14 Feb 2024registration revoked▼ BadMajor
ASX removed CRM from the Official List from the start of trading on 14 February 2024 under Listing Rule 17.12, after two continuous years of suspension. Shares were suspended since 14 Feb 2022.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Feb 2024listing compliance notice▼ BadMajor
ASX declined the six-month extension request on 9 Feb, so CRM will be delisted on 14 February 2024 and continue as an unlisted public company. The Santos right-of-first-refusal clause on change of control now applies; the Lincoln Smith family has no present intention to sell. A private share trading platform is being investigated.
9 Feb 2024listing compliance notice▼ BadMajor
CRM cannot confirm compliance with all ASX Listing Rules, because the shareholder spread requirement is not met. It will ask ASX to extend the suspension beyond its two-year mark (14 Feb 2024) to avoid delisting. If refused, it will be delisted.
14 Sept 2023half year report▼ BadMajor
Half-year to 30 June 2023: loss $109,224; cash $2,609,727; loan facility undrawn. ASX warned on 25 August 2023 that entities suspended for 2 continuous years are removed from the list; CRM suspended since 14 February 2022, so the deadline is February 2024 (inference).
11 July 2023director officer appointment● Neutral
Bun Kiem Lee resigns as alternate director for Kenneth Fung, effective immediately. Administrative board change.
28 Apr 2023quarterly activities report▲ GoodMajor
March 2023 quarter: Bando seismic data acquisition completed, with initial data suggesting good reflectors; processing due in Q2. Regulator approved the Kahlua pilot reactivation review on 15 March 2023. Spend jumped to $519,781; cash $2,695,616.
30 Mar 2023other● Neutral
Appendix 4G governance checklist for the 2022 annual report, pointing to pages 14-20. Compliance paperwork with no new business information.
30 Mar 2023annual report● Neutral
2022 annual report: loss $223,230 (2021: $358,039); cash $2,700,817; current liabilities $732,098. Budgeted 2023 spend for the 35% share is $2.935M, up from $906,500 budgeted for 2022, with the $1.25M loan facility available. Suspension continues.
5 Sept 2022half year report● Neutral
Half-year to 30 June 2022: loss $136,827 (2021: $150,125); cash $2,772,041; $1.25M loan facility undrawn. Budgeted 35% share of spend for the next 12 months is $1.35M. Company expects the suspension to lift within 12 months as operations expand.
31 May 2022security holder rights change● Neutral
Shareholders approved an amended company constitution at the 31 May 2022 AGM; the new version is filed. The text provided does not say what changed.
16 May 2022admin correction● Neutral
Company fax number (02) 9299 8195 is no longer active. Other contact details unchanged. Administrative only.
28 Apr 2022regulatory community update▲ GoodMajor
NSW renews PEL 1 and PEL 12 for six years from 12 April 2022 to 12 April 2028, ending the long wait since the 2015 and 2016 expiries. Year 1 work includes reactivating the Kahlua pilot and geological studies.
12 Apr 2022director officer appointment● Neutral
Company secretary Rachel Thorn resigns; Noeleen Breen and Holly Young are appointed joint company secretaries, effective immediately.
6 Apr 2022director officer appointment● Neutral
Steven Danielson resigns as director, company secretary and CFO. Kenneth Fung, a principal of Mitchell & Partners (the company's accountants), becomes non-executive director and CFO, with Bun Kiem Lee as his alternate.
31 Mar 2022other● Neutral
Appendix 4G governance checklist for the 2021 annual report, pointing to pages 13-20. Compliance paperwork with no new business information.
31 Mar 2022annual report● Neutral
2021 annual report: loss $358,039 (2020: $640,064); cash $2,952,530. Renewal permit conditions now expected in Q2 2022. Budgeted 2022 commitment for the 35% share is $906,500, well below 2021's $3.2M. $1.25M loan facility remains.
14 Feb 2022listing compliance notice▼ Bad
ASX formally confirms CRM's suspension from quotation from close of trading 14 February 2022, for breach of Listing Rule 12.1. It continues until CRM demonstrates compliance. Repeats the company's earlier notice.
9 Feb 2022listing compliance notice▼ BadMajor
ASX will suspend trading after close on 14 February 2022, saying CRM's level of operations does not warrant continued quotation (Listing Rule 12.1). The suspension lasts until greater exploration activity is shown. The company blames Covid border closures and NSW legal challenges, and stays listed.
8 Feb 2022other● Neutral
Cover note forwarding Computershare's welcome letter to shareholders about the registry change, asking them to update details online. No business substance.
7 Feb 2022admin correction● Neutral
Share registry services move from Mitchell & Partners to Computershare, effective 7 February 2022. Administrative only.
10 Sept 2021half year report● Neutral
Half-year to 30 June 2021: loss $150,125 (2020: $201,948); cash $3,292,227. Still no NSW advice on PEL 1 and 12 renewals. Budgeted 12-month commitment for the 35% share is $3.214M; the $1.25M loan facility was undrawn.
31 Mar 2021annual report● Neutral
2020 annual report: field work stayed at maintenance and environmental studies; no NSW advice on the renewals. Loss $640,064 (2019: $333,826); cash $3.38M. Budgeted 2021 commitment for the 35% share is $3.244M; $1.25M loan facility remains available.
31 Mar 2021other● Neutral
Appendix 4G governance checklist filed with the 2020 annual report, pointing to pages 13-20. Compliance paperwork with no new business information.
22 Dec 2020regulatory community update▲ Good
Environmental studies for PEL 1 and 12 are complete and will go to regulators via the operator. They cover possible seismic routes and drilling sites. The company says this further exploration could start before the licences are renewed.
28 Aug 2020half year report● Neutral
Only the PwC independence declaration and review report for the half-year to 30 June 2020 are included. PwC found nothing indicating the accounts are misstated. The financial figures are not in the text provided.
30 Mar 2020annual report● Neutral
2019 annual report: field work remained maintenance only and renewals of PEL 1 and PEL 12 still await ministerial approval. Loss $333,826 (2018: $318,636); cash $3.89M. Budgeted 2020 commitment for the 35% share is $3.543M.
30 Mar 2020other● Neutral
Appendix 4G governance checklist filed with the 2019 annual report, pointing to pages 13-20. Compliance paperwork with no new business information.
25 Mar 2020debt financing● NeutralMajor
Unsecured loan facility of up to $1.25M for up to 5 years from Palmarc Investments, a company associated with the Lincoln Smith directors. Each draw is repayable within 12 months at the bank bill rate, and repayment may be made in shares, subject to shareholder approval.
19 Mar 2020drilling scheduled▲ GoodMajor
Approved 2020 NSW work program and budget of $9.865M, ending the long hold on field work if approvals come. This includes reactivating the Kahlua pilot ($6.775M) with a 6-month production test. CRM's 35% share is $3.453M from cash; it assumes licence renewal by end Q2 2020.
4 Sept 2019half year report● Neutral
Only the PwC independence declaration and review report for the half-year to 30 June 2019 are included. PwC found nothing indicating the accounts are misstated. The financial figures are not in the text provided.