Environmental Clean Technologies Limited (ASX: ECT) (ECT or Company) provides the following update to shareholders in relation to its current non-renounceable entitlement offer.
It has come to the attention of the Company that some shareholders may be experiencing confusion over the current entitlement offer.
- Initial Entitlement Offer dated 4 November 2019 was withdrawn due to changes in the value of the proposed plant upgrade project
- Refunds were issued to applicants via direct debit or cheque
- Current Entitlement Offer was issued on 6 December 2019
- Shareholders will need to reapply to participate as the original application cannot be automatically rolled over
The Company undertook a direct call campaign to shareholders who participated in the Initial Entitlement Offer, dated 4 November 2019. This was to ensure that those applicants had received their refund cheques and confirm their intention for participation in the current entitlement offer as well as answer questions that they may have had.
It is clear from the feedback there is some confusion as to the process of receiving the refund from the initial prospectus and applying under the current prospectus.
Points of confusion:
- Some shareholders have not received their refund cheque due to incorrect address details on file at the Registry
- Some shareholders incorrectly believe their initial application under the original Offer dated 4 November 2019 will simply roll over to the new Offer dated 6 December 2019
- Some shareholders, returning from the Christmas break, have not received the new Prospectus dated 6 December 2019
- Some shareholders were not aware of the withdrawal of the original Offer and incorrectly believe they will be receiving their entitlement
What you need to do
Shareholders who have not received their refund should contact the Registry via the following details to update their information and request a cheque reprint or refund via electronic funds transfer:
Automic Registry Services Pty Ltd
Phone: 1300 288 644 (9am – 5pm AEDT, Monday to Friday)
New Offer – New Applications
The original Offer dated 4 November 2019 was withdrawn due to material changes in the value of the proposed plant upgrade project. This was a result of the positive impact of the insurance claim process following a fire at the Company’s Coldry plant on 21 October 2019. A new prospectus was subsequently issued.
The initial Offer received ~$1.7 million in support prior to withdrawal. Refunds were subsequently issued. Many were issued via electronic funds transfer. Some shareholders incorrectly believe that their initial application simply rolls over or are unaware they need to make a new, separate application.
Shareholders are advised that they need to resubmit their application under the New Offer, using the new form and BPay payment details provided by the Registry.
To be clear, the original Offer application forms cannot be used to apply for the New Offer.
The new application form may be obtained by either:
- Download from the Registry website – www.automic.com.au
- Calling or emailing the Registry on the above contact details to request a copy of their personalised application form
The Prospectus for the New Offer is available below.
For further information, contact:
Glenn Fozard – Chairman firstname.lastname@example.org-Prospectus