30 March
2020
ALTONA ENERGY PLC
(“Altona” or “the Company”)
Extension of Open
Offer
And Information on
the Excess Entitlement
Due to the unprecedented circumstances the world currently finds
itself in, and to give shareholders more time to deliberate during
this period, the Board of Altona (Aquis Growth Market: ANR.PL
(formerly NEX Growth Market)) has taken the decision to extend the
closing date of the Open Offer until Thursday 23 April. If
necessary, on this date and if the crisis caused by the Covid-19
virus has not abated, it will consider a further extension.
A new timetable for the Open Offer has been posted on the
Company website; www.altonaenergy.com/investor_company (under
Shareholder Documents).
Excess Entitlement
Following a number of enquiries from shareholders, the Board
wishes to better explain the Company’s needs with regards to the
Open Offer and specifically the Excess Entitlement.
As the Company currently has a market capitalisation (ie the
value assigned to the Company based on its current share price
multiplied by the number of shares currently in circulation) of
circa. £100,000, should every shareholder take up their
Basic Entitlement (ie if you subscribe for the same number of
shares you currently own) then the maximum the Company can
raise is £100,000.
Therefore, for the Company to reach
its fund raise target of £400,000, which it requires to acquire
mining licence PELA 157 and to provide sufficient working capital
to fund the next 6 months exploration work, it requires that
shareholders who are interested in participating in the Open Offer
to take up their Excess Entitlement.
The Excess Entitlement allows you to subscribe for as many
shares as you wish, above your Basic Entitlement. For example, the
Company’s Interim CEO has confirmed a subscription of £10,000 of
new shares, whereas if he were to take up only the Basic
Entitlement, this figure would be just £3,021 of new shares.
If you are interested in participating it is important that you
speak to your stockbroker about the Excess Entitlement and they
will be able to provide further information. They will also be able
to explain the possible investment risks you may face by
subscribing for new shares (this information is detailed within the
Open Offer Circular already posted to shareholders and available on
the Company’s website, under the Investor section).
We would like to reiterate the importance assigned to the
success of the Open Offer as it is the only ready option that will
allow the Company to progress with the acquisition of the new
mining licence and tenement in South
Australia, thereby allowing the Company to move into an
operational phase of its development.
If you require any further information with regards to the Open
Offer document, please email or call Christian Taylor-Wilkinson (Interim CEO,
Altona Energy) between the hours of 9am and 5pm (Monday to
Friday), on email: ctw@altonaenergy.com or Tel: +44 (0)7795 168
157.
For further information, please visit www.altonaenergy.com or
contact:
Altona Energy
plc
Christian Taylor-Wilkinson, Interim CEO
Philip Sutherland, Non-Executive Director |
+44 (0) 7795 168 157
+61 (0)402 440 339 |
Alfred Henry
Corporate Finance Ltd (Aquis Corporate Adviser)
Jon Isaacs / Nick Michaels |
+44 (0) 20 3772 0021 |
|
|
Leander (Financial
PR)
|
+44 (0) 7795 168
157 |
Company Information
Altona is an exploration company focused on the evaluation,
development and extraction of coal assets in South Australia though the process of in-situ
gasification.
The Company was admitted to trading on AIM on 10 March 2005 and was subsequently admitted to
NEX (now Aquis Stock Exchange) on 1 February 2019. A copy of
its admission documents dated 4 March
2005 can be accessed on its website,
www.altonaenergy.com. This website is where items can be
inspected under Rule 75 of the NEX Rules for Issuers, from
1 February 2019.