3 Aug 2015other● Neutral
Cover list of pre-reinstatement disclosures: shareholder distribution, top 20 holders, capital structure, balance sheet, commitments, strategy and governance. No new substance itself.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Aug 2015other● Neutral
Distribution schedule shows 1,924 holders of 3,500,000,000 shares, with 498 holders owning over 100,000 shares each holding 99.31% of the capital.
3 Aug 2015other● Neutral
Pre-quotation letter confirms 3,500,000,000 shares on issue and Listing Rule 3.1 compliance. It confirms the Payne County lease of 465 gross (~282 net) acres is in good standing.
3 Aug 2015other● Neutral
Unaudited pro-forma balance sheet at 31 December 2014, updated for funds raised, shows total equity moving from a deficit of $765,965 to a surplus of $1,914,615, with $2.3m cash after the raise.
3 Aug 2015other● Neutral
Top 20 holders list shows the top 20 holding 50.70% of 3.5bn shares; the largest holders each have 150,000,000 shares (4.29%). Also gives location and foreign-ownership breakdowns.
29 July 2015quarterly activities report● Neutral
June 2015 quarter report shows nil cash flows. It recaps the 5 June shareholder approvals, the prospectus for up to $2.5m at $0.001, DOCA completion on 15 July, and says relisting is expected shortly.
16 July 2015bankruptcy or receivership▲ GoodMajor
The DOCA was wholly effectuated on 15 July 2015 and Guggenheim's receivers retired. Control returned to the board, and the company is preparing to relist as BRK. This ends the administration that began in December 2014.
9 July 2015quarterly activities report● Neutral
March 2015 quarter report shows nil cash flows while the company stayed under receivers and administrators. It records the 1 April creditor vote for the DOCA and the 1 July close of the $2.5m raise. Directors say the report may not meet accounting standards.
9 July 2015quarterly activities report▼ Bad
The late December 2014 quarter report showed receipts of US$7.4m and net outflows of US$6.5m, taking cash from US$6.6m to roughly nil. Receivers and administrators took control in December, and the directors said the report may not meet accounting standards.
1 July 2015capital raising announcement▲ GoodMajor
The prospectus offer closed oversubscribed, raising $2.5m. DOCA conditions precedent are fulfilled, and completion is expected the following week, which would settle creditor claims.
22 June 2015other● Neutral
Red Fork Energy is renamed Brookside Energy Limited, with ASX code changing from RFE to BRK on 23 June 2015, as approved by shareholders on 5 June.
9 June 2015capital raising announcement● NeutralMajor
Prospectus for up to 2.5 billion shares at $0.001 to raise up to $2.5m, after a 1-for-2 share consolidation approved 5 June. Includes a 4-for-1 priority offer to shareholders. Funds are mainly to pay creditors under the DOCA and allow relisting.
9 June 2015director officer appointment● Neutral
Loren Jones joined the board and became company secretary on 5 June 2015, replacing Suzie Foreman as secretary. The registered office moved to Subiaco.
9 June 2015annual report▼ Bad
Annual report for 2014 says the directors cannot state it meets accounting standards or gives a true and fair view, because records were limited by the receivership. It is prepared on a going-concern basis with material uncertainty over whether the DOCA succeeds.
1 June 2015security holder rights change● Neutral
Performance and incentive rights lapsed: 3,000,000 director rights, 7,460,000 employee performance rights and 9,546,062 employee LTI rights. Administrative clean-up following the administration.
26 May 2015business combination▼ BadMajor
Creditors approved a Deed of Company Arrangement on 1 April 2015. Subsidiaries holding Big River and East Oklahoma assets were transferred to Guggenheim; only ~282 net acres in Payne County remain. A recapitalisation raising up to $2.5m at $0.001 per share is planned, with a 5 June meeting.
8 May 2015director officer appointment● Neutral
Directors Larry Edwards, David Colwell and William Warnock are confirmed as having resigned effective 10 December 2014, the day administrators were appointed. Final interest notices show nil holdings. Notice is filed by the deed administrator.
10 Dec 2014bankruptcy or receivership▼ BadMajor
Guggenheim, the US$100m lender, has appointed KordaMentha receivers over the collateral, and directors then appointed Ferrier Hodgson voluntary administrators on 10 December 2014. The refinancing did not close; the covenant breach flagged in October has ended in receivership and administration.
10 Dec 2014listing compliance notice▼ BadMajor
ASX suspended Red Fork's shares from quotation on 10 December 2014 following the appointment of administrators and receivers and managers. Shareholders cannot trade until the suspension is lifted.
1 Dec 2014security holder rights change● Neutral
501,000 unlisted options at $1.20 expired on 30 November 2014. Administrative notice with no cash raised.
19 Nov 2014price query▼ Bad
Responding to a second ASX query, on a fall from 1.7 cents (11 Nov) to 0.5 cents with higher volume, the company again said it knows of no unannounced information and is compliant with Listing Rule 3.1.
13 Nov 2014price query● Neutral
Responding to an ASX query on a fall from 2 cents (7 Nov) to 1.2 cents with higher volume, the company said it knows of no unannounced information explaining the trading and confirmed it complies with Listing Rule 3.1.
3 Nov 2014quarterly activities report▼ Bad
September quarter receipts were US$9.78m, down from US$14.8m in June, with net production ~1,795 boe/d. Development stays suspended. Cash was ~US$6.62m. The preferred refinancing partner is in due diligence; no new facility has closed yet.
8 Oct 2014debt financing● NeutralMajor
A preferred re-financing partner was selected to replace the Guggenheim loan and add working capital; no term sheet is signed yet. Red Fork told the lender it expects to breach covenants at 30 September, though the lender is still working with it.
15 Sept 2014half year report▼ BadMajor
Six months to 30 June 2014: revenue US$28.5m, EBITDA US$15.3m, plus US$10.7m from the acreage sale. The US$100m Guggenheim loan is now classed as current, creating a working capital deficit, with no waivers sought beyond 30 September. Several non-binding proposals have been received.
5 Sept 2014other▼ Bad
S&P Dow Jones Indices will remove Red Fork from the S&P/ASX 300 effective 19 September 2014. It had been in the index since September 2012; this is an index announcement, not a company one.
21 Aug 2014resource reserve update▲ GoodMajor
Mid-2014 independent reserves rose despite reduced drilling: 1P up 25% to 23.3 mmboe (NPV10 US$293m), 2P up 41% to 34.6 mmboe, 3P up 22% to 41.0 mmboe. The company says 1P value comfortably exceeds its market cap plus net debt.
31 July 2014quarterly activities report● Neutral
June quarter receipts rose to US$14.8m, but cash fell to ~US$7.1m as spending went on payables. Net production was ~2,141 boe/d. The confidential strategic review has drawn interest, Guggenheim covenants were renegotiated, and Blue Quail's Noble County well shows four apparently oil-productive zones.
1 July 2014security holder rights change● Neutral
Three series of unlisted options expired unexercised on 30 June 2014, at $0.35 and $0.45 (708,333 each) and $0.65 (1.6m). Administrative notice with no cash raised.
27 June 2014price query● Neutral
Responding to an ASX query on a rise from $0.07 to $0.094, the company said it knows of no unannounced information. It pointed to an existing substantial shareholder buying a large parcel on market, announced 26 June.