This Notice is being issued to provide Participants with further information in relation to the bid and details the acceptance process through CHESS.

On 16 September 2016, Northern Gulf Petroleum International Pte Ltd lodged a Bidder’s Statement with ASX in connection with a proportional takeover bid offering to acquire 50.1% of each shareholder’s holding of ordinary shares in Kingsgate Consolidated Limited.

What do I need to do by when?

Bid Details:

Offer Terms:

CHESS will process acceptance messages until 7:00pm (AEST) on 04 November 2016 or in the event that the bid is extended, such other time as may be notified by Emerald to the market. 

The NGPI Bid is conditional and a shareholder may only accept the offer for their KCN shares held at the time acceptance is processed. 

For information regarding the Offer please contact your Broker, legal, financial or other professional adviser.

Sponsoring Brokers/Controlling Participants

The Proportional Bid is conditional. If accepting through CHESS, 100% of the holding must be moved to an offer accepted subposition using a Takeover Acceptance message. The remaining balance cannot be accessed until after finalisation of the Proportional Bid. 

Pursuant to the bidder’s statement, the value of a Marketable Parcel is set at $500 worth of KCN shares or less.  If accepting the offer would leave a KCN shareholder with KCN shares with a value of less than $500 (based on the “cum-Offer” ASX closing price of KCN shares on the date that is the most recent trading day before the relevant acceptance of the offer is received), the offer will apply to all of that KCN shareholder's KCN shares (subject to the terms and conditions of the offer and in accordance with section 618 of the Corporations Act [as modified by Class Order 13/521]).

Need more information?

Issued by

Cheng Zhang, Senior Officer, Post Trade Operations

Contact information

Cheng Zhang
1800 623 571
cad@asx.com.au

General Information

Participants should refer to Section 13 of the CHESS Procedure Guidelines for Participants and Section 14 of the ASX Settlement Operating Rules for further information concerning the processing of Takeover Acceptance Messages for a CHESS Holding of securities.  Some of these issues are summarised below.

A Participant must initiate acceptance of an offer by transmission of an EIS type ‘031’ message (Takeover Acceptance) where the securities in question are held in a CHESS Holding. The Participant will receive a ‘032’ message (Effected Takeover Acceptance) from CHESS in response.

In addition to the electronic notification to the Participant, paper notification will be sent directly to the Holder as securities are reserved in an offer-accepted subposition. Any change to the balance of securities in subposition will generate further electronic advice to the Participant and paper advice to the Holder.

Where a Participant receives instructions from a Sponsored Holder, the Participant is required under the ASX Settlement Operating Rules to initiate acceptance of an offer:

if the Holder specifies the time when or by which the offer must be accepted, in accordance with those instructions; otherwise

by End of Day on the date of receipt of instructions from the Holder. Where the offer closes on the date of receipt of instructions then prior to the close of the offer.

Participants should therefore retain, as a minimum, a record of the date on which instructions to accept an offer are received from a Sponsored Holder.

Disclaimer