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Brisbane, Dec 10, 2010 (ABN Newswire) - Bow Energy Limited (
ASX:BOW) (PINK:BOWYF) is pleased to announce the Share Purchase Plan and has extended the closing date of the offer.
Dear Shareholder
You should have received from the Board of Directors of Bow Energy Limited (Bow or the Company) an invitation to participate in Bow's Share Purchase Plan (SPP), issued on 19th November 2010 (Initial SPP Document). Please note this document is being issued as a follow up to the Initial SPP Document and should be read in conjunction with that document.
Terms not defined in this document have the meaning ascribed to them in the Initial SPP Document.
Summary of the SPP
The SPP provides Shareholders on the Company's register at the Record Date with an opportunity to subscribe for either A$2,000, A$5,000, A$10,000 or A$15,000 (subject to rounding) in new Shares at A$1.15 per Share in Bow at a 11.5% discount to the 5 day Volume Weighted Average Price (VWAP) from when the SPP was announced on 11 November 2010.
The Company completed a Placement of 42,120,000 Shares on 11 November 2010 which were issued at the same price as the new Shares being offered under the SPP. The Board has structured the SPP to encourage our loyal, smaller Shareholders to apply and increase their participation in Bow.
The Market Price of Bow shares over the five days of trading prior to the date of this letter is as follows:
If the maximum amount under the SPP is raised (A$30 million), the proposed use of the funds (together with funds raised from the Placement announced to Shareholders on 11 November 2010) will be to fund ongoing exploration and appraisal activities, production pilots, meeting the costs of the SPP, and working capital.
The Board of Bow have extended the Closing Date of the Offer as set out below. Therefore, if you wish to apply for any Shares under the SPP, you should follow the instructions outlined in the Application Form so payment is received at our Share Registry by that date.
The following timetable is to apply in respect of the SPP:
I look forward to you participating in Bow's Share Purchase Plan. On behalf of the Board of Directors of Bow, I commend this investment to you.
For further information or if you have misplaced or require a replacement Application Form, contact the Company's Share Registry, Link Market Services on 1300-851-394 (within Australia) or +61-2-8280-7912 (outside Australia).
Yours sincerely
Mr John De Stefani
Chief Executive Officer
ASX:BOW) (PINK:BOWYF) is pleased to announce the Share Purchase Plan and has extended the closing date of the offer.Dear Shareholder
You should have received from the Board of Directors of Bow Energy Limited (Bow or the Company) an invitation to participate in Bow's Share Purchase Plan (SPP), issued on 19th November 2010 (Initial SPP Document). Please note this document is being issued as a follow up to the Initial SPP Document and should be read in conjunction with that document.
Terms not defined in this document have the meaning ascribed to them in the Initial SPP Document.
Summary of the SPP
The SPP provides Shareholders on the Company's register at the Record Date with an opportunity to subscribe for either A$2,000, A$5,000, A$10,000 or A$15,000 (subject to rounding) in new Shares at A$1.15 per Share in Bow at a 11.5% discount to the 5 day Volume Weighted Average Price (VWAP) from when the SPP was announced on 11 November 2010.
The Company completed a Placement of 42,120,000 Shares on 11 November 2010 which were issued at the same price as the new Shares being offered under the SPP. The Board has structured the SPP to encourage our loyal, smaller Shareholders to apply and increase their participation in Bow.
The Market Price of Bow shares over the five days of trading prior to the date of this letter is as follows:
------------------------------------------- Date (Closing) Market Price ------------------------------------------- 1 December 2010 A$1.245 ------------------------------------------- 2 December 2010 A$1.245 ------------------------------------------- 3 December 2010 A$1.250 ------------------------------------------- 6 December 2010 A$1.260 ------------------------------------------- 7 December 2010 A$1.265 -------------------------------------------The Company proposes a maximum raising of A$30 million, comprising the issue of approximately 26,086,956 new Shares (subject to rounding). The SPP is not underwritten.
If the maximum amount under the SPP is raised (A$30 million), the proposed use of the funds (together with funds raised from the Placement announced to Shareholders on 11 November 2010) will be to fund ongoing exploration and appraisal activities, production pilots, meeting the costs of the SPP, and working capital.
The Board of Bow have extended the Closing Date of the Offer as set out below. Therefore, if you wish to apply for any Shares under the SPP, you should follow the instructions outlined in the Application Form so payment is received at our Share Registry by that date.
The following timetable is to apply in respect of the SPP:
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Record Date of the SPP Wednesday 10 November 2010
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Opening Date of the SPP Monday 22 November 2010
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Closing Date of the SPP 5.00pm (Sydney time)
on Friday 17 December 2010
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Issue and Allotment of
new Shares under the SPP Thursday 23 December 2010
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The original timetable was indicative only. Bow reserved the right to vary any of the key dates above, including the Closing Date of the SPP and the Issue Date, without further notice. Full terms and conditions of the SPP are contained in the Offer documents dated 19 November 2010. If you have not received a copy of the offer documents, please contact the Company's Share Registry.I look forward to you participating in Bow's Share Purchase Plan. On behalf of the Board of Directors of Bow, I commend this investment to you.
For further information or if you have misplaced or require a replacement Application Form, contact the Company's Share Registry, Link Market Services on 1300-851-394 (within Australia) or +61-2-8280-7912 (outside Australia).
Yours sincerely
Mr John De Stefani
Chief Executive Officer
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About Bow Energy Limited
Bow Energy Limited (ASX:BOW) (PINK:BOWYF) is an S&P ASX 200 All Australian Index and S&P ASX 300 Index Company. The company's primary business is the discovery and commercial production of Coal Seam Gas (CSG) and conventional oil fields, with projects in several of Australia's producing basins.
The company is focused on expanding its CSG reserves, with eight CSG projects located within the highly prospective Bowen and Surat Basins of Queensland, and developing production for domestic and export natural gas customers.
The company has GIP potential across its CSG projects of over 13.8 Tcf and to date has certified net gas reserves of 2,360 petajoules (PJ) of 3P and 114 PJ of 2P. A record drilling program is underway for 2010, targeting year-end reserves of 4,128 PJ of 3P and 455 PJ of 2P.
Bow is currently developing the Blackwater Power Project, Bow's 100% owned 30 megawatt power station near Blackwater, central Queensland, which is scheduled for commissioning by the end of the first quarter 2011.
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