25 October 2018 – Loyalty Option Prospectus

Following our announcement on 11th October 2018 regarding our intention to issue Loyalty Options, the Board are pleased to release the Loyalty Options Prospectus.

The Board has discussed a wide range of ways to grow the company and to narrow the discount between the share price and NTA. Both of these issues are important for shareholders. While I believe that share investments such as MA1 should be taken with a 7 plus year view, I also understand that the liquidity of listed investments is important for many investors. So a share price trading at or close to NTA is desirable.

The size of the company is also important. There are quite predictable fixed costs in a company such as MA1. By growing the company, investors get the benefit of scale, meaning lower costs for all shareholders as the company grows. A larger company is also, due to the greater number of shares on issue, be traded more frequently. A larger company, lower pro rata costs and with more frequent trading is likely to trade at a smaller discount to NTA and offer both buyers and sellers more liquidity. This is a real benefit to current and future shareholders.

To download a copy of the Options Prospectus, please click here

The Loyalty Options timetable is provided for your information below.

Lodgement of Prospectus with ASIC and ASX and release of Appendix 3B to ASX 25 October 2018
Notice sent to Option Holders 24 October 2018
Shares quoted on an ex-Bonus Option entitlements basis and Bonus Options quoted on a deferred settlement basis 15 November 2018
Record Date for Bonus Options 16 November 2018
Issue Date 19 November 2018
End of Bonus Options trading on a deferred settlement basis 19 November 2018
Prospectus and Statement sent to Shareholders 20 November 2018
Normal trading in Bonus Options (and exercised, Loyalty Options) 20 November 2018
Bonus Options Expire 15 May 2020
Loyalty Options Expire 15 November 2021


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