Past year: ▲ 43%(4.20c – 15.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2016annual report● Neutral
2016 Annual Report. The chairman says the $2.2m raise leaves Elixir in a stronger position, and that the first Petra well is hoped for in May or June 2017 at under US$500,000 dry-hole cost. It describes Cliff Head as lost to higher bidders.
12 Oct 2016director officer appointment● Neutral
Scott Patrizi, a corporate finance professional formerly with Deloitte and Argonaut, joins as a non-executive director with 1,000,000 options. Facilitator options of 4,000,000 at $0.04, expiring 30 September 2019, were also issued for the capital raise.
11 Oct 2016farm in farm out agreement▲ GoodMajor
Elixir and partner Apollo extended the Petra farm-in to 30 June 2017, with the Rodwell well scheduled for May 2017. Dry-hole cost is expected under US$500,000 and Elixir says it is now funded to earn its full 50% of 30,000 net acres. Moves the 31 December 2016 deadline.
30 Sept 2016annual report● Neutral
Full-year accounts to 30 June 2016 show a net loss of $735,704 (2015: $2.12m) and cash of $423,895. The report says Elixir was outbid for Cliff Head by a third party, a different framing from its earlier legal claims against Triangle. A reconstruction was committed to after year-end.
30 Sept 2016capital raising announcement▲ GoodMajor
The whole rights issue shortfall was placed with professional investors, raising a further $1,205,218. Total raised since 30 June 2016 is about $2.23m before costs, and shares on issue are 178,946,872. This completes the recapitalisation.
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.
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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.
18 July 2016quarterly activities report● Neutral
June quarter report: recapitalisation under way after Cliff Head failed, targeting about 179 million shares and about $2.3m cash. Elixir says Triangle breached a non-circumvent agreement, which Triangle denies. Cash was $424,000, no debt. Petra drilling timing is under discussion with the operator.
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.
2 May 2016quarterly activities report● Neutral
March quarter report: Cliff Head due diligence is complete and the sale agreement drafted, but signing is still uncertain and terms were revised. Cash was $521,000 with no debt. Petra and Moselle had no significant activity.
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.
29 Jan 2016quarterly activities report● Neutral
December quarter report: Cliff Head exclusivity extended to 15 February 2016, with delays attributed to oil price volatility. Deposit waived by AWE. The raising brought in $568,000. AGM approved directors taking half their fees in shares, saving about $85,000.
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.
2 Nov 2015quarterly activities report● Neutral
September quarter report restates the Cliff Head deal (conditional on due diligence and at least $3m funding), the 2.5 million barrel Petra resource, and the capital raising of up to $618,000. AGM set for 30 November 2015. No new results.
