+++++++++++++++++++++++++ EnviroStar Energy Limited (EEL) announces that it is undertaking a Rights Issue of shares to raise a maximum of $5.76 million.
The Rights Issue is a renounceable rights issue (Rights Issue) of 1 new ordinary share (New Share) for every 2 ordinary shares held by a Shareholder on the Record Date, at an issue price of $0.20 per New Share, payable in full on application. The maximum number of New Shares that can be issued pursuant to the Rights Issue is 28,809,945 New Shares. The Record Date is 5pm Sydney time on 29th May, 2002.
EnviroStar is seeking to raise funds under the Rights Issue to facilitate the completion of its 5MW waste to energy power plant at Stapylton, Queensland and for its working capital requirements.
The Prospectus for the Rights Issue was lodged with the Australian Securities and Investments Commission on 17th May, 2002.
Notices about the Rights Issue will be sent to shareholders on 21st May, 2002. Rights trading will commence on the Australian Stock Exchange Limited on 23rd May, 2002 and the Prospectus and Entitlement and Acceptance Form will be dispatched to shareholders by 3rd June, 2002.
The last day of Rights trading will be 5th July, 2002 and the last day for acceptance and payment in full will be 12th July, 2002. Shareholders' statements for New Shares will be dispatched by 31st July, 2002 and trading in the New Shares commences no later then 1st August, 2002.
For further information please contact Jim Docherty, Company Secretary, via the contact points stated below.