CUE Energy Resources Ltd (ASX:CUE): announcements explained, share price and valuation

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

23 July 2009capital raising announcement● Neutral

Cue allotted 62,223,683 new shares under the entitlement offer, raising about A$9.3m gross. Shares on issue rise from 628.2m to 690.5m. No shortfall will be placed. Completes the offer announced in June.

What it means for a shareholder

62.2m new shares at about A$0.1495 to raise about A$9.3m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (6,691 at the issue price), your slice goes from 0.00106% to 0.000969% of the company. To keep it you'd need 663 more shares - about A$99 at the issue price.

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20 July 2009capital raising announcement● NeutralMajor

The entitlement offer was only half taken up: 62.2m shares applied for (including 0.65m shortfall), raising A$9.3m before costs against the up-to-A$18.8m sought. It was not underwritten, so the shortfall is not funded.

What it means for a shareholder

62.2m new shares at about A$0.1495 to raise about A$9.3m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (6,688 at the issue price), your slice goes from 0.00106% to 0.000969% of the company. To keep it you'd need 662 more shares - about A$99 at the issue price.

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19 June 2009capital raising announcement● Neutral

The entitlement offer closing date is extended from 9 July to 16 July 2009 to give shareholders more time. New shares are now due to be issued 23 July. Terms are unchanged.

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11 June 2009capital raising announcement● NeutralMajor

Cue plans a 1-for-5 non-renounceable entitlement offer at A$0.15 per share, raising up to about A$18.8m from up to 125.6m new shares. It is not underwritten. Funds are for working capital, Wortel development, Manaia appraisal and exploration.

What it means for a shareholder

126m new shares at about A$0.1497 to raise about A$18.8m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (6,681 at the issue price), your slice goes from 0.00106% to 0.000886% of the company. To keep it you'd need 1,336 more shares - about A$200 at the issue price.

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11 June 2009capital raising announcement● Neutral

Shareholder notice for the 1-for-5 offer at A$0.15: record date 19 June, closing 9 July, up to 125.6m new shares taking issued shares to as many as 753.9m. Todd and its associates cannot take up the shortfall. Repeats the announced offer.

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30 June 2006capital raising announcement● NeutralMajor

The 1-for-5 entitlement offer at 22c raised A$23m before costs. Shareholders took up only 14.6% (15.3m shares); underwriter Todd Petroleum Mining took the balance and will hold 25% of 628.2m shares now on issue.

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16 May 2006capital raising announcement● NeutralMajor

Cue will raise about A$23m (before fees) through a 1-for-5 renounceable entitlement offer of 104.7 million shares at 22 cents, fully underwritten by Todd Petroleum Mining, linked to directors Tweedie and Hoolihan. Funds go to Jeruk appraisal, exploration, Oyong gas and Maari.

What it means for a shareholder

105m new shares at A$0.220 to raise about A$23.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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16 May 2006capital raising announcement● Neutral

Prospectus for the 1-for-5 entitlement offer at 22 cents, fully underwritten. Rights trade from 22 May, offer closes 26 June and shares are allotted about 30 June 2006. Document restates the already announced raising.

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