After months of faffing around and six (!) supplementary prospectuses anyone could have seen this coming a mile away. Western Australia Energy Resources Limited (ACN 658 452 754) has announced the withdrawal of its offers, dashing hopes and dreams of its IPO prospects. This decision, outlined in the Sixth Supplementary Prospectus dated 20 February 2024, comes as a significant setback for prospective investors who were eyeing opportunities in the energy sector.

Here’s what investors need to know about the situation:

Withdrawal of Offers

The Sixth Supplementary Prospectus serves as formal notification of the Company’s decision to withdraw its offers and refund all Application Monies received from applicants. This means that no securities will be issued based on the Prospectus, and the Offers are now closed.

Refund Process

All Application Monies received by the Company will be refunded to applicants promptly, with refunds expected to be completed by 26 February 2024. There is no need for applicants to request a refund, as refunds will be made by direct credit deposit to the applicant’s nominated bank account, provided the necessary details have been provided to the Share Registry.

Implications for Investors

For investors who had expressed interest in participating in the IPO, the withdrawal of the offers means that their investment plans will need to be reassessed. While the reasons behind the Company’s decision to abandon its IPO plans are not explicitly stated in the Sixth Supplementary Prospectus, it is crucial for investors to carefully consider this development and consult with their financial advisors if needed.

The withdrawal of Western Australia Energy Resources Limited’s IPO offers represents a disappointing turn of events for both the Company and prospective investors. As the Company moves forward from this setback, investors are advised to stay informed and exercise caution when considering future investment opportunities in the energy sector.