20 September 2016 ASX/MEDIA RELEASE ENEBBA GAS
In-specie Distribution of UIL Consideration Shares to Eneabba Shareholders
The UIL Shares received by eligible Eneabba shareholders and the Class B Convertible Preference Shares together form the UIL Consideration Shares received from UIL pursuant to the sale of the Company's Perth Basin gas assets.
In accordance with the terms of the Class B Convertible Preference Shares, each Class B Convertible Preference Share will automatically convert into one UIL Share the business day after the Ocean Hill No 2 Well is determined to be a success (as defined in the terms of the Class B Convertible Preference Shares), provided the Well is determined to be a success prior to 31 December 2019.
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Question: If you sell your UIL shares to STX do you still receive the CLASS B pref. shares (not yet issued) in UIL should the
Ocean Hill #2 well be sucessful prior to 31 December 2019 ???? also....
If STX gets 90%+ acceptance and removes UIL from the ASX what happens if the Ocean Hill Well #2 is successful at a later date
and UIL (now not in existance) has to issue CLASS B pref. shares ????
Thanks.
