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Swala Plans Share Purchase and Extends Closing Date

Source: www.gulfoilandgas.com 11/10/2014, Location: Not categorized

Swala Energy Limited (Swala) advises that, following its ASX announcement today regarding the positive developments in respect to the reassignment of its participating interest in its Kenyan 12B licence, the Company has decided that it will be extending the scheduled close date of the Share Purchase Plan (SPP) to provide eligible shareholders more time to reflect on this positive outcome and consider participating in the SPP.

The SPP terms and conditions allow the Company to vary the SPP timetable, which includes the closing date. Accordingly, the Directors of the Company have decided to keep the SPP offer period open until 5:00pm (Perth time) Monday 17th November 2014.

As a result of the extension of the SPP closing date, the SPP issue price will be the lower of A$ 0.20 (20 cents), being a 4.8% discount to the volume weighted average price (VWAP) of Swala shares traded on the Australian Securities Exchange (ASX) over the 5 trading days up to and including 2 October 2014, or the VWAP of Swala shares traded on the ASX over the 5 trading days up to and including the day upon which the SPP Offer closes (which is now 17th November 2014), rounded up to the nearest cent.

All other terms and conditions of the SPP offer remain the same.

Eligible shareholders who can participate in the SPP should refer to their SPP offer documents that were dispatched to them on 21st October 2014. The offer documents comprise:

- Letter from the Non-Executive Chairman;
- Share Purchase Plan Terms and Conditions; and
- Share Purchase Plan Application Form.

The revised Key Dates* for the SPP timetable are as follows:

Record Date Event on 14 October 2014
SPP Offer opens Event on 21 October 2014
SPP Offer closes Event on 17 November 2014
Allotment of New Shares Event on 24 November 2014
Despatch of allotment confirmations and refunds (if applicable) Event on 26 November 2014

* Swala reserves the right to vary the Key Dates for the SPP Offer

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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