Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Mar 2016debt default or forbearance▼ Bad
The noteholder trustee's letter warns the cash forecast does not show Antares can keep trading to March 2017 and that there is no binding sale other than the uncompleted Wade deal. The trustee also raises concern about insolvency with little cash.
7 Mar 2016debt default or forbearance▼ BadMajor
The sale to Wade Energy, named as buyer, has not completed. Antares lacks cash to meet redemption notices for 11.9m notes (A$23.8m). It proposes a reset date of March 2017, an interest moratorium and 4 shares per note, or administration may follow. A noteholder-requested investigator is also proposed.
8 Jan 2016other● Neutral
ASX-format notice of the AZZG convertible note interest payment of $0.0504 per note, paid 29 January 2016, record date 21 January. Duplicates the company notice; routine.
8 Jan 2016other● Neutral
Notice of the quarterly convertible note interest payment of $0.0504 per note on 29 January 2016, record date 21 January. Routine administrative notice.
1 Dec 2015material agreement▼ BadMajor
The Northern Star and Big Star sales did not close on 30 November 2015 as contracted, because Antares received a request for an extension. The board is negotiating amendments; this delays the cash the company was counting on from the sale.
28 Oct 2015material agreement● NeutralMajor
Antares says the ~USD250m Northern Star and Big Star sale to a private equity buyer is still progressing but subject to closing risk, with ~USD70m of estimated tax and costs. Noteholders hold redemption notices for 11.9m notes (A$23.8m); directors urge a vote to push the reset date to 31 March 2016.
8 Oct 2015other● Neutral
Company cover notice of the 30 October 2015 convertible note interest payment of $0.0504 per note, record date 22 October. Duplicates the ASX-format notice; routine.
8 Oct 2015other● Neutral
ASX-format notice of the convertible note (AZZG) interest payment of $0.0504 per note, paid 30 October 2015, record date 22 October. Routine administrative notice.
15 Sept 2015other● Neutral
Antares explains why it will not name the buyer of Northern Star and Big Star, citing completion risk, over 50 calls from other parties, and past sales (Petrohawk, Hawkville, Southern Star) named only after closing. Does not change the suspension.
15 Sept 2015listing compliance notice▼ BadMajor
ASX suspended Antares from quotation because it refused to name the buyer of Northern Star and Big Star. ASX says the sale needs shareholder approval under listing rule 11.2, so the buyer must be disclosed anyway; suspension continues until compliance.
11 Sept 2015half year report▼ BadMajor
Half-year to 30 June 2015 shows a net loss of $18.3m, including a $12.5m impairment of available-for-sale assets (the Breitburn units, by inference). Cash was $7.0m against a net liabilities position of $13.1m, a sharp drop from the prior year's $504k profit and $20.3m cash.
10 Sept 2015asset acquisition disposition● Neutral
Clarifies the ~USD250m Northern Star and Big Star sale is all cash with no conditions precedent. Antares keeps no interest in either project but retains other Texas interests. Describes selling projects as its main undertaking, which points to a shareholder vote.
7 Sept 2015admin correction● Neutral
Re-release of the 7 September sale announcement, correcting the second project label from 'Southern Star' to 'Big Star' in the highlights. Terms unchanged: Northern Star USD148.8m, Big Star USD105.1m, closing by 30 November 2015.
7 Sept 2015asset acquisition disposition▲ GoodMajor
Antares signed agreements to sell Northern Star for USD148.8m and Big Star for USD105.1m to an unnamed private equity buyer, about USD250m gross pretax, closing by 30 November 2015. This would sell its remaining Permian projects after the Southern Star sale; shareholder meeting to be announced.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation by the CEO focuses on nearby Permian deals and offset well results, with Northern Star (~13,000 net acres) and Big Star (~8,000). Says it is evaluating sale and/or JV options. 240m shares on issue. Repeats known themes.
24 July 2015other● Neutral
A further 475,760 shares were cancelled under the buy-back, leaving 240m shares on issue. Routine administrative notice.
7 July 2015other● Neutral
Notice of the quarterly convertible note interest payment on 31 July 2015 of $0.0504 per note, record date 23 July. Routine administrative notice.
1 July 2015other● Neutral
A further 491,168 shares were cancelled under the buy-back. Routine administrative notice with no new information beyond the cancellation.
18 June 2015other● Neutral
A further 533,072 shares were cancelled under the buy-back, leaving about 240.97m shares on issue. Routine administrative notice.
7 Apr 2015other● Neutral
Notice of the quarterly convertible note interest payment on 30 April 2015 of $0.0488 per note, record date 22 April. Routine administrative notice.
1 Apr 2015annual report● Neutral
Annual report for 2014 reviews the withdrawn USD300m Permian sale, the failed Lone Star activist campaign and the July 2014 takeover and sale approaches. Names Southern Star, Northern Star and Big Star as core projects. AGM set for 7 May 2015. Text truncated.
6 Mar 2015other▼ Bad
S&P Dow Jones quarterly index review lists Antares (AZZ) among removals from the All Ordinaries, effective after close 20 March 2015. Antares was already out of the S&P/ASX 300 since 2011; the notice contains no company news.
2 Mar 2015other● Neutral
A further 80,932 shares were cancelled under the buy-back, leaving 241.5m shares on issue. Routine administrative notice.
30 Jan 2015other● Neutral
A further 419,068 shares were cancelled under the buy-back, along with another 2.25m AZZG convertible notes.
7 Jan 2015other● Neutral
Notice of the quarterly convertible note interest payment on 30 January 2015 of $0.0504 per note. Routine administrative notice (record date is printed as 22 January 2014, apparently a typo for 2015).
2 Jan 2015other● Neutral
A further 750,000 shares were cancelled under the buy-back, leaving 242m shares on issue, along with another 2.5m AZZG convertible notes.
10 Dec 2014other● Neutral
Antares cancelled 12.25m shares bought back on market (7m and 5.25m, leaving 242.75m) and 1.25m AZZG convertible notes. Continues the buy-back begun after the Southern Star sale.
27 Oct 2014asset acquisition disposition▲ GoodMajor
Antares sold Southern Star to Breitburn for USD50m plus 4.3m Breitburn units, signed and closed 24 October 2014. It says the Macquarie debt is repaid to zero and the facility is being rolled over as a USD200m, 5-year line. Continues the Permian divestment path.
27 Oct 2014capital raising announcement▲ GoodMajor
Antares announced an on-market buy-back of up to 25.5m shares (10% of the 255m on issue), starting 10 November 2014 for up to 12 months, through Hartleys. Follows the Southern Star sale proceeds.
3 Oct 2014other● Neutral
Notice of the quarterly convertible note interest payment on 31 October 2014 of $0.0504 per note, record date 23 October. Routine administrative notice.
