directors taken up the shares27 Feb 2015 09:26
Wildhorse Energy Limited Issue of Shortfall Shares
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TIDMWHE
RNS Number : 0739G
Wildhorse Energy Limited
27 February 2015
27 February 2015 AIM/ASX Code: WHE
WILHORSE ENERGY LIMITED
Issue of Shortfall Shares
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As announced by the Company on 15 December 2014, the Company undertook a 5 for 1 pro rata renounceable entitlements issue (the "Entitlement Issue") and received applications for 19,158,525 Shares at an issue price of A$0.05 each under the entitlements offer (the "Offer"). The shortfall for the Offer is 56,510,305 Shares. In accordance with the terms of the Offer, the directors of Wildhorse (the "Directors") have discretion to offer the shortfall securities at the Offer price of A$0.05 either to themselves or to other parties (the "Shortfall Securities").
Directors' Participation
At the Company's annual general meeting held 25 November 2014, Shareholders approved the issue of the Shortfall Securities to the Company's Directors, Ian Middlemas, Mark Hohnen and Mark Pearce. As required by the ASX, Shareholders re-approved the issue of the Related Party Shortfall Shares to the Company's Directors at a general meeting of shareholders held on 28 January 2015 (the "General Meeting").
The Company currently has authority granted to it by shareholders at its General Meeting on 28 January 2015 for the issue of up to 25,000,000 new ordinary shares at A$0.05 each. The Directors have subscribed for 19,000,000 Shares as set out in the table below.
Director Shares currently held Shortfall Shares issued Shares held at Percentage Holding at
completion of Offer completion of Offer
--------------- ---------------------- ------------------------ ------------------------- ------------------------
Ian Middlemas 1,000,000 10,000,000 11,000,000 12.11%
--------------- ---------------------- ------------------------ ------------------------- ------------------------
Mark Hohnen 33,219 5,000,000 5,033,219 5.54%
--------------- ---------------------- ------------------------ ------------------------- ------------------------
Mark Pearce - 4,000,000 4,000,000 4.40%
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The Directors' participation in the issue is classified as a related party transaction in accordance with Rule 13 of the AIM Rules for Companies. As all the Directors are participating in the Shortfall Offer, there are no Directors independent of this transaction. Accordingly, the Company's Nominated