Calima Energy Announces Completion of First Buy-Back Stage
CE1 (CE1) Share Update September 2024 Monday 23rd
Calima Energy Completes First Stage of Share Buy-Back Program
Calima Energy Limited (ASX:CE1 / OTC: CLMEF) has announced the successful closure of the first stage of its equal access buy-back program, with oversubscriptions received.
Instant Summary:
- First stage of buy-back program closed with oversubscriptions.
- 46,909,296 shares bought back at $0.0083373 each.
- Total cost of buy-back approximately A$391,097.
- Applications received for 88,836,682 shares.
- Second buy-back stage pending shareholder approval on 14 October 2024.
First Buy-Back Stage Details
Calima Energy Limited has successfully completed the first stage of its equal access buy-back program, which was announced on 21 August 2024. The company received applications for 88,836,682 shares, significantly exceeding the number of shares available for buy-back.
A total of 46,909,296 shares will be bought back at a price of $0.0083373 each, costing Calima approximately A$391,097. The shares bought back will be cancelled under the First Buy-Back stage.
Second Buy-Back Stage
Due to the oversubscription, applicants who were not able to participate in the first stage will be contacted to participate in the second buy-back stage. This second stage is subject to shareholder approval, which will be sought at a general meeting on 14 October 2024.
The timeline for the second buy-back stage is as follows:
- General meeting and lodgement of Appendix 3C: 14 October 2024
- Ex Date: 17 October 2024
- Record Date: 18 October 2024
- Opening Date: 23 October 2024
- Last day to extend the offer: 1 November 2024
- Closing Date: 8 November 2024
- Final Notice Date: 9 November 2024
- Buy-Back Date and lodgement of Appendix 3H: 18 November 2024
- Payment Date: 25 November 2024
Payment and Shareholder Instructions
Payments for the first buy-back stage will be dispatched to participating shareholders on or around 7 October 2024. Shareholders are advised to log into their Computershare accounts and provide their bank details to ensure prompt payment.
For further information, shareholders can visit the Calima Energy website or contact the company representatives.
The successful completion of the first buy-back stage demonstrates strong investor interest and confidence in Calima Energy. The oversubscription indicates a positive sentiment towards the company's future prospects. This buy-back program could potentially boost the stock price by reducing the number of shares in circulation, thereby increasing the value of remaining shares.
Investor Reaction:
Analysts are likely to view the oversubscription as a positive signal, reflecting strong investor confidence in Calima Energy. The successful execution of the buy-back program may lead to a favorable reaction in the market, with potential upward movement in the stock price.
Conclusion:
Investors should keep an eye on the upcoming general meeting on 14 October 2024 for the approval of the second buy-back stage. Participation in the buy-back program could be a strategic move for shareholders looking to capitalize on the company's positive momentum.