Under the share purchase plan each registered shareholder as at 20 May 2005 (record date) can purchase up to A$5,000 worth of shares, regardless of the size of their shareholding. This offer provides a proportionally greater benefit to small shareholders
Consolidation of our share register – Share Purchase Plan ahead of proposed sale of non-marketable parcels
As announced on 11 May 2005, the directors of destra have decided to take steps toward achieving a more efficient investor base by seeking to eliminate non-marketable parcels of shares.
destra has again implemented a share purchase plan to allow small shareholders to increase their holdings before the sale of any remaining non-marketable parcels commences. Details of the plan, which as a matter of fairness will extend to all Australian and New Zealand shareholders, are set out in this letter and the enclosed Terms and Conditions.
Upon the completion of the share purchase plan, the directors propose the sale of any remaining non-marketable parcels held by shareholders. Article 9 of destra’s Constitution allows destra to sell the securities of members holding less than the sum ascribed in the ASX Listing Rules as a “Marketable Parcel”, unless the relevant shareholders object. A “Marketable Parcel” is currently a holding of shares worth at least A$500. If unmarketable parcels are sold, destra will forward the proceeds of the sale to the relevant shareholders.
Details of offer
Under the share purchase plan each registered shareholder as at 20 May 2005 (record date) can purchase up to A$5,000 worth of shares, regardless of the size of their shareholding. This offer provides a proportionally greater benefit to small shareholders.
If, however, the level of take up of new shares would involve a total equity increase of greater than A$500,000, the directors reserve the right to “scale-back” the issue of shares for all accepting shareholders pro rata except where such scale-back would defeat the objective of increasing a holding to above a marketable parcel. The precise expression of these terms are set out in the accompanying Terms and Conditions document.
The issue price of the shares will be 20% less than the weighted average market price of destra shares traded during the ordinary course of trading on the ASX during the five trading days immediately before the shares are issued. Shares purchased under the plan do not attract brokerage, stamp duty or any other transaction cost.
How to take up the offer
To participate in the offer, you will need to return your completed Application Form, together with a cheque for the amount you wish to spend (up to $5,000), in the enclosed envelope so that we receive it no later than 5.00pm AEST on Thursday 16 June 2005.