Notable Pioneer could increase shareholding in Renergen to 24.8%
Emerging domestic liquefied natural gas (LNG) and helium producer Renergen’s largest shareholder Tamryn Investment Holdings has agreed to sell up to 20-million of the 34-million shares it holds in Renergen to private company Notable Pioneer.
The call option expires on February 5, 2020.
Notable Pioneer is controlled by Hui Ye, who is the chairperson and president of the Beijing Chunhui Yuan Group, a private company with real estate, hotel, natural resources, education and entertainment interests.
Notable already holds a 7.058% interest in Renergen, which is headed up by CEO Stefano Marani.
If Notable Pioneer exercises the call option in full, its shareholding in Renergen will increase to 24.81%, while Tamryn’s shareholding will reduce from 30.23% to 12.47%, based on Renergen’s current issued share capital.
GRANT OF CALL OPTION
The call option, Renergen explained on Wednesday, comprises two tranches of ten-million Renergen shares, with the first tranch to be acquired at a strike price of A$0.86 a share.
The remaining ten-million shares may be acquired at a 20% discount to the 30-day volume weighted average price of shares trading on the ASX.
The price of the call option is capped at A$1.20 per call option share and may not be less than A$0.86 a call option share.