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Buru Energy Limited - Completion of Unmarketable Parcel Share Sale Facility
Buru Energy Limited - Completion of Unmarketable Parcel Share Sale
About this update from Buru Energy Ltd
Buru Energy Limited (Buru, Company) (ASX: BRU) advises that the Unmarketable Parcel Share Sale Facility (Facility), as announced on 8 May 2024 , has closed. Commenting on the Unmarketable Parcel Share Sale Facility, CEO Thomas Nador said: 'The Buru unmarketable parcel share sale facility has resulted in some 1,947 shareholders taking advantage of the facility. This will lead to a 34% reduction of the number of Buru shareholders with the total number of shareholders in Buru after the reduction being approximately 4,000. The Facility provided an opportunity for smaller shareholders to monetise their investment with no brokerage fees or other costs. The reduction in the number of shareholders will lead to consequent savings on administrative and registry costs. There are some 4 million shares in the facility, Buru has appointed Foster Stockbroking to sell the shares under the facility, and the proceeds from the sale of the Shares will be remitted to participating shareholders as soon as practicable following settlement of all Shares sold through the facility. We thank ongoing shareholders and those shareholders who did not take up the facility for their ongoing support.' As at close of trading on 3 May 2024 (the Record Date) there were 5,218,341 Shares held by 2,521 shareholders that had a value of less than $500 (Unmarketable Parcel). Shareholders who wished to retain their Unmarketable Parcel had until 5pm (AEST) on Thursday 20 June 2024 (Closing Date), to return the Retention Form. The final number of Shares to be sold under the Facility is 4,088,589 comprising of 1,947 shareholders, which represents approximately 77% of Eligible Shareholders. Sales Proceeds will be remitted within 60 days after the shares are sold, either via cheque or direct bank transfer (for those shareholders who have their banking details registered with the Company's share registry, Link Market Services Limited ). Contact: Tel: +61 8 9215 1800 Email: [email protected] (C) 2024 Electronic News Publishing, source ENP Newswire