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Sydney, Sep 13, 2012 (ABN Newswire) - Buccaneer Energy Limited (
ASX:BCC) is pleased to advise the results of the Company's Share Purchase Plan ("SPP") announced on 18 July 2012.
The Company advises that the SPP was only available to shareholders with a registered address in Australia or New Zealand with applications for the SPP closing at 5.00pm (Sydney time) on Monday 10 September 2012 ("Closing Date"). The issue of shares under the SPP was limited to a maximum $1.5 million with the issue price set at $0.041 per share.
As at the Closing Date the Company had received 1,032 applications from shareholders totalling in excess of $10.2 million and as such a scaleback of applications is required to be undertaken to meet the limit of $1.5 million. As the SPP was oversubscribed the directors who were eligible to participate in the SPP have withdrawn their applications so as to allow a higher allocation to shareholders.
Under the terms and conditions of the SPP that were detailed in a booklet sent to shareholders on 8 August 2012 the Company has full discretion in respect to the allotment policy it adopts for the SPP. The Company has deemed the following as Invalid Applications:
- Shareholders with a registered address outside of Australia and New Zealand;
- Shareholders who applied for less than the minimum subscription of $2,000;
- Shareholders with less than 2,000 shares on the Record Date of 17 July 2012; and
- Shareholders with multiple holdings who lodge more than one SPP application.
All of the above shareholders will receive a full refund.
The remaining applications that did not fall within any of the above categories were deemed to be Valid Applications and accepted by the Company to participate in the SPP. The scaleback of Valid Applications will be undertaken on the basis that each Valid Application will receive approximately 16.86% of the amount applied for in the SPP.
Some examples of the allotments that Valid Applications will receive are as follows:
The following are key dates for completion of the SPP:
Allotment Date Monday, 17 September 2012
Despatch Refund Cheques Tuesday, 18 September 2012
Despatch Holding Statements Tuesday, 18 September 2012
View the Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-694498.pdf
ASX:BCC) is pleased to advise the results of the Company's Share Purchase Plan ("SPP") announced on 18 July 2012.The Company advises that the SPP was only available to shareholders with a registered address in Australia or New Zealand with applications for the SPP closing at 5.00pm (Sydney time) on Monday 10 September 2012 ("Closing Date"). The issue of shares under the SPP was limited to a maximum $1.5 million with the issue price set at $0.041 per share.
As at the Closing Date the Company had received 1,032 applications from shareholders totalling in excess of $10.2 million and as such a scaleback of applications is required to be undertaken to meet the limit of $1.5 million. As the SPP was oversubscribed the directors who were eligible to participate in the SPP have withdrawn their applications so as to allow a higher allocation to shareholders.
Under the terms and conditions of the SPP that were detailed in a booklet sent to shareholders on 8 August 2012 the Company has full discretion in respect to the allotment policy it adopts for the SPP. The Company has deemed the following as Invalid Applications:
- Shareholders with a registered address outside of Australia and New Zealand;
- Shareholders who applied for less than the minimum subscription of $2,000;
- Shareholders with less than 2,000 shares on the Record Date of 17 July 2012; and
- Shareholders with multiple holdings who lodge more than one SPP application.
All of the above shareholders will receive a full refund.
The remaining applications that did not fall within any of the above categories were deemed to be Valid Applications and accepted by the Company to participate in the SPP. The scaleback of Valid Applications will be undertaken on the basis that each Valid Application will receive approximately 16.86% of the amount applied for in the SPP.
Some examples of the allotments that Valid Applications will receive are as follows:
-----------------------------------------------
SPP Application SPP Allotment SPP Allotment
$ Quantity(1)
-----------------------------------------------
$15,000.00 $2,529.54 61,696
$10,000.00 $1,686.37 41,131
$5,000.00 $843.21 20,566
$2,000.00 $337.27 8,266
-----------------------------------------------
(1) Fractional share allotments were rounded up.The following are key dates for completion of the SPP:
Allotment Date Monday, 17 September 2012
Despatch Refund Cheques Tuesday, 18 September 2012
Despatch Holding Statements Tuesday, 18 September 2012
View the Buccaneer Energy announcement at the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BCC-694498.pdf
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About Buccaneer Energy Limited
Buccaneer Energy Limited (ASX:BCC) is an Australian listed company focused on onshore and shallow waters of the Cook Inlet of Alaska and the Gulf of Mexico, as well as onshore Gulf Coast assets that have been left behind or overlooked by other players.
The Company has a large existing portfolio and disciplined acquisition strategy focused on opportunities with:
- Assets with attractive economics;
- Assets that have existing infrastructure in place that can be accessed;
- Assets near a commercial market that has been de-risked; and
- Assets that have multiple stacked pay targets.
Buccaneer's management team has a proven track record of finding and exploiting oil and gas reserves and generating new opportunity deal flow.
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