Past year: ▼ 69%(0.40c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 June 2016capital raising announcement● Neutral
Addendum to the placement: tranche 1 is 200m shares and tranche 2 is 42.857m, both at 0.7c. Shares on issue rise from 873.2m to about 1.116bn. The raise is not underwritten; costs are a $40,000 fee plus 6% commission. Existing holders cannot participate.
10 June 2016capital raising announcement▲ GoodMajor
Austin announces a A$1.7m placement of 200 million shares at 0.7c, a 75% premium to the 0.4c rights issue, led by Patersons. Funds will drill two more Pierre wells in June-July, at about US$500k each, ahead of back-to-back flow tests of all three.
What it means for a shareholder
200m new shares at A$0.007 to raise about A$1.7m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (142,857 at the issue price), your slice goes from 0.0164% to 0.0133% of the company. To keep it you'd need 32,719 more shares - about A$229 at the issue price.
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13 May 2016capital raising announcement▲ GoodMajor
The rights issue closed with 49.8% take-up (215.9m shares, A$863,604). Underwriter Patersons takes the 217.5m-share shortfall, so the full A$1,733,433 is raised before costs. Funds go to Colorado drilling, working capital and offer costs.
28 Apr 2016capital raising announcement▼ Bad
Supplementary prospectus warns that holders not taking up the rights issue face about 50% dilution, or about 68% if all options are exercised. It also clarifies the balance sheet and fixes a typo. The company says nothing in it is materially adverse.
19 Apr 2016capital raising announcement▲ Good
Patersons Securities has fully underwritten the A$1.73m rights issue announced 11 April, so the raise is covered whatever the take-up. No new terms are given.
15 Apr 2016capital raising announcement● Neutral
Prospectus for the fully underwritten 1-for-1 rights issue at 0.4c to raise about A$1,733,433, with a free option per two shares. Also offers placement and sub-underwriter options subject to shareholder approval. Formal document for the 11 April announcement. Text truncated.
11 Apr 2016capital raising announcement● NeutralMajor
Austin announces a renounceable 1-for-1 rights issue at 0.4c to raise A$1,733,433, plus a A$150,347 placement at 4c, with free options at 0.6c expiring June 2019. Patersons to underwrite; part proceeds repay the Magna note, with no more shares issued under it. Existing holders are heavily diluted if they don't take part.
14 Mar 2016capital raising announcement● Neutral
A second cleansing prospectus dated 14 March 2016 offers up to 6,250 shares at 1.6c to raise $100, to lift trading restrictions on previously issued shares. It is not a fundraising. Text truncated.
What it means for a shareholder
6,250 new shares at A$0.016 to raise about A$100. That's 0.0016% dilution: every existing holder's slice gets 0.0016% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.016% to 0.016% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
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3 Feb 2016capital raising announcement● Neutral
Cleansing prospectus for up to 6,250 shares at 1.6c to raise up to $100. It exists to lift trading restrictions on shares already issued, not to raise funds. Text truncated.
What it means for a shareholder
6,250 new shares at A$0.016 to raise about A$100. That's 0.00167% dilution: every existing holder's slice gets 0.00167% smaller. If you held A$1,000 of shares (62,500 at the issue price), your slice goes from 0.0167% to 0.0167% of the company. To keep it you'd need 1 more shares - about A$0 at the issue price.
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21 Oct 2015capital raising announcement▼ BadMajor
The rights issue closed with applications for 42.4m shares, raising only $635,573 (a 19.6% take-up) against up to $3.326m sought. Directors may place the remaining 173.5m shortfall shares (up to $2.6m) within three months. This resolves the offer but leaves most funding unsecured.
8 Oct 2015capital raising announcement● Neutral
Austin confirms the rights issue prospectus and entitlement forms were mailed to all shareholders on 7 October. The timetable is unchanged, with closing on 19 October and issue on 26 October. Administrative notice only.
6 Oct 2015capital raising announcement● Neutral
Replacement prospectus dated 6 October replaces the 24 September original for the rights issue: up to $3,326,078 at 1.5c, two-for-three, with free 3c options expiring 18 September 2017. Terms unchanged; closing date 19 October. Text truncated, so reasons for replacement are not shown.
29 Sept 2015capital raising announcement● Neutral
Sample copy of the shareholder letter mailed 25 September about the rights issue. It repeats the existing terms (two-for-three at 1.5c, up to $3.326m, record date 1 October, closing 19 October). No new information.
25 Sept 2015capital raising announcement● Neutral
Prospectus for the rights issue of up to $3,326,078 at 1.5c, two shares for every three held, with free 3c options expiring 18 September 2017. It describes the shares as highly speculative. Closing date is 19 October. Text truncated.
23 Sept 2015capital raising announcement● Neutral
Re-release of the 23 September rights issue announcement with a corrected timetable: shareholder notice moves to 25 September and prospectus despatch to 7 October. Terms are unchanged: up to $3.326m at 1.5c, two-for-three.
23 Sept 2015capital raising announcement● NeutralMajor
Austin launches a non-renounceable rights issue of two new shares for every three held at 1.5c, raising up to $3.326m, with one free option (3c, expiring 18 Sept 2017) per two shares. The price is a 25% discount to 2c. $1.5m is earmarked for Pathfinder drilling.
3 Dec 2014capital raising announcement▲ GoodMajor
Lanstead Capital, a UK investor, takes a 19.8% stake: A$4.513m for 59m shares at 7.65c, plus 5.9m fee shares, with a two-year hold. An equity swap lets Austin receive more or less than the amount depending on share price against a 10.2c benchmark. A proposed debt program was cancelled.
26 June 2014capital raising announcement▲ GoodMajor
A placement of the SPP shortfall, 171,790,241 shares at 1.0c, raises $1,717,902 through lead manager DJ Carmichael. With the SPP's $4,350,459, total equity raised is $6,068,361 before costs, alongside the US$40m debt still under negotiation.
6 June 2014capital raising announcement▲ GoodMajor
Austin closed its share purchase plan having raised $4,350,459 through 435,045,900 shares, with support from over 70% of shareholders. The funds are to support Birch Eagle Ford development, and the fourth Halcón well was expected to start in coming weeks.
What it means for a shareholder
435m new shares at about A$0.010 to raise about A$4.4m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00567% to 0.00455% of the company. To keep it you'd need 24,679 more shares - about A$247 at the issue price.
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16 May 2014capital raising announcement● Neutral
SPP offer documents sent to shareholders. The plan aims to raise up to $6m at 1.0c, up to $15,000 each, with the 1.0c price an 11.16% discount to the 5-day VWAP. Funds would cover Austin's 30% share of Birch wells after the third.
12 May 2014capital raising announcement● NeutralMajor
Austin launched a share purchase plan at 1.0c per share, up to $15,000 per holder, closing 2 June, to fund its share (US$2.4-2.7m) of the fourth Eagle Ford well. It is a bridge until the debt package. The price is below February's 1.1c placement; total size not stated.
5 Feb 2014capital raising announcement● NeutralMajor
Austin raised $2.86m by placing 260m shares at 1.1c, a 15% discount, with DJ Carmichael as lead manager. Funds start the Pierre shale drilling at Pathfinder. The price is below the 1.2c August 2013 raise, so existing holders are diluted at a lower price.
What it means for a shareholder
260m new shares at A$0.011 to raise about A$2.9m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (90,909 at the issue price), your slice goes from 0.00516% to 0.00449% of the company. To keep it you'd need 13,409 more shares - about A$147 at the issue price.
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5 Aug 2013capital raising announcement● NeutralMajor
Austin raised $1.7m from an institutional placement of 141.6m shares at 1.2c, a 14% discount, lower than the 1.6c April-May raise. Funds go to the Pathfinder gas pipeline, costing about $1.2m and expected to earn about $150,000 a month (company estimate).
What it means for a shareholder
142m new shares at A$0.012 to raise about A$1.7m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.00517% to 0.00475% of the company. To keep it you'd need 7,315 more shares - about A$88 at the issue price.
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13 May 2013capital raising announcement● NeutralMajor
The SPP and placement closed, raising about $1.5m at 1.6c in total, well below the up-to-$8m SPP target. The company lists cost cuts and deals: Pathfinder commitment well replaced by a $250,000 payment, Birch commitment wells replaced by $1.25m, and PEL 105 sold.
17 Apr 2013capital raising announcement● Neutral
Mailing of the Share Purchase Plan offer: Australian holders on the 8 April record date can buy up to $15,000 of shares at 1.6c, a 15% discount to the 1.8c five-day VWAP. Offer closes 13 May 2013. Terms only; nothing new.
9 Apr 2013capital raising announcement● NeutralMajor
Austin launches a Share Purchase Plan to raise up to $8m at 1.6c per share, after a $1.471m placement at the same price, to cover about $2.7m of drilling commitments. It also reports farm-out talks for Pathfinder and a possible Birch horizontal well in July.
2 Mar 2012capital raising announcement● Neutral
Share purchase plan offer documents mailed to eligible Australian shareholders: up to A$15,000 each at 2.9 cents, targeting up to A$5m, closing 27 March 2012. Same price as the A$20.01m placement announced 22 February. Completes the paperwork for the earlier raising.
22 Feb 2012capital raising announcement▲ GoodMajor
Austin plans to raise up to about A$20m via a placement of up to ~690m shares at 2.9 cents with 1-for-2 free options (5.5c, July 2013), plus a A$5m share purchase plan. Funds a multi-well program: Eagle Ford, Niobrara horizontals and a Mississippi well. Described as oversubscribed.
What it means for a shareholder
690m new shares at A$0.029 to raise about A$20.0m. That's 49% dilution: every existing holder's slice gets 49% smaller. If you held A$1,000 of shares (34,483 at the issue price), your slice goes from 0.00487% to 0.00247% of the company. To keep it you'd need 33,636 more shares - about A$975 at the issue price.
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31 Jan 2012capital raising announcement● Neutral
The January placement is increased on demand to 44 million shares at 2.7 cents with attaching options, raising A$1.188m before costs, up from A$1.08m. Funds are for US exploration; no shareholder approval needed.
What it means for a shareholder
44.0m new shares at A$0.027 to raise about A$1.2m. That's 5.9% dilution: every existing holder's slice gets 5.9% smaller. If you held A$1,000 of shares (37,037 at the issue price), your slice goes from 0.00524% to 0.00493% of the company. To keep it you'd need 2,304 more shares - about A$62 at the issue price.
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24 Jan 2012capital raising announcement● NeutralMajor
Placement of 40 million shares at 2.7 cents with free attaching options (exercisable 5.5c, expiring July 2013) to raise A$1.08m for US exploration. Company says it is on track to secure a reserves-based debt and equity facility.
