Greatcell solar announces AU$5 million share offer purchase plan to existing shareholders

Greatcell Solar Limited (Greatcell) has announced a share purchase plan (SPP) providing eligible shareholders with an opportunity to increase their shareholding in the Company as it enters an exciting period of scale-up and commercialisation of its revolutionary Perovskite Solar Cell (PSC) technology.

Under the SPP, the Company is offering eligible shareholders the opportunity to purchase fully paid ordinary shares (New Shares) at an issue price of $0.18 per New Share, which is a discount of approximately 13.5% to the volume weighted average price of Greatcell‘s shares on the ASX during the 5 trading days immediately prior to today.

All New Shares will be quoted on ASX and will rank equally with other fully paid ordinary shares on issue.

Greatcell shareholders registered on Greatcell’s register of members as at 5.00pm (Perth time) on Thursday, 27 July 2017 (being the business day prior to the release of this announcement) and whose address in the Company’s register is situated in Australia or New Zealand (Eligible Shareholders) will be entitled to participate in the SPP.

Under the SPP, each Eligible Shareholder will be entitled to apply for parcels of New Shares from as little as $500 up to a maximum of $15,000 without incurring brokerage or transaction costs. The SPP is a good opportunity for those shareholders holding unmarketable parcels to increase their holdings without incurring transaction costs.

If subscriptions under the Plan exceed $5 million, the Company may scale back applications received. If applications are scaled back, any excess application monies will be refunded without interest.

If applications under the Plan are received in excess of $5 million, the Board retains the discretion to issue more New Shares to satisfy all or part of such applications, subject to the maximum number of New Shares to be issued not exceeding 30% of the issued share capital of the Company immediately preceding the date of issue.

It is intended that the proceeds of the SPP will be used by the Company to continue its work on technology scale-up, testing and accreditation, equipment procurement and facilities fit-out, as well as for general working capital purposes.

The SPP opens on Tuesday 1 August 2017 and is expected to close at 5.00pm (Perth time) on Friday 18 August 2017.

No shareholder approval is necessary in respect of the New Shares issued under the terms of the SPP.

The SPP booklet containing further details of the SPP will also be lodged with ASX. SPP booklets and application forms are expected to be sent to shareholders shortly. Eligible Shareholders should read the SPP booklet before deciding whether to participate in the SPP.

Important Dates

Greatcell may vary any of the above dates in its absolute discretion and will advise of any variation by lodging a revised timetable with the ASX.