Successfully Raises A$8 million and Announces Share Purchase Plan
Perth, Oct 2, 2013 AEST (ABN Newswire) - WestSide Corporation Limited (
ASX:WCL) (WestSide) today announces that WestSide has successfully completed a private placement to institutional and sophisticated investors of new fully paid ordinary shares at A$0.18 per share to raise A$8 million (Placement); and will offer eligible shareholders the opportunity to subscribe for shares at the same issue price of A$0.18 per share through a share purchase plan (SPP) targeting an additional A$2 million.
Successful Placement
The Placement received strong demand from both existing and new institutional and sophisticated investors and was priced at A$0.18 per share, representing a 5% discount to the 30 day volume-weighted average price of WestSide's shares prior to the offer.
Funds raised under the Placement and SPP will fund WestSide's ongoing operations as the Company negotiates new gas supply agreements to replace its existing sales contracts which expire by 2015.
"WestSide's material uncontracted reserves position and expiring gas supply contracts leave it uniquely positioned to supply into the rising demand and gas pricing of the dynamic east-coast gas market", said WestSide's Chief Executive Officer, Mike Hughes. "This modest funding package ensures that WestSide remains well-capitalised as it seeks to finalise these important new gas supply agreements. The strong support of the share issue by investors reflects the increasing confidence in the Company's prospects", he said.
A total of 44,444,444 new shares will be issued through the Placement, which will rank equally with the Company's existing fully paid ordinary shares.
The issue of shares under the Placement is expected to occur on 11 October 2013.
Details of Share Purchase Plan
WestSide will also offer eligible shareholders the opportunity to subscribe for new shares through a share purchase plan.
The SPP will also be priced at A$0.18 per share - the same price as the Placement.
The SPP will be open to all eligible WestSide shareholders who have a registered address in Australia or New Zealand as at 7pm (Brisbane time) on Tuesday 1 October 2013 (being the Record Date). Eligible shareholders will be able to subscribe for up to a maximum of $15,000 worth of new fully paid ordinary shares. If the SPP is oversubscribed, the Board reserves the right to scale back applications at its discretion.
The SPP is non-renounceable, therefore the right to subscribe for shares under the SPP cannot be transferred to another party.
The proposed timetable for completion of the SPP is as follows:
-------------------------------------------------------------------Record Date of the SPP (7pm Brisbane time) Tuesday 1 October 2013Opening Date of the SPP Monday 14 October 2013Closing Date of the SPP Monday 4 November 2013Issue of new shares under the SPP Monday 11 November 2013Quotation of new shares under the SPP Tuesday 12 November 2013-------------------------------------------------------------------
The above timetable is indicative only and subject to change without notice.
The full terms of the SPP, including the application form and instructions for making an application under the SPP, will be despatched to eligible shareholders on or before 14 October 2013. Eligible shareholders who are qualified custodians and want to participate on behalf of any beneficiaries will be able to obtain a custodian certification form upon request to WestSide's share registry.
More details relating to the Placement and the SPP are contained in the attached investor presentation.
RBS Morgans Corporate Limited is Lead Manager to the Placement and SPP.
To view the presentation, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-WCL-759074.pdf
Contact
WestSide Corporation Limited
T: +61-7-3020-0900
F: +61-7-3020-0999
WWW: www.westsidecorporation.com
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