Rewards Shareholders with Brokerage Free Share Sale Facility
Adelaide, Feb 21, 2014 AEST (ABN Newswire) - Valence Industries Limited (
ASX:VXL) (VXL or the Company) would like to advise that it will be implementing a share sale facility of fully paid ordinary shares for shareholders who hold less than a Marketable Parcel of shares in the Company (Share Sale Facility). Under ASX Listing Rules, any shareholding valued at less than $500 is considered to be less than a Marketable Parcel.
The sale of holdings that are less than a Marketable Parcel is permitted under ASX Listing Rules and Clause 5.6 of VXL's Constitution. VXL has initiated the share sale facility to enable shareholders holding less than a Marketable Parcel to have their shares sold without paying brokerage. VXL will organise payment of all the transaction costs of sale for those shareholders who take advantage of the Share Sale Facility (although any tax consequences from the sale will be the shareholder's responsibility).
The Record Date for purpose of establishing holders of less than Marketable Parcels is the close of trade on 20 February 2014. The closing price of the Company's shares on the Record Date was $0.285 (28.5 cents) and on that basis less than a Marketable Parcel is 1,754 shares.
Approximately 1,621 or 40%, of the Company's 4,015 shareholders hold less than Marketable Parcels making up only approximately 0.38% of the Company's fully paid ordinary shares on issue. By facilitating the sale of less than marketable parcels, the Company expects to reduce the administrative costs associated with maintaining a large number of small shareholdings.
A letter outlining the procedures of the Share Sale Facility will be mailed to eligible shareholders on 3 March 2014 and you do not need to do anything further until you receive these details.
Below is an indicative timetable for the sale of the less than Marketable Parcels:
------------------------------------------------------Record date to determine less than marketable parcels Thursday, 20 Feb 2014------------------------------------------------------Divestment notice mailing date Monday, 3 March 2014------------------------------------------------------Closing Date Thursday, 17 April 2014------------------------------------------------------Selling of less than marketable parcels commences Tuesday, 22 April 2014------------------------------------------------------Remittance of proceeds of 10 business dayssales to participants after the last sale------------------------------------------------------
For further information, please contact:
Jaroslaw (Jarek) Kopias
Company Secretary
About Valence Industries Ltd
Valence Industries Limited (ASX:VXL) is an industrial manufacturing company producing high grade flake graphite products for distribution and sale to global markets. Valence Industries owns established processing facilities and infrastructure to manufacture a wide range of graphite product lines for multiple applications and multiple industries. Valence Industries produces and sells its graphite products from its Uley Graphite facilities in regional South Australia for delivery to diversified markets for graphite in the Asia Pacific, Europe and North America. Visit Valence Industries
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