depositary to the Company (in relation to such Depositary Interests
held within CREST).

(1)1 CREST" is the relevant system (as defined in the Uncertificated
Securities Regulations 2001 (SI 2001 No. 3755) ("CREST Regulations")) in
respect of which Euroclear UK (as defined in the CREST Regulations) is the
operator.

This announcement has been approved by the Company's Disclosure Committee.

Admission to AIM and Total Voting Rights

Further announcements will be made in due course with regard to the
application to be made for the admission to trading on AIM for the New Shares
and the total voting rights of the Company.

Capitalised terms used but not otherwise defined in this announcement have the
meanings given to them in the Offer Booklet, which is available at
www.mcmining.co.za (http://www.mcmining.co.za) .

This announcement may contain inside information for the purposes of Article 7
of the Market Abuse Regulation (EU) 596/2014, as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

Godfrey Gomwe

Managing Director and Chief Executive Officer

 

For more information contact:

 Tony Bevan                 Company Secretary  Endeavour Corporate Services      +61 08 9316 9100
 James Harris/ James Dance  Nominated Adviser  Strand Hanson Limited             +44 20 7409 3494
 Rory Scott                 Broker (AIM)       Tennyson Securities               +44 20 7186 9031
 Marion Brower              Financial PR (SA)  R&A Strategic Communications      +27 11 880 3924
 Investec Bank Limited is the nominated JSE Sponsor

About MC Mining Limited

MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining
company operating in South Africa. MC Mining's key projects include the
Uitkomst Colliery (metallurgical and thermal coal), Makhado Project (hard
coking coal), Vele Colliery (semi-soft coking and thermal coal), and the
Greater Soutpansberg Projects (coking and thermal coal).

Forward-Looking Statements

This announcement, including information included or incorporated by reference
in this announcement, may contain "forward-looking statements" concerning MC
Mining that are subject to risks and uncertainties. Generally, the words
"will", "may", "should", "continue", "believes", "expects", "intends",
"anticipates" or similar expressions identify forward-looking statements.
These forward-looking statements involve risks and uncertainties that could
cause actual results to differ materially from those expressed in the
forward-looking statements. Many of these risks and uncertainties relate to
factors that are beyond MC Mining's ability to control or estimate precisely,
such as future market conditions, changes in regulatory environment and the
behaviour of other market participants. MC Mining cannot give any assurance
that such forward-looking statements will prove to have been correct. The
reader is cautioned not to place undue reliance on these forward-looking
statements. MC Mining assumes no obligation and does not undertake any
obligation to update or revise publicly any of the forward-looking statements
set out herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.

 

SCHEDULE 1 - RIGHTS ISSUE TIMETABLE (ASX)

 Announcement of Rights Issue                 27 September 2022
 "Ex" date                                    11 October 2022
 Rights trading begins                        10am(12) on 11 October 2022
 Record Date                                  7pm on 12 October 2022
 Offer Booklet sent to Eligible Shareholders  13 October 2022
 Opening Date                                 13 October 2022
 Rights trading ends(13)                      4pm on 27 October 2022
 Last day to extend the Closing Date          31 October 2022
 Closing Date                                 5pm on 3 November 2022
 Issue Date(14)                               8 November 2022
 Trading of New Shares begins(15)             10am on 9 November 2022

 

(12) A reference to a time and a date in this Rights Issue timetable is a
reference to a time and a date in Sydney, Australia.

(13) New Shares will begin trading (on a deferred settlement basis) on ASX at
10am (Sydney time) on the trading day immediately following the date on which
Rights trading on ASX ends.

(14) New Shares will continue to trade (on a deferred settlement basis) on ASX
until the close of trading on the trading day immediately before the Issue
Date.

(15) New Shares will begin trading (on a normal settlement basis) on ASX on
the day after the Issue Date. The New Shares will also be admitted to trading
on AIM at 8.00 a.m. on this date.

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