NOTICE OF GENERAL MEETING TO CANCEL 50M SHARES
As a result of the recent merger with Lion Selection Limited, Catalpa holds approximately 50 million shares in itself. Catalpa today announces a shareholder General Meeting to be held on 18 February to vote on a Selective Buy Back of 49,922,703 ordinary shares which will then be cancelled reducing the number of shares from 195 million to 145 million ordinary shares.
In accordance with section 257D of the Corporations Act 2001, the Company will ask shareholders to approve a selective buy-back of 49,922,703 ordinary shares in the Company, being shares held by Auselect Limited, a wholly owned subsidiary of the Company, for nil consideration, on the terms and conditions set out in the Explanatory Statement being sent to shareholders today.
Bruce McFadzean, Catalpa’s Managing Director commented “the share buyback and the resultant cancellation of the shares should remove any confusion and uncertainty in relation to the number of tradable shares on our Share Register. We have taken the hard decisions to clean up our register as part of the merger transaction and the cancellation of the shares completes this process. The share Buyback and share cancellation has the unanimous support of our Directors. We will have a clean structure with 145 million shares and 16 million options upon completion of the share cancellation.”