4 April 2025
88 Energy Limited
Notice of AGM
and
Proposed Capital Consolidation
88 Energy Limited (ASX & AIM: 88E) ("88 Energy" or the "Company") is pleased to confirm that a notice ("Notice") of annual general meeting of the Company (the "AGM") has been lodged to convene the AGM, which will be held on 6 May 2025 at 10:00am (AWST) at: Quest Kings Park, 54 Kings Park Road, Perth, WA, 6005.
At the AGM the Company is proposing five resolutions, further details of which are set out in the Notice of AGM, which is available on the Company's website: www.88energy.com .
Resolution 5 proposes that Shareholders approve the consolidation of the issued share capital of the Company on a 25:1 basis (the "Consolidation"), such that every twenty-five (25) Shares, Depositary Interests, Options, Performance Rights or Warrants are consolidated into one (1) Share, Depositary Interest, Option, Performance Right or Warrant, respectively.
For Depositary Interests ("DIs"), which represent ordinary shares of the Company ("Shares"), and which are admitted to trading on AIM, the proposed timetable for the Consolidation is expected to be as follows:
| Action | Date |
| Company announces Consolidation (using an Appendix 3A.3 on ASX). | 04-Apr-25 |
| Company sends out the Notice of Meeting. | 04-Apr-25 |
| Shareholders pass Resolution 5 to approve the Consolidation. | 06-May-25 |
| Company announces Effective Date of Consolidation. | 06-May-25 |
| Effective Date of Consolidation. | 06-May-25 |
| Last day for pre-Consolidation trading. | 07-May-25 |
| Last day to reposition securities between the share and DI registers on a pre-Consolidation basis | 07-May-25 |
| Post-Consolidation trading commences on a deferred settlement basis. | 08-May-25 |
| Suspension of Admission to Trading on AIM (7.30am) | 09-May-25 |
| ISIN disabled in CREST for DIs | 09-May-25 |
| Record Date. | 09-May-25 |
| Last day for the Company to register transfers on a pre-Consolidation basis. | 09-May-25 |
| First day for the Company to update its register and send holding statements to security holders reflecting the change in the number of Securities they hold. | 12-May-25 |
| CRSDN transactions keyed against all CREST holders - Euroclear to reduce positions | 12-May-25 |
| Ex-Date and Restoration of Dealings in the DIs, now representing Consolidated Shares, on AIM on Existing ISIN | 13-May-25 |
| CREST Accounts Credited with DIs now representing revised number of Consolidated Shares | 13-May-25 |
| Last day for the Company to update its register and to send holding statements to security holders reflecting the change in the number of Securities they hold and to notify ASX that this has occurred. | 16-May-25 |
Further information on the Consolidation is set out in the Notice of AGM.
To avoid market confusion and potentially unsettled trades at the Record Date, if resolution 5 is passed at the AGM, it is expected that trading in the Company's DIs on AIM will be temporarily suspended at 7.30am on 9 May 2025, with the restoration of trading of the DIs on AIM expected to occur at 7:30am on 13 May 2025.
A further announcement will be made regarding the Company's new total number of Shares in issue and voting rights should the requisite resolutions be passed at the AGM and the consolidation of capital proceeds. It is expected that fractional entitlements to a Security resulting from the Consolidation will rounded down to the nearest whole Security.
Shareholders are encouraged to lodge a directed proxy form prior to the AGM.
Media and Investor Relations:
| 88 Energy Ltd Ashley Gilbert, Managing Director Tel: +61 (0)8 9485 0990 Email:investor-relations@88energy.com | |
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| Fivemark Partners, Investor and Media Relations
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| Michael Vaughan | Tel: +61 (0)422 602 720 |
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| EurozHartleys Ltd | |
| Dale Bryan | Tel: +61 (0)8 9268 2829 |
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| Cavendish Capital Markets Limited | |
| Derrick Lee | Tel: +44 (0)131 220 6939 |
| Pearl Kellie | |
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