16 Dec 2010 09:19
16 December 2010AIM MarketLondon Stock Exchange10 Paternoster SquareLondon EC4M 7LS
Please refer to the Company's letter to the ASX dated 16 December 2010 - the text of which is set out below.
We refer to your letter dated 15 December 2010 and respond to the questions set out in that letter as follows:
1. Does the Company consider the information contained in the Announcement to
be material to the Company pursuant to listing rule 3.1? Yes
2. If the answer to question 1 is "no", please advise the basis on which the
Company does not consider the information in the Announcement to be
material. N/A
3. If the answer to question 1 is "yes", when did the Company become aware of
the information contained in the Announcement?
On the evening of Wednesday 8 December 2010 (WST) the Company requested its AIM Broker to make confidential approaches to potential placees in the United Kingdom to subscribe for shares in the Company, conditional upon the Company finalising the terms of a Placing Agreement with its AIM Broker and the Board of the Company resolving to proceed with the placement and to execute the Placing Agreement.
The Board accordingly resolved to request a trading halt of its securities prior to the market opening on Thursday, 9 December 2010.
At a Board meeting late in the afternoon on Friday 10 December 2010, which meeting concluded at approximately 5:45pm, the Board resolved to proceed with placing 30,000,000 shares in the Company at 20 pence to investors in the United Kingdom and to execute the Placing Agreement with its AIM broker. At 6:06pm on Friday 10 December 2010, the Company received confirmation that its AIM Broker had executed that Agreement following receipt of the executed Agreement by the Broker from the Company immediately following the Board meeting.
4. If it was before the Announcement, please identify any earlier announcement
from the Company relating to the information contained in the Announcement.
N/A
5. If there was no earlier announcement and the Company became aware of the
information contained in the Announcement prior to the Announcement, why was the information not released to the market at an earlier time? Please comment specifically on the application of listing rule 3.1 and the exceptions to the rule in listing rule 3.1A. As detailed in the response to question 3 above, the Company requested and was placed into a trading halt prior to the commencement of trading on 9 December 2010 while the Company attempted to complete the placing. From the time of the Company's Board meeting referred to in question 3 (approx. 5.45pm Friday 10 December 2010) until the Announcement was released to the ASX on Monday 13 December 2010 at 6.33am, the market was closed to trading for the weekend and it was outside the business hours of the ASX. During this period the Company's securities continued to be in a trading halt in Australia. The Company, which is also listed on the AIM exchange in the United Kingdom, was able to and did release the Announcement to AIM in the United Kingdom at 6.07pm on Friday 10 December 2010.
6. Please confirm that the Company is in compliance with the listing rules
and, in particular, listing rule 3.1. The Company is in compliance.
For and on behalf of the Oilex Ltd Board
Max Cozijn
Chairman
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