Past year: ▲ 47%(7.40c – 13.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2006capital raising announcement● Neutral
Prospectus for the 3-for-2 rights issue at $0.20 with a free $0.20 option for every two shares. It seeks up to $6.37m, underwritten to $2.5m by Patersons. Trading is expected to be reinstated around 17 July 2006.
9 June 2006other● Neutral
Cover letter lodging the prospectus with ASX. It describes the shortfall offer open to non-members and a 3% broker fee on shortfall above the $2.5m underwritten amount. No new substance.
8 June 2006agm notice▲ GoodMajor
All resolutions passed at the 30 May 2006 meeting. The company is now Oil Basins Limited, has a new constitution, and has changed its activities to oil and gas exploration. This clears the way for the rights issue prospectus.
11 May 2006director officer appointment▲ GoodMajor
Neil Doyle and Kim McGrath were appointed directors on 10 May 2006. Saxon placed 1.5m shares at $0.10 ($150,000), the first half of the seed placement. It also holds a Moby option for a further 5% of Vic/P41, which would lift its prospective interest to 12.5%.
11 May 2006farm in farm out agreement● Neutral
Vic/P41 partner Moby Oil & Gas says it has granted Saxon an option to earn a 5% interest in Vic/P41. Exercise costs $333,333 by 31 July 2006, plus funding 12.5% of the next well, with promote costs capped at $1.65m.
20 Apr 2006admin correction● Neutral
Corrects the earlier release: the rights issue is underwritten to a minimum of $2,500,000, not 2,500,000 shares as first stated.
20 Apr 2006capital raising announcement▲ GoodMajor
Saxon plans to become an oil and gas explorer (to be renamed Oil Basins). It will raise $300,000 via a placement at $0.10 and a 3-for-2 rights issue at $0.20 underwritten to $2.5m by Patersons. It has non-binding farm-in deals: 7.5% of Vic/P41 and 35% of part of EP129/L6.
11 Apr 2006other● Neutral
Saxon Investment Group, then a shell company, says it is weighing two possible acquisitions: a resource-based business and an energy-efficient technology. No binding agreements exist; a detailed announcement is promised by the end of April 2006.
