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Firstfolio Ltd Announces Update On Recapitalisation Proposal


Tuesday, 27 Aug 2013 07:00pm EDT 

Firstfolio Ltd provided an update in relation to its upcoming placements and rights issue for approximately $50.2 million (Recapitalisation Proposal). On July 2, 2013, Firstfolio announced the material terms of the Exclusivity Deed, Subscription Agreement and Underwriting Agreement (Transaction Documents) it had entered into with Australian Capital Enterprises Pty Limited (ACE). The Transaction Documents set out the binding terms upon which Firstfolio will conduct the Recapitalisation Proposal. Following a revision of ACE’s preferred investment structure, Firstfolio and ACE have novated the Transaction Documents to IZN Investments ACE Management Pty Ltd (Trustee) as trustee for the IZN Investments Australian Capital Enterprise Trust (Trust). The Trustee will assume all of ACE’s obligations under the Transaction Documents. Subject to no material matters arising from the ASIC’s regulatory review, Firstfolio expects to mail the Notice of Meeting and Explanatory Memorandum (which will include details in relation to the Trustee and Trust) to shareholders shortly, with an extraordinary general meeting likely to be held in early to mid October 2013. 

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25 Nov 2014