25 Sept 2017admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the company website for the governance statement. Administrative filing with no new substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2017material agreement▲ GoodMajor
Central and Macquarie Mereenie agreed a Mereenie Joint Marketing Agreement, aimed at upgrading reserves in time for the Northern Gas Pipeline. It needs ACCC authorisation first. Macquarie Mereenie agrees to remove the $15m NEGI Bonus payments from Central, reinstated if the agreement ends before 3 June 2018. This follows the June scheme failure.
25 Sept 2017annual report● Neutral
2017 annual report: the chairman says board succession will be updated by the AGM and funds from the raising go to drilling. Results later presented: statutory loss of about $25m (2016: $21m), net assets negative $6m, partly due to the Macquarie gas pre-sale liability. Text is truncated.
5 Sept 2017capital raising announcement▲ GoodMajor
The 5-for-12 entitlement offer at 10c closed with about 61.2% take-up by eligible shareholders, raising about A$11.05m. The roughly 70m-share (about A$7.0m) shortfall goes to the underwriters, Macquarie Capital and Morgans, completing the A$27.2m raising announced 10 August.
18 Aug 2017capital raising announcement● Neutral
Administrative notice that the entitlement offer booklet and personalised forms are being sent to eligible shareholders on 18 August. Applications close 5pm AEST on 31 August 2017. No new substance.
15 Aug 2017capital raising announcement● Neutral
Information booklet for the 5-for-12 non-renounceable entitlement offer at $0.10, fully underwritten. Applications close 5pm AEST on 31 August 2017 unless extended. It repeats already announced terms.
14 Aug 2017capital raising announcement● Neutral
Administrative notice that letters to eligible and ineligible shareholders for the 5-for-12 entitlement offer at 10c are being sent. Record date is 16 August 2017. No new substance.
10 Aug 2017investor presentation● Neutral
Investor presentation for the A$27m raising at 10c, repeating the announcement's details: four-well drilling programme, gas reserves targets and the Northern Gas Pipeline timing. No new facts are evident in the readable text.
10 Aug 2017capital raising announcement▲ GoodMajor
Central is raising about A$27.2m at 10c a share: a A$9.2m placement plus a 5-for-12 entitlement offer of about A$18.0m, fully underwritten. Proceeds fund a A$25m, four-well horizontal drilling programme. This answers the chairman's call for equity.
9 Aug 2017regulatory community update▲ Good
Central welcomes new gas rules, in force 1 August 2017, that value unregulated pipelines on construction cost rather than accounting depreciation, as it had argued. Rules for regulated pipelines are still open to submissions to 22 August; Central hopes for a similar result.
1 Aug 2017investor presentation● Neutral
Amended version of the 31 July quarterly presentation, with minor wording and number fixes only (for example local economic activity increase restated as $2.3m). No new substance.
31 July 2017investor presentation● Neutral
Presentation to accompany the quarterly review, repeating known facts: EDL deliveries since 1 June, $5.5m cash, NGP on track for late 2018, and a drill-ready 'Gas Acceleration Programme'. It states FY2018 EBITDA is forecast positive.
27 July 2017quarterly activities report● Neutral
Quarter to 30 June 2017: EDL gas deliveries to Pine Creek began 1 June, and cash was $5.5m. Scheme was voted down. Stairway testing continues at 2.6% nitrogen, and Palm Valley and Ooraminna well planning advances; Ooraminna well must be spudded by April 2018 to keep the licence.
13 July 2017other● Neutral
Chairman urges shareholders to vote against all resolutions at the 19 July meeting requisitioned by OptionCo (just over 5% of shares) to replace the board. CEO Cottee repeats he would resign if they succeed. This continues the board challenge.
29 June 2017business combination▼ BadMajor
The Macquarie scheme failed: 67.2% of votes by shares were in favour, short of the 75% needed (68% rounded elsewhere). Central stays independent. The chairman says it needs to raise equity, and a separate board-change meeting is still to come.
14 June 2017business combination● NeutralMajor
A second supplementary booklet postpones the scheme meeting again, to 29 June, with implementation on 18 July 2017. The expert keeps its range but flags greater risk at the top end because pipeline tariffs are less likely to fall. It still calls the scheme fair and reasonable.
14 June 2017other● Neutral
ASX lifts the trading suspension following Central's second supplementary booklet announcement. Administrative notice only.
9 June 2017other● Neutral
Central requested another voluntary suspension from 9 June, pending a court application for a further supplementary booklet and a scheme meeting postponement.
31 May 2017business combination● NeutralMajor
Court allowed a supplementary Scheme Booklet and postponed the scheme meeting from 5 to 19 June 2017. Implementation moves to 6 July. The independent expert still finds the scheme fair and reasonable, and directors still recommend it.
31 May 2017other● Neutral
ASX lifts the trading suspension following Central's announcement. Administrative notice only.
31 May 2017other● Neutral
Central requested a trading halt pending news of Court-approved supplementary Scheme Booklet material and a postponement of the 5 June scheme meeting.
26 May 2017contract award▲ GoodMajor
The 9.85 PJ, five-year EDL gas supply agreement is now unconditional, with supply expected to start 1 June 2017. This resolves the 31 May condition, so Central can begin supplying Pine Creek.
22 May 2017other● NeutralMajor
Central received a fresh notice from holders of 5.04% seeking a general meeting to replace Hubbard with Goodall, Gasteen with Bolkus and Moore with Howes. Board will take steps to convene the meeting, resolving the earlier validity question.
19 May 2017material agreement● Neutral
Macquarie MPVD confirms it will not increase the scheme consideration of 20c cash plus one Contingent Value Note unless a Superior Proposal emerges. It says the alternative board proposals are not considered superior proposals, and the offer remains compelling.
16 May 2017other● Neutral
Board says the 15 May requisition notice is invalid because of uncertainties and irregularities, and will take no action. It has written to Mr Howes offering to help fix the defects and will comply if a valid notice arrives.
16 May 2017other● Neutral
Chairman writes to shareholders opposing two groups' proposals to replace non-executive directors, noting neither offered a superior bid. He argues the 20c plus CVN offer exceeds current value, citing a 69% premium to 12.5c, $42m capital need and no superior offer found.
15 May 2017other● NeutralMajor
Central received notices from shareholders claiming 5.04% (about 21.8m shares) asking for a meeting to replace chair Hubbard and directors Gasteen and Moore. Board is checking validity. This is a new challenge to the board during the Macquarie scheme vote.
12 May 2017other● Neutral
Transcript of the Brisbane information session, limited to Scheme Booklet content. Directors repeat their case: Central is highly geared, needs about $42m for Mereenie and other work, and shareholders have been reluctant to fund raisings. No new facts.
10 May 2017other● Neutral
Invitation to shareholder information sessions on the Macquarie scheme: Brisbane 12 May (also online), Perth 17 May, Sydney 19 May, Melbourne 22 May. Administrative notice, no new information.
9 May 2017contract award● Neutral
Central signed a 12-month gas transport agreement with APA Group to carry gas for the EDL contract, which stays conditional on EDL meeting its conditions by 31 May. Once binding, it commits all Mereenie gas Central can sell alone and makes it cash flow positive, but won't fund exploration in the Scheme Booklet.