Marine engineering services group Neptune Marine Services Ltd has gone ahead with a share purchase plan seeking more than $23 million to primarily fund the recent acquisition of the Sea-Struct business.
Marine engineering services group Neptune Marine Services Ltd has gone ahead with a share purchase plan seeking more than $23 million to primarily fund growth plans and the recent acquisition of the Sea-Struct business.
Below is the full announcement:
The Directors of Neptune Marine Services Ltd are pleased to announce an offer to all Eligible Shareholders of up to $5,000 new fully paid ordinary shares in the Company ("Shares") under the Company's Share Purchase Plan ("SPP").
The subscription price of each share will be $0.95 per share, which is a discount of approximately 9.5% to the volume weighted average trading price of the Company's shares on the ASX during the last 5 days immediately prior to the ASX trading halt requested by the Company on 10 December 2007.
The issue price is the same as the issue price of the Company's shares issued under its recently announced institutional placement.
Eligible Shareholders under the SPP will be all Shareholders as of the close of business on Wednesday 2 January 2008 ("the Record Date"), with a registered address in Australia or in any other jurisdiction in which it is lawful and practical for the Company to offer shares under the SPP.
Indicative Timetable
The following is an indicative timetable for the Offer.
- Announcement of SPP: Friday 14 December 2007
- Record Date to determine entitlements: Wednesday 2 January 2008
- Opening Date of Offer: Thursday 3 January 2008
- Closing Date for applications from shareholders: Friday 1 February 2008
- Issue of Shares under the Plan: Wednesday 6 February 2008
- Quotation of Shares on ASX: Thursday 7 February 2008
These dates are indicative only and are subject to change by the Company without notice, subject to compliance with the ASX Listing Rules.
A written offer document containing the application form will be mailed to Eligible Shareholders immediately after the Record Date (and not later than 5 business days after the Record Date).
Option holders who do not own shares in the Company will not be eligible to participate in the Offer. However, option holders are being given 9 business days to exercise their options in order to participate in the Offer.
Whilst the number of Eligible Shareholders will not be known until the Record Date there are approximately 4,909 Shareholders at the date of this announcement. If all of those shareholders took up the offer, this would result in the Company issuing 24,545,000 shares and raising approximately $23,317,750 before issue expenses. The offer is not underwritten however there is no minimum or maximum subscription limit.
Funds raised under the SPP, after payment of issue expenses, will be used to assist the Company implementing its Strategy for Growth, particularly the acquisition of the Sea-Struct business.
