Microsoft Word - CUE ASX Release CoverNEW
ABN 45 066 383 971
14 June 2016 PAGES (including this page): 8
ASX Market Announcements ASX Limited
Exchange Centre
Level 4, 20 Bridge Street
Sydney NSW 2000
Unmarketable Parcel Share Sale Facility
Attached please find Cue Energy Resources Limited's release with respect to the above mentioned.
Yours faithfully
Andrew M Knox
Chief Financial Officer
CUE ENERGY OVERVIEW
Cue is an Australian based oil and gas company with activities in Australia, New Zealand, Indonesia and the USA.
THE COMPANY HAS:
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Long life production
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A strong balance sheet
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An active exploration programme
CUE ENERGY DIRECTORS
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Grant Worner (Executive Chairman)
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Koh Ban Heng
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Andrew Knight
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Brian Smith
CUE ENERGY MANAGEMENT
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Andrew Knox (CFO)
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Jeffrey Schrull (Exp Man)
OFFICE
Level 19
357 Collins Street
Melbourne Vic 3000
CONTACT DETAILS
Tel: +613 8610 4000
Fax: +613 9614 2142
EMAIL
[email protected]
WEBSITE
www.cuenrg.com.au
LISTINGS
ASX: CUE
ADR/OTC: CUEYY
ABN 45 066 383 971
RELEASE
UNMARKETABLE PARCEL SHARE SALE FACILITY
Cue Energy Resources Ltd (Cue or the Company) is pleased to announce that it has established a share sale facility (Facility) for holders of unmarketable parcels of shares in the Company. The Facility is subject to the terms and conditions set out in the attached documents.
An unmarketable parcel of shares is a parcel of shares that has a market value of less than
$500. As at the market close on 10 June 2016 (Record Date) an unmarketable parcel of shares is any shareholding of 7,716 ordinary shares or less (Unmarketable Parcel) based on the share price of 6.48 cents.
Currently, of the Company's 4,305 shareholders, 1,639 hold an Unmarketable Parcel. The Company is providing the Facility to allow investors with small holdings to dispose of their Unmarketable Parcel who might otherwise find it difficult to sell their shares due to the small size of their holding. The Company is also looking to reduce the administrative costs associated with maintaining a large number of small shareholders on its register.
A summary of the key dates in relation to the Facility are as follows:
Unmarketable Parcels Record Date
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7:00pm (AEST) on 10 June 2016
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Unmarketable Parcels Announcement to ASX
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14 June 2016
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Letters sent to shareholders holding Unmarketable Parcels
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17 June 2016
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Closing Date for receipt of Share Retention Form
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1 August 2016
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Estimated Unmarketable Parcels Payment Date
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22 August 2016
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Attached is a copy of the letter to shareholders, information sheet and share retention form which will be dispatched to all Cue shareholders holding an Unmarketable Parcel of shares on the Record Date.
Any queries regarding this announcement should be directed to the Company on
+613 8610 4000 or email [email protected]
Andrew Knox
Company Secretary 14 June 2016
17 June 2016
Dear Shareholder,
A.B.N. 45 066 383 971
Notice of Intention to Sell Unmarketable Parcel of Shares in Cue Energy Resources Limited
We are writing to advise you that Cue Energy Resources Limited (Cue or Company) has established a share sale facility (Facility) for holders of shares in the Company (Shares) valued at less than $500 (Unmarketable Parcel) as at 7:00pm (AEST) on 10 June 2016 (Record Date).
The Facility has been established in accordance with the ASX Listing Rules and the Company's Constitution to assist holders of Unmarketable Parcels to sell their Shares. Under the Facility, the Company has appointed Melbourne stockbroker Bell Potter Securities Ltd to sell the Unmarketable Parcels on the ASX, at no cost to the shareholder. If your Shares are held in a CHESS Holding, the Company may, without further notice, move your Shares to an Issuer Sponsored Holding or a certified holding for the purposes of selling your Shares under the Facility.
Our records indicate that you held an Unmarketable Parcel of Shares on the Record Date. Unless you advise the Company that you do NOT wish to sell your Shares by 5pm on 1 August 2016, being more than six weeks from the date of this letter (Closing Date), Cue intends to sell your Shares through the Facility as soon as practicable thereafter. Payment will be sent to you following settlement of the sale. Subject to the prevailing market conditions, it is intended that the Shares be sold at the price of no less than 5.5 cents per Share, being a 15% discount to the volume weighted average sale price of the Company's Shares on ASX during the five trading days immediately preceding the Record Date.
What are your options?
You have two options - you can either sell your Shares through the Facility or choose to retain your Shares.
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Selling your Shares
If you wish to sell your Shares through the Facility, you do not need to take any further action. By not taking any action by the Closing Date, you acknowledge and accept that:
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you have irrevocably appointed the Company as your agent to sell your Unmarketable Parcel through the Facility and to deal with the proceeds of the sale of the Shares in accordance with the process outlined in this letter; and
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if your Shares are in a CHESS Holding as at the Closing Date, the Company may move those Shares to an Issuer Sponsored Holding or a certificated holding without further notice.
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Retaining your Shares
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If you do NOT wish to sell your Shares through the Facility, you will need to complete and return the attached Share Retention Form so that it is received by the Company by the Closing Date, being 5pm on 1 August 2016. Please read the instructions on the Share Retention Form carefully before completing it.
Sale Proceeds
Subject to the Corporations Act 2001 (Cth), the Company will bear all costs, including brokerage and stamp duty, associated with the sale of any Shares under the Facility. The Company will pay you the sale proceeds following settlement of all Shares through the Facility. Where direct credit details have not been provided by you, you will receive a cheque for the sale proceeds.
Summary of Key Dates
Please note the below proposed key dates in relation to the sale of Unmarketable Parcels under the Facility:
Unmarketable Parcels Record Date
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7:00pm (AEST) on 10 June 2016
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Unmarketable Parcels Announcement to ASX
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14 June 2016
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Letters sent to shareholders holding Unmarketable Parcels
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17 June 2016
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Closing Date for receipt of Share Retention Form
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1 August 2016
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Estimated Unmarketable Parcels Payment Date
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22 August 2016
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Important Information
Please note that Cue makes no recommendation as to whether you should sell your Unmarketable Parcel. Please read in full the attached Information Sheet providing further information about the terms and conditions of the Facility. If you are unsure regarding which option to choose, or if you require further information regarding the financial, legal or tax consequences of participating in the Facility, you should consult your legal, financial or taxation adviser.
If you have any questions, please contact Cue on (03) 8610 4000 between the hours of 8.30am and 5.30pm (AEST) Monday to Friday or email [email protected]
Yours sincerely
Andrew Knox Company Secretary
Cue Energy Resources Limited