Widespread Portfolios proposes to extend warrants by 5 years
/23 May 2012
NZX Market Announcement
Widespread Portfolios Limited (Company) has a series of warrants on issue that are quoted on the NZSX market under the code “WIDWA” (Warrants).
The Warrants were due for final exercise by 30 June 2012. Under the terms for those warrants, the Company is able to extend the final exercise date. The Board has today approved an extension of the exercise period with a revised final exercise date of 27 July 2012.
The reason for extending the final exercise date is that the Company is proposing to vary the terms of the Warrants. The proposed variation is to permit Warrantholders (in addition to the option of paying the full exercise price, allowing them to lapse or selling them) to make an instalment payment of one tenth of a cent ($0.001) per Warrant by the revised final exercise date of 27 July 2012 in order to have until 27 July 2017 to exercise the Warrant –being a five year extension to the current exercise period (Extension Option).
To enable the Extension Option, it must be approved by Warrantholders through a special resolution of the Company to alter the current terms of the Warrants. It is proposed that a special meeting will be called next month for Warrantholders to consider approving the Extension Option. The notice of special meeting containing the terms of that special resolution will be sent to Warrantholders in due course.
For and on behalf of the Board
Widespread Portfolios Limited
Chris Castle
Managing Director
chris@widespread.co.nz
