Re: BPH - BPH Corporate
agreed ... and by memory they still have to put away an entitlements issue - will be interesting to see if its fully subscribed for
i think its underwritten
Disclosure of underwriting and sub-underwriting on voting power
As set out above, the Offer is underwritten by Grandbridge Securities.
MEC has agreed to partially sub-underwrite Grandbridge Securities‟ Underwriting Commitment (of 103,477,123 Shares), up to a maximum of 40 million Shares.
As at the date of this Prospectus:
(a) Grandbridge Securities holds a relevant interest (through its associate, Grandbridge Limited) in 6,778,200 Shares and its voting power in the Company is 3.28%; and
(b) MEC holds a relevant interest in 23,318,379 Shares and its voting power in the Company is 11.26%. MEC has indicated that intends to take up its full Entitlement (being equal to 11,659,190 Shares).
The potential maximum increase in Grandbridge Securities‟ voting power in the Company as a result of its Underwriting Commitment is 19.35%, assuming:
(c) Grandbridge Limited does not take up its Entitlement;
(d) a Shortfall of more than 40 million Shares; and
(e) no existing Options are exercised.
Grandbridge Securities‟ voting power following completion of the Offer and assuming the matters in (c) to (e) above, will therefore be approximately 22.63%.
22
If the Placement Condition to the Sub-Underwriting Agreement between MEC and Grandbridge Securities is not satisfied and MEC‟s sub-underwriting commitment therefore terminates, the potential maximum increase in Grandbridge Securities‟ voting power in the Company as a result of its Underwriting Commitment, assuming it elects to waive the Sub-Underwriting Condition and further assuming the matters in paragraph (c)(i) and (c)(iii) above, will therefore be approximately 32.24%. Grandbridge Securities‟ voting power following completion of the Offer in those circumstances would therefore be approximately 35.52%.
The potential maximum increase in MEC‟s voting power in the Company as a result of its sub-underwriting commitment is 12.89%, assuming:
(f) MEC takes up its full Entitlement;
(g) a Shortfall of at least 40 million Shares; and
(h) no existing Options are exercised.
MEC‟s voting power following completion of the Offer and assuming the matters in (f) to (h) above, will therefore be approximately 24.15%.
If Grandbridge Securities or MEC do not take up their full Entitlement or the Shortfall is less than MEC‟s sub-underwriting commitment of 40 million Shares, Grandbridge Securities‟ and MEC‟s underwriting and sub-underwriting commitments, and therefore their voting power, will reduce by a corresponding amount.