29 June 2007capital raising announcement▲ Good
Update on the 2.5 cent options expiring 30 June 2007: 28.1m exercised, raising $702,544, with more notices received to convert on 9 July. All directors' remaining options have been exercised.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 June 2007joint venture update▼ BadMajor
XDK's plans are delayed because PetroChina investment committee approval, needed for the SZT joint venture, is not yet obtained and has no timetable. DVM withdraws about $1.0m of its $1.25m XDK subscription, calling it a long-term opportunity.
30 Mar 2007capital raising announcement▲ GoodMajor
Placement of 12.8m shares at 8 cents raises $1.025m, double the 4 cent price of the September 2006 placement. Funds are for expansion, possibly including using pre-emptive rights to increase its XDK stake, and assessing new projects.
What it means for a shareholder
12.8m new shares at A$0.080 to raise about A$1.0m. That's 85% dilution: every existing holder's slice gets 85% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.567% to 0.0833% of the company. To keep it you'd need 72,573 more shares - about A$5,806 at the issue price.
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15 Mar 2007director officer appointment● Neutral
Joshua Khiu, a Singaporean with oil industry finance experience, joins as non-executive director. The announcement says he is suited to managing the China downstream petroleum investment in XDK.
7 Mar 2007investor presentation● Neutral
Presentation on the XDK China petroleum investment, repeating known facts. It adds that DVM holds 17.5% with a pre-emptive right to fund and buy the remaining shares of XDK.
28 Feb 2007annual report● Neutral
Ernst & Young's independence declaration and clean audit opinion on the 2006 accounts: they give a true and fair view. No new business information.
28 Feb 2007annual report▼ Bad
Preliminary results for 2006: loss of $307,000 on revenue of $81,000, all interest income. Prior year showed a $3.78m profit from DOCA debt forgiveness. Cash was $953,000 and the XDK stake is carried at $1.25m, with no debt.
13 Feb 2007other● Neutral
Digital and Voice Media Limited changes its name to DVM International Limited, effective 13 February 2007. The ASX code stays DVM.
18 Dec 2006joint venture update▲ Good
Company received XDK's two-year business plan for its joint venture with SZT. Its 17.5% XDK stake is entitled to 90% of joint venture profits. The plan forecasts supplying crude, fuel and bunker oil and adding 30 service stations; these are forecasts only.
8 Dec 2006farm in farm out completion● NeutralMajor
Due diligence is complete and the company has signed the Subscription and Shareholders Deed with XDK, as foreshadowed on 21 November. It subscribes $1.25m for 17.5% and gets one board seat on XDK's board of up to three.
30 Nov 2006other● Neutral
The company's securities begin trading on the Open Market of the Frankfurt Stock Exchange. No other details are given.
21 Nov 2006material agreement● NeutralMajor
Binding terms sheet to subscribe $1.25m for 17.5% of Hong Kong company XDK South China Petrochemical, which funds a Chinese fuel-distribution joint venture. This is a move away from digital media advertising. It is subject to due diligence and a shareholders agreement.
9 Oct 2006capital raising announcement● Neutral
The September placement is finalised at 18.1m shares at 4 cents, raising $724,000, slightly above the announced 18m shares and $720,000.
What it means for a shareholder
18.1m new shares at A$0.040 to raise about A$724,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Sept 2006capital raising announcement● NeutralMajor
Placement of 18m shares at 4 cents to raise $720,000, plus 5m free options (2.5 cent exercise price, expiring 30 June 2007) subject to shareholder approval. Funds are for the digital media business, reviewing acquisitions and working capital.
What it means for a shareholder
18.0m new shares at A$0.040 to raise about A$720,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Aug 2006half year report● Neutral
Auditor's independence declaration and review report on the half-year accounts to 30 June 2006. Ernst & Young found nothing indicating the accounts are not fairly presented. No new business information.
28 Aug 2006half year report● Neutral
Half-year results to 30 June 2006: a loss of $94,592 on revenue of $36,652. This compares with a profit of $3.85m a year earlier, when debts were forgiven under the Deed of Company Arrangement. No dividends.
7 June 2006material agreement termination● Neutral
After due diligence, the company will not proceed with buying Perception Pty Ltd, ending the deal announced in April. It says it will keep focusing on its digital and media technology business while reviewing other projects.
10 Apr 2006asset acquisition disposition● NeutralMajor
Heads of agreement to buy 100% of Perception Pty Ltd, a media and games developer, for 90m shares at $0.05 plus 25m options. Perception holders would own about 42.66% of the company. It is subject to due diligence and shareholder approval.
28 Mar 2006annual report● Neutral
Auditor Ernst & Young's independence declaration and clean audit opinion on the 31 December 2005 financial report. It contains no new business or financial information beyond the preliminary results.
14 Mar 2006annual report● Neutral
Preliminary 2005 results: profit of $3.78m, driven by $4.196m of debt forgiven under the Deed of Company Arrangement. Excluding that, the company made an operating loss of $171,553. Cash was $1.663m and revenue was only $38,000, mostly interest.
14 Feb 2006material agreement termination● Neutral
After due diligence, the company has ended its Binding Terms Sheet with Proactive Energy Developments (announced 12 December 2005) and will not invest. The board says its main focus remains digital and media technology, especially point-of-sale indoor advertising.