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Oilex Ltd (OEX)

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Tuesday 07 September, 2021

Oilex Ltd

ASX Unmarketable Parcel Share Disposal

RNS Number : 9805K
Oilex Ltd
07 September 2021
 

ASX-RNS Announcement

 

 

7 September 2021

 

ASX: OEX

AIM: OEX

Unmarketable Parcel Sale Facility for ASX Shareholders

 

Oilex Limited ( Oilex or the Company ) advises that it is establishing an opt-out unmarketable parcel sale facility (Facility) for shareholders on the ASX register who hold less than A$500 worth of fully paid ordinary shares in the Company ( Unmarketable Parcel ). The ASX Listing Rules define an Unmarketable Parcel as those with a market value of less than A$500. The Facility will only be available to shareholders who hold their shares on ASX, and not Depository Interest holders.

 

As at market close on Friday 3 September 2021 ( Record Date ), the closing price of the Company's shares on ASX was $0.003 and on this basis an Unmarketable Parcel is less than 166,667 shares.

 

In accordance with the Company's Constitution and ASX Listing Rules, the attached letter and Share Retention Form will be sent to all shareholders holding an Unmarketable Parcel of shares as at the Record Date.

 

Shareholders with an Unmarketable Parcel who wish to retain their shareholding need to give the Company written notice by returning the Share Retention Form by no later than 5 .00pm (AEST) on Friday 22 October 2021 or acquire additional shares prior to that time such that their holdings comprise a marketable parcel, otherwise their shares will be sold by the Company.

 

Shareholders wishing to take advantage of the Facility and have their shares sold by the Company do not   need to take any action. The Company is offering this sale to assist holders of Unmarketable Parcels to sell shares without having to use a broker or pay brokerage. The Company will pay for all the costs of the sale for shareholders who use this Facility, excluding tax consequences from the sale which remains the shareholder's responsibility.

 

The Company values all of its shareholders, however, it incurs significant administrative costs maintaining such a large number of Unmarketable Parcels. By facilitating this sale, the Company expects to reduce the administrative costs associated with maintaining a large number of very small holdings.

 

A summary of key dates in relation to the Facility are as follows:

 

Unmarketable Parcels Record Date

7.00pm (AEST) Friday, 3 September 2021

Despatch of Letter to holders of Unmarketable Parcels

Friday, 10 September 2021

Closing Date for Receipts of Share Retention Form

5.00pm (AEST) Friday, 22 October 2021

Estimated Unmarketable Parcels payment date

As soon as practicable after Friday, 19 November 2021

 

The Company may modify these dates or suspend or terminate the Facility. Any modification, suspension or termination will be notified to shareholders by way of a market announcement.

 

 

The Announcement was authorised by the Chair of Oilex Limited

 

 

 

 

For further information, please contact:

 

Investor Enquires

Oilex Ltd

Joe Salomon

Executive Chairman

Email: [email protected]

Tel: +61 8 9485 3200

Australia

AIM Broker

Novum Securities

B roker

Colin Rowbury

Email: [email protected]

Tel: +44 20 7399 9427

UK

AIM Nominated Adviser

Strand Hanson Limited

Nominated Adviser

Rory Murphy/Ritchie Balmer 

Email: [email protected]

Tel: +44 20 7409 3494

UK

Media Enquires (UK)

Vigo Consulting

Public Relations

Patrick d'Ancona/Chris McMahon

Email: [email protected]

[email protected]

Tel:+ 44 20 7390 0230 UK



 

 

7 September 2021

 

 

Dear Shareholder

 

Unmarketable Parcels Sale Facility - Notice of Divestiture

 

We are writing to advise you that Oilex Limited (" the Company ") ( ASX:OEX ) has established an unmarketable parcel sale facility ( Facility ) for shareholders who hold OEX shares on the ASX register with less than A$500 in value of fully paid ordinary shares in the Company (Unmarketable Parcel) as at 7.00pm (AEST) Friday, 3 September 2021 ( Record Date ).

 

The Company is providing this Facility to require holders of Unmarketable Parcels to sell their shares.  Holders of Unmarketable Parcels may opt out of the Facility as noted below. The Company is offering this sale to assist holders of Unmarketable Parcels to sell shares without having to use a broker or pay brokerage. The Company will pay for all the costs of the sale for shareholders who use this Facility, excluding tax consequences from the sale which remains the shareholder's responsibility.

 

The Company values all of its shareholders, however, it incurs significant administrative costs maintaining such a large number of Unmarketable Parcels. By facilitating this sale, the Company expects to reduce the administrative costs associated with maintaining a large number of very small holdings.

 

Our registry records show that you held an Unmarketable Parcel of less than 166,667 shares in the Company, based on closing price on ASX of shares of $0.003 per share on the Record Date.

 

If you hold Company shares in a CHESS Holding and they remain in a CHESS Holding after the Closing Date (as defined in the timetable below) the Company may, without further notice, remove those Company shares from the CHESS Holding to an Issuer Sponsored Holding for the purposes of divestment in accordance with this notice.

 

Shares to be sold under the Facility will be sold on ASX in the ordinary course of trading at the prevailing market price.  The Company will pay all brokerage and handling costs of the sale for holders of Unmarketable Parcels under the Facility, excluding tax consequences from the sale, which remain the shareholder's responsibility.  The sale price of each of your Company shares will be the average price of every share sold on ASX under the Facility.

 

All holders of an Unmarketable Parcel who are participating in the Facility will receive the same sale price per share and the payment for your holding will be the sale price multiplied by the number of your shares sold.  As the sale price is an average, the proceeds that you receive may be more or less than the actual price received by the broker for the sale of your shares.

 

As the Company has determined that preferred payments to shareholders is to be made via direct credit to their nominated bank account, please ensure your account details are up to date with the Company's share registry, Link Market Services Pty Ltd (Link Market Services).  You can update your banking and personal details with Link Market Services by logging in to your holding on Link Market Services' Investor Centre at https://investorcentre.linkmarketservices.com.au/Login/Login or by calling them on Australia: 1300 131 678 or Overseas: +61 1300 131 678. Shareholders who do not update their payment details with the share registry will be paid via mailed cheque to their registered address.

 

 

 

 

 

 

 

 

Key Dates

 

A summary of key dates in relation to the Facility are as follows:

Unmarketable Parcels Record Date

7.00pm (AEST) Friday, 3 September 2021

Despatch of Letter to holders of Unmarketable Parcels

Friday, 10 September 2021

Closing Date for Receipts of Share Retention Form

5.00pm (AEST) Friday, 22 October 2021

Estimated Unmarketable Parcels payment date

As soon as practicable after Friday, 19 November 2021

 

The Company may modify these dates or suspend or terminate the Facility. Any modification, suspension or termination will be notified to shareholders by way of a market announcement on ASX.

 

What do you need to do if you wish to sell your Unmarketable Parcel?

 

You do not need to take any action. Your shares will be sold through the Facility after the Closing Date and the proceeds of the sale paid to you in accordance with the timetable above.

 

What do you need to do if you wish to retain your Unmarketable Parcel?

 

If you wish to retain your shares you must complete the attached Share Retention Form and ensure it is received by Link Market Services before the Closing Date, being 5.00pm (AEST) on Friday, 22 October 2021.

 

Alternatively, you may acquire additional shares so that you hold at least 166,667 shares as at the Closing Date.  In this event, the Facility will not apply to any of your shares.

 

Important Notes

 

The Company is not licensed to provide financial product advice.  The Company makes no recommendation as to whether you should participate in the Facility. You are encouraged to seek advice from your legal or financial adviser if you are unsure about what to do in response to this notice.

 

The market price of shares is subject to change from time to time. Up-to-date information on the price of Company shares is available on the ASX's website www.asx.com.au from time to time.

 

The attached Information Sheet provides further information about the Facility. If you have any further questions about the Facility, please contact the Oilex Limited Information Line on 1300 131 678 (within Australia) or

+61 1300 131 678 (from outside Australia) between 8:30am and 5:30pm (AEST) Monday to Friday, or visit www.linkmarketservices.com.au.

 

Yours sincerely

 

 

 

Jonathan Salomon

Chairman

 

 



 

7 September 2021

 

 

INFORMATION SHEET - UNMARKETABLE PARCEL SALE FACILITY

 

 

Why is the Company Implementing the Facility?

 

The Company welcomes the support of all shareholders, however, the administrative costs in producing and distributing shareholder communications and maintaining small holdings on the register through registry fees can be disproportionately high when compared with the dollar value of small holdings. Additionally, the Facility will assist holders with a small number of shares who would find it difficult or expensive to dispose of those shares through the normal means.

 

Does the Company have the authority to sell my shares?

 

Under ASX Listing Rule 15.13 and clause 2 of the Company's constitution, the Company has the right to sell Unmarketable Parcels, unless shareholders give notice to the Company before the Closing Date that they wish to retain their shares or acquire additional shares such that their holding at the Closing Date comprises a marketable parcel.

 

When will my shares be sold under the Facility?

 

The sale of shares under the Facility will be sold as soon as practicable after the Closing Date.

 

Can I purchase more shares, so my shares won't be sold?

 

If you increase your holding so that the number of shares held is equal to A$500 the equivalent of 166,667 shares (ie, a Marketable Parcel) or more at the Closing Date, then the Company will not sell your shares under the Facility.

 

What if I hold multiple Unmarketable Parcels?

 

If you hold multiple holdings that, in isolation, are deemed to be Unmarketable Parcels, but when aggregated would constitute a Marketable Parcel, you can contact Link Market Services to have those holdings merged into one holding so that this is reflected on the register before the Closing Date. If you do not do this, each of your holdings will be treated as Unmarketable Parcels.

 

When and how will I receive sale proceeds

 

The proceeds from the sale of your shares will be remitted to you as soon as practicable after the completion of the Facility. The expected payment date is as soon as practicable after Friday, 19 November 2021 and in any event within eight weeks of the Closing Date. The payment will be made into the bank account nominated by you to Link Market Services. If you do not update your bank account details with the share registry you will be paid via a mailed cheque to the registered address of your shareholding.

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