For personal use only
OPENLEARNING LIMITED
ACN 635 890 390
ENTITLEMENT ISSUE PROSPECTUS
For a pro-ratanon-renounceable entitlement issue of 1 Share for every 6 Shares held by those Shareholders registered at the Record Date at an issue price of $0.093 per Share to raise up to $3,059,054 (based on the number of Shares expected to be on issue as at the Record Date) (Offer).
The Prospectus also contains an offer to Alchemy Tribridge of 6,422,908 Alchemy Tribridge Options exercisable at $0.093 on or before 30 September 2022 (Option Offer).
IMPORTANT NOTICE
This document is important and should be read in its entirety. If, after reading this Prospectus you have any questions about the Securities being offered under this Prospectus or any other matter, then you should consult your professional advisers without delay.
The Securities offered by this Prospectus should be considered as highly speculative.
IM PORTA NT NOTICE
For personal use only
This Prospectus is dated 6 December 2021 and was lodged with the ASIC on that date. The ASIC, ASX and their respective officers take no responsibility for the contents of this Prospectus or the merits of the investment to which this Prospectus relates.
No Securities may be issued on the basis of this Prospectus later than 13 months after the date of this Prospectus.
No person is authorised to give information or to make any representation in connection with this Prospectus, which is not contained in this Prospectus. Any information or representation not so contained may not be relied on as having been authorised by the Company in connection with this Prospectus.
It is important that investors read this Prospectus in its entirety and seek
professional advice where necessary. The Securities offered by
this Prospectus should be considered as highly speculative.
Applications for Securities offered pursuant to this Prospectus can only be made by an original Entitlement and Acceptance Form or Shortfall Application Form.
This Prospectus is a transaction specific prospectus for an offer of continuously quoted securities (as defined in the Corporations Act) and has been prepared in accordance with section 713 of the Corporations Act. It does not contain the same level of disclosure as an initial public offering prospectus and is only required to contain information in relation to the effect of the issue of securities on a company and the rights attaching to the securities. It is not necessary to include general information in relation to all of the assets and liabilities, financial position, profits and losses or prospects of the issuing company.
Representations contained in this Prospectus are made taking into account that the Company is a disclosing entity for the purposes of the Corporations Act and certain matters are publicly available information or may reasonably be expected to be known to investors and professional advisers whom prospective investors may consult.
No Investment Advice
The information contained in this Prospectus is not financial product advice or investment advice and does not take into account your
financial or investment objectives, financial situation or particular needs (including financial or taxation issues). You should seek professional advice from your accountant, financial adviser, stockbroker, lawyer or other professional adviser before deciding to subscribe for Securities under this Prospectus to determine whether it meets your objectives, financial situation and needs.
Forward-looking statements
This Prospectus contains forward- looking statements which are identified by words such as 'may', 'could', 'believes', 'estimates', 'targets', 'expects', or 'intends' and other similar words that involve risks and uncertainties.
These statements are based on an assessment of present economic and operating conditions, and on a number of assumptions regarding future events and actions that, as at the date of this Prospectus, are expected to take place.
Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties, assumptions and other important factors, many of which are beyond the control of the Company, the Directors and the Company's management.
The Company cannot and does not give any assurance that the results, performance or achievements expressed or implied by the forward- looking statements contained in this Prospectus will actually occur and investors are cautioned not to place undue reliance on these forward- looking statements.
The Company has no intention to update or revise forward-looking
statements, or to publish prospective financial information in the future, regardless of whether new information, future events or any other factors affect the information contained in this Prospectus, except where required by law.
These forward-looking statements are subject to various risk factors that could cause the Company's actual results to differ materially from the results expressed or anticipated in these statements. These risk factors are set out in Section 5.
Overseas shareholders
This Offer does not, and is not intended to, constitute an offer in any place or jurisdiction in which, or
to any person to whom, it would not be lawful to make such an offer or to issue this Prospectus.
It is not practicable for the Company to comply with the securities laws of overseas jurisdictions having regard to the number of overseas Shareholders, the number and value of Shares these Shareholders would be offered and the cost of complying with regulatory requirements in
each relevant jurisdiction. Accordingly, the Offer is not being extended and Securities will not be issued to Shareholders with a registered address which is outside Australia or New Zealand.
For further information on overseas Shareholders please refer to Section 2.10.
Continuous disclosure obligations
The Company is a "disclosing entity" (as defined in section 111AC of the Corporations Act) for the purposes of section 713 of the Corporations Act and, as such, is subject to regular reporting and disclosure obligations. Specifically, like all listed companies, the Company is required to continuously disclose any information it has to the market which a reasonable person would expect to have a material effect on the price or the value of the Securities.
This Prospectus is intended to be read in conjunction with the publicly available information in relation to the Company which has been notified to ASX and does not include all of the information that would be included in a prospectus for an initial public offering of securities in an entity that is not already listed on a stock exchange. Investors should therefore have regard to the other publicly available information in relation to the Company before making a decision whether or not to invest.
Having taken such precautions and having made such enquires as are reasonable, the Company believes that it has complied with the general and specific requirements of ASX as applicable from time to time throughout the three months before the issue of this Prospectus which required the Company to notify ASX of information about specified events or matters as they arise for the purpose of ASX making that information available to the stock market conducted by ASX.
Please refer to Section 6.2 for further details.
5061-04/2832125_10 | i |
For personal use only
Electronic Prospectus | certificates | to | investors. | Instead, | to do so, please contact the share | ||||||||||||||||||||||||
A copy of this Prospectus can be | investors | will | be | provided | with | registry | at | the | relevant | contact | |||||||||||||||||||
statements | (similar | to | a | bank | number set out in this Prospectus. | ||||||||||||||||||||||||
downloaded | from the website | of | |||||||||||||||||||||||||||
account statement) that set out the | |||||||||||||||||||||||||||||
the | Company | at | Collection, | maintenance | and | ||||||||||||||||||||||||
number of Securities issued to them | |||||||||||||||||||||||||||||
https://solutions.openlearning.com/. | disclosure | of | certain | personal | |||||||||||||||||||||||||
under this | Prospectus. | The | notice | ||||||||||||||||||||||||||
If you are accessing the electronic | information | is | governed | by | |||||||||||||||||||||||||
will | also | advise | holders | of | their | ||||||||||||||||||||||||
version of | this | Prospectus | for | the | legislation including the Privacy Act | ||||||||||||||||||||||||
Holder | Identification | Number | or | ||||||||||||||||||||||||||
purpose of making an investment in | 1988 | (as | amended), | the | |||||||||||||||||||||||||
Security Holder Reference Number | |||||||||||||||||||||||||||||
the | Company, | you | must | be | an | Corporations Act and certain rules | |||||||||||||||||||||||
and explain, | for | future | reference, | ||||||||||||||||||||||||||
Australian or New Zealand resident | such | as | the | ASX | Settlement | ||||||||||||||||||||||||
the sale and purchase procedures | |||||||||||||||||||||||||||||
and | must | only | access | this | Operating Rules. | You should note | |||||||||||||||||||||||
under CHESS and issuer sponsorship. | |||||||||||||||||||||||||||||
Prospectus from within Australia or | that if you do not provide the | ||||||||||||||||||||||||||||
Electronic sub-registers also mean | |||||||||||||||||||||||||||||
New Zealand. | information | required | on | the | |||||||||||||||||||||||||
The Corporations Act prohibits any | ownership | of | securities | can | be | application | for | Securities, | the | ||||||||||||||||||||
transferred | without | having | to | rely | Company may | not | be | able to | |||||||||||||||||||||
person passing onto another person | |||||||||||||||||||||||||||||
upon | paper | documentation. | accept or process your application. | ||||||||||||||||||||||||||
an | Application | Form | unless | it is | |||||||||||||||||||||||||
Further | monthly | statements | will | be | Enquiries | ||||||||||||||||||||||||
attached | to | a | hard | copy of | this | ||||||||||||||||||||||||
provided | to | holders | if | there have | |||||||||||||||||||||||||
Prospectus, or it accompanies | the | ||||||||||||||||||||||||||||
been any changes in their security | If you are in any doubt as to how to | ||||||||||||||||||||||||||||
complete and unaltered version of | |||||||||||||||||||||||||||||
holding in the Company during the | deal with any of the matters raised | ||||||||||||||||||||||||||||
this Prospectus. You may obtain a | |||||||||||||||||||||||||||||
preceding month. | in this Prospectus, you should consult | ||||||||||||||||||||||||||||
hard copy of this Prospectus free of | |||||||||||||||||||||||||||||
Photographs and Diagrams | with your broker or legal, financial or | ||||||||||||||||||||||||||||
charge | by | contacting | the | ||||||||||||||||||||||||||
other professional adviser without | |||||||||||||||||||||||||||||
Company | by | phone | on | +61(0) 3 | |||||||||||||||||||||||||
Photographs used in this Prospectus | delay. | Should | you | have | any | ||||||||||||||||||||||||
8395 5446 during office hours or by | |||||||||||||||||||||||||||||
which do not have descriptions are | questions about the Offers or how to | ||||||||||||||||||||||||||||
emailing | the | Company | at | ||||||||||||||||||||||||||
for | illustration | only | and | should | not | accept | the | Offer please | call | the | |||||||||||||||||||
investors@openlearning.com. | |||||||||||||||||||||||||||||
be interpreted to mean that any | Company Secretary on +61(0) 3 | ||||||||||||||||||||||||||||
The Company reserves the right not | person | shown | endorses | the | 8395 5446. | ||||||||||||||||||||||||
to accept an Application Form from | Prospectus or its contents or that the | ||||||||||||||||||||||||||||
a person if it has reason to believe | assets shown in them are owned by | ||||||||||||||||||||||||||||
that when that person was given | the Company. Diagrams used in this | ||||||||||||||||||||||||||||
access to the electronic Application | Prospectus are illustrative only and | ||||||||||||||||||||||||||||
Form, it was not provided together | may not be drawn to scale. | ||||||||||||||||||||||||||||
with the electronic Prospectus and | Definitions and Time | ||||||||||||||||||||||||||||
any | relevant | supplementary | or | ||||||||||||||||||||||||||
replacement prospectus or any of | Unless | the | contrary | intention | |||||||||||||||||||||||||
those documents were incomplete | appears or the context otherwise | ||||||||||||||||||||||||||||
or altered. | requires, | words | and | phrases | |||||||||||||||||||||||||
Company Website | contained | in | this | Prospectus have | |||||||||||||||||||||||||
the | same | meaning | and | ||||||||||||||||||||||||||
No documents or other information | interpretation as given in the | ||||||||||||||||||||||||||||
available | on | the | Company's | Corporations | Act | and | capitalised | ||||||||||||||||||||||
website is incorporated into this | terms have the meaning given in | ||||||||||||||||||||||||||||
Prospectus by reference. | the Glossary in Section 7. | ||||||||||||||||||||||||||||
Financial forecasts | All references to time in this | ||||||||||||||||||||||||||||
The Directors have considered the | Prospectus | are | references | to | |||||||||||||||||||||||||
Australian Western Standard Time. | |||||||||||||||||||||||||||||
matters set out in ASIC Regulatory | |||||||||||||||||||||||||||||
Privacy statement | |||||||||||||||||||||||||||||
Guide 170 and believe that they do | |||||||||||||||||||||||||||||
not | have | a | reasonable | basis | to | If | you | complete | an | Application | |||||||||||||||||||
forecast future earnings on the basis | |||||||||||||||||||||||||||||
Form, you will be providing personal | |||||||||||||||||||||||||||||
that the operations of the Company | |||||||||||||||||||||||||||||
information to the Company. | The | ||||||||||||||||||||||||||||
are | inherently | uncertain. | |||||||||||||||||||||||||||
Company | collects, | holds | and | will | |||||||||||||||||||||||||
Accordingly, | any | forecast | or | ||||||||||||||||||||||||||
use that information to assess your | |||||||||||||||||||||||||||||
projection | information | would | |||||||||||||||||||||||||||
application, service your needs as a | |||||||||||||||||||||||||||||
contain such | a | broad range | of | ||||||||||||||||||||||||||
Shareholder | and | to | facilitate | ||||||||||||||||||||||||||
potential outcomes and possibilities | |||||||||||||||||||||||||||||
distribution | payments | and | |||||||||||||||||||||||||||
that it is not possible to prepare a | |||||||||||||||||||||||||||||
corporate | communications to you | ||||||||||||||||||||||||||||
reliable best | estimate forecast | or | |||||||||||||||||||||||||||
as a Shareholder. | |||||||||||||||||||||||||||||
projection. | |||||||||||||||||||||||||||||
Clearing | House | Electronic | Sub- | The information may also be used | |||||||||||||||||||||||||
from time to time and disclosed to | |||||||||||||||||||||||||||||
Register System (CHESS) and Issuer | |||||||||||||||||||||||||||||
persons | inspecting | the | register, | ||||||||||||||||||||||||||
Sponsorship | |||||||||||||||||||||||||||||
including bidders for your securities | |||||||||||||||||||||||||||||
The Company will apply to | in the context of takeovers, | ||||||||||||||||||||||||||||
participate in CHESS, for those | regulatory | bodies | including | the | |||||||||||||||||||||||||
investors who have, or wish to have, | Australian | Taxation | Office, | ||||||||||||||||||||||||||
a sponsoring stockbroker. | Investors | authorised | securities | brokers, | |||||||||||||||||||||||||
who do not wish to participate | service providers, mail houses and | ||||||||||||||||||||||||||||
through CHESS will be issuer | the share registry. | ||||||||||||||||||||||||||||
sponsored by the Company. | You can access, correct and | ||||||||||||||||||||||||||||
Electronic sub-registers mean that | update | the | personal | information | |||||||||||||||||||||||||
the Company will not be issuing | that we hold about you. If you wish | ||||||||||||||||||||||||||||
5061-04/2832125_10 | ii |
CO RP O R A T E DIRECTORY
For personal use only
Directors
Kevin Barry (Non-Executive Chairman)
Adam Brimo
(Managing Director and Group CEO)
Spiro Pappas
(Non-Executive Director)
David Buckingham
(Non-Executive Director)
Professor Beverley Oliver
(Non-Executive Director)
Maya Hari
(Non-Executive Director)
Ben Shields
(Non-Executive Director)
Company Secretary
Justyn Stedwell
Registered Office
Level 2
235-239 Commonwealth Street
SURRY HILLS NSW 2010
Telephone: + 61 2 8294 9686
Email:investors@openlearning.comWebsite:https://solutions.openlearning.com/
Auditor*
Hall Chadwick
Level 40
2 Park Street
SYDNEY NSW 2000
Share Registry*
Automic Group
Level 5
126 Phillip Street
SYDNEY NSW 2000
Telephone: +61 2 9698 5414
Facsimile: +61 2 8583 3040
Legal Advisers
Steinepreis Paganin
Lawyers and Consultants
Level 4, The Read Buildings
16 Milligan Street
PERTH WA 6000
*This entity is included for information purposes only. They have not been involved in the preparation of this Prospectus and have not consented to being named in this Prospectus.
5061-04/2832125_10 | iii |
For personal use only
TABLE OF CONTENTS | ||
1. | KEY OFFER INFORMATION............................................................................................ | 1 |
2. | DETAILS OF THE OFFER.................................................................................................. | 5 |
3. | PURPOSE AND EFFECT OF THE OFFER......................................................................... | 12 |
4. | RIGHTS AND LIABILITIES ATTACHING TO SECURITIES ................................................. | 15 |
5. | RISK FACTORS ............................................................................................................ | 20 |
6. | ADDITIONAL INFORMATION ...................................................................................... | 32 |
7. | GLOSSARY.................................................................................................................. | 39 |
5061-04/2832125_10 | iv |
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OpenLearning Ltd. published this content on 06 December 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 December 2021 21:51:12 UTC.