Past year: ▼ 35%(0.30c – 0.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Oct 2017half year report● Neutral
Half-year report to 30 June 2017 shows a net loss of A$1.799m (June 2016 half: A$6.455m). Administrators again say records were reconstructed and cannot be called complete or accurate. Repeats the Pager deed terms and the Murphy Oil well sale.
17 Oct 2017annual report▼ Bad
Late 2015 annual report, prepared by deed administrators. It says about A$47.5m of notes went unpaid after Breitburn units lost value. It records seven Northern Star wells sold to Murphy Oil from 1 April 2017 and Pager's A$1,876,875 for about 95% of the company.
17 Oct 2017half year report▼ Bad
Half-year report to 30 June 2016 shows a net loss of A$6.455m (2015: A$18.333m). Administrators say records were reconstructed and cannot be stated as complete or accurate. Repeats the administration and Pager deed terms.
17 Oct 2017annual report▼ Bad
2016 annual report, filed late under the deed. It repeats the notes default, the administrations, and the Pager deal: A$1,876,875 for about 95% of shares, A$500,000 to a creditors' trust. No directors are in office; the Big Star project is retained.
2 June 2017business combination● Neutral
The Pager Partners recapitalisation deed is not yet effective, as conditions remain unmet. The deed period was extended to 31 October 2017 pending ASX approval, after which shareholders will vote. This is a delay to the December 2016 plan.
22 Dec 2016business combination● NeutralMajor
The Deed of Company Arrangement for a recapitalisation proposal from Pager Partners was signed 21 December 2016. A shareholder meeting will be convened to vote on it. This follows the creditors' 2 December vote; terms are not given here.
9 Dec 2016bankruptcy or receivership● NeutralMajor
At the 2 December 2016 second creditors' meeting, creditors voted to put Antares into a Deed of Company Arrangement, with FTI's Olde and Ryan as deed administrators. This moves the company from administration towards a recapitalisation; a deed is still to be signed.
8 Sept 2016bankruptcy or receivership● Neutral
Administrators say the expressions of interest process still closes 23 September 2016. They note third-party commentary on the notes' value and the US assets did not come from them. No new information on bids.
30 Aug 2016asset acquisition disposition● NeutralMajor
Administrators began seeking expressions of interest, closing 23 September 2016, to recapitalise Antares or buy its US subsidiary's Dawson County, Texas assets. About 15,900 acres are leased (about 5,000 expired), with 34 net boe/d and 82,260 net boe reserves.
25 July 2016other● Neutral
Not about Antares' operations: an Aurora fund notice says a fund holding Antares AZZG notes will offer off-market redemptions, because the notes were frozen. It confirms FTI remain administrators. Fund-level administrative matter, routine for Antares shareholders.
26 May 2016bankruptcy or receivership● Neutral
The NSW Supreme Court extended the administration convening period by up to six months. This gives the administrators time to investigate and run an asset sale strategy. Procedural; no change to shareholders' position yet.
19 May 2016bankruptcy or receivership● Neutral
Creditors' committee backed an application to the NSW Supreme Court to extend the administration convening period by up to six months. The administrators want time to investigate and pursue an asset sale or recapitalisation. Procedural step.
10 May 2016bankruptcy or receivership● NeutralMajor
FTI Consulting's Quentin Olde and Michael Ryan replaced Pitcher Partners as administrators on 10 May 2016, after a creditors' meeting vote. Shares stay suspended. This ends the board's chosen administrators and puts creditor-backed ones in control.
6 May 2016bankruptcy or receivership● Neutral
The Pitcher Partners administrators say they are independent and that the former executives are unpaid directors helping them. They note some noteholders may seek to replace them, and that advisers have interested parties close to proposals. Largely reassurance; no new transaction.
29 Apr 2016bankruptcy or receivership▼ BadMajor
Antares' board appointed Pitcher Partners administrators on 28 April 2016, a day before the noteholder vote. Over 50% of noteholders backed an extension but 75% was needed. About A$47m of notes were unpaid; shares stay suspended and the CEO resigned.
8 Apr 2016security holder rights change● Neutral
Antares gives notice that the adjourned noteholder meeting resumes 29 April 2016. Noteholders will vote on an amended reset proposal, including up to four noteholder-nominated directors, plus new resolutions on waiving an alleged breach or trustee enforcement after the default notice.
1 Apr 2016debt default or forbearance▼ BadMajor
Noteholders adjourned the 31 March meeting to 29 April 2016. Redemption notices of A$24.6m exceed cash, and the trustee says non-payment is an event of default. Antares will take no action until the vote, and has sought ASIC relief to delay its annual report.
29 Mar 2016other● Neutral
Chairman's letter to noteholders defends the Southern Star sale and the board's record of meeting coupons since 2003. It says the Wade buyer did not honour its commitments, and the joint venture, sale and refinancing efforts were hurt by oil prices. Text truncated.
24 Mar 2016joint venture update▼ BadMajor
Antares says the Wade sale agreements remain on foot but missed a 15 January 2016 completion date. A 50/50 joint venture, the KLR sales process (no bids) and a proposed US$45m loan from second-largest shareholder Equity Group Investments all failed to land. Cash is just over A$1m.
23 Mar 2016debt default or forbearance▼ Bad
At the trustee's Sydney meeting, noteholders voted 8,137,179 for and 8,049,740 against an independent investigator reviewing the asset sale process, cash forecasts and sale conditions, at Antares' cost. Votes were nearly evenly split. The company reports the result; the final outcome is not stated.
23 Mar 2016listing compliance notice● Neutral
Antares responds to an ASX aware query on its disclosure of the noteholder extension and delayed asset sale. It argues the information was disclosed or not yet required, and defends past confidentiality about buyer names. Text is partly truncated.
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.
1 Feb 2016quarterly activities report▼ Bad
December quarter: the board is negotiating amendments to both sale agreements and talking to other parties about outright sale or joint venture, with no detail given. Cash is down to A$1.4m, and Big Star acreage fell from 9,906 to 9,657.
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 2015quarterly activities report● Neutral
September quarter report restates the Northern Star (USD148.8m) and Big Star (USD105.1m) sale agreements, still subject to closing risk, and cites a nearby USD376m Yellow Rose sale. Cash fell to A$4.4m from A$7.0m. Noteholder vote on extending the reset date is on 30 October.
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.
