Business
Waiver of ASX Listing Rule
Waiver of ASX Listing Rule.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n Global Petroleum Ltd\n17 October 2006\n\n\n\nGlobal Petroleum Ltd\n\n17 October 2006\n\n WAIVER OF ASX LISTING RULE 10.13.3\n\nGlobal Petroleum announces that on 12 October 2006, the ASX granted the Company\na waiver from Listing Rule 10.13.3 in connection with Resolution 3 in the 2006\nNotice of Annual General Meeting being despatched to shareholders tomorrow,\nWednesday 18 October.\n\nThe terms of the waiver granted by the ASX are set out as follows.\n\n1. Based solely on the information provided, ASX has granted the waiver from\nListing Rule 10.13.3 to the extent necessary to permit the Company's Notice of\nMeeting seeking shareholder approval of the issue of a total of 2,859,929 fully\npaid ordinary shares to Peter Blakey, Peter Taylor and TM Services Ltd (the\n'Shares') in accordance with an agreement for the acquisition of all the issued\ncapital of Astral Petroleum Limited to state that the Shares may be issued no\nlater than 30 June 2008, subject to the satisfaction of the following:\n\n1.1. The shares will be issued on the basis that RWE Dea AG commits to drill a\nwell in accordance with the terms of the farmout agreement entered into with the\nCompany on 22 June 2006.\n\n2. The waiver in resolution 1 above was granted on the following conditions:\n\n2.1 The Company releases the terms of the waiver to the market at the time of\nthe release of the Notice of Meeting to approve the issue.\n\n2.2 The Company undertakes to include in each Annual Report during the period in\nwhich the shares may be issued pursuant to the waiver granted, details of the\nshares and the performance hurdles which are to be met prior its issue. The\nundertaking is to be given and executed as a deed.\n\n3. ASX has considered listing rule 10.13.3 only and makes no statement as to the\nCompany's compliance with other listing rules.\n\nFor more information regarding the approvals being sought, please read the\nNotice of Meeting and Explanatory Memorandum released to the market and\ndespatched to shareholders.\n\nFurther information\n\nGlobal Petroleum\nJohn Armstrong - Executive Chairman +61 (0) 7 3211 1122\n\nBell Pottinger Corporate & Financial\nNick Lambert +44 (0) 20 7861 3232\n\n\n\n\n This information is provided by RNS\n The company news service from the London Stock Exchange\n \n ","length":2572,"tagName":"div"}]