Announcement PDF HASTINGS TECHNOLOGY METALS LTD ACN 122 911 399 ENTITLEMENT ISSUE PROSPECTUS For a pro-rata renounceable entitlement issue of 9 Shares for every 20 Shares held by those Shareholders registered at the Record Date at an issue price of $0.36 per Share together with 1 free New Option for every 3 Shares applied for and issued to raise up to $22,146,478 (based on the number of Shares on issue as at the date of this Prospectus) (Offer). An aggregate of $8,750,000 of the Offer is underwritten by the Underwriters. Refer to Section 6.4.1 for details regarding the terms of the underwriting. 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. IMPORTANT NOTICE This Prospectus is dated 27 March 2024 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 forwardlooking 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 forwardlooking statements contained in this Prospectus will actually occur and investors are cautioned not to place undue reliance on these forwardlooking 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, Bahrain, British Virgin Islands, Cayman Islands, Canada, China, the European Union, Fiji, Hong Kong, Japan, Malaysia, New Zealand, Qatar, Singapore, Seychelles, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, the United Kingdom and the United States. For further information on overseas Shareholders please refer to Section 2.9. 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 on 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. i Please refer to Section 6.2 for further details. Target Market Determination In accordance with the design and distribution obligations under the Corporations Act, the Company has determined the target market for the offer of Options issued under this Prospectus. The Company and the Lead Manager will only distribute this Prospectus to those investors who fall within the target market determination (TMD) as set out on the Company’s website (www.hastingstechmetals.com/). By making an application under the Offer, you warrant that you have read and understood the TMD and that you fall within the target market set out in the TMD. Electronic Prospectus A copy of this Prospectus can be downloaded from the website of the Company at www.hastingstechmetals.com. If you are accessing the electronic version of this Prospectus for the purpose of making an investment in the Company, you must be a resident of Australia, Bahrain, British Virgin Islands, Cayman Islands, Canada, China, the European Union, Fiji, Hong Kong, Japan, Malaysia, New Zealand, Qatar, Singapore, Seychelles, Switzerland, Taiwan, Thailand, Turkey, United Arab Emirates, the United Kingdom or the United States and must only access this Prospectus from within these countries. The Corporations Act prohibits any person passing onto another person an Application Form unless it is attached to a hard copy of this Prospectus or it accompanies the complete and unaltered version of this Prospectus. You may obtain a hard copy of this Prospectus free of charge by contacting the Company by phone on +61 (8) 6117 6118 during office hours or by emailing the Company at executiveadmin@hastingstechmetals.com The Company reserves the right not to accept an Application Form from a person if it has reason to believe that when that person was given access to the electronic Application Form, it was not provided together with the electronic Prospectus and any relevant supplementary or replacement prospectus or any of those documents were incomplete or altered. Company Website No documents or other information available on the Company’s website is incorporated into this Prospectus by reference. Financial forecasts The Directors have considered the matters set out in ASIC Regulatory Guide 170 and believe that they do not have a reasonable basis to forecast future earnings on the basis that the operations of the Company are inherently uncertain. Accordingly, any forecast or projection information would contain such a broad range of potential outcomes and possibilities that it is not possible to prepare a reliable best estimate forecast or projection. Clearing House Electronic SubRegister System (CHESS) and Issuer Sponsorship The Company will apply to participate in CHESS, for those investors who have, or wish to have, a sponsoring stockbroker. Investors who do not wish to participate through CHESS will be issuer sponsored by the Company. Electronic sub-registers mean that the Company will not be issuing certificates to investors. Instead, investors will be provided with statements (similar to a bank account statement) that set out the number of Securities issued to them under this Prospectus. The notice will also advise holders of their Holder Identification Number or Security Holder Reference Number and explain, for future reference, the sale and purchase procedures under CHESS and issuer sponsorship. Electronic sub-registers also mean ownership of securities can be transferred without having to rely upon paper documentation. Further monthly statements will be provided to holders if there have been any changes in their security holding in the Company during the preceding month. Photographs and Diagrams Photographs used in this Prospectus which do not have descriptions are for illustration only and should not be interpreted to mean that any person shown endorses the Prospectus or its contents or that the assets shown in them are owned by the Company. Diagrams used in this Prospectus are illustrative only and may not be drawn to scale. Privacy statement If you complete an Application Form, you will be providing personal information to the Company. The Company collects, holds, and will use that information to assess your application, service your needs as a Shareholder and to facilitate distribution payments and corporate communications to you as a Shareholder. The information may also be used from time to time and disclosed to persons inspecting the register, including bidders for your securities in the context of takeovers, regulatory bodies including the Australian Taxation Office, authorised securities brokers, print service providers, mail houses and the share registry. You can access, correct, and update the personal information that we hold about you. If you wish to do so, please contact the share registry at the relevant contact number set out in this Prospectus. Collection, maintenance, and disclosure of certain personal information is governed by legislation including the Privacy Act 1988 (as amended), the Corporations Act and certain rules such as the ASX Settlement Operating Rules. You should note that if you do not provide the information required on the application for Securities, the Company may not be able to accept or process your application. Enquiries If you are in any doubt as to how to deal with any of the matters raised in this Prospectus, you should consult with your broker or legal, financial or other professional adviser without delay. Should you have any questions about the Offers or how to accept the Offer please call the Company Secretary on +61 (8) 6117 6118. Definitions and Time Unless the contrary intention appears or the context otherwise requires, words and phrases contained in this Prospectus have the same meaning and interpretation as given in the Corporations Act and capitalised terms have the meaning given in the Glossary in Section 8. All references to time in this Prospectus are references to Australian Western Standard Time. ii CORPORATE DIRECTORY Directors Underwriters Mr Charles Lew Executive Chairman Equator Capital Management Ltd A2-26-2 SohoSuites@KLCC, No 20 Jalan Perak, Kuala Lumpur 50450 MALAYSIA Mr Guy Robertson Executive Director Mr Neil Hackett Independent Non-Executive Director Mr Bruce McFadzean Independent Non-Executive Director Mr Malcolm Randall Independent Non-Executive Director Mr Jean Claude Steinmetz Independent Non-Executive Director Joint Company Secretary Mr Guy Robertson Advance Opportunities Fund I Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman, KY1-1111, Cayman Islands Mun Kee Chang 163 Tras Street #06-02 Lian Huat Building, SINGAPORE 079024 Chiu Ling Ngooi 10H Braddell Hill, Braddell View,#14-31, SINGAPORE Neil Franks Parkhurst House, Jobsons Lane, Gospel Green, West Sussex, GU27 3BY Registered Office Johann Chik 5 Weeks Way, Bull Creek, WA 6149 Level 6 197 St Georges Terrace PERTH WA 6000 Yu Huei Wang 2B Cornwall Gardens, Singapore 269683, Singapore Telephone: +61 (8) 6117 6118 Email: executive-admin@hastingstechmetals.com Website: www.hastingstechmetals.com Paramount Star Investments Limited 20 Collyer Quay, #1904 Singapore 049319 Share Registry* Lead Manager Automic Group Level 5 191 St Georges Terrace PERTH WA 6000 Canaccord Genuity (Australia) Limited Level 23 Exchange Tower 2 The Esplanade PERTH WA 6000 Mr Neil Hackett Telephone: +61 1300 288 664 Legal advisers Steinepreis Paganin Lawyers and Consultants Level 4 The Read Buildings 16 Milligan Street PERTH WA 6000 *These entities are 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. iii TABLE OF CONTENTS 1. KEY OFFER INFORMATION........................................................................................ 1 2. DETAILS OF THE OFFER .............................................................................................. 7 3. PURPOSE AND EFFECT OF THE OFFER ..................................................................... 21 4. RIGHTS AND LIABILITIES ATTACHING TO SECURITIES ............................................. 26 5. RISK FACTORS ........................................................................................................ 31 6. ADDITIONAL INFORMATION .................................................................................. 45 7. DIRECTORS’ AUTHORISATION ................................................................................ 58 8. GLOSSARY .............................................................................................................. 59 iv 1. KEY OFFER INFORMATION 1.1 Timetable Lodgement of Prospectus with the ASIC Lodgement of Prospectus and Appendix 3B with ASX Pre-market open, 27 March 2024 Ex date 2 April 2024 Rights start trading 2 April 2024 Record Date for determining Entitlements 5:00pm (WST) 3 April 2024 Offer opening date, Prospectus sent out to Shareholders and Company announces this has been completed 5 April 2024 Rights stop trading 17 April 2024 Securities quoted on a deferred settlement basis 18 April 2024 Last day to extend the Closing Date 19 April 2024 Closing Date as at 5:00pm* 24 April 2024 ASX and Underwriters notified of under subscriptions 29 April 2024 Underwriters subscribe for Shortfall under terms of Underwriting Agreements (up to the Underwritten Amount) 30 April 2024 Issue date and lodgement of Appendix 2A with ASX applying for quotation of the Securities 30 April 2024 Quotation of Shares issued under the Offer* 1 May 2024 Quotation of Options issued under the Offer* Mid-May 2024 Issue of any remaining Shortfall Securities under the Shortfall Offer By no later than 24 July 2024 *The Directors may extend the Closing Date by giving at least 3 Business Days’ notice to ASX prior to the Closing Date. Accordingly, the date the Securities are expected to commence trading on ASX may vary. 1.2 Key statistics of the Offer Shares Minimum Subscription ($8,750,000) Full Subscription ($22,146,478) Offer Price per Share $0.36 $0.36 Entitlement Ratio (based on existing Shares) 9 for 20 9 for 20 Shares currently on issue 136,706,652 136,706,652 Shares to be issued under the Offer1 24,305,556 61,517,993 Gross proceeds of the issue of Shares $8,750,000 $22,146,478 Shares on issue Post-Offer 161,012,208 198,224,645 1 Notes: 1. Refer to Section 4.1 for the terms of the Shares. Options Minimum Subscription ($8,750,000) Full Subscription ($22,146,478) Nil Nil 1 for 3 1 for 3 Options currently on issue 4,000,000 4,000,000 Options expiring 1 April 20242 (4,000,000) (4,000,000) New Options to be issued under the Offer1 8,101,852 20,505,998 Nil Nil 8,101,852 20,505,998 Offer Price per New Option Option Entitlement Ratio (based on Shares subscribed for) Gross proceeds of the issue of Options Options on issue Post-Offer Notes: 1. Refer to Section 4.2 for the terms of the New Options. 2. Options expiring 1 April 2024 with exercise price of $6.50 each. The Offer will have no effect on the Performance Rights on issue. 1.3 Key Risk Factors Prospective investors should be aware that subscribing for Securities involves a number of risks and an investment in the Company should be considered as highly speculative. The future performance of the Company and the value of the Securities may be influenced by a range of factors, many of which are largely beyond the control of the Company and the Directors. The key risks associated with the Company’s business, the industry in which it operates and general risks applicable to all investments in listed securities and financial markets generally are set out in Section 5. 1.4 Directors' Interests in Securities The relevant interest of each of the Directors in the Securities of the Company as at the date of this Prospectus, together with their respective Entitlement, is set out in the table below: Director1 Shares Performance Rights Share Entitlement Option Entitlement $ Mr Charles Lew 7,377,658 200,000 3,319,946 1,106,649 1,195,181 Mr Guy Robertson 62,619 30,000 28,179 9,393 10,144 Mr Neil Hackett 23,636 30,000 10,637 3,545 3,829 2 Mr Bruce McFadzean 52,930 50,000 23,819 7,939 8,575 Mr Malcolm Randall 50,153 50,000 22,569 7,523 8,125 Mr Jean Claude Steinmetz 245,044 30,000 110,270 36,757 39,697 Notes: 1. Refer to the Appendix 3Y for each Director for further details with respect to their relevant interests in the securities of the Company. The Board recommends all Shareholders take up their Entitlements. The Directors reserve the right to take up their respective Entitlement in whole or in part at their discretion. 1.5 Details of Substantial Holders Based on publicly available information as at the date of this Prospectus, those persons which (together with their associates) have a relevant interest in 5% or more of the Shares on issue are set out below: Shareholder Shares % L1 Capital Pty Ltd 10,932,690 8.00% Charles Lew 7,377,658 5.40% In the event all Entitlements are accepted there will be no change to the substantial holders on completion of the Offer. 1.6 Underwriting and sub-underwriting An aggregate of $8,750,000 of the Offer is underwritten by the Underwriters. The respective underwriting commitment of each Underwriter is set out in Section 6.4.1, together with a summary of the material terms of the underwriting agreements. The obligation of each Underwriter to underwrite their respective portion of the Offer is several and not joint and several. 1.7 Effect on Control Based on the current shareholdings and Entitlements of Shareholders as at the date of this Prospectus, if only the Minimum Subscription were to be raised under the Offer, no Shareholder would increase their holding to an amount in excess of 19.9% through applying for their Entitlements. Further, as set out in Section 2.6, on the basis of the shortfall allocation policy, no person will acquire, through participation in the Shortfall Offer a holding of Shares of, or increase their holding to, an amount in excess of 19.9% of all the Shares on issue on completion of the Offer. Further there will be no change to any Shareholder’s voting power as a result of the issue of the New Options. Where New Options are exercised into Shares, the voting power of the Shareholders who exercise the New Options will increase. The 3 likelihood of New Options being exercised is dependent on the price of Shares from time to time until the New Options expire. In addition, the Company has entered into an underwriting agreement with each of the Underwriters, pursuant to which the Underwriters have agreed to underwrite the Offer up to an aggregate of $8,750,000. A summary of the material terms and conditions of the Underwriting Agreements are set out in Section 6.4.1 of this Prospectus. Pursuant to the Underwriting Agreements, each Underwriter is obligated to subscribe for their Relevant Proportion of the Shortfall, with “Relevant Proportion” calculated by dividing the amount underwritten by an Underwriter by the Full Subscription (expressed as a percentage). By way of example, if an Underwriter has agreed to underwrite the Offer to the extent of $2,000,000, its Relevant Proportion is equal to 2,000,000/22,146,478 = 9.03%. If the Company raised $15,146,478 under the Offer (representing a shortfall of $7,000,000), then the Underwriter would be obliged to apply for that number of Shares which raised an amount equal to 9.03% of the shortfall of $7,000,000, being $632,000. The issue of Shares under this Prospectus to the Underwriters may increase the interest of the Underwriters in the Company and dilute the Shareholding of other Shareholders to the extent they elect not to participate in the Offer or are ineligible to participate in the Offer. The Underwriters’ present relevant interest and voting power and changes under various scenarios are set out in the table below. The calculations assume that the Underwriters that are also Shareholders do not take up any of their Entitlement under each scenario and that none of the shortfall to the Offer is placed by Canaccord to third parties. Underwriter Event Date of Prospectus Total Relevant Interest in Shares (excluding associates interests) Voting Power % (*including associates interests) 3,439,135 2.52% Completion of Offer Equator Capital Management Ltd ▪ Fully subscribed 3,439,135 1.73% ▪ 75% subscribed 5,522,468 2.92% ▪ 50% subscribed 7,605,802 4.23% ▪ 25% subscribed 9,689,135 5.69% Date of Prospectus Nil N/A Completion of Offer Advance Opportunities Fund I ▪ Fully subscribed Nil N/A ▪ 75% subscribed 1,388,889 0.74% ▪ 50% subscribed 2,777,778 1.55% ▪ 25% subscribed 4,166,667 2.45% 4 Chiu Ling Ngooi Date of Prospectus 500,000 0.37% Completion of Offer Paramount Star Investments Limited Mun Kee Chang ▪ Fully subscribed 500,000 0.25% ▪ 75% subscribed 1,194,444 0.63% ▪ 50% subscribed 1,888,889 1.05% ▪ 25% subscribed 2,583,333 1.52% Date of Prospectus Nil N/A Completion of Offer ▪ Fully subscribed Nil N/A ▪ 75% subscribed 694,444 0.37% ▪ 50% subscribed 1,388,889 0.77% ▪ 25% subscribed 2,083,333 1.22% Date of Prospectus 5,109,365 3.74% Completion of Offer Johann Chik ▪ Fully subscribed 5,109,365 2.58% ▪ 75% subscribed 5,456,587 2.89% ▪ 50% subscribed 5,803,809 3.23% ▪ 25% subscribed 6,151,032 3.61% Date of Prospectus Nil N/A Completion of Offer Neil Franks ▪ Fully subscribed Nil N/A ▪ 75% subscribed 347,222 0.18% ▪ 50% subscribed 694,444 0.39% ▪ 25% subscribed 1,041,667 0.61% Date of Prospectus 1,603,058 1.17% Completion of Offer Yu Huei Wang ▪ Fully subscribed 1,603,058 0.81% ▪ 75% subscribed 1,950,280 1.03% ▪ 50% subscribed 2,297,502 1.28% ▪ 25% subscribed 2,644,725 1.55% Date of Prospectus Nil N/A Completion of Offer ▪ Fully subscribed Nil N/A ▪ 75% subscribed 173,611 0.09% ▪ 50% subscribed 347,222 0.19% ▪ 25% subscribed 520,833 0.31% 5 The Company, in consultation with the Underwriters, will ensure that the Offer (including the equitable dispersion of any Shortfall Securities) complies with the provisions of Chapter 6 of the Corporations Act and is otherwise consistent with the policy guidelines contained in ASIC Regulatory Guide 6 and Takeovers Panel Guidance Note 17. 1.8 Potential dilution on non-participating Shareholders If the Full Subscription is raised under the Offer, Shareholders should note that if they do not participate in the Offer, their holdings are likely to be diluted by approximately 31.03% (as compared to their holdings and number of Shares on issue as at the date of this Prospectus). No immediate dilution will occur as a result of the issue of New Options under this Prospectus. However subsequent exercise of any or all of the New Options will result in dilution. For illustrative purposes, the table below shows how the dilution may impact the holdings of Shareholders in the event that the Full Subscription is raised. Holder Holding as at Record date % at Record Date Entitlements under the Offer Holdings if Offer not taken Up % post Offer Shareholder 1 10,000,000 7.31% 4,500,000 10,000,000 5.04% Shareholder 2 5,000,000 3.66% 2,250,000 5,000,000 2.52% Shareholder 3 1,500,000 1.10% 675,000 1,500,000 0.76% Shareholder 4 400,000 0.29% 180,000 400,000 0.20% Shareholder 5 50,000 0.04% 22,500 50,000 0.03% Notes: 1. Based on the issued Share capital of the Company as at the date of the Prospectus and assumes that no additional Shares are issued prior to the record date of the Offer. 2. The dilutionary effect shown in the table is the maximum percentage on the assumption that those Entitlements not accepted by Eligible Shareholders are placed under the Underwriting and Shortfall Offer. 6 2. DETAILS OF THE OFFER 2.1 The Offer The Offer is being made as a pro-rata renounceable entitlement issue of 9 Shares for every 20 Shares held by Shareholders registered at the Record Date at an issue price of $0.36 per Share together with 1 New Option for every 3 Shares subscribed for and issued. Fractional entitlements will be rounded up to the nearest whole number. Based on the capital structure of the Company as at the date of this Prospectus, (and assuming no Shares are issued prior to the Record Date) approximately 61,517,993 Shares and 20,505,998 New Options may be issued under the Offer to raise up to $22,146,478. No funds will be raised from the issue of the New Options. As at the date of this Prospectus the Company has 4,000,000 Options on issue all of which are substantially out of the money and are unlikely to be exercised prior to the Record Date. All of the Shares offered under this Prospectus will rank equally with the Shares on issue at the date of this Prospectus. Please refer to Section 4.1 for further information regarding the rights and liabilities attaching to the Shares. The New Options will be exercisable at $0.50 on or before the date which is two years following their date of issue, and otherwise on the terms set out in Section 4.2. The purpose of the Offer and the intended use of funds raised are set out in Section 3. 2.2 What Eligible Shareholders may do The number of Securities to which Eligible Shareholders are entitled is shown on the personalised Entitlement and Acceptance Form which accompanies this Prospectus or may be accessed at https://investor.automic.com.au/#/home. Eligible Shareholders may choose any of the options set out in the table below. Option Key Considerations Take up all of your Entitlement • Should you wish to accept all of your Entitlement, then your application for Securities under this Prospectus must be made by following the instructions on the personalised Entitlement and Acceptance Form which accompanies this Prospectus or which may be accessed at https://investor.automic.com.au/#/home. Please read the instructions carefully. • Payment can be made by the methods set out in Section 2.3. As set out in Section 2.3, if you pay by BPAY or EFT, you do not need to return the Entitlement and Acceptance Form. • Should you wish to accept all of your Entitlement and apply for Shortfall Securit