Addendum to the Notice of General Meeting

Source Company Press Release
Company Synergia Energy Limited
Tags Corporate: Overview/Strategy, Country: Australia
Date January 25, 2024

Synergia Energy Ltd (Synergia Energy or the Company) hereby gives notice that the Directors have determined to issue an addendum (Addendum) to include a resolution 4 in the Company's Notice of General Meeting, which was announced on 15 January 2024.

The Company confirms that there is no change to the date, time and venue of the General Meeting, which will be held on Thursday, 15 February 2024 at 10am GMT / 6pm AWST at Vigo Consulting, Sackville House, 40 Piccadilly, London W1J 0DR, United Kingdom, or to the other three resolutions.

Information on voting is contained In the Addendum.

Attached is a copy of the Addendum to the Notice of Meeting and updated Proxy Form. Below is an extract of the text from the Addendum related to resolution 4:

Resolution 4 - Authorise the future issue of up to 2,750,000,000 new ordinary shares

Following de-listing from the ASX, the Company is no longer bound by the restrictions on issuing new shares pursuant to ASX Listing Rules. However, the Company is committed to best corporate governance practices and to maintaining similar restrictions.

The purpose of this resolution is to give the Directors powers to allot shares in excess of the previously disclosed commitment. The Company committed in December 2022 to its AIM Nominated Adviser, Strand Hanson Limited, that it will not issue, or commit to issue, more than 25% of its share capital at the date of the de-listing from the ASX. After the issue of the Placement Shares in December 2023, the Company has largely used up the 25% capacity to issue new shares.

The Board is anticipating additional capital raising to be required before the next Annual General Meeting and considers that it is in the interests of Shareholders for the Company to have the authority to place new ordinary shares for cash.  Also the Board considers it prudent to retain sufficient financial flexibility to meet both anticipated demands for capital, and any unforeseen challenges that may arise.

 This resolution provides that the Directors may issue up to 2,750,000,000 new fully paid ordinary shares in addition to the current 10,497,336,158 ordinary shares without requiring further shareholder approval.

Please note that the Depositary Interest Holders will not be issued with a new Form of Instruction to include the addendum to the Notice of Meeting, CREST will be updated accordingly and all Depositary Interest Holders can submit their instruction through the CREST system.  Should any Depositary Interest Holder require a Form of Instruction to include the addendum to the Notice of Meeting then they should contact Computershare Investor Services plc by email to [email protected]

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