On 9 October 2017, UltraCharge Limited (ASX: UTR, UltraCharge or the Company) announced that it had entered into an agreement with ETV Energy (Asset Sale Agreement) to acquire certain intellectual property relating to high voltage cathode technology (IP Assets).
The consideration for the IP Assets includes the issue of up to 90 million shares, including 30 million shares on completion of the sale and purchase of the IP Assets (Initial Consideration Shares), conditional on satisfaction of certain conditions precedent.
At the Company’s annual general meeting held on 28 November 2017 (AGM), shareholders approved the issue of the Initial Consideration Shares. In accordance with Listing Rule 7.3.2, the Initial Consideration Shares were required to be issued no later than 3 months after the date of shareholder approval. As at the date of this announcement, a condition relating to obtaining the approval of the Israel Innovation Authority for the transfer of the IP Assets is yet to be satisfied.
As a consequence, the Company sought a waiver from Listing Rule 14.7 (which requires an entity to do what it says it is going to do) to enable it to defer the issue of the Initial Consideration Shares until all conditions precedent have been satisfied.
The Company is pleased to announce that ASX has granted the waiver from Listing Rule 14.9 to the extent necessary for the Company to issue the Initial Consideration Shares later than 3 months after the date of the AGM, on the following conditions: (a) the Initial Consideration Shares are issued within 7 days from the date of completion of the Asset Sale Agreement and in any event no later than 28 August 2018 and otherwise on the same terms and conditions as approved by shareholders at the AGM; and (b) the Company immediately releases the terms of this waiver to the market.
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Anyone know how this is going?
I've been told these IP assets are imperative.
UTR Price at posting:
2.7¢ Sentiment: Buy Disclosure: Not Held
