3 Feb 2017business combination● Neutral
Statutory notice that Fitzroy's Royalco offers are unconditional. Fitzroy's voting power is 43.83% (23.11M shares).
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2017joint venture update▼ Bad
High Peak Royalties, holding 21.36% of Royalco, says it will not accept Fitzroy's 20 cent offer. It nominates its own directors for the 22 February spill meeting, to cut costs and pay dividends, and says it does not seek control. This is a rival bloc to Fitzroy's.
30 Jan 2017business combination▲ GoodMajor
Fitzroy declares its 20 cent Royalco offer unconditional and speeds up payment to within 7 days of acceptance. Its stake is now 43.265% (22.81M shares), and it says there are no superior proposals. Offer still closes 13 February 2017.
25 Jan 2017business combination● Neutral
Fitzroy declares its 20 cent Royalco offer price final, so it will not be raised. Fitzroy now holds 22.35M Royalco shares (42.4%); the offer still closes 13 February 2017.
20 Jan 2017business combination● Neutral
Statutory notice that Fitzroy's Royalco offers remain subject to the condition in section 9.7 of the Bidder's Statement, which has not been fulfilled. The date for giving the next condition notice is extended to 3 February 2017.
20 Jan 2017business combination▲ Good
Fitzroy extends its recommended 20 cent Royalco offer to 13 February 2017 from 30 January. It now has a relevant interest in 21.78M shares, or 41.31%, including acceptances from Royalco's directors.
20 Jan 2017business combination● Neutral
Formal notice extending Fitzroy's 20 cent Royalco offer to 7pm on 13 February 2017. Repeats the extension already announced the same day; no new terms.
16 Jan 2017director officer appointment● Neutral
Royalco says Fitzroy, now a 34.52% holder, has nominated its own directors McComas, Thomas and Clyne for election at a spill meeting due within 90 days of Royalco's AGM. This shows Fitzroy seeking board seats at Royalco.
13 Jan 2017business combination▲ GoodMajor
Royalco chairman Peter Topham has accepted Fitzroy's 20 cent offer for his remaining 3.136M shares, and director Bruce Pertzel accepted for all of his. Fitzroy's relevant interest rises to 15.84M shares, or 30.04% of Royalco.
30 Dec 2016other● Neutral
Royalco confirms it has finished dispatching its Target's Statement, which recommends accepting Fitzroy's 20 cent offer. Administrative notice with no new substance.
29 Dec 2016business combination● Neutral
Fitzroy confirms it has finished dispatching the replacement Bidder's Statement and offers to Royalco holders on 29 December 2016. The offer is now open and is scheduled to close 30 January 2017 unless extended or withdrawn.
21 Dec 2016business combination● Neutral
Fitzroy lodges a replacement Bidder's Statement for the 20 cent Royalco offer, replacing the 14 December version. Terms and dates appear unchanged: the offer opens 28 December and closes 30 January 2017. Text truncated, so the changes are not visible.
21 Dec 2016business combination▲ Good
Fitzroy welcomes Royalco's formal recommendation of its 20 cent offer. Mr Topham and associates have agreed to accept for their remaining 3.136M shares absent a superior proposal. Taylor Collison is also buying on-market at 20 cents, and the offer is due to close 30 January 2017.
19 Dec 2016business combination▲ Good
Royalco's formal Target's Statement unanimously recommends accepting Fitzroy's 20 cent cash offer, absent a superior proposal. The offer closes 30 January 2017 unless extended. This confirms the board's switch from rejecting the earlier 18 cent bid.
14 Dec 2016business combination▲ Good
Royalco says its board intends to recommend accepting Fitzroy's 20 cent offer, absent a superior proposal. Chairman Peter Topham and associates sold 2.669M shares (5.06%) to Fitzroy, lifting Fitzroy to 19.99%. This reverses the board's earlier rejection of the 18 cent bid.
14 Dec 2016business combination▲ GoodMajor
Fitzroy launches a new off-market bid for Royalco at 20 cents a share (about $10.54M), 11% above the earlier offer and recommended by Royalco's board. Fitzroy now holds 19.99% after buying 2.669M shares from an associate of Royalco's chairman.
14 Dec 2016business combination● Neutral
Bidder's Statement for Fitzroy's recommended 20 cent per share off-market offer for Royalco. The offer opens 28 December 2016 and is indicatively set to close 30 January 2017. It formalises the terms announced the same day; text truncated.
13 Dec 2016business combination● Neutral
Fitzroy's unconditional 18 cent on-market bid for Royalco closed on 12 December 2016. A final substantial holder notice is attached; the announcement gives no figures on the result.
6 Dec 2016business combination▼ Bad
Royalco's board again recommends rejecting the 18 cent offer, noting its shares have traded above that price and it appears no one has accepted. Royalco's chairman will not sell, and a February 2017 meeting will consider board composition, including nominations from High Peak Royalties.
25 Nov 2016business combination● Neutral
Fitzroy extends its 18 cent on-market bid for Royalco, which now closes on 12 December 2016 instead of 5 December. The price is unchanged.
3 Nov 2016other● Neutral
Royalco confirms its Target's Statement, rejecting Fitzroy's bid, was mailed to its shareholders on 2 November 2016. Administrative notice with no new substance.
28 Oct 2016business combination▼ Bad
Royalco's board unanimously recommends holders reject Fitzroy's 18 cent bid by doing nothing for now. It says the price is below recent market prices and carries no control premium. This resists Fitzroy's bid.
27 Oct 2016other● Neutral
Fitzroy confirms its 19 October Bidder's Statement for the 18 cent on-market Royalco bid was mailed to Royalco holders on 26 October 2016. Administrative dispatch notice with no new terms.
21 Oct 2016other● Neutral
Appendix 4G, the governance disclosure form lodged with the FY2016 annual report. It points to the corporate governance statement and website, with no new substance.
21 Oct 2016annual report▼ Bad
FY2016 annual report: cash was $9.5M, royalty income fell 84% to $47k after Ungani shut down in January 2016, and the loss was $691k. Fitzroy took a 15% stake in Royalco and a 1.4% stake in Byron Energy, having reviewed about 25 opportunities.
21 Oct 2016other● Neutral
Corporate governance statement for FY2016, approved 18 October 2016. It again notes three directors and no executives or management, so the board does all management roles. Governance disclosure only, with no new substance.
19 Oct 2016business combination● Neutral
Royalco tells its shareholders to take no action on Fitzroy's 18 cents a share on-market offer. Its board will give a recommendation in its Target's Statement, expected by 28 October 2016. The offer stays open until at least 5 December. Royalco has hired Baker & McKenzie.
19 Oct 2016business combination● NeutralMajor
Fitzroy launches an on-market cash takeover bid for all of Royalco Resources at 18 cents a share, via broker Taylor Collison. It already holds about 15% of Royalco. The offer period opens 3 November and closes 5 December 2016, indicative only. This is a shift to buying listed companies.
27 Sept 2016annual report▼ Bad
Year to 30 June 2016: loss of $0.69M versus $0.78M. Operating costs fell to $0.57M and income to $0.34M, with royalties down because Ungani production was suspended. A $0.46M impairment hit investments, and shares in Royalco were bought. Text truncated.
22 Apr 2016quarterly activities report▲ GoodMajor
March 2016 quarter: royalties on Ungani licences L20 and L21 are now registered, resolving that open thread. Royalties received were $17,354.34. Buru's independent review puts the Valhalla gas at 1.53 TCF contingent and 13.02 TCF prospective on EP 371, where Fitzroy has a royalty.