Closing Date for Comet Ridge SPP and Options Offers Moves to 24 July
Comet Ridge Limited has pushed back the closing date for its Share Purchase Plan and associated Options Offers to 24 July 2026, giving eligible shareholders more time to participate ahead of a key August meeting.
- SPP and Options Offers closing date extended to 24 July
- Eligible shareholders can subscribe up to $30,000 without brokerage
- Free attaching options offered, subject to shareholder approval
- General Meeting scheduled for 6 August to approve options issuance
- Revised timetable delays results announcement and allotment dates
Extended Deadline for Shareholder Participation
Comet Ridge Limited (ASX:COI) has extended the closing date for its Share Purchase Plan (SPP) and related Options Offers to 5:00pm AEST on Friday, 24 July 2026. This move aims to provide eligible shareholders with additional time to participate in the capital raising initiative without incurring brokerage or transaction costs.
The SPP allows existing shareholders to subscribe for up to $30,000 worth of new fully paid ordinary shares. Alongside this, participants are entitled to apply for one free attaching unlisted option for every two shares subscribed under the plan. However, the issuance of these options remains conditional on shareholder approval at the upcoming General Meeting scheduled for 6 August 2026.
Revised Timetable and Shareholder Meeting
The extension shifts key dates for the SPP and Options Offers. Results and any scale-back details will now be announced on 30 July, with the issue and allotment of shares set for 31 July. Transaction confirmations and direct credit deposits, where applicable, are expected by 6 August, coinciding with the General Meeting that will also consider approval for the tranche 2 placement, director participation, and Santos consideration shares.
The Options Offers include both the SPP Options and Placement Options, with their issue and allotment planned for 13 August 2026. This timetable adjustment reflects Comet Ridge’s intention to ensure broad shareholder access to the capital raising while aligning with regulatory and corporate governance requirements.
Capital Raising in Context of Mahalo Gas Project
This extension follows Comet Ridge’s recent $40 million two-tranche placement aimed at finalising the acquisition and development of its flagship Mahalo Gas Project near Gladstone, Queensland. The SPP and Options Offers are part of the broader funding strategy to consolidate ownership and advance development of low-CO2 gas reserves in the Mahalo Gas Hub, which is critical to supplying the east coast Australian gas market.
The company holds interests in several Queensland permits and a New South Wales block near Santos’ Narrabri project. The capital raising supports Comet Ridge’s plan to transition these assets into meaningful gas supply, responding to increasing domestic and international demand for cleaner energy sources and gas feedstock products.
Bottom Line?
The extended closing date provides shareholders more time to engage in Comet Ridge’s funding round, but the final impact hinges on shareholder approval of the attaching options in early August.
Questions in the middle?
- Will the General Meeting approve the attaching options and placement terms as planned?
- How will the final SPP participation and scale-back outcomes affect Comet Ridge’s capital structure?
- What are the next development milestones for the Mahalo Gas Project following this capital raise?
