9 Nov 2009other▲ Good
NTA rose about 7 cents to 59.6 cents at 31 October 2009, mostly from GEO Property Group gains (GEO now $16.6m, 56.5% of net assets). No material sales, so cash stays negligible.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 Oct 2009other● Neutral
NTA was 52.4 cents at 30 September 2009 after the 33c, $16.3m capital return was paid. A small concentrated portfolio remains, with GEO over 50% of net assets; cash is negligible. Remaining holdings are to be sold and proceeds returned.
1 Sept 2009security holder rights change▲ GoodMajor
Shareholders approved the wind-up on 31 August: Trojan buys its manager for 3.5m shares and pays a 33c per share capital return ($16.3m) on 14 September. NTA rose 18% to 92.0 cents; pro forma NTA after the return is 55.3 cents.
31 Aug 2009investor presentation● Neutral
Chairman's meeting presentation repeats the proposal: buy the manager for 3.5m shares (7.1% dilution), return $0.33 now, sell the rest over 12 months, targeting about 90 cents total. GEO would be about 55% of remaining assets.
28 Aug 2009capital raising announcement▲ Good
Ahead of the 31 August meeting, the proposed capital return was raised from $0.28 to $0.33 per share after further asset sales. Shares would trade ex-return from 1 September if approved.
21 Aug 2009annual report▼ Bad
Preliminary final report cover for FY2009: loss of $15.1m, revenue $1.8m, NTA $0.76 against $1.09, and no dividend. It defers to the attached annual report.
21 Aug 2009annual report▼ Bad
Year to June 2009: net loss $15.1m (32.9 cents per share), NTA 76 cents (from $1.09), no final dividend. The wind-up proposal is put to a 31 August vote, with at least $0.70 per share expected back. GEO is 26% of net assets.
4 Aug 2009other▲ Good
NTA rose 3% to 78.1 cents at 31 July 2009; cash is $14.0m. A shareholder meeting on 31 August will vote on the wind-up proposal. Fully diluted NTA after issuing the 3.5m shares would be 72.6 cents.
3 Aug 2009regulatory community update▲ Good
Trojan, which holds 3,088,000 CMI Class A shares, will drop its court appeal and CMI wind-up push after CMI proposed buying back all Class A shares at $0.63. Trojan agreed to vote in favour; the price is about double the pre-announcement trading price.
9 July 2009other▼ BadMajor
NTA was 75.9 cents at 30 June 2009. The Buru 25c proposal was terminated in June, removing a near-term exit. The $4.9m deferred tax asset was removed because the wind-up plan makes using the losses improbable. CostaExchange balance of $3.8m was received 3 July.
19 June 2009regulatory community update▼ Bad
CMI's board, on legal advice, concluded Trojan lacks the 5% of votes needed to requisition a meeting, so no meeting will be called to wind up CMI. This blocks Trojan's wind-up attempt.
16 June 2009regulatory community update● Neutral
CMI says Trojan requisitioned a general meeting to vote on voluntarily winding up CMI. CMI's board is checking the request's validity and does not think a wind-up is in members' interests.
15 June 2009regulatory community update● Neutral
CMI says Trojan has appealed the 15 May Supreme Court ruling that Class A shareholders cannot vote. It cannot predict when the appeal will be heard.
11 June 2009other● Neutral
After-tax NTA rose slightly to 85.1 cents at 31 May 2009 (pre-tax 73.8). Cash and receivables rose $4m on the CostaExchange sale, a 18% loss on that holding. The wind-up proposal is said to return at least $0.70 per share, about a 60% premium to the pre-announcement price.
29 May 2009business combination▲ GoodMajor
Manager TIMPL, controlled by MD Troy Harry, proposed that Trojan buy it for 3.5m shares, return at least $0.25 per share, then sell the rest over 12-18 months and return the proceeds. Independent directors are positive but await an expert's report. Shares had traded at a 40-60% discount to NTA.
26 May 2009asset acquisition disposition● NeutralMajor
Trojan agreed to sell its 5,675,000 CostaExchange shares at $0.75, for $4.26m (about 13% of net assets). A 10% deposit is received, with the balance due 3 July 2009.
15 May 2009regulatory community update▼ Bad
CMI says the Queensland Supreme Court refused Trojan's application for Class A shareholders to vote at CMI's 2008 AGM, finding no dividends in arrears. Costs were awarded against Trojan. Trojan holds CMI Class A shares.
14 May 2009other▼ BadMajor
NTA was flat at 84.7 cents after a further $1.4m write-down of Maverick notes to 30% of face value; Maverick missed its 1 May interest payment (notes due 1 Nov 2009). Buru received a 25c takeover proposal; Trojan holds 12.5m shares and supports it absent a higher offer.
1 Apr 2009other● Neutral
After-tax NTA was virtually flat at 84.7 cents at 31 March 2009 (pre-tax 73.3) despite a 7% market rally. Buru Energy now appears as a holding at $2.4m; cash is $7.6m.
2 Mar 2009other▼ Bad
After-tax NTA fell 4 cents (5%) to 84.8 cents at 28 February 2009 (pre-tax 73.4) as the market fell 5%. Cash rose $1.2m to $7.8m as minor positions were sold.
18 Feb 2009half year report▼ Bad
Half-year to December 2008: net loss after tax $9.28m (20.2 cents per share), no interim dividend. After-tax NTA was 89 cents (79 cents excluding deferred tax assets), against 119 cents a year earlier. Cash $8.5m, about 21% of net assets.
4 Feb 2009other● Neutral
After-tax NTA fell 1.5 cents to 87.6 cents at 31 January 2009. Cash fell $2m to $6.6m after more Geo Property buying, taking Trojan to 19.99% of GEO, 23% of net assets.
7 Jan 2009other▼ Bad
After-tax NTA fell 4.6 cents to 88.4 cents at 31 December 2008 (pre-tax 78.9), entirely from a 25% fall in Geo Property Group. Cash is $8.6m, 24% of net assets.
5 Jan 2009material agreement termination▲ Good
The GPM purchase agreement has ended: GPM's average price did not exceed 25.5c in the 30 business days before 31 December 2008, so no additional consideration is owed to the seller.
2 Dec 2008other▼ Bad
After-tax NTA fell to 91.6 cents at 30 November 2008 (pre-tax 83.5), with the portfolio down 10%. Holding in Geo Property was increased significantly to 15% of GEO's capital. Cash is $9.2m.
7 Nov 2008other▼ Bad
NTA fell to 98.2 cents at 31 October 2008 as the portfolio dropped 9.5% before tax in a market down 14%. Cash is $9.3m. The board approved raising Geo Property to up to 25% of net assets.
14 Oct 2008agm notice● Neutral
Managing Director's AGM address repeats the $5.85m loss and no final dividend. He says the market is down over 25% this financial year, NTA is about $1.00 after tax, and there is no debt with 24% cash.
6 Oct 2008other▼ Bad
NTA fell about 4 cents to 105.0 cents at 30 September 2008 in a sharply falling market. No debt; cash rose slightly to $11.6m, 24% of net assets. Geo Property is the largest holding at 20%.
2 Sept 2008asset acquisition disposition▲ GoodMajor
ARC Energy's merger with AWE completed in August 2008; Trojan received mostly cash plus AWE and Buru Energy shares. All borrowings were repaid and cash is over $10m. NTA is 109.0 cents.
26 Aug 2008annual report▼ BadMajor
Full-year result: net loss $5.85m, down from a profit last year, NTA $1.09 against $1.29. No final dividend, with the 2 cent interim already paid. Directors say they will resume dividends when legally able and prudent.