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CMI Announces Funding for Class A Selective Capital Reduction
Wednesday October 7, 2009, 2:56 pm

Original Announcement: Funding for Class A Selective Capital Reduction

CMI advised that it has secured a funding offer from its bankers for the proposed buyback, via selective capital reduction, of all of its Class A shares. National Australia Bank has agreed to provide $18m to CMI to be drawn down to fund the buy-back of all Class A shares at 63 cents per share. However, as part of its funding commitment, NAB will require the company to complete an underwritten $4m rights issue. The rights issue will launch after the buy-back is finalised and must be completed by the end of February 2010. The rights issue will be non-renounceable and shareholders will be entitled to subscribe for 0.29 ordinary shares for each ordinary share held, at the issue price of 42 cents per share.

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