Each one in plain English, with the numbers worked through for a shareholder.
22 Mar 2011capital raising announcement▲ GoodMajor
Red Fork completes an A$28.5m placement of 89.06m shares at A$0.32, with up to A$5m more via a share purchase plan. Funds the Big River Mississippian push, targeting about 50,000 acres by mid-2011 and five horizontal wells in 2011. Soros and Macquarie participated.
What it means for a shareholder
89.1m new shares at A$0.320 to raise about A$28.5m. That's 39% dilution: every existing holder's slice gets 39% smaller. If you held A$1,000 of shares (3,125 at the issue price), your slice goes from 0.00224% to 0.00137% of the company. To keep it you'd need 1,995 more shares - about A$638 at the issue price.
27 Aug 2009capital raising announcement▲ GoodMajor
Plans to more than double East Oklahoma acreage via a northern JV with Dallas investors (carried for 25% of 10 wells plus 60,000 acres), and to fast-track West Tulsa to 10 wells by year end. Funded by a A$24m placement of 20m shares at $1.20, subject to shareholder approval around 1 October.
What it means for a shareholder
20.0m new shares at A$1.20 to raise about A$24.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (833 at the issue price), your slice goes from 0.000713% to 0.000609% of the company. To keep it you'd need 143 more shares - about A$172 at the issue price.
21 May 2009capital raising announcement▲ GoodMajor
Placed 10 million shares at A$0.50 to raise A$5m, oversubscribed, via lead manager Chess Capital Partners. With the options money, over A$8m working capital, no debt, funds all three projects without a JV partner. Follows the 55c placement earlier.
Sonray Capital Markets will underwrite exercise of 15m listed options at 20c, securing about A$3m working capital (headline figure). Sonray receives 6.4m unlisted options at 30c expiring April 2011. Dilutes shareholders if exercised, and shores up cash after it fell to A$4m.
Administrative notice: 10,598,530 shares were issued at 55c on 7 January 2008, completing Tranche 2 of the Hartleys placement. With Tranche 1 this totals about 18.5m shares, up to A$10.175m. No new information.
What it means for a shareholder
10.6m new shares at A$0.550 to raise about A$10.2m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00228% to 0.00201% of the company. To keep it you'd need 242 more shares - about A$133 at the issue price.
Administrative notice: 7,901,470 shares were issued at 55c to Hartleys' clients on 13 December 2007. This is Tranche 1 of the placement announced in November. No new information.
What it means for a shareholder
7.9m new shares at A$0.550 to raise about A$4.3m. That's 9.9% dilution: every existing holder's slice gets 9.9% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00253% to 0.00228% of the company. To keep it you'd need 200 more shares - about A$110 at the issue price.
23 Nov 2007capital raising announcement▲ GoodMajor
Placement of up to 18.5m shares at 55c to raise up to A$10.175m, in two tranches: 7.9m now and 10.6m subject to approval at a meeting around 28 December. Funds are for drilling, pipelines and leasing; target over 6 MMcfe/day within 24 months.
What it means for a shareholder
18.5m new shares at A$0.550 to raise about A$10.2m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00253% to 0.00201% of the company. To keep it you'd need 468 more shares - about A$257 at the issue price.
26 Feb 2007capital raising announcement▲ GoodMajor
Placement of 12.5m shares at 40c raises A$5m before costs: A$3.525m now, A$1.475m subject to shareholder approval. Funds go to Osage County development and working capital. Company again says it is cashflow positive, with six wells due in the March quarter.
What it means for a shareholder
12.5m new shares at A$0.400 to raise about A$5.0m. That's 21% dilution: every existing holder's slice gets 21% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00531% to 0.00419% of the company. To keep it you'd need 663 more shares - about A$265 at the issue price.
The 750,000-share offer at 22 cents is complete, raising $165,000 before costs, to replenish working capital after the acquisition of the extra 22.5% interest.
Short-form prospectus for up to 750,000 new shares at 22 cents to raise up to $165,000. It mostly refers back to earlier disclosures, so it adds no new operating information.
What it means for a shareholder
750,000 new shares at A$0.220 to raise about A$165,000. That's 1.6% dilution: every existing holder's slice gets 1.6% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.00965% to 0.0095% of the company. To keep it you'd need 72 more shares - about A$16 at the issue price.
30 May 2006capital raising announcement● NeutralMajor
The A$1.32 million placement of 6 million shares at 22 cents, announced 19 April, is complete and funds the 22.5% interest purchase. Red Fork also plans a further 750,000 shares at 22 cents to raise $165,000 for working capital.
What it means for a shareholder
6.0m new shares at A$0.220 to raise about A$1.3m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (4,545 at the issue price), your slice goes from 0.00997% to 0.00881% of the company. To keep it you'd need 598 more shares - about A$132 at the issue price.
