Capital Raising Overview
Capital Raising Overview
Offer size &
structure
$15.5m capital raising comprising:
Offer price
Use of proceeds
Entitlement Offer
Ranking
Record Date
Lead Manager
~A$13.7m 1 for 3.19 Pro-Rata Accelerated Non-Renounceable Entitlement Offer ("Entitlement Offer") comprising:
Institutional Entitlement Offer ("Institutional Entitlement Offer")
Retail Entitlement Offer ("Retail Entitlement Offer")
$1.8m institutional placement ("Placement") (together with the Entitlement Offer, the "Offer")
Approximately 155.0 million new fully paid ordinary shares in BSA ("New Shares") to be issued under the Offer, representing approximately 35.5% of BSA's
current shares on issue
The Offer will also include 1 attaching listed 1 option for every 1 New Share issued for no additional consideration, at an exercise price of $0.10 and expiring
on 30 April 2025 ("Attaching Option")
The Entitlement Offer is non-renounceable and entitlements will not be tradeable or otherwise transferable
All New Shares under the Offer will be issued at a fixed price of A$0.10, representing a:
23.1% discount to the last close price on 5 April 2022 of $0.130;
18.1% discount to the Theoretical Ex-Rights Price (TERP 2) of $0.122; and
17.7% discount to the 10-day VWAP of $0.122
Proceeds of the offer will be used to fund general working capital requirements
The Institutional Entitlement Offer will be conducted by way of a bookbuild process on Wednesday, 6 April 2022
Entitlements not taken up under the Institutional Entitlement Offer and entitlements of ineligible institutional shareholders will be offered for sale in the
bookbuild.
The Retail Entitlement Offer will open at 10:00am (AEST) on Wednesday, 13 April 2022 and close at 5:00pm (AEST) on Wednesday, 4 May 2022.
Only eligible BSA shareholders with a registered address in Australia or New Zealand may participate in the Retail Entitlement Offer.
Under the Retail Entitlement Offer, Eligible Retail Shareholders who take up their full entitlement may also apply for additional New Shares in excess of their
entitlement at the Offer Price. Applications for additional New Shares in excess of Eligible Shareholders entitlements will only be satisfied to the extent that
there is a shortfall and will be subject to the terms and conditions outlined in the Prospectus lodged with the ASX on Wednesday, 6 April 2022
All new shares issued under the Offer will rank equally with existing BSA shares from the date of issue
7.00pm (AEST) on Friday, 8 April 2022
Canaccord Genuity (Australia) Limited
1.
Subject to meeting ASX spread requirements
2.
Theoretical ex rights price ("TERP") includes the shares issued under the Placement and the Entitlement Offer. TERP is the theoretical price at which BSA shares should trade immediately after the ex-date for the Entitlement Offer. TERP is a theoretical calculation only and the actual price at which
Shares trade on ASX immediately after the ex-date for the Entitlement Offer will depend on many factors and may not be equal to the TERP. TERP is calculated by reference to the closing price of BSA's shares as traded on ASX on 5 April 2022, being the last trading day prior to the announcement of
the Entitlement Offer.
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