Past year: ▼ 39%(5.00c – 12.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 May 2013listing compliance notice● Neutral
Listing application form for re-admission to the ASX list: 127,969,847 shares, 19,450,518 of them restricted, and 37,380,084 options. Names the new board with Maynard Smith as CEO. Administrative paperwork.
23 May 2013business combination▲ GoodMajor
Byron acquisition completed and raising closed at $14.5m ($8.25m placement, $6.25m entitlement), including the full $2m oversubscriptions, above the $12.4m target. Expected 127,969,847 shares and 37.4m options on issue. Company renamed Byron Energy Limited.
22 May 2013capital raising announcement▲ GoodMajor
The entitlement offer closed fully subscribed on 17 May, raising $6.23m from 15,577,374 shares at $0.40, each with 0.4 unlisted options at $0.50 expiring 31 December 2016. Meets the minimum condition for the Byron deal.
What it means for a shareholder
15.6m new shares at A$0.400 to raise about A$6.2m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00506% to 0.00385% of the company. To keep it you'd need 788 more shares - about A$315 at the issue price.
Create a free account to see this worked out for your own holding.
13 May 2013other● Neutral
NTA 29.8c at 30 April 2013, net assets $2.32m. Confirms all resolutions passed on 22 April; trading expected to resume 29 May as Byron Energy, subject to completion of the raising and ASX requirements.
3 May 2013other● Neutral
Trojan says the entitlement offer prospectus (two new shares at $0.40 per share held) was posted to shareholders on 3 May 2013. Administrative step only.
22 Apr 2013listing compliance notice● Neutral
ASX suspends Trojan's shares after holders approved the change of activities. They stay suspended until the company meets ASX listing requirements for its new oil and gas business.
12 Apr 2013other● Neutral
NTA 29.8c at 31 March 2013, net assets $2.32m. Notes the 22 April vote, with trading to be suspended until the Byron deal completes, expected 27 May.
2 Apr 2013capital raising announcement● Neutral
Replacement prospectus dated 2 April 2013 for the Byron acquisition and raising. The visible text matches the original; no changes to terms can be seen in the extract.
19 Mar 2013capital raising announcement● Neutral
Shareholder letter explains the 2-for-1 entitlement offer at $0.40, needing at least $5.0m and holder approval at the 22 April meeting. Funds target a $9.1m one-well program. Completion would give about 123m shares and 36.6m options.
18 Mar 2013investor presentation● Neutral
Presentation on the Byron deal: after completion, about 123m shares, 36.6m options and about $18.5m cash. The first well, South Marsh Island Block 6, is targeted for the December quarter 2013. Repeats details already announced.
18 Mar 2013director officer appointment● NeutralMajor
Chairman Kemp, MD Harry and director Clarke resign, as does company secretary Symons. Doug Battersby (chairman), Maynard Smith (CEO), Prent Kallenberger (COO), Charles Sands and Paul Young join, with Nick Filipovic as secretary, ahead of the Byron deal.
18 Mar 2013business combination▲ GoodMajor
Trojan proposes to buy Byron Energy Pty Ltd, holder of 16 Gulf of Mexico leases, for 84.0m shares and 25.3m options, with a $12.4m raising at $0.40 (min $11.2m). It would rename itself Byron Energy. This is the oil and gas deal Trojan had flagged; shareholder vote around 22 April.
18 Mar 2013capital raising announcement● Neutral
Trojan lodges the prospectus for the Byron Energy Pty Ltd acquisition, with a $6.2m entitlement offer and $6.2m placement at $0.40, plus shares and options issued to Byron holders. Formal document for the deal announced 18 March.
4 Mar 2013other● Neutral
NTA 29.8c at 28 February 2013, net assets $2.32m. No new information on the oil and gas talks.
13 Feb 2013other● Neutral
NTA 29.9c at 31 January 2013, net assets $2.33m. Repeats that oil and gas acquisition talks have restarted, with an announcement expected before end of March.
7 Feb 2013half year report● Neutral
Half-year to 31 Dec 2012 showed a small loss (pre-tax $2,046; after tax $13,292), with NTA 29.9c and no dividend. Trojan says talks on the oil and gas opportunity that ended in October have restarted, with an update expected before end of March.
14 Jan 2013other● Neutral
NTA 29.9c at 31 December 2012, net assets $2.33m. Essentially flat.
5 Dec 2012other● Neutral
NTA 30.0c at 30 November 2012, net assets $2.34m. Unchanged.
13 Nov 2012other● Neutral
NTA 30.0c at 31 October 2012, net assets $2.34m. Slight dip.
19 Oct 2012other▼ BadMajor
Trojan says talks on a significant oil and gas acquisition, which would have involved a capital raising, ended because the vendors accepted another group's private funding offer. The vendors bore all costs, and Trojan stays a listed investment company.
10 Oct 2012other● Neutral
NTA 30.3c at 30 September 2012, net assets $2.36m. Unchanged.
13 Sept 2012other● Neutral
NTA 30.3c at 31 August 2012, with net assets of $2.36m. Essentially unchanged.
13 Aug 2012other● Neutral
NTA 30.4c at 31 July 2012. Net assets are $2.36m, all cash and receivables after the dividend was paid.
1 Aug 2012annual report● Neutral
FY2012 annual report: profit $1.04m (13.4c per share), 44.2% after-tax return on capital, net assets $2.34m (30c NTA). The CMI shares were realised and the proceedings dismissed. No investments were held at 30 June 2012.
1 Aug 2012annual report● Neutral
Preliminary FY2012 results: profit $1.04m, down 88%, with a 13.5c fully franked dividend. NTA was 30c per share. Profit came mainly from the CMI settlement.
11 July 2012other● Neutral
NTA 30.1c at 30 June 2012, after providing for the $1.05m dividend paid 10 July. Net assets are $2.34m, all cash and receivables now that CMI is gone.
18 June 2012dividend declaration▲ GoodMajor
The CMI settlement is complete: Trojan received $2,876,600 for its shares plus $515,000 for costs, and has about $3.9m cash. It declared a 13.5c fully franked dividend, paid 10 July, and says it returns to being a listed investment company. Directors' fees were cut again.
13 June 2012other▲ Good
NTA 43.8c at 31 May 2012 with CMI valued at the $0.95 buyback price. Trojan received $2,876,600 from CMI on 13 June, and $130,000 of the $515,000 costs contribution has arrived.
14 May 2012other▲ GoodMajor
CMI shareholders approved the selective capital reduction. Trojan expects $2,876,600 for its 3,028,000 CMI shares on 13 June 2012, then $515,000 in costs contributions, after which the proceedings are dismissed. Clears the main settlement condition.
8 May 2012other● Neutral
NTA 38.6c at 30 April 2012, with CMI at 92.5c. Net assets are $3.0m, and the conditional settlement is still pending.
