2 July 2019other● Neutral
Incentive Option Plan, approved by the board on 15 May 2019, lodged as part of re-listing paperwork. Sets rules for offering options to participants; no grants or figures visible. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 May 2019capital raising announcement▲ GoodMajor
The prospectus closed over-subscribed, raising its $5.0m maximum via 166,666,667 shares at 3c. The company has applied to ASX for reinstatement of its shares, suspended since August 2018. Completes the raise announced in the prospectus.
What it means for a shareholder
167m new shares at A$0.030 to raise about A$5.0m. That's 30% dilution: every existing holder's slice gets 30% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00856% to 0.00599% of the company. To keep it you'd need 14,265 more shares - about A$428 at the issue price.
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16 May 2019capital raising announcement● NeutralMajor
Re-compliance prospectus offers 166,666,667 shares at 3c to raise $5.0m, plus 180m shares, 78.4m options and 120m performance shares to AEP vendors. Also 10m shares to lenders and 6m to lead managers. Conditional on completion; company renamed Challenger Exploration. Advances the AEP deal.
What it means for a shareholder
167m new shares at A$0.030 to raise about A$5.0m. That's 30% dilution: every existing holder's slice gets 30% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00856% to 0.00599% of the company. To keep it you'd need 14,265 more shares - about A$428 at the issue price.
Create a free account to see this worked out for your own holding.
16 May 2019other● Neutral
Re-release of the same 15 May prospectus in designed format: $5.0m raise at 3c, and Hualilan highlights (150+ drill holes, 6km underground workings, mineralisation over 5km of strike). No new terms visible.
1 Apr 2019security holder rights change● Neutral
Notice of the 1-for-5 share consolidation, subject to the 29 April 2019 meeting: 389,466,818 shares become 77,893,364, effective 1 May. Options go to 6,950,000 with exercise price rising from 5c to 25c. Step towards the AEP deal and re-compliance.
12 Mar 2019half year report● Neutral
Half-year report to 31 December 2018. Visible text recaps the bill withdrawal and the 22 February 2019 AEP deal, with 1-for-5 consolidation and $5m raise at 3c planned. AEP has advanced $200,000 and agreed up to $300,000 more. Financial figures are truncated.
25 Feb 2019business combination▲ GoodMajor
Challenger signs a binding conditional deal to buy AEP Corporation, which can earn 75% of Hualilan (Argentina) and 100% of El Guayabo (Ecuador). Payment is 180m shares, 78.4m options and 120m performance shares (post 1-for-5 consolidation), plus a $5m raise at 3c. Resolves the suspension thread; this is a strategy shift from South Africa, which it will still pursue. New board: Knauer, Quinn, Funston.
24 Oct 2018quarterly activities report● NeutralMajor
September 2018 quarter: the minister withdrew the long-delayed mining law amendment bill on 20 September; a new petroleum-specific bill is being drafted. Shares remain suspended since 7 August. Rights issue stays on hold. No exploration right granted.
28 Sept 2018annual report● Neutral
Annual report for the year to 30 June 2018. Visible text covers only the corporate directory and directors, showing Carey replacing Bloking in June 2018 and Lees replacing Wing as secretary. Financial figures are truncated and not visible.
28 Sept 2018admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the 2018 annual report. It carries no operational or financial substance.
27 Sept 2018director officer appointment● Neutral
Robert Lees becomes Company Secretary, replacing Adrien Wing, who resigned. The registered office moves from Melbourne to Sydney (17 Castlereagh Street). Administrative change only.
7 Aug 2018listing compliance notice▼ BadMajor
ASX suspended Challenger's shares immediately after an announcement of a transaction that could change its activities. They stay suspended until it meets listing rule Chapters 1 and 2 or satisfies ASX otherwise. This follows the earlier Listing Rule 12.1 query.
13 June 2018capital raising announcement● NeutralMajor
Challenger plans a 1-for-4 non-renounceable rights issue at 1 cent to raise about $973,000, with major holders backing about $500,000. Clinton Carey replaces Bill Bloking as director, and accrued director fees are to be settled. The company reports the Select Committee has finished voting on the bill amendments.
30 May 2018listing compliance notice▼ BadMajor
ASX has questioned whether Challenger's assets and operations justify continued quotation under Listing Rule 12.1. It has until 30 November 2018 to show compliance or face possible suspension. The company says it is reviewing proposals, none yet needing disclosure.
14 Mar 2018half year report● Neutral
Half-year report to 31 December 2017. Visible text recaps political changes: Ramaphosa became President in February 2018 and Gwede Mantashe replaced Zwane as Minerals Minister. Parliament indicated the bill could be finalised in the first quarter of 2018. Financial figures truncated.
18 Jan 2018other● Neutral
Corporate governance statement for the year to 30 June 2017, current at 18 January 2018. It shows mostly compliance with ASX recommendations, partial on diversity. No operational or financial substance.
31 Aug 2017admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the 2017 annual report. It carries no operational or financial substance.
31 Aug 2017annual report● Neutral
Annual report for the year to 30 June 2017. Visible text covers only directors and corporate details, with the same board (Fry, Willes, Bloking) and auditor HLB Mann Judd. Financial figures are truncated and not visible.
24 July 2017regulatory community update▼ Bad
The government's two-year shale gas environmental assessment has finished its final phase. Its maps appear to propose extensive exclusion areas across Bundu's application area, likely including land Bundu already removed; the report is advisory, and Challenger is assessing the impact.
3 Apr 2017regulatory community update▲ Good
Media report that Minister Zwane said government decided to proceed with Karoo shale gas development. He said finalising the mining law amendments will help, and earlier said they should be finalised by June. A positive signal, but no right is granted.
14 Mar 2017half year report● Neutral
Half-year report to 31 December 2016. Visible text repeats the quarterly highlights: proposed bill changes, public consultations by March/April 2017, and continued cost control. Financial figures are truncated and not visible.
19 Dec 2016other● Neutral
Chairman's year-end letter acknowledges shareholder frustration at the wait, and recaps the proposed bill changes and the shale gas environmental assessment (final phase expected around March 2017). Public consultations expected to finish by March/April. Mostly repeats known facts; no rights granted.
10 Nov 2016regulatory community update● Neutral
Mineral Resources department proposed changes to the amendment bill: the state's 20% free carried interest becomes a 20% carried interest with cost recovery, and BEE share reserved at 10%. Production terms would be fixed at exploration stage. No right is granted yet.
21 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016. Visible text covers only directors and corporate details, with the same board (Fry, Willes, Bloking) and auditor HLB Mann Judd. Financial figures are truncated and not visible.
21 Sept 2016admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the 2016 annual report. It carries no operational or financial substance.
16 May 2016security holder rights change● Neutral
The 65.9m quoted CELO options (exercise price 20c) expire unexercised-by-default on 30 June 2016. ASX waived individual expiry notices because the options are far out of the money; shares last traded at 3.5c.
16 May 2016admin correction● Neutral
Amended re-release of the option expiry notice. The only change is the date quotation of the options ceases: 24 June 2016 rather than 23 June. Other terms (65.9m options at 20c, expiring 30 June) are unchanged.
31 Mar 2016capital raising announcement● Neutral
Cleansing notice: 32,767,918 shares were issued on 24 March 2016, including the 30m placement shares at 3c, a 14.61% discount to the 15-day average price. Total shares on issue are now 384,793,851, with no fees paid. Completes the March raising.
21 Mar 2016capital raising announcement▼ BadMajor
Challenger has commitments for a A$900,000 placement of 30 million shares at 3c, each with an attaching option at 5c expiring 30 June 2020. It will fund the licence application process and working capital. The price is half the 6c of the Nov 2014 raise.
10 Mar 2016half year report● Neutral
Half-year report to 31 Dec 2015. The visible text is operational: policy commentary and the report that the regulator may send Bundu's application to the Minister by early May. Financial figures are truncated and not visible.