Minbos Granted Waiver to Issue Up to 30% New Shares at A$0.026 Under SPP
Minbos Resources has obtained a crucial ASX waiver allowing it to issue shares under its Share Purchase Plan without the usual shareholder approval, aligning pricing with its recent Placement and aiming to maintain fairness among investors.
- ASX grants waiver from Listing Rules 7.1 and 10.11 for SPP issuance
- SPP shares priced at A$0.026, matching recent Placement price
- Issuance capped at 30% of existing fully paid shares
- Directors and associates can participate on equal terms without shareholder approval
- Waiver aims to ensure equitable treatment of existing and new shareholders
ASX Waiver Unlocks Share Purchase Plan Flexibility
Minbos Resources Limited has secured a significant regulatory green light from the Australian Securities Exchange (ASX), receiving a waiver that permits the company to issue shares under its Share Purchase Plan (SPP) without the need for shareholder approval. This waiver, granted on 22 December 2025, addresses key Listing Rules 7.1 and 10.11, which typically restrict such issuances without explicit shareholder consent.
The waiver is particularly notable because it allows Minbos to price the SPP shares at A$0.026 each, the same price as shares issued in the company’s recent Placement announced earlier in December. This price is slightly below the usual 80% volume weighted average price threshold required under ASX rules for such exceptions, prompting the need for the waiver.
Ensuring Fairness Among Shareholders
Minbos has emphasized that maintaining the SPP price consistent with the Placement price is a deliberate move to treat all shareholders fairly. By doing so, existing shareholders are encouraged to participate on equal footing with new investors, avoiding any disadvantage that might arise if the SPP price were set higher to meet the standard ASX pricing threshold.
Furthermore, the waiver permits directors and their associates to participate in the SPP under the same terms as other shareholders, with safeguards ensuring no preferential treatment in share allocation. The total number of shares issued under the SPP is capped at 30% of the company’s existing fully paid ordinary shares, aligning with ASX limits.
Implications for Capital Raising and Shareholder Structure
This regulatory flexibility is a strategic advantage for Minbos as it seeks to raise capital efficiently while preserving shareholder equity balance. The waiver removes procedural hurdles that could delay the SPP, enabling the company to expedite funding initiatives critical for its exploration and development activities.
However, the ASX’s waiver is narrowly scoped, addressing only the specific Listing Rules involved and not implying compliance with other regulatory requirements. Investors will be watching closely to see how the SPP unfolds in practice, including participation rates and any resulting dilution effects.
Minbos’ transparent disclosure of the waiver’s nature and rationale within one business day of the ASX decision reflects a commitment to market integrity and shareholder communication.
Bottom Line?
Minbos’ ASX waiver paves the way for a swift capital raise, but investors will be keen to monitor participation and dilution impacts closely.
Questions in the middle?
- Will the SPP attract strong participation from existing shareholders at the set price?
- How might the issuance cap of 30% affect the company’s share structure and control?
- What are the potential market reactions to directors participating without shareholder approval?
