Perth, Australia-based Lithium Australia NL (ASX: LIT), aspiring to establish a circular battery economy, has announced its plans to conduct an auction of up to 136,286,617 LITCE shares, credited as paid to $ 0.0101 per share and unpaid $ 0.0499 per share due to non-payment of a call on these LITCE shares. The auction would be held at Lithium Australia’s Office at Level 1, 675 Murray Street West Perth WA 6005, at 10.00am (WST) on Monday, 11 May 2020.
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In addition, the Company has also informed the market participants that a further 545,862 partly paid shares paid to $ 0.0101 and unpaid $ 0.0499 in the capital of the Company (LITCF) have transitioned from partly paid shares paid to $ 0.0001 and unpaid $ 0.0599 (LITCE) due to the payment of the $ 0.01 call per LITCE.
Subsequently, the number of LITCE shareholders applied for stand at 545,862 LITCF which takes the new LITCF to a total of 35,630,301 LITCF. Lithium Australia plans to issue the statements to these newly designated LITCF partly paid shareholders at the earliest after which these shares can be traded under the LITCF ticker.
Now, there are around 136,286,617 LITCE partly paid shares that were held by more than 3,000 partly paid shareholders and are subject to forfeiture. The Company has invited questions from partly paid shareholders until the auction date, if any.
Furthermore, as previously announced on 2 April 2020, the remaining LITCE partly paid shares paid to $ 0.0001 and unpaid $ 0.0599 (LITCE) have now been de-listed and are subject to forfeiture; and the auction notice is given above. At the same time, the Company directors retain the right to alter the time, venue and platform pursuant to various regulatory and company constitutional requirements for the auction.
LITCE shareholders would also retain the right to redeem their now forfeited LITCE partly paid shares, at any time up to or on the last day prior to the auction to be held at 5pm WST on Friday, 8 May 2020, via payment of all calls due on the forfeited shares.
For any another copy of the LITCE call materials, the shareholders have been requested to contact Lithium Australia or its share registry while any questions regarding the LITCE or LITCF partly paid shares can be enquired from Barry Woodhouse, CFO and Company Secretary, Lithium Australia.
The LIT stock closed the trading at $ 0.046, up 2.22% on 24 April 2020, with a market capitalisation of ~ $ 26.5 million.