Unmarketable Parcel Share Sale Facility
Perth, Nov 22, 2018 AEST (ABN Newswire) - Emmerson Resources Limited (ASX:ERM) (EMMRF:OTCMKTS) ("Emmerson" or "Company") is pleased to announce that it has established an Unmarketable Parcel sale facility (Facility) for holders of less than a marketable parcel. The Facility is being established in accordance with the Company's constitution and the ASX Listing Rules.
An "Unmarketable Parcel" is defined by the ASX Listing Rules as a shareholding with a market value of less than $500. Emmerson is providing the Facility to enable holders of Unmarketable Parcels to sell their shares without incurring brokerage and handling costs which could otherwise make the sale uneconomic or impractical. Shareholders with Unmarketable Parcels are not obliged to sell their shares. However, they will need to opt out of the Facility or their shares will be automatically sold for them.
The Facility will apply to parcels of shares in the Company with a market value of less than $500 based on the closing price on the ASX on the record date of 20 November 2018 (Record Date). This represents 1,351,852 ordinary shares in the Company, held by 349 shareholders (representing approximately 16.5% of total shareholders and 0.3% of total issued capital).
By facilitating the sale of Unmarketable Parcels, Emmerson will reduce the administrative costs associated with maintaining many small holdings. In particular, Emmerson expects to reduce the costs associated with printing and mailing documentation to shareholders.
Sales proceeds will be forwarded to participating shareholders as soon as practicable following settlement. All associated costs and brokerage fees will be paid by Emmerson, excluding any tax consequences, which will remain the shareholder's responsibility.
A copy of the letter which will be sent to eligible shareholders is attached(see link below).
For further information on the Facility contact the Company Secretary on +61 8 9381 7838.
Record Date - 20 November 2018
Announcement to ASX - 22 November 2018
First letter sent to shareholders - 23 November 2018
Second letter sent to shareholders - 11 January 2019
Closing Date - 22 January 2019
To view the letter, please visit:
About Emmerson Resources Limited
Emmerson Resources Limited (ASX:ERM) (FRA:42E) recently commenced exploration on new gold-copper projects in NSW, identified (with our strategic alliance partner Kenex Limited) from the application of 2D and 3D predictive targeting models – aimed at increasing the probability of discovery. The highly prospective Macquarie Arc in NSW hosts >80Mozs gold and >13Mt copper with these resources heavily weighted to areas of outcrop or limited cover. Emmerson's five exploration projects contain many attributes of the known deposits within the Macquarie Arc but remain under explored due to historical impediments, including an overlying cover (plus farmlands) and a lack of exploration focus. Kadungle is a JV with Aurelia Metals covering 43km2 adjacent to Emmerson's Fifield project.
In addition, Emmerson is exploring the Tennant Creek Mineral Field (TCMF), one of Australia's highest-grade gold and copper fields producing over 5.5 Mozs of gold and 470,000 tonnes of copper from deposits including Warrego, White Devil, Orlando, Gecko, Chariot and Golden Forty. These high-grade deposits are highly valuable exploration targets, and to date discoveries include high-grade gold at Edna Beryl and Mauretania, plus copper-gold at Goanna and Monitor. These are the first discoveries in the TCMF for over a decade.
Emmerson Resources Limited