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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 July 2017quarterly activities report▲ Good
June quarter: Fitzroy announced an on-market buy-back of up to 9M shares (about 10%), citing March-quarter cash of $4.28M. No royalties received. Buru restarted Ungani production at about 1,250 bopd; Fitzroy says its royalties are unchanged by the Buru-Mitsubishi swap.
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.
3 Feb 2017business combination● Neutral
Statutory notice that Fitzroy's Royalco offers are unconditional. Fitzroy's voting power is 43.83% (23.11M shares).
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 2017quarterly activities report● Neutral
December quarter report: no royalty income; income was $50k interest and a $39k Royalco dividend. Fitzroy's Royalco stake is 43.265% and its three directors are nominated for Royalco's 22 February meeting. 90.79M shares on issue, 943 holders.
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.