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Company Red Emperor Resources NL
TIDM RMP
Headline Notice of General Meeting
Released 07:00 01-Feb-2019
Number 6780O07

RNS Number : 6780O
Red Emperor Resources NL
01 February 2019
 

 

1 February 2019

 

Red Emperor Resources NL

("Red Emperor" or the "Company")

 

Notice of General Meeting

 

Red Emperor (ASX/AIM: RMP), the natural resource exploration company with oil and gas interests on the Alaska North Slope and in South East Asia, is pleased to announce that a formal notice (the "Notice") and proxy form in respect of a general meeting of shareholders of the Company to be held at 11.00 a.m. (Perth time) on 5 March 2019, at Level 1, 35 Richardson Street, West Perth WA 6005, have today been released to the Australian Securities Exchange and dispatched to shareholders. 

 

Copies of the Notice and proxy form are available on the Company's website at www.redemperorresources.com and the full text of the Notice and accompanying explanatory statement is also set out below.

 

 

For further information, please visit www.redemperorresources.com or contact:

 

Red Emperor Resources NL

+61 8 9212 0102

Greg Bandy




Strand Hanson Limited (Nominated Adviser)

+44 (0) 20 7409 3494

James Harris




Brandon Hill Capital (UK Broker)

+44 (0) 203 463 5010



708 Capital Pty Ltd (Australian Broker)

+61 (0) 2 9112 2500



 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

 

 


Red Emperor Resources NL

ACN 124 734 961

Notice of General Meeting

Notice is hereby given that a General Meeting of the members of Red Emperor Resources NL (Red Emperor or the Company) will be held on the date and at the time and place specified below:

 

Time:             11:00 am (WST)

Date:              5 March 2019

Place:            Level 1, 35 Richardson Street
West Perth WA 6005

 

Important

The business of the Meeting affects your shareholding and your vote is important.

This Notice of General Meeting should be read in its entirety.  If Shareholders are in any doubt as to how they should vote, they should seek advice from their professional advisers prior to voting.

The Directors have determined pursuant to Regulation 7.11.37 of the Corporations Regulations 2001 (Cth) that the persons eligible to vote at the Meeting are those who are registered Shareholders at 4:00 pm (WST) on 3 March 2019.

 

Business of the Meeting

Agenda

Resolution 1 - Ratification of prior issue of Shares under ASX Listing Rule 7.1

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution:

"That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 57,470,722 Shares on the terms and conditions set out in the Explanatory Statement."

Voting Exclusion: The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who participated in the Placement or any associates of those persons. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

Resolution 2 - Ratification of prior issue of Shares under ASX Listing Rule 7.1A

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution:

"That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 42,529,278 Shares on the terms and conditions set out in the Explanatory Statement."

Voting Exclusion: The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who participated in the Placement or any associates of those persons. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

Resolution 3 - Ratification of prior issue of Broker Options under ASX Listing Rule 7.1

To consider and, if thought fit, to pass, with or without amendment, the following resolution as an ordinary resolution:

"That, for the purposes of ASX Listing Rule 7.4 and for all other purposes, Shareholders ratify the issue of 6,000,000 Broker Options on the terms and conditions set out in the Explanatory Statement."

Voting Exclusion: The Company will disregard any votes cast in favour of the Resolution by or on behalf of a person who participated in the issue or any associates of those persons. However, the Company need not disregard a vote if it is cast by a person as a proxy for a person who is entitled to vote, in accordance with the directions on the Proxy Form, or, it is cast by the person chairing the meeting as proxy for a person who is entitled to vote, in accordance with a direction on the Proxy Form to vote as the proxy decides.

By order of the Board

Aaron Bertolatti

Director and Company Secretary

Voting in person

To vote in person, attend the Meeting at the time, date and place set out above. 

Voting by proxy

To vote by proxy, please complete and sign the enclosed Proxy Form and return it by the time and date and in accordance with the instructions set out on the Proxy Form.

In accordance with section 249L of the Corporations Act, Shareholders are advised that:

·       each Shareholder has a right to appoint a proxy;

·       the proxy need not be a Shareholder of the Company; and

·       a Shareholder who is entitled to cast 2 or more votes may appoint 2 proxies and may specify the proportion or number of votes each proxy is appointed to exercise.  If the member appoints 2 proxies and the appointment does not specify the proportion or number of the member's votes, then in accordance with section 249X(3) of the Corporations Act, each proxy may exercise one-half of the votes.

Shareholders and their proxies should be aware that changes to the Corporations Act made in 2011 mean that:

·       if proxy holders vote, they must cast all directed proxies as directed; and

·       any directed proxies which are not voted will automatically default to the Chair, who must vote the proxies as directed.

United Kingdom (CREST Voting Instructions)

DI Holders in CREST may transmit voting instructions by utilising the CREST voting service in accordance with the procedures described in the CREST Manual. CREST personal members or other CREST sponsored members, and those CREST members who have appointed a voting service provider, should refer to their CREST sponsor or voting service provider, who will be able to take appropriate action on their behalf.

In order for instructions made using the CREST voting service to be valid, the appropriate CREST message (a "CREST Voting Instruction") must be properly authenticated in accordance with Euroclear's specifications and must contain the information required for such instructions, as described in the CREST Manual (available via www.euroclear.com/CREST).  

To be effective, the CREST Voting Instruction must be transmitted so as to be received by the Company's agent (3RA50) no later than Wednesday, 27 February 2019 at 4:00pm (GMT). For this purpose, the time of receipt will be taken to be the time (as determined by the timestamp applied to the CREST Voting Instruction by the CREST applications host) from which the Company's agent is able to retrieve the CREST Voting Instruction by enquiry to CREST in the manner prescribed by CREST. DI Holders in CREST and, where applicable, their CREST sponsors or voting service providers should note that Euroclear does not make available special procedures in CREST for any particular messages. Normal system timings and limitations will therefore apply in relation to the transmission of CREST Voting Instructions. It is the responsibility of the DI Holder concerned to take (or, if the DI Holder is a CREST personal member or sponsored member or has appointed a voting service provider, to procure that the CREST sponsor or voting service provider takes) such action as shall be necessary to ensure that a CREST Voting Instruction is transmitted by means of the CREST voting service by any particular time.

In this connection, DI Holders and, where applicable, their CREST sponsors or voting service providers are referred, in particular, to those sections of the CREST Manual concerning practical limitations of the CREST system and timings.

United Kingdom (Form of Instruction) 

DI Holders are invited to attend the Meeting but are not entitled to vote at the Meeting. In order to have votes cast at the Meeting on their behalf, DI holders must complete, sign and return the Forms of Instruction forwarded to them along with the Notice to the Company's agent, Computershare UK, by Wednesday, 27 February 2019 at 4:00pm (GMT).

Should you wish to discuss the matters in this Notice of General Meeting please do not hesitate to contact the Company by telephone on +61 8 9212 0102.

Explanatory Statement

This Explanatory Statement has been prepared to provide information which the Directors believe to be material to Shareholders in deciding whether or not to pass the Resolutions.

1.         Resolutions 1 and 2 - Ratification of prior issue of Shares under ASX Listing Rules 7.1 and 7.1A

General

On 8 January 2019, the Company announced a placement of 100,000,000 Shares to certain new and existing institutional and sophisticated investors at an issue price of 2.8 pence ($0.05) per Share to raise £2.8 million (approximately $5,000,000) before expenses (the Placement).

57,470,722 Shares were issued pursuant to the Company's placement capacity under ASX Listing Rule 7.1 and 42,529,278 Shares were issued pursuant to the Company's placement capacity under ASX Listing Rule 7.1A which was approved by Shareholders at the annual general meeting held on 22 November 2018.

Resolutions 1 and 2 seek Shareholder ratification pursuant to ASX Listing Rule 7.4 for the issue of these Shares.

Resolution 1 - ASX Listing Rules 7.1 and 7.4

ASX Listing Rule 7.1 provides that a company must not, subject to specified exceptions, issue or agree to issue more equity securities during any 12 month period than that amount which represents 15% of the number of fully paid ordinary securities on issue at the commencement of that 12 month period.

ASX Listing Rule 7.4 sets out an exception to ASX Listing Rule 7.1. It provides that where a company in general meeting ratifies the previous issue of securities made pursuant to ASX Listing Rule 7.1 (and provided that the previous issue did not breach ASX Listing Rule 7.1) those securities will be deemed to have been made with shareholder approval for the purpose of ASX Listing Rule 7.1.

By ratifying the issue the subject of Resolution 1, the Company will retain the flexibility to issue equity securities in the future up to the 15% annual placement capacity set out in ASX Listing Rule 7.1 without the requirement to obtain prior Shareholder approval.

Resolution 2 - ASX Listing Rules 7.1A and 7.4

ASX Listing Rule 7.1A provides that in addition to issues permitted without prior shareholder approval under ASX Listing Rule 7.1, an entity that is eligible and obtains shareholder approval under ASX Listing Rule 7.1A may issue or agree to issue during the period for which the approval is valid a number of quoted equity securities which represents 10% of the number of fully paid ordinary securities on issue at the commencement of that 12 month period as adjusted in accordance with the formula in ASX Listing Rule 7.1.

Where an eligible entity obtains shareholder approval to increase its placement capacity under ASX Listing Rule 7.1A then any ordinary securities issued under that additional placement capacity:

(a)    will not be counted in variable "A" in the formula in ASX Listing Rule 7.1A; and

(b)  are counted in variable "E",

until their issue has been ratified under ASX Listing Rule 7.4 (and provided that the previous issue did not breach ASX Listing Rule 7.1A) or 12 months has passed since their issue.

By ratifying the issue the subject of Resolution 2, the base figure (i.e. variable "A") in which the Company's 15% and 10% annual placement capacities are calculated will be a higher number which in turn will allow a proportionately higher number of securities to be issued without prior Shareholder approval.

Technical information required by ASX Listing Rule 7.5

Pursuant to and in accordance with ASX Listing Rule 7.5, the following information is provided in relation to Resolutions 1 and 2:

(a)    100,000,000 Shares were issued on the following basis:

(i)  57,470,722 Shares were issued pursuant to ASX Listing Rule 7.1; and

(ii) 42,529,278 Shares were issued pursuant to ASX Listing Rule 7.1A;

(b)  the Shares were issued at an issue price of $0.05 each;

(c)   the Shares issued were all fully paid ordinary shares in the capital of the Company issued on the same terms and conditions as the Company's existing Shares;

(d)  the Shares were issued to certain new and existing institutional and sophisticated investors via the Company's Brokers and Corporate Adviser. None of these subscribers are related parties of the Company; and

(e)   the funds raised from the issue will be used to augment the Company's general working capital and provide contingency, as the Company prepares for the upcoming drilling of the Winx-1 exploration well and potential appraisal activities in the Alaska North Slope, where the Company has a 31.5% working interest.

Resolution 3 - Ratification of prior issue of Broker Options under ASX Listing Rule 7.1

General

On 15 January 2019, the Company issued a total of 6,000,000 unlisted Options (exercisable at $0.05 each on or before 15 January 2022) (Broker Options) to nominees of Brandon Hill Capital, 708 Capital and Max Capital as consideration for stockbroking and advisory services related to the Placement.

Resolution 3 seeks Shareholder ratification pursuant to ASX Listing Rule 7.4 for the issue of the Broker Options.

A summary of ASX Listing Rules 7.1 and 7.4 is set out in Section 1.2.

By ratifying the issue the subject of Resolution 3, the Company will retain the flexibility to issue equity securities in the future up to the 15% annual placement capacity set out in ASX Listing Rule 7.1 without the requirement to obtain prior Shareholder approval.

Technical information required by ASX Listing Rule 7.5

Pursuant to and in accordance with ASX Listing Rule 7.5, the following information is provided in relation to Resolution 3:

(a) 6,000,000 Broker Options were issued;

(b)  the Broker Options were issued for nil cash consideration to nominees of Brandon Hill Capital, 708 Capital and Max Capital as consideration for stockbroking and advisory services related to the Placement;

(c)   the Broker Options were issued on the terms and conditions set out in Schedule 1;

(d)  6,000,000 Broker Options were issued to the nominees of Brandon Hill Capital, 708 Capital and Max Capital, none of whom are related parties of the Company; and

(e)   no funds were raised from the issue as the Broker Options were issued as consideration for stockbroking and advisory services related to the Placement.



 

Glossary

$ means Australian dollars.

708 Capital means 708 Capital Pty Ltd (ACN 142 319 202) (AFSL 386279).

ASX means ASX Limited (ACN 008 624 691) or the financial market operated by ASX Limited, as the context requires.

ASX Listing Rules means the Listing Rules of ASX.

Board means the current board of directors of the Company.

Brandon Hill Capital means Brandon Hill Capital Limited.

Broker Options means the unlisted Options issued to Brandon Hill Capital, 708 Capital and Max Capital as consideration for stockbroking and advisory services related to the Placement, the issue of which is the subject of Resolution 3, and with the terms and conditions set out in Schedule 1.

Business Day means Monday to Friday inclusive, except New Year's Day, Good Friday, Easter Monday, Christmas Day, Boxing Day, and any other day that ASX declares is not a business day.

Chair means the chair of the Meeting.

Company means Red Emperor Resources NL (ACN 124 734 961).

Corporations Act means the Corporations Act 2001 (Cth).

Directors means the current directors of the Company.

DI Holder means a DI holder.

DI means a depository interest representing a Share listed (or to be listed) on the AIM Market of the London Stock Exchange.

Explanatory Statement means the explanatory statement accompanying the Notice.

General Meeting or Meeting means the meeting convened by this Notice.

GMT means Greenwich Mean Time.

Max Capital means Max Capital Pty Ltd (ACN 152 214 956).

Notice or Notice of Meeting means this notice of meeting including the Explanatory Statement and the Proxy Form.

Option means an option to acquire a Share with the terms and conditions set out in Schedule 1.

Placement means the placement of Shares described in Section 1.

Proxy Form means the proxy form accompanying the Notice.

Resolutions means the resolutions set out in the Notice, or any one of them, as the context requires.

Section means a section of the Explanatory Statement.

Share means a fully paid ordinary share in the capital of the Company.

Shareholder means a registered holder of a Share.

WST means Western Standard Time as observed in Perth, Western Australia.

Schedule 1 - Terms and conditions of Broker Options

(a)              Entitlement

Each Option entitles the holder to subscribe for one Share upon exercise of the Option.

(b)             Exercise Price

Subject to paragraph (i), the amount payable upon exercise of each Option will be $0.05 (Exercise Price).

(c)              Expiry Date

Each Option will expire at 5:00 pm (WST) on 15 January 2022 (Expiry Date).  An Option not exercised before the Expiry Date will automatically lapse on the Expiry Date.

(d)             Exercise Period

The Options are exercisable at any time on or prior to the Expiry Date (Exercise Period).

(e)              Notice of Exercise

The Options may be exercised during the Exercise Period by notice in writing to the Company in the manner specified on the Option certificate (Notice of Exercise) and payment of the Exercise Price for each Option being exercised in Australian currency by electronic funds transfer or other means of payment acceptable to the Company.

(f)              Exercise Date

A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of Exercise and the date of receipt of the payment of the Exercise Price for each Option being exercised in cleared funds (Exercise Date).

(g)              Timing of issue of Shares on exercise

Following the Exercise Date and within the time period specified by the ASX Listing Rules, the Company will:

(i)              issue the number of Shares required under these terms and conditions in respect of the number of Options specified in the Notice of Exercise and for which cleared funds have been received by the Company;

(ii)             if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors; and

(iii)           if admitted to the official list of ASX and the AIM Market operated by the London Stock Exchange plc (AIM) at the time, apply for official quotation on ASX and admission to trading on AIM of the Shares issued pursuant to the exercise of the Options.

If a notice delivered under (g)(ii) for any reason is not effective to ensure that an offer for sale of the Shares does not require disclosure to investors, the Company must, no later than 20 Business Days after becoming aware of such notice being ineffective, lodge with ASIC a prospectus prepared in accordance with the Corporations Act and do all such things necessary to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares does not require disclosure to investors.

(h)             Shares issued on exercise

Shares issued on exercise of the Options will rank equally with the then issued shares of the Company.

(i)              Reconstruction of capital

If at any time the issued capital of the Company is reconstructed, all rights of a holder are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules at the time of the reconstruction.

(j)               Participation in new issues

There are no participation rights or entitlements inherent in the Options and holders will not be entitled to participate in new issues of capital offered to Shareholders during the currency of the Options without exercising the Options.

(k)             Change in exercise price or number of underlying securities

An Option does not confer the right to a change in Exercise Price or a change in the number of underlying securities over which the Option can be exercised.

(l)              Transferability

The Options are transferable subject to any restriction or escrow arrangements imposed by ASX or under applicable Australian securities laws.


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