ASX Waiver in relation to Voting Exclusions
Drillsearch Energy Limited (ABN 73 006 474 844) (Drillsearch) has been granted a waiver by the Australian Securities Exchange (ASX) in respect of voting exclusions application to Resolution 1 (Approval of the issue of shares under the Conditional Placement) and Resolution 2 (Approval to refresh the Company's 15% placement capacity, including the issue of shares under the Unconditional Placement) to be considered at the General Meeting on 17 June 2011.
An extract of the waiver is attached as Annexure A.
In accordance with the ASX Listing Rules, the voting exclusion statement set out on page 2 of the Notice of General Meeting requires Drillsearch to disregard any votes cast:
- (in respect of Resolution 1) any person who is proposed to be issued shares under the Conditional Placement and any person who might obtain a benefit, except a benefit solely in the capacity of holder of Shares, if Resolution 1 is passed, and their respective associates; and
- (in respect of Resolution 2) any person who participated in the issues of ordinary shares and options over ordinary shares (including the Unconditional Placement) described in section 3 of the Explanatory Memorandum and any associates of any such person.
Under the waiver, Drillsearch is now able to count the votes cast by Shareholders who are acting solely in a fiduciary, nominee or custodial capacity (Nominee Holder) on behalf of beneficiaries who did not or will not participate in the placements.
The waiver was obtained to permit the votes of such beneficiaries to be counted if beneficiaries give instruction to the relevant Nominee Holder(s) on how to vote on Resolution 1 and / or Resolution 2, subject to compliance with the full terms and conditions of the waiver (as applicable).
The Notice of General Meeting and Proxy have been distributed to all Shareholders. If you have not received these materials or have any further questions, please call the share registry on 1300 855 080 (within Australia) or on +61 3 9415 4000 (from outside Australia) or visit http://www.drillsearch.com.au/.
