Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2018annual report▲ Good
FY18 profit of $479k (FY17 loss $794k); net assets up 37% to $13.3M (15.1c a share), driven by the Byron gain. Buru royalty earned $186k. The chairman says Fitzroy withdrew its Weeks bid in September and does not intend to rejoin the process.
24 Sept 2018annual report● Neutral
Audited full-year accounts to 30 June 2018 with a clean Deloitte opinion. The key audit matter was a $390,000 impairment of the Royalco investment, carried at $4.277M, in light of the Weeks Royalty offers.
6 Sept 2018asset acquisition disposition● NeutralMajor
Fitzroy withdrew its proposals, which valued the Weeks Royalty at $6.6M, ending its bid to take over Royalco's royalty or the whole company. Royalco's independent directors will keep talking to other buyers. This resolves the thread opened in July.
9 July 2018asset acquisition disposition● NeutralMajor
Royalco disclosed a non-binding Fitzroy proposal to buy all of Royalco. Other shareholders would get about $4.7M cash, valuing Royalco at about $9.0M, with the Weeks Royalty valued at $6.6M, above other offers. It needs Royalco shareholder approval and an independent expert's opinion; Fitzroy holds about 47.76%.
16 Apr 2018admin correction● Neutral
ASIC form recording cancellation of 126,012 bought-back shares, leaving 88,450,859 shares on issue. Administrative only.
16 Mar 2018half year report▲ Good
Half-year to 31 Dec 2017: profit of $480,000 against a $297,000 loss a year earlier. The filing shows revenue of $111k and a $1.0M Byron purchase; the profit comes from an $803k item, likely a tax benefit (inference). 1.46M shares bought back for $294k.
12 Mar 2018admin correction● Neutral
ASIC form recording cancellation of 191,385 bought-back shares, leaving 88,576,871 shares on issue. Administrative only.
7 Feb 2018admin correction● Neutral
ASIC form recording cancellation of 526,400 bought-back shares, leaving 88,768,256 shares on issue. Administrative only.
10 Jan 2018admin correction● Neutral
ASIC form recording cancellation of 111,749 bought-back shares, leaving 89,294,656 shares on issue. Administrative only.
4 Dec 2017admin correction● Neutral
ASIC form recording cancellation of 900,600 bought-back shares, leaving 89,406,405 shares on issue. Administrative; reflects the faster buy-back pace in November.
24 Nov 2017other▲ Good
Board resolves to cut fees for the Board and Company Secretary from 1 January 2018, saving $90,000 a year (excluding GST), a 33% reduction.
6 Nov 2017admin correction● Neutral
ASIC form recording cancellation of 108,167 bought-back shares, leaving 90,307,005 shares on issue. Administrative only.
18 Oct 2017other● Neutral
Appendix 4G governance disclosure form for the year to 30 June 2017, pointing to the corporate governance statement. Administrative; no substance for shareholders.
18 Oct 2017other● Neutral
Annual corporate governance statement approved 12 October 2017. It notes the company has three directors and no executives or management. Compliance document with no new information.
18 Oct 2017annual report● Neutral
2017 annual report. The chairman's letter notes the Royalco stake rose from 6.3% to 46.7%, the Byron investment and buy-back, and $4.2M cash at 30 June. Royalco costs were cut, but further cuts are needed for profitability.
16 Oct 2017production update▲ GoodMajor
Fitzroy received its first Ungani royalty since the restart: $36,880 as a 2% net royalty on a 60,275-barrel cargo sold at about US$46.90 a barrel. This ends the run of quarters with no royalty income since the January 2016 shutdown.
3 Oct 2017admin correction● Neutral
ASIC form recording cancellation of 111,000 bought-back shares, leaving 90,415,172 shares on issue. Administrative only.
26 Sept 2017annual report▼ Bad
Full-year accounts to 30 June 2017: loss of $0.79M (prior $0.69M). Operating income fell to $0.18M, which the report attributes to the Ungani shutdown. Royalco stake rose from 6.3% to 46.79% over the year.
7 Sept 2017admin correction● Neutral
ASIC form recording cancellation of 212,394 bought-back shares, leaving 90,526,172 shares on issue. Administrative follow-up to the buy-back.
17 Aug 2017asset acquisition disposition● NeutralMajor
Fitzroy invests a further $1M in Byron Energy's $26.5M placement at $0.07 a share, following its $0.5M stake from August 2016. It will hold 18.131M shares (about 2.76%), subject to Byron shareholder approval in mid-September.
11 Aug 2017admin correction● Neutral
ASIC form recording cancellation of 49,728 shares bought back under the buy-back, leaving 90,738,566 shares on issue. Administrative; no new information beyond the buy-back already announced.
26 May 2017joint venture update● NeutralMajor
Fitzroy welcomes Buru's asset swap with Mitsubishi's subsidiaries, which changes who holds the permits (EP 371 to Mitsubishi; the others to Buru 100%). Fitzroy says its royalty interests do not change. The swap is still subject to conditions.
8 May 2017other● Neutral
Administrative notice: Fitzroy's registered office moves to Level 6, 28 O'Connell Street, Sydney, from 8 May 2017. No other substance.
26 Apr 2017quarterly activities report● NeutralMajor
March quarter: the Royalco offer closed 6 March with Fitzroy at 46.79% (24.67M shares), short of full control. Fitzroy directors joined the Royalco board; Clyne retired 6 March. No royalties received. Buru plans an Ungani restart for mid-year.
14 Mar 2017half year report● Neutral
Half-year to 31 December 2016: loss of $300k (prior $520k), cash $7.5M, net assets $10.5M. Fitzroy bought 7.53M Royalco shares for $1.42M and Byron shares for $500k. Its Royalco stake is 46.8% after the offer closed on 6 March.
20 Feb 2017business combination● Neutral
Fitzroy extends its 20 cent Royalco offer again, to 7pm on 6 March 2017. Its relevant interest is now 24.57M shares (46.60%).
13 Feb 2017business combination● Neutral
Fitzroy extends its 20 cent Royalco offer to 7pm on 20 February 2017. Its relevant interest is now 24.35M shares (46.20%).
9 Feb 2017business combination● Neutral
Fitzroy clarifies that it will pay the broker handling fee only if the broker shows the payment is permitted under the conflicted remuneration rules. This qualifies the 7 February fee announcement.
7 Feb 2017business combination● Neutral
Fitzroy will pay brokers a handling fee of 0.75% of the 20 cent price (minimum $50, maximum $750) for acceptances they solicit from retail holders. Fitzroy's stake is 44.144%; the offer closes 13 February 2017.
3 Feb 2017business combination● Neutral
Royalco's board repeats its advice to accept Fitzroy's 20 cent offer, closing 13 February 2017. It says Fitzroy (43.83%) may seek to delist Royalco and could probably achieve it, so holdouts risk a falling share price and little chance to sell.
