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- New Century Resources (NCZ) has extended the closing date of its retail entitlement offer to May 22, citing COVID-19 delays
- The company is offering a fully underwritten two-for-seven pro-rata accelerated non-renounceable entitlement offer
- New Century Resources’ extension will give more time to shareholders who received their physical mail belatedly, due to COVID-19
- The new deadline for application is 5:00 pm on Friday, May 22, 2020
- New Century Resources is trading 1.1 per cent higher today, with shares selling for 22.8 per cent per share
New Century Resources (NCZ) has extended the closing date of its retail entitlement offer to May 22, citing COVID-19 delays.
The company’s offer is a fully underwritten two-for-seven pro-rata accelerated non-renounceable entitlement offer. The extension of the closing date applies to the retail component of the offer.
New Century Resources claims that it extended the closing date because of delays and restrictions caused by the COVID-19 pandemic. The extension will give eligible shareholders who experienced delays in receiving physical mail more time to take up their entitlements.
Per the new deadline, the company must receive all application monies before 5:00 pm on Friday, May 22, 2020. This complies with the Retail Offer Booklet and personalised entitlement and acceptance form, which were dispatched on April 27.
This extension has pushed back the dates and deadlines of other related events to do with the retail entitlement offer. Now, New Century Resources has scheduled the notification of shortfall for Wednesday, May 27, 2020.
Shortly after, on Friday, May 29, the company will settle and issue the new shares under the retail entitlement offer. Finally, the quotation of new shares under the retail entitlement offer should take place on Monday, June 1, 2020.
However, in light of COVID-19 and other economic factors, these dates are indicative only, and may be subject to change. The company may also choose to withdraw the retail entitlement offer if it so chooses.
In the event that New Century Resources extends the closing date again, this will impact the date of allotment and issue of new shares.
New Century Resources is trading 1.1 per cent higher today, with shares selling for 22.8 per cent per share.
