Oilex Ltd Waiver of ASX Listing Rule 10.13.5 (8894P)

TIDMOEX

RNS Number : 8894P

Oilex Ltd

23 November 2016

ASX Announcement

23 November 2016

ASX: OEX

AIM: OEX

Waiver of ASX Listing Rule 10.13.5

Oilex Ltd refers to its announcement of 24 October 2016 in relation to its 23 November 2016 Annual General Meeting Notice of Meeting.

The Company applied to the ASX for a waiver of Listing Rule 10.13.5 in relation to Resolution 3 Approval of Managing Director Special Funding and Retention Awards.

Pursuant to Listing Rule 10.13.5 the issue price of the securities must be included in the Notice of Meeting (Notice).

The Company is pleased to advise the ASX on 18 November 2016 granted the requested waiver to permit the Notice to approve the issue of $100,000 worth of ordinary shares (Award Shares) to the Managing Director, Mr Jonathan Salomon, without an issue price, subject to the following conditions:

1.1 The Notice states that the number of Award Shares to be issued to Mr Salomon will be calculated based on the volume weighted average price of the underlying shares for the 20 business days on which the shares traded prior to the date of the Company's Annual General Meeting (AGM).

   1.2          The Company announces the issue price of the Award Shares prior to the AGM. 

The Company has calculated the issue price of the Award Shares at $0.0077 and accordingly 12,987,013 Oilex ordinary shares will be issued to Mr Salomon upon shareholder approval.

For and on behalf of the Board

Mark Bolton

Chief Financial Officer and Company Secretary

For further information, please contact:

 
 Investor                     Nominated                     Media Enquires                Media Enquiries 
  Enquiries                   Adviser                       (UK)                          (Aus) 
  Oilex Ltd                   Strand Hanson                 Vigo Communications           Citadel-MAGNUS 
  Joe Salomon                 Limited                       Public Relations              Michael Weir 
  Managing                    Nominated                     Patrick d'Ancona/Chris        Email: 
  Director                    Adviser                       McMahon                       [e-mail] 
  Email: [e-mail]   Rory Murphy/Ritchie           Email:                        Tel: +618 
  Tel: +61                    Balmer                        patrick.dancona@vigocomms.c   6160 4900 
  8 9485 3200                 Email:                        om                            Australia 
  Australia                   [e-mail]      [e-mail] 
                              Tel: +44 20                   Tel: +44 20 
                              7409 3494                     7830 9700 
                              UK 
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November 23, 2016 02:00 ET (07:00 GMT)