Each one in plain English, with the numbers worked through for a shareholder.
10 May 2023capital raising announcement● NeutralMajor
Retail entitlement offer raised only about $0.7m (181m shares at $0.004). Total existing-holder take-up was about $3.6m, roughly 39%. A shortfall of about 1.4bn shares ($5.7m) falls to underwriters and sub-underwriters, including director-linked entities. Offer was fully underwritten by Wilsons.
What it means for a shareholder
181m new shares at A$0.004 to raise about A$700,000. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.00664% to 0.00634% of the company. To keep it you'd need 12,026 more shares - about A$48 at the issue price.
The retail entitlement offer closing date was extended 14 days, from 20 April to 4 May 2023, giving retail holders more time to take up shares at $0.004. Results are due 10 May. Timetable change only.
Letter telling shareholders outside Australia and New Zealand, or otherwise ineligible, that they cannot take part in the retail entitlement offer. Their entitlements are non-renounceable and carry no payment. Administrative notice, no new substance.
Cover letter to eligible retail shareholders summarising the 1-for-1 entitlement offer at $0.004 and pointing to the offer booklet. Options are to take up, top up, partly take up or let entitlements lapse. No new substance.
Retail offer booklet for the 1-for-1 entitlement offer at $0.004 per share, targeting about $9.3m in total. Eligible holders can take up their entitlement or apply for a top-up; unclaimed entitlements lapse without payment. It repeats already announced terms.
27 Mar 2023capital raising announcement▲ GoodMajor
Armour completed the institutional part of its raising: about $2.7m placement (663.3m shares) and $2.9m institutional entitlement offer (722.9m shares), both at $0.004. DGR, Tenstar and Bizzell-affiliated entities backed it. The retail offer, up to about $6.4m, closes 20 April.
What it means for a shareholder
723m new shares at A$0.004 to raise about A$2.9m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (250,000 at the issue price), your slice goes from 0.0107% to 0.00818% of the company. To keep it you'd need 77,498 more shares - about A$310 at the issue price.
23 Mar 2023capital raising announcement● NeutralMajor
Armour launched a fully underwritten $32.0m recapitalisation: $2.7m placement and $9.3m 1-for-1 entitlement offer, both at $0.004 (33.3% discount), plus $20.0m convertible notes needing shareholder and Secured Noteholder approval. Proceeds cut Secured Note debt, refinance MOG notes and fund production work and Enterprise North planning.
18 Oct 2022capital raising announcement● NeutralMajor
Armour raised $4.64m via McArthur exchangeable notes (DGR $4.0m, Bizzell $0.3m, BAM $0.34m) plus a Tenstar placement of 51.45m shares at $0.0065. Secured Notes fell to $22.4m. Tribeca bonding debt (about $1.7m left) has a standstill to 15 Nov. Surat in-well-bore work continues.
Supplementary prospectus explains that the 290m shares and options go to PECAL and Talbragar, who take over the Tribeca facility (about $5.45m) on a limited-recourse basis and sell the securities to repay it. Armour stays liable and covers any shortfall from its own cash.
Prospectus to issue 290m shares and 96.7m listed 5c options at nil price, mainly to lift trading restrictions so the placement securities can be sold. Shares on issue before the offer are 1,994,451,327. Offer closes 30 June 2022.
Of the $8.2m placement, $5.725m has settled with 220,192,320 shares and 73,397,439 options issued. The balance, including the $1.6m needing shareholder approval, comes after the November AGM.
What it means for a shareholder
220m new shares at about A$0.026 to raise about A$5.7m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00235% to 0.00207% of the company. To keep it you'd need 5,172 more shares - about A$134 at the issue price.
Armour raised $8.2m in a placement at 2.6c, a 21% discount, with one free 5c option per three shares. $1.6m, including DGR's commitment, needs shareholder approval. Funds go to demerger costs, tenure compliance, plant upkeep and note payments.
18 Mar 2021capital raising announcement● NeutralMajor
Armour raised $11.5m via placement at 3.5c, a 12.5% discount, with one free 5c option per four shares. $8.8m is immediate; $2.7m needs shareholder approval and includes directors and DGR. Funds the McArthur demerger costs, Kincora work and note payments.
Armour lodged a cleansing prospectus for up to 100,000 options at $0.01 (about $1,000) to remove resale restrictions on options issued in the placements. Options for placement participants are now being allotted. Technical filing; no new money of substance.
After the EGM approved the placements, Armour upsized its conditional placement to about $7m, taking the total raise to about $15m (from about $10m). DGR Global plans to keep about 19%, subject to AGM approval. Funds go to Surat stimulation, Cooper exploration and Newstead gas storage restart.
10 Aug 2020capital raising announcement● NeutralMajor
The retail entitlement offer drew only $433,543 in applications; with institutions, existing holders took up $2.19m in total. Underwriter Bizzell Capital Partners must cover a $2,337,889 shortfall, so the raising relied heavily on its underwriter.
Supplementary prospectus extends the retail entitlement offer close to 5 August 2020 and updates disclosure on the amended Santos farm-in ($6m unconditional payment). Directors say this does not increase the raising's expected sources of funds.
Retail offer closing date pushed again, to 5 August 2020, so retail holders can consider the Santos amendment ($6m by 31 July, $64.9m free carry unchanged). Results are now due 10 August, with new shares trading 13 August.
The retail entitlement offer's closing date moved from 15 July to 31 July 2020, with results due 5 August. Price (2.3c) and terms are otherwise unchanged.
Armour confirmed the prospectus was sent to eligible retail shareholders and the retail entitlement offer opened, scheduled to close 15 July 2020. Terms are unchanged: 1-for-3 at 2.3c with free options.
19 June 2020capital raising announcement▲ GoodMajor
Early results of the 2.3c raising: over $8m secured, including $1.84m from institutions in the entitlement offer and $3.52m of placement commitments ($0.9m needs shareholder approval). The $2.69m retail portion is underwritten; the target is up to $10m.
Prospectus for the 1-for-3 entitlement offer at $0.023 per share, raising about $4.5m and fully underwritten by Bizzell Capital Partners. Retail offer closes 15 July 2020. Repeats terms in the raising announcement; the offer price is well below the 3.7c market price cited in March.
15 June 2020capital raising announcement● NeutralMajor
Armour launched a raising at 2.3c per share: a ~$3.36m placement, a ~$4.53m underwritten 1-for-3 entitlement offer, and up to $2.1m more in a conditional placement. One free option per two shares (5c, to Feb 2024). Funds go to Kincora work and note payments.
Armour issued the 80m placement shares, a 13.6% dilution (5.9% under Listing Rule 7.1, 7.7% under 7.1A). Bizzell Capital Partners was lead manager. An entitlement offer on the same terms is still to come.
Armour closed a $4m private placement of 80m shares at 5 cents, with one 8-cent option (to Sept 2023) per two shares. An entitlement offer on the same terms is planned. Funds go to the Kincora field program. This is below the recent 7c share price and is Armour's first equity raising since the $55m bond.
What it means for a shareholder
80.0m new shares at A$0.050 to raise about A$4.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00393% to 0.00339% of the company. To keep it you'd need 3,141 more shares - about A$157 at the issue price.
FIIG reports offers above the $55m target for Armour's new notes, and the offer will close at $55m. Settlement is targeted for 29 March 2019, when the existing convertible notes are to be redeemed. Documentation is still to be finalised.
19 Mar 2019capital raising announcement▲ GoodMajor
Armour plans to raise up to $55m through five-year secured, amortising notes at 8.75%, arranged by FIIG, to redeem all convertible notes including the M.H. Carnegie holding. DGR Global will roll $10m of its convertible notes into the new notes. This follows the 1 March mandate.
The retail entitlement offer drew $3.27m of applications, so the offer raised $5.86m from shareholders in total against the $10.1m target. A shortfall of $4.27m falls to underwriter Samuel Holdings, an entity associated with chairman Mather; settlement is being arranged.
The retail close of the $0.10 entitlement offer was extended from 28 to 31 August, with results due 5 September. Convertible note conversion ratio adjusted to 1.0047 shares per note, and option strike prices were lowered slightly because of the offers.
Armour confirmed the retail offer booklet was posted to eligible shareholders and a notice sent to ineligible holders outside Australia and New Zealand. Administrative; no new terms.
