FOR IMMEDIATE RELEASE: 16 FEBRUARY 2016
For personal use only
Shares Outstanding 50M
“CVV”
ASX
UNMARKETABLE PARCEL SALE FACILITY
The Board of Caravel Minerals Limited (ASX:CVV) (Caravel or the Company) is pleased to
announce that it has established a share sale facility (Facility) for holders of Unmarketable Parcels of
the Company's shares. This Facility provides smaller shareholders with an opportunity to sell their
shareholding in Caravel without incurring brokerage or handling costs.
The Record Date for the purposes of establishing holders of Unmarketable Parcels has been set at
close of trade on 12 February 2016. An Unmarketable Parcel is a parcel of Caravel shares with a
market value of less than $500, that is, any shareholding of 5,555 shares or less.
The Company will organise payment of all the costs of sale for those shareholders who take
advantage of the facility (although tax consequences from the sale will be the shareholder's
responsibility).
As at 12 February 2016, over 600 of the Company's approximately 1,000 shareholders hold
unmarketable parcels. The sale is being conducted to enable Caravel to substantially reduce the
administrative cost of managing small shareholdings and it will also enable investors with small
holdings, who may find it difficult or expensive to dispose of those shares through normal means, to
dispose of their small holdings in a cost effective manner.
An explanatory letter, Q&A Information Sheet and a personalised Share Retention Form have been
dispatched to all relevant shareholders. A copy of the letter and Q&A Information Sheet are also
attached to this announcement.
If you have any questions, please call your broker, accountant or professional adviser. If you require
information on how to complete the Retention Form please contact the Company Secretary on 08
6555 2955.
ENDS
For further information, please contact:
Investors
Marcel Hilmer, CEO
Caravel Minerals Limited
Telephone: 08 9426 6400
About Caravel Minerals Limited
Caravel Minerals is a gold, copper and base metals exploration and resource development company with
projects located in Queensland and Western Australia. Caravel has a technically strong and well established
exploration and mine development team.
16th February 2016
For personal use only
Dear Shareholder
IMPORTANT NOTICE - Sale of Your Unmarketable Parcel of XXXX Shares
We are writing to advise you that Caravel Minerals Limited (Caravel or the Company) has established a share sale
facility (Facility) for holders of parcels of CVV shares with a market value of less than A$500 as at close of trade
on 12th February 2016 (Unmarketable Parcels).
Holders of Unmarketable Parcels who take advantage of the Facility will have their shares sold without having to act
through a broker or pay brokerage fees and the proceeds of the sale will be sent to you by cheque. The Company
will also organise payment of the other costs associated with the sale and transfer (although any tax consequences
from the sale of your shares will be your responsibility).
By facilitating the sale of Unmarketable Parcels the Company expects to reduce the administrative costs associated
with maintaining a large number of small shareholdings.
The price that you receive for your shares under the Facility will be determined by when and how the shares are
sold. Caravel directors may sell your shares on market or in any other way they consider fair and reasonable in the
circumstances. If the shares are sold on market the price will depend on a number of factors, including market
conditions at the time of sale.
Our records show that you held an Unmarketable Parcel based on the Company's share price of $0.09 as at close of
trade on 12th February 2016 (Record Date). Unless you advise the Company that you do NOT wish to sell your
shares by 5:00pm (WST) on 4th April 2016 the Company intends to sell your shares through the Facility in
accordance with Clause 2.6 of the Company’s Constitution and the ASX Listing Rules. Payment will be sent to you
following settlement of the sale or otherwise as soon as is practicable.
What should you do?
If you do NOT wish to sell your shares through the Facility, you must complete and return the attached form (Share
Retention Form) to the address on the form so that it is received by 5:00pm (WST) on 4th April 2016. Please read
the instructions on your personalised Share Retention Form carefully before completing it.
If you want to sell your shares through the Facility, you do not need to take any action. By refraining from
taking any action, after the expiration of the time prescribed in the ASX Listing Rules and the Company’s
Constitution, you will be deemed to have irrevocably appointed the Company as your agent:
(a)
to sell all of your shares at a price to be determined by when and how the shares are sold and without any
cost being incurred by you; and
(b)
to deal with the proceeds of the sale as set out in the attached Q&A Information Sheet.
If you need help deciding what to do, or if you require information regarding the financial, legal or tax consequences
of participating in the Facility you should consult your legal, financial or taxation adviser.
The attached Q&A Information Sheet sets out further details of the Facility, which you should read before making
any decision. If you require information on how to complete the Share Retention Form please contact the Company
Secretary on +61 (0) 8 6555 2955
Yours Sincerely
Simon Robertson
Company Secretary
On behalf of the Board
Level 3, 18 Richardson Street
West Perth WA 6005
T +61 (0) 8 9426 6400 F +61 (0) 8 9426 6448
www.caravelminerals.com.au
[email protected]
16th February 2016
For personal use only
Unmarketable Parcels Sale Facility
Q&A Information Sheet
1.
What is an Unmarketable Parcel of shares?
An unmarketable parcel of shares is a holding of Caravel Minerals Limited (Caravel or the Company) shares
valued at less than $500 as at close of trade on the advised Record Date. Based on the closing price of
Caravel’s shares at the Record Date, this equates to a holding of 5,555 shares or less.
2.
Why is Caravel doing this?
As outlined in the letter, by facilitating the sale of unmarketable parcels the Company expects to reduce the
administrative costs associated with maintaining a large number of small shareholdings.
Based on the register of ASX shareholders of Caravel as at 5.00pm (WST) on 12th February 2016 ("Record
Date"):
a) an unmarketable parcel of shares is any shareholding of 5,555 ordinary shares or less;
b) 605 out of 1,004 shareholders hold an unmarketable parcel; and
c) based on the closing price of $0.09 on the Record Date ("Closing Price"), this represents 1,031,989 ordinary
shares.
If most unmarketable parcel holders wish to sell their shares, there will be up to a 60.25% reduction in the
number of Caravel shareholders that will result in significant savings to the administration of the Company.
Caravel shareholders who own more than 5,555 shares will not be eligible to participate.
3.
What price will I receive for shares sold through the Facility?
The price that you receive for your shares under the Facility will be determined by when and how the shares
are sold. Caravel’s directors may sell your shares on market or in any other way they consider fair and
reasonable in the circumstances. If the shares are sold on market the price will depend on a number of factors,
including market conditions at the time of sale.
You will not have control over the time at which your shares are sold, the price you receive may be different
from the price appearing in the newspaper or quoted by ASX on any day, may not be the best price on the day
that your shares are sold and may be an average price per share based on the price obtained for all the shares
sold under the Facility. If the Company's directors sell your shares other than on market, the price will be the
price that the Company's directors have been able to negotiate with the acquirer(s).
4.
What are the key dates?
A summary of the key dates in relation to the Facility are as follows:
·
·
·
·
·
Unmarketable Parcels Record Date - 12th February 2016 at 5.00pm (Perth time)
Unmarketable Parcels Announcement to ASX - 16th February 2016
Letters sent to shareholders holding Unmarketable Parcels - 16th February 2016
Closing Date for receipt of Share Retention Forms – 4th April 2016 at 5.00pm (WST)
Unmarketable Parcels Payment date - expected to be on or about 4th May 2016
Level 3, 18 Richardson Street
West Perth WA 6005
T +61 (0) 8 9426 6400 F +61 (0) 8 9426 6448
www.caravelminerals.com.au
[email protected]
For personal use only
5.
What is the price of Caravel’s shares?
The last sale price of Caravel’s shares on 12th February 2016 was $0.09. The share price changes frequently
and more recent prices are available in newspapers and from the ASX website (www.asx.com.au) under the
ASX code 'CVV'.
6.
When will the proceeds from the sale of shares be sent to me?
Payment will be sent to you following settlement of the sale or otherwise as soon as is practical. Payment will
be made in Australian dollars by cheque. You will be notified by way of a transaction confirmation statement
of the number of your shares sold, and the price and total sale proceeds.
The cheque will be sent by post to your address as shown in the share register at the time the share sale
payment is run.
7.
If I buy more shares, can I retain my holding?
Yes, the Company will treat any purchase of additional shares to increase the value of a Caravel’s shareholding
to more than $500 as an indication that you do not want your shares to be sold through the Facility.
For a purchase to be an effective notification that you wish to retain your shares, any additional shares must be
registered by 5:00 pm (WST) on 4th April 2016 under the same name and address and with the same holder
number (SRN or HIN) as set out in this letter.
8.
What if my shares are held in a CHESS holding?
If your shares remain in a CHESS holding at 5:00pm (WST) on 4th April 2016, the Company may move those
shares to an issuer sponsored holding and the shares will be sold though the Facility.
9.
Where can I get further information?
Should you have any questions concerning your shareholding or how the Facility will work, please contact
Caravel’s Company Secretary, Mr. Simon Robertson on +61 (0) 8 6555 2955.
10. I have more than one holding and want to consolidate
If you currently have more than one holding on the Company's share register, you may wish to consider
amalgamating them. This may result in your amalgamated holding no longer being an Unmarketable Parcel.
Under these circumstances your shares will not be sold as part of this facility. Please contact the Share
Registry, Security Transfer Registrars Pty Ltd, if you wish to do this on +61 (0) 8 9315 2333.
Important notes
The Company reserves the right to change any of the dates referred to in this letter by notice to the ASX. This
letter does not constitute advice nor a recommendation to buy, sell or hold shares nor that the Facility is the best
way to sell Caravel’s shares. If you are in any doubt about what to do, you should consult your legal, financial or
taxation adviser.
Level 3, 18 Richardson Street
West Perth WA 6005
T +61 (0) 8 9426 6400 F +61 (0) 8 9426 6448
www.caravelminerals.com.au
[email protected]