(“Altona” or “the Company”)
Extension of Open Offer
And Information on the Excess Entitlement
Due to the unprecedented circumstances the world currently finds itself in, and to give shareholders more time to deliberate during this period, the
A new timetable for the Open Offer has been posted on the Company website; www.altonaenergy.com/investor_company (under Shareholder Documents).
Following a number of enquiries from shareholders, the Board wishes to better explain the Company’s needs with regards to the Open Offer and specifically the Excess Entitlement.
As the Company currently has a market capitalisation (ie the value assigned to the Company based on its current share price multiplied by the number of shares currently in circulation) of circa. £100,000, should every shareholder take up their Basic Entitlement (ie if you subscribe for the same number of shares you currently own) then the maximum the Company can raise is £100,000.
Therefore, for the Company to reach its fund raise target of £400,000, which it requires to acquire mining licence PELA 157 and to provide sufficient working capital to fund the next 6 months exploration work, it requires that shareholders who are interested in participating in the Open Offer to take up their Excess Entitlement.
The Excess Entitlement allows you to subscribe for as many shares as you wish, above your Basic Entitlement. For example, the Company’s Interim CEO has confirmed a subscription of £10,000 of new shares, whereas if he were to take up only the Basic Entitlement, this figure would be just £3,021 of new shares.
If you are interested in participating it is important that you speak to your stockbroker about the Excess Entitlement and they will be able to provide further information. They will also be able to explain the possible investment risks you may face by subscribing for new shares (this information is detailed within the Open Offer Circular already posted to shareholders and available on the Company’s website, under the Investor section).
We would like to reiterate the importance assigned to the success of the Open Offer as it is the only ready option that will allow the Company to progress with the acquisition of the new mining licence and tenement in
If you require any further information with regards to the Open Offer document, please email or call
For further information, please visit www.altonaenergy.com or contact:
Altona Energy plc Christian Taylor-Wilkinson, Interim CEO +44 (0) 7795 168 157 Philip Sutherland, Non-Executive Director +61 (0)402 440 339 Alfred Henry Corporate Finance Ltd(Aquis Corporate Adviser) Jon Isaacs/ Nick Michaels+44 (0) 20 3772 0021 Leander (Financial PR) +44 (0) 7795 168 157
Altona is an exploration company focused on the evaluation, development and extraction of coal assets in
The Company was admitted to trading on AIM on