Share Purchase Plan Update
Perth, May 20, 2016 AEST (ABN Newswire) - Strategic Elements Limited (
ASX:SOR) is pleased to provide an update on the Company's previously announced Share Purchase Plan (SPP).
Shareholders have overwhelmingly supported the SPP with approximately $2,500,000 in applications already received as at the time of this announcement.
As previously announced the Company intends to accept $1,000,000 of applications under the SPP on a first received basis. These applications will be accepted in full.
Under the terms of the SPP the Company can amend the total amount of capital to be raised and extend the duration of the plan (subject to legal requirements). The Company will accept a further $2,000,000 at the Directors discretion bringing the total amount raised to $4,500,000. Applications over this amount will be returned to shareholders.
Due to overwhelming support and to give eligible shareholders more time to realise the benefits of any material developments during this period, the SPP will be extended one further week and will now close on June 7th 2016.
Some eligible shareholders have been unable to apply due to postage issues and being absent from their registered address. If a shareholder hasn't received their SPP forms yet, they should immediately contact the Company.
If you have already sent in your application - thank you - no further action is required.
The additional capital raised under the SPP will be used to progress investments and supplement working capital as outlined in the SSP documents.
A revised Plan timetable is set out in link below.
http://abnnewswire.net/lnk/G3Z19U7F
About Strategic Elements Ltd
Strategic Elements (ASX:SOR) shares are listed on the Australian Stock Exchange under the code “SOR”. The Company is registered under the Pooled Development Program run by the Australian Federal Government to encourage investment into SME’s. To assist Pooled Development Fund’s to invest and raise capital, the Federal Government enables most shareholders in a Pooled Development Fund to make capital gains and receive dividends tax-free.
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