Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2016security holder rights change● Neutral
The 12,840,001 listed options (EXRO, $0.375 exercise price after consolidation) stopped trading on 26 September and expire on 30 September 2016. Elixir will have no listed options afterwards, only unlisted ones.
23 Sept 2016capital raising announcement● Neutral
Rights issue closed with only $584,250 of the up to $1,789,468 taken up by shareholders. The remaining 60,260,891 shares ($1,205,218) go to directors to place with professional investors. Shareholder demand covered about a third of the offer.
7 Sept 2016capital raising announcement● Neutral
Rights issue offer documents were posted to eligible shareholders on 7 September. The offer is expected to close on 20 September. Timetable only, no new terms.
2 Sept 2016capital raising announcement● Neutral
Letter to shareholders announcing the 1:1 non-renounceable rights issue at $0.02, raising up to about $1.79m. Offer documents go out 7 September and the offer closes 20 September. It repeats terms already announced.
2 Sept 2016capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the $0.02, 1:1 rights issue. The company judged extending it to them unreasonable on cost and holder numbers. No action is needed.
2 Sept 2016capital raising announcement● Neutral
Letter to option holders on the 1:1 rights issue at $0.02 per share, raising up to about $1.79m from 89.5m shares. Option holders can take part only by exercising before the 6 September record date. Offer closes 20 September.
What it means for a shareholder
89.5m new shares at about A$0.020 to raise about A$1.8m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0279% to 0.0186% of the company. To keep it you'd need 25,007 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
17 Aug 2016capital raising announcement● NeutralMajor
After shareholder approval on 16 August, Tranche 2 of the placement completed, raising $205,962 through 257,451,932 pre-consolidation shares. The 25-to-1 consolidation follows, then a 1:1 rights issue of about $1.8m, leaving about 179 million shares. This resolves the pending approval.
16 Aug 2016other● Neutral
Elixir has moved its principal place of business and registered office to 338 Hay Street, Subiaco. Other contact details are unchanged. Administrative notice only.
20 July 2016security holder rights change● Neutral
Notice of the planned 25-to-1 share consolidation, subject to the 16 August 2016 shareholder vote. About 1.98 billion shares become about 79 million, and the listed options' $0.015 exercise price becomes $0.375. Trading in the new shares starts 18 August.
12 July 2016capital raising announcement▲ GoodMajor
Elixir plans to raise about $2.2m: a placement of $234,038 now plus $205,962 subject to approval, then a 1:1 rights issue for about $1.8m after a 25-to-1 share consolidation. About 179 million shares would be on issue afterwards. Funds support existing assets and new ventures.
12 July 2016admin correction● Neutral
Administrative notice for 292,548,068 placement shares, which dilute existing holders by 14.8%. The placement was at a 20% discount to the 15-day average price, with a 6% broker fee. Options may be issued to brokers if the rights issue is fully subscribed.
20 June 2016asset acquisition disposition▼ Bad
AWE's buyer of Cliff Head is Triangle Energy (ASX:TEG). Elixir says it had earlier talks with Triangle about participating and is reviewing its legal position on those discussions. Confirms the loss of the Cliff Head deal.
16 June 2016asset acquisition disposition▼ BadMajor
AWE told Elixir it has signed a deal to sell its 57.5% of Cliff Head to a third party and will not proceed with Elixir. This ends the acquisition pursued since October 2015. Elixir will keep focus on Petra and look at other production deals.
11 Apr 2016other▼ Bad
Elixir says significant progress has been made on Cliff Head, but signing definitive agreements and completion remain uncertain. A further update is promised within weeks. This is the first explicit warning the deal may not go ahead.
16 Mar 2016other● Neutral
Brief update says Elixir and AWE continue working towards signing a Cliff Head agreement, with progress on key commercial and legal matters. No new dates or terms.
15 Feb 2016material agreement● Neutral
Elixir and AWE extended Cliff Head exclusivity and the deadline for conditions to 15 March 2016. The parties say they are in advanced discussions on key commercial and legal matters. Another delay, with no new terms.
18 Dec 2015production update● Neutral
Year-end update: Cliff Head agreement remains in place, with outstanding matters targeted for resolution in the first quarter of 2016. At Petra, partners consented to a 3D seismic survey by True Oil. Moselle renewal is still undecided.
30 Nov 2015material agreement● Neutral
Elixir and AWE extended Cliff Head exclusivity to 18 December 2015, extendable to 29 January 2016 with a 10% non-refundable deposit. Completion is now due by 29 February 2016, and Elixir must show $3m of financing. This pushes back earlier dates.
30 Nov 2015investor presentation● Neutral
AGM presentation recaps the year: Petra Rodwell prospect drill ready, about $600k raised, and Cliff Head due diligence extended to 18 December 2015. It repeats known deal terms. No new announcement.
23 Nov 2015capital raising announcement▲ Good
Share purchase plan closed early, fully subscribed at 303,983,507 shares ($303,983) at $0.001. Cliff Head due diligence shows no unexpected technical issues, but key commercial and legal matters remain open. Funds go to the acquisition, or otherwise working capital and new deals.
3 Nov 2015admin correction● Neutral
Administrative notice under the Corporations Act for the 258,319,589 placement shares issued in the October raising. No new information.
29 Oct 2015investor presentation● Neutral
Presentation on the Cliff Head purchase repeats known terms: 57.5% interest, about 1,500 bopd, 3.7 million barrels of remaining 2P reserves (operator estimate), $1m upfront plus 25% of cash flow above $3m a year, capped at $9m. No new announcement.
28 Oct 2015capital raising announcement● Neutral
Share purchase plan offer to shareholders at $0.001 per share, the same price as the placement, in parcels of $2,500 to $15,000. It opens 2 November and closes 23 November 2015, with a maximum of about 310m shares. Details of the raising announced earlier.
28 Oct 2015capital raising announcement● NeutralMajor
Elixir raised $258,320 via a placement of 258m shares, and offers a share purchase plan of up to $309,984, for up to $618,304 in total including a possible $50,000 from directors. Funds mainly go to the Cliff Head deal. Small relative to the $3m funding condition.
What it means for a shareholder
258m new shares at about A$0.001 to raise about A$258,320. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (998,761 at the issue price), your slice goes from 0.0967% to 0.0773% of the company. To keep it you'd need 249,381 more shares - about A$250 at the issue price.
Create a free account to see this worked out for your own holding.
26 Oct 2015asset acquisition disposition▲ GoodMajor
Elixir agreed to buy AWE's 57.5% of the producing Cliff Head oil field, Perth Basin, for $1m upfront plus up to $9m contingent on cash flow. Field produces about 1,500 bopd gross. It is conditional on due diligence and Elixir securing at least $3m of funding.
23 Sept 2015director officer appointment● Neutral
Director Mark O'Clery resigns effective 30 September 2015 and Company Secretary Nick Ong also resigns. The board shrinks to three, with Managing Director Dougal Ferguson taking the secretary role. Reasons given are other work commitments and cost savings.
9 Sept 2015annual report● Neutral
Annual report for year to 30 June 2015. The chairman's letter reports Moselle written down to zero in a further non-cash impairment, Petra prospect drill-ready, and directors proposing to take 50% of fees in shares. Financial detail was not in the text provided.
9 Sept 2015admin correction● Neutral
Corporate governance checklist lodged with the annual report, pointing to the governance statement on the company website. Administrative only.
8 Sept 2015farm in farm out agreement● NeutralMajor
Elixir and Apollo extended the Petra farm-in by six months to 31 December 2016 and deferred further exploration spending commitments until after 31 March 2016. Directors will take 50% of fees in shares, subject to approval. Drilling is pushed back from the late Q3 2015 target.
25 Aug 2015investor presentation● Neutral
August corporate presentation repeats known Petra points: 2.5 million barrel mean prospective resource, permits approved, cash $0.6m at 30 June and market cap $2.1m at 0.2c. It also states no firm drilling commitments and Moselle held at no cost. No new announcement.
