Technical Adjustment to Share Capital
Released
Released
Announcement PDF
February 28, 2025
ASX Announcement
Adjustment to Share Capital Under Section 258F of
the Corporations Act
Titomic Limited (ASX: TTT) (‘Titomic’ or ‘Company’), a global leader in
advanced additive manufacturing and cold spray technology, advises that its
Board of Directors have resolved to reduce the share capital of the Company
by AU$81,503,186 in accordance with Section 258F of the Corporations Act
2001 (Cth) (Corporations Act).
The capital adjustment will have the effect of reducing the share capital
account and reducing ‘Accumulated Losses’ in the Company’s financial
statements. This is a technical adjustment which does not impact the net
assets, financial results, cash flow or funding of the Company or its
consolidated group.
The adjustment is being made to ensure the Company’s European subsidiary,
Titomic Europe, is eligible for material grant funding that relies on the
Company meeting pre-determined financial metrics.
Under Section 258F(1) of the Corporation Act, a company may reduce its
share capital by cancelling any paid up share capital that is not represented
by available assets. As at 31 December 2024 the Company had accumulated
losses of AU$91,169,793 and its net assets (at the parent entity level) were
less than its share capital.
The Company is required to make the following additional disclosures to
shareholders under ASX Listing Rule 7.20:
• The number of securities on issue in the Company will not be affected
and no amount was previously or will be unpaid on any of its
securities pursuant to the capital reduction; and
• There are no fractional entitlements arising from the capital reduction.
This announcement has been authorised for release by the Board of Titomic
Limited.
- - - - - END - - - - INVESTOR ENQUIRIES
Geoff Hollis
Titomic
Chief Financial Officer
P: +61 438 168 008
E: geoff.hollis@titomic.com
MEDIA ENQUIRIES
Ben Andrews
Titomic
Global Marketing Manager
P: +61 438 759 620
E: ben.andrews@titomic.com
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About Titomic Limited (ASX: TTT)
Titomic Limited is a global leader in industrial-scale metal additive manufacturing,
specializing in Cold Spray Additive Manufacturing (Cold Spray AM). With operations
across Australia, the U.S., and Europe, Titomic delivers cutting-edge solutions for
Aerospace, Defense, Shipbuilding, Oil & Gas, Mining, and Automotive industries.
For more information, visit www.titomic.com.
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