Past year: ▼ 2%(1.80c – 3.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2018capital raising announcement● NeutralMajor
88E announced a 1-for-7 non-renounceable rights issue at A$0.018 per share to raise up to about A$14.33m, not underwritten. Funds are for Winx-1 testing and possible cost overruns, lease rentals and working capital. Winx-1 spud is set for February 2019; directors intend to take up their entitlements.
9 May 2018capital raising announcement● Neutral
Confirms issue of 460.8m shares at A$0.037 raising A$17m, an 8.29% dilution of existing holders. No underwriting; commission was 6% plus A$75,000 management fees. This completes the 2 May placement.
What it means for a shareholder
461m new shares at A$0.037 to raise about A$17.0m. That's 8.3% dilution: every existing holder's slice gets 8.3% smaller. If you held A$1,000 of shares (27,027 at the issue price), your slice goes from 0.00053% to 0.000486% of the company. To keep it you'd need 2,443 more shares - about A$90 at the issue price.
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2 May 2018capital raising announcement● NeutralMajor
88E raised up to A$17m via an oversubscribed placement of up to 460m shares at A$0.037. Cash was US$10.5m at 31 March against a US$6.5m work programme. Funds cover 3D seismic processing, ~A$5m of lease payments and debt interest; shares on issue rise to ~5.56bn.
8 Mar 2018capital raising announcement▲ GoodMajor
About 98% of the listed A$0.02 options were exercised (405m), raising A$8.1m, ahead of the 2 March expiry. The underwriter will take up the 8.7m-share shortfall. This resolves the option expiry thread and boosts cash for Icewine work.
12 Feb 2018capital raising announcement▲ GoodMajor
Hartleys and Xcel underwrite the ~340m listed 88EO options (A$0.02, expiring 2 March) up to A$6.75m, for a 4.5% fee. This guarantees funding for Icewine#2 work, new acreage and 3D seismic, following A$19.2m cash at September.
6 Mar 2017capital raising announcement● NeutralMajor
Oversubscribed placement raising A$17m through 459,459,460 shares at A$0.037, plus 4.05m fee shares. Funds cover Icewine#2 cost overruns, lease payments on the new acreage and ongoing exploration. Shares on issue rise to 4,632,693,932, following the A$11m raise at A$0.04 in October.
What it means for a shareholder
459m new shares at A$0.037 to raise about A$17.0m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (27,027 at the issue price), your slice goes from 0.000648% to 0.000584% of the company. To keep it you'd need 2,978 more shares - about A$110 at the issue price.
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25 Oct 2016capital raising announcement▲ GoodMajor
Agreed A$11m placement to two US institutions: 275m shares at A$0.04 plus 137.5m options at A$0.055 (five-year). Maxim Group takes a 7% fee. Dilution is 7.1%; funds are for Icewine#2 (1Q2017), Alaska growth opportunities and working capital.
What it means for a shareholder
275m new shares at A$0.040 to raise about A$11.0m. That's 6.6% dilution: every existing holder's slice gets 6.6% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.000642% to 0.0006% of the company. To keep it you'd need 1,765 more shares - about A$71 at the issue price.
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22 Apr 2016capital raising announcement▲ GoodMajor
Raises A$25m through a placement of 715m shares at an effective A$0.035, above the A$10-15m target. Funds go to 750km of 2D seismic, the ~174,000-acre payment and Icewine #2H planning, with a spud planned Q1 2017. Shares on issue rise to 3.89 billion.
23 Nov 2015capital raising announcement● Neutral
Offer document for the Share Purchase Plan: eligible holders can buy up to A$15,000 of shares at A$0.01 (A$0.011 if the ASX waiver is refused), first come first served. It targets A$2m, with a combined maximum with the placement of about €5m. Mechanics of the previously announced raising.
20 Nov 2015capital raising announcement● NeutralMajor
A placement of up to 300 million shares at A$0.01 to raise up to A$3m was completed and oversubscribed. A Share Purchase Plan of up to A$2m (A$15,000 per holder) is also offered. Funds go to the new acreage deposit, seismic and working capital. This funds the 19 November acreage deal.
What it means for a shareholder
300m new shares at A$0.010 to raise about A$3.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00427% to 0.00379% of the company. To keep it you'd need 12,824 more shares - about A$128 at the issue price.
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27 Aug 2015capital raising announcement● Neutral
Second technical prospectus, for a nominal 1,000 shares at A$0.01 plus up to 70,000,000 options for nil consideration, lodged to clean up trading restrictions on securities issued after the placement. No new funds raised.
What it means for a shareholder
1,000 new shares at A$0.010 to raise about A$10. That's 0.0000764% dilution: every existing holder's slice gets 0.0000764% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00764% to 0.00764% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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29 July 2015capital raising announcement● Neutral
Technical prospectus for a nominal 1,000 shares at A$0.01 (A$10), lodged to remove trading restrictions on shares from the July placement. It raises no new money; the A$12m placement is unchanged.
What it means for a shareholder
1,000 new shares at A$0.010 to raise about A$10. That's 0.0000877% dilution: every existing holder's slice gets 0.0000877% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00877% to 0.00877% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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22 July 2015capital raising announcement● NeutralMajor
Oversubscribed placement of up to 1,200m shares at A$0.01 to raise A$12m, in two tranches; the second needs approval at a 21 August meeting. Shares would rise to 2,339m. Drilling is budgeted at about US$16.5m, with part reliant on the unfinalised Bank of America facility. Icewine #1 spud is targeted for October.
What it means for a shareholder
1.20bn new shares at A$0.010 to raise about A$12.0m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00877% to 0.00427% of the company. To keep it you'd need 105,277 more shares - about A$1,053 at the issue price.
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23 Mar 2015capital raising announcement● Neutral
The cleansing offer of up to 1,000 shares at A$0.01 (up to A$200) under the 16 February prospectus has closed. It only removes resale restrictions on placement shares; no new money. An Icewine update is promised soon.
What it means for a shareholder
1,000 new shares at A$0.010 to raise about A$10. That's 0.0000877% dilution: every existing holder's slice gets 0.0000877% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00877% to 0.00877% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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17 Mar 2015capital raising announcement● Neutral
Supplementary prospectus adds a cleansing offer of up to 1,000 listed options (A$0.02 strike, A$0.001 each, raising up to A$1) to remove resale restrictions on options issued earlier. Directors say it is not dilutionary; no new money.
18 Feb 2015capital raising announcement▲ GoodMajor
Bookbuild completed for a strongly oversubscribed placement of about 700m shares at A$0.01 (about A$7m), with one free option per two shares at A$0.02, expiring 1 March 2018. Funds completion of Icewine; settlement due 27 February 2015. Resolves the funding gap.
What it means for a shareholder
700m new shares at A$0.010 to raise about A$7.0m. That's 61% dilution: every existing holder's slice gets 61% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0221% to 0.00868% of the company. To keep it you'd need 154,858 more shares - about A$1,549 at the issue price.
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16 Feb 2015capital raising announcement▲ GoodMajor
Prospectus for a placement of up to 600m shares at A$0.01 to raise A$6m (minimum A$3.5m), plus up to A$0.913m oversubscriptions, with a free option per two shares (A$0.02 strike, 3 years). Funds the Icewine acquisition; company to be renamed 88 Energy.
22 Oct 2014capital raising announcement● Neutral
Cleansing prospectus for the A$1.2m placement at A$0.006: nominal offer of 1,000 shares to raise A$6, plus 12 million options (A$0.01 exercise, 3 years) to brokers and advisers. It removes trading restrictions on placement shares; no new money.
13 June 2014capital raising announcement● Neutral
Cleansing prospectus covering 1.54m shares at A$0.29 and new options (6.2m at A$0.16, 1m at A$0.30, 1m at A$0.42, 2m at A$0.28), so shares can be on-sold freely. Administrative; the text does not show new money being raised.
What it means for a shareholder
1.5m new shares at A$0.290 to raise about A$446,600. That's 0.771% dilution: every existing holder's slice gets 0.771% smaller. If you held A$1,000 of shares (3,448 at the issue price), your slice goes from 0.00174% to 0.00173% of the company. To keep it you'd need 27 more shares - about A$8 at the issue price.
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27 May 2014capital raising announcement● NeutralMajor
Tangiers raised a further A$4m via 25m shares at A$0.16, bringing the total to A$9m against the A$10m originally sought. This placement needs AGM approval in early June. Funds cover its share of TAO-1 costs above the US$33m carry.
What it means for a shareholder
25.0m new shares at A$0.160 to raise about A$4.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (6,250 at the issue price), your slice goes from 0.00315% to 0.0028% of the company. To keep it you'd need 788 more shares - about A$126 at the issue price.
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19 May 2014capital raising announcement● Neutral
Cleansing prospectus for 100 shares at A$0.16 (A$16), issued so shares from the recent placement can be on-sold without trading restrictions. Administrative; no new money raised. Text is truncated.
13 May 2014capital raising announcement● NeutralMajor
Tangiers placed A$5m of shares (31.25m at A$0.16) to institutions, in two tranches; the second (about 7.5m shares) needs AGM approval. Funds go to its share of TAO-1 costs above the US$33m carry. The US$7.5m back costs go into a joint account for the same purpose.
28 Apr 2014capital raising announcement▼ BadMajor
Tangiers asked for a trading halt after Galp put the TAO-1 well budget at about US$75m (±25%). Tangiers pays 33% above the US$33m carry; it flags a possible US$6m shortfall in the high case, risking its interest, and plans a capital raising.
10 Oct 2013capital raising announcement▲ GoodMajor
Foster Stockbroking has fully underwritten the 16c options expiring 31 October, securing about A$7.1m before fees (5% underwriting, 1% management, 2.5m options at 45c). With Galp proceeds, Tangiers expects about A$19m cash. Chairman discounts media reports of Moroccan approval delays.
8 Nov 2012capital raising announcement▲ GoodMajor
Share purchase plan closes heavily oversubscribed, raising $2m at 28c instead of the planned $800,000, after $3.8m of applications were scaled back to about 52%. With the $5m placement, total is about $7m, subject to a 16 November shareholder vote on the second tranche.
3 Oct 2012capital raising announcement● Neutral
Share purchase plan opens 8 October and closes 2 November at A$0.28, up to $15,000 per eligible shareholder, capped at about $800,000. The price is a 13.58% discount to the recent average close. Administrative follow-up to the September raise.
24 Sept 2012capital raising announcement● NeutralMajor
Raise upsized to up to $5.8m: $5m placement of about 18.2m shares at A$0.28 plus an $800,000 share purchase plan. Proceeds are to fund the new board's push into African farm-ins and acquisitions, a shift from the Morocco and Australia focus.
What it means for a shareholder
18.2m new shares at A$0.280 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (3,571 at the issue price), your slice goes from 0.00333% to 0.00285% of the company. To keep it you'd need 606 more shares - about A$170 at the issue price.
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21 Sept 2012capital raising announcement● NeutralMajor
Plans a $5m raise: a $4.2m placement at 18p (A$0.28) plus a $0.8m share purchase plan. First tranche of 8,120,500 shares (about £1.45m) issues now; about $2m needs shareholder approval at an EGM in late October.
What it means for a shareholder
8.1m new shares at about A$0.5172 to raise about A$4.2m. That's 7.0% dilution: every existing holder's slice gets 7.0% smaller. If you held A$1,000 of shares (1,933 at the issue price), your slice goes from 0.0018% to 0.00168% of the company. To keep it you'd need 146 more shares - about A$76 at the issue price.
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4 Sept 2012capital raising announcement● NeutralMajor
Placement of 3,562,222 shares at 18 pence to UK investors raises about £641,200, run by Old Park Lane. A second small raise within a month, after A$0.85m in August. Use of funds not stated.
8 Aug 2012capital raising announcement● NeutralMajor
Placement of about 2.57m shares at A$0.33 raises about A$0.85m for working capital, from UK and Australian investors. Priced well below the 50c placement of January 2012 (inference: a notably lower price) and a small raise.
What it means for a shareholder
2.6m new shares at A$0.330 to raise about A$850,000. That's 2.5% dilution: every existing holder's slice gets 2.5% smaller. If you held A$1,000 of shares (3,030 at the issue price), your slice goes from 0.00301% to 0.00293% of the company. To keep it you'd need 77 more shares - about A$25 at the issue price.
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