Completion of Unmarketable Parcel Sale Facility
Sydney, June 17, 2022 AEST (ABN Newswire) - On 28 April 2022, Etherstack Plc (
ASX:ESK) announced that it had established a CHESS Depositary Interest (CDI) Sale Facility for holders of less than a marketable parcel of CDIs in the Company (Facility). The ASX Listing Rules defines a 'Marketable Parcel' as those holdings of CDIs with a market value of $500 or more.
This Facility was available to CDI holders who, on 27 April 2022 (Record Date), were holders of CDIs valued at less than $500 (each being a Small Holding). Based on the closing price of $0.375 per CDI on the Record Date, a Small Holding is any holding of 1,333 CDIs or less.
CDI holders with a Small Holding were instructed to return the Notice of Retention of CDIs Form (Retention Form) by no later 5:00 pm AEST on 16 June 2022 if they wished to retain their CDIs.
The Company can confirm that following receipt of the Retention Forms, the final number of CDIs eligible to be sold under the Facility is 377,514 from a total of 629 Small Holdings. The Company will endeavour to obtain the highest available price for the CDIs, and will organise remittance of sale proceeds for those CDI holders who participate in the Facility.
Participating CDI holders will receive their proportionate share of the total sale proceeds for all CDIs sold through the Facility without any brokerage or handling costs. As participating CDI holders will receive an average price for their CDIs, the price received may be different from the price quoted by the ASX on any day and may not be the best price on the day(s) that the relevant CDIs are sold.
Payment will be made in Australian dollars by electronic transfer (where holders have previously provided banking details to the Company's CDI registry) or alternatively, by cheque to the holders registered address, as soon as practicable following the sale of the relevant CDIs.
About Etherstack Plc
Etherstack (ASX:ESK) is the world's leading licensor of wireless technologies for the digital LMR industry and the Company develops wireless products for the main digital radio communications standards known as APCO P25, TETRA and DMR. Over the past 25 years, over twenty wireless equipment manufacturers have licensed LMR technologies from Etherstack for use in their products.
MCPTT over LTE is an emerging cellular standard that provides public safety grade PTT (Push-To-Talk) solutions within 4G and 5G cellular networks. Demand for MCPTT services and equipment by telecommunications carriers and end user agencies has been steadily growing in the past few years and is expected to rise rapidly over the next 36-48 months.
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