Past year: ▼ 22%(28.0c – 62.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2012capital raising announcement▲ GoodMajor
FAR raises $15.04m for Kenyan exploration: a 280m-share placement at 4.3c ($12.04m) plus a Share Purchase Plan of up to $3m at the same price. Intended to maintain its interests in Kenya Blocks L6 and L9.
26 Nov 2010capital raising announcement● Neutral
FAR issues the second and final 35 million placement shares at 5.8 cents, completing the 500 million-share placement announced 29 October 2010. Administrative notice allowing the shares to be on-sold.
26 Nov 2010capital raising announcement● Neutral
The oversubscribed share purchase plan is allotted: 86,206,680 shares at 5.8 cents, with each application scaled back pro rata (a $1,000 application received 9,720 shares). This completes the $34m raising.
What it means for a shareholder
86.2m new shares at A$0.058 to raise about A$5.0m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (17,241 at the issue price), your slice goes from 0.00345% to 0.00294% of the company. To keep it you'd need 2,973 more shares - about A$172 at the issue price.
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22 Nov 2010capital raising announcement▲ Good
The share purchase plan closed about 80% over its $5 million limit, so all applications will be scaled back pro rata. Allotment is expected around 26 November 2010, completing the $34m raising announced on 29 October.
15 Nov 2010capital raising announcement● Neutral
FAR issues 465m shares at 5.8 cents, the first tranche of the placement announced on 29 October. Administrative notice allowing the shares to be on-sold.
What it means for a shareholder
465m new shares at A$0.058 to raise about A$27.0m. That's 88% dilution: every existing holder's slice gets 88% smaller. If you held A$1,000 of shares (17,241 at the issue price), your slice goes from 0.0282% to 0.00328% of the company. To keep it you'd need 131,108 more shares - about A$7,604 at the issue price.
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4 Nov 2010capital raising announcement● Neutral
Share purchase plan offer documents: eligible Australian and New Zealand holders can buy up to $15,000 of shares at $0.058, a 19.44% discount, with $5m in total and scale-back if oversubscribed. Offer closes 19 November 2010.
29 Oct 2010capital raising announcement▲ GoodMajor
FAR raises up to $34m: a 500m-share placement at 5.8 cents plus a $5m share purchase plan at the same price. Funds the Kora well, Guinea Bissau 3D and possible wells, and Senegal bonds. Placement needs approval on 15 Nov; the raising satisfies the Ophir condition precedent.
26 Mar 2009capital raising announcement▲ GoodMajor
FAR reached an in-principle agreement with Hartleys to raise up to $3.5 million by placing up to 70 million shares at 5 cents, for working capital. The announcement followed the Shell Senegal agreement and lifted a trading halt.
What it means for a shareholder
70.0m new shares at A$0.050 to raise about A$3.5m. That's 71% dilution: every existing holder's slice gets 71% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0693% to 0.0202% of the company. To keep it you'd need 48,527 more shares - about A$2,426 at the issue price.
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26 Feb 2009capital raising announcement● Neutral
FAR confirms the 4,500 convertible notes offered under the 11 February prospectus were allotted and the offer closed fully subscribed. Administrative; the amount is negligible.
12 Feb 2009capital raising announcement● Neutral
FAR confirms allotting 6,633,533 convertible notes, completing the December institutional placement (about $2.99m at $0.45). One holder, HSBC Custody Nominees, holds 83.75% of the notes. Trust deed to be lodged separately.
11 Feb 2009capital raising announcement● Neutral
Prospectus for a small top-up of 4,500 convertible notes at $0.45 each (about $2,025 in total). It follows the December institutional placement, approved by shareholders 23 January, in which 6,633,533 notes raised $2,985,090 before costs.
16 Dec 2008capital raising announcement● NeutralMajor
FAR agrees in principle to raise up to $3.5m via convertible notes (convert at 4.5c, 15% coupon, due 31 Jan 2012) plus up to $750k placement of 28.85m shares at 2.6c, both subject to shareholder approval. It will also pursue a sale of its Beibu Gulf (China) interest and says Petrosen has no objection to its 90% Senegal stake.
31 Oct 2008capital raising announcement● Neutral
FAR issued the final 11,250,000 shares at 8 cents under the July placement, completing the roughly A$4m raise. Administrative notice; no new money beyond what was announced.
5 Aug 2008capital raising announcement▲ Good
The Share Purchase Plan closed with applications for 13,037,500 shares, over $1 million. Together with the $4 million placement at 8 cents, FAR says this funds its work program. Shares are expected to be allotted on 11 August.
25 July 2008capital raising announcement● Neutral
FAR issued 38,750,000 shares at 8 cents on 25 July 2008, the first tranche of the placement announced 11 July. A further 11,250,000 shares will follow shortly, which would complete the 50 million share placement.
What it means for a shareholder
38.8m new shares at A$0.080 to raise about A$3.1m. That's 84% dilution: every existing holder's slice gets 84% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.167% to 0.027% of the company. To keep it you'd need 64,583 more shares - about A$5,167 at the issue price.
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17 July 2008capital raising announcement● Neutral
FAR mailed the Share Purchase Plan offer: eligible holders at 11 July can buy up to $5,000 of shares at 8 cents. The letter repeats the work program: Stokes Bay-1 testing, NE Waller, Lake Long, Senegal and China. The first NE Waller well is now expected in August.
11 July 2008capital raising announcement● NeutralMajor
FAR resolved to raise up to $4 million through a placement of up to 50 million shares at 8 cents, with Hartleys as lead manager. It also offered eligible shareholders a Shareholder Purchase Plan of up to $5,000 each at the same price, to fund its work programme.
What it means for a shareholder
50.0m new shares at A$0.080 to raise about A$4.0m. That's 87% dilution: every existing holder's slice gets 87% smaller. If you held A$1,000 of shares (12,500 at the issue price), your slice goes from 0.167% to 0.0217% of the company. To keep it you'd need 83,333 more shares - about A$6,667 at the issue price.
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21 June 2007capital raising announcement▲ GoodMajor
FAR confirmed it allotted 62 million shares, raising A$8.68m before costs, completing the placement announced 7 June (at 14c per that announcement). Shares on issue rise to 483,553,344. Funds go to Senegal 3D interpretation, China, Canning Basin, Gulf Coast and NE Waller.
What it means for a shareholder
62.0m new shares at about A$0.140 to raise about A$8.7m. That's 89% dilution: every existing holder's slice gets 89% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.0952% to 0.0103% of the company. To keep it you'd need 59,048 more shares - about A$8,267 at the issue price.
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7 June 2007capital raising announcement▲ GoodMajor
FAR will raise A$8.68m by placing 62 million shares at 14 cents, mainly to institutions and Hartleys clients, with allotment about 20 June. Funds back Senegal 3D interpretation, a 4-6 well China program from November, two Canning Basin wells from late July, Gulf Coast drilling and the NE Waller 3D.
What it means for a shareholder
62.0m new shares at A$0.140 to raise about A$8.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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13 June 2006capital raising announcement▲ GoodMajor
Following shareholder approval, FAR allotted 95 million shares to Hartleys' institutional clients, raising $12.35m. This completes the placement agreed on 8 May; FAR says it is fully funded for its program. Issued shares now about 413.7m.
What it means for a shareholder
95.0m new shares at about A$0.130 to raise about A$12.3m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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8 May 2006capital raising announcement▲ GoodMajor
FAR agreed with Hartleys to raise $12.4m via a placement of 95,000,000 shares, about 13c each (inferred from the figures). Subject to shareholder approval at a 9 June meeting. With $13.5m cash, FAR says it is fully funded for its program.
What it means for a shareholder
95.0m new shares at about A$0.1305 to raise about A$12.4m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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14 Feb 2006capital raising announcement● Neutral
FAR allotted the final 3,000 of 7.7 million convertible notes, completing the placement; funds go to the three Senegal licences. Hunt Oil says the 2,000 sq km 3D seismic contract is close to finalisation. Price not stated.
7 Feb 2006capital raising announcement▲ GoodMajor
FAR has allotted the first 7,697,000 of 7.7 million convertible notes; the placement funds go toward the three Senegal licences. Operator Hunt Oil says a contract for the 2,000 sq km 3D seismic survey is close to finalisation. Note price is not stated here.
