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Ann: GENERAL: VET: Notice of Offer of Same Class Financial...

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    • Release Date: 01/04/15 17:00
    • Summary: GENERAL: VET: Notice of Offer of Same Class Financial Products
    • Price Sensitive: No
    • Download Document  3.25KB
    					VET
    01/04/2015 17:00
    GENERAL
    PRICE SENSITIVE
    REL: 1700 HRS Vetilot Limited
    
    GENERAL: VET: Notice of Offer of Same Class Financial Products
    
    VETILOT LIMITED (NZAX: VET)
    
    NOTICE OF OFFER OF SAME CLASS FINANCIAL PRODUCTS
    
    Vetilot Limited (Vetilot) intends to undertake a pro rata one for one
    renounceable issue of warrants and new listed shares to issue on the exercise
    of those warrants (the Offer).
    Pursuant to clause 20(1)(a) of Schedule 8 of the Financial Markets Conduct
    Regulations 2014 (FMC Regulations), Vetilot advises that:
    
    1. The Offer is being made in reliance upon the exclusions in clauses 11 and
    19 of Schedule 1 of the Financial Markets Conduct Act 2013 (FMCA) and Vetilot
    is giving this notice under clause 20(1)(a) of Schedule 8 of the FMC
    Regulations.
    
    2. As at the date of this notice, Vetilot is in compliance with:
    
    2.1. The continuous disclosure obligations that apply to it in relation to
    Vetilot listed shares;
    
    2.2. Its "financial reporting obligations" within the meaning set out in
    clause 20(5) of Schedule 8 of the FMC Regulations.
    
    3. As at the date of this notice, there is no information that is "excluded
    information" within the meaning set out in clause 20(5) of Schedule 8 of the
    FMC Regulations.
    
    4. The potential effects that the Offer and acquisition of new shares will
    have on the "control" (within the meaning of clause 48 of Schedule 1 of the
    FMCA) of Vetilot and the consequences of those effects are as follows:
    
    4.1. As at the date the warrants are issued NZ Silveray Group Limited will
    hold 70.06% of Vetilot's ordinary shares.
    
    4.2. If all eligible shareholders take up their pro rata entitlements to new
    shares under the Offer, their percentage shareholding in Vetilot will remain
    the same and there will be no effect on the control of Vetilot.
    
    4.3. Although shareholders with registered addresses outside of New Zealand
    who are not shareholders that Vetilot is satisfied can participate in the
    Offer in compliance with all
    applicable laws are not eligible to participate in the Offer (and their
    percentage shareholding will be diluted as a result of the issue of new
    shares), the combined percentage interest of those ineligible shareholders is
    not sufficiently significant for its dilution to have a material effect on
    the control of Vetilot if all eligible shareholders take up their
    entitlements.
    
    4.4. If some eligible shareholders do not take up their full entitlement,
    such shareholders' percentage shareholding will be reduced (relative to those
    who did take up their full entitlement).
    
    4.5. Also, NZ Silveray Group Limited will not be entitled to increase its
    holding or control of voting securities in Vetilot without complying with the
    Takeovers Code, but the Takeovers Code (Class Exemptions) Notice (No. 2) 2001
    will allow that company to take up its pro rata entitlements to the extent
    necessary to compensate for any decrease in its control percentage that
    results from other shareholders taking up their entitlements.
    
    4.6. Accordingly, the Offer is not expected to have any material effect
    having any material consequence on the control of Vetilot.
    Yours sincerely
    
    Brent King
    Chairman
    
    1 April 2015
    
    For Further Information
    Please contact Mr Brent King
    [email protected]
    +64- 21- 632- 660
    End CA:00262633 For:VET    Type:GENERAL    Time:2015-04-01 17:00:55
    				
 
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