14 Aug 2013other▲ Good
Fitzroy River confirmed it had received in cleared funds the $200,000 deposit that the purchasers of its European Gas Ltd shares were required to pay on 13 August 2013.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Aug 2013asset acquisition disposition● NeutralMajor
Agreed to sell all 75,656,848 EGL UK shares (just over 25%) at $0.12 each, $9.08M, to two Bahamas-based buyers. This is below the prior 19.2c carrying value. Needs shareholder approval; $200,000 deposit and mutual $200,000 break fee apply.
20 June 2013investor presentation● Neutral
Broker presentation at Bell Potter lists 90.79M shares, A$29M market cap at $0.32, and no debt. It cites up to $3.65M a year royalty from first half 2014 if Buru hits 5,000 bopd and FZR wins the dispute. Lists litigation risk. Text truncated.
14 May 2013director officer appointment● Neutral
Non-executive director Rod Bresnehan resigned on 14 May 2013, after serving since September 2009. He will stay on as a consultant, including on the 25% EGL UK investment. The board is now McComas, Hempel and Thomas.
19 Mar 2013capital raising announcement● Neutral
15,131,446 new shares were issued at $0.25, completing the rights issue and lifting shares on issue to 90,788,294. JP Morgan Nominees holds 22.88%; Susan Thomas's entity holds 10.91%.
What it means for a shareholder
15.1m new shares at A$0.250 to raise about A$3.8m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (4,000 at the issue price), your slice goes from 0.00441% to 0.00378% of the company. To keep it you'd need 667 more shares - about A$167 at the issue price.
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14 Mar 2013capital raising announcement▲ GoodMajor
The $3.8M rights issue closed with applications for 11.57M of 15.13M new shares (76%, $2.892M). The remaining 3.562M shares fall to underwriter Bell Potter and its sub-underwriters, so the full amount is still raised.
14 Mar 2013half year report● Neutral
Half-year to 31 December 2012 shows a $10.3M profit, mainly a gain on disposing of EGL UK shares after losing control in July 2012. The remaining EGL UK stake is valued at 19.2 cents per share. Royalty permits now count as 11. Text truncated.
22 Feb 2013capital raising announcement● Neutral
Offer booklets were sent to eligible shareholders. Only 21 of 1,137 registered holders were ineligible. Shares issuable after rounding are 15,131,446. Administrative step in the $3.8M offer.
12 Feb 2013capital raising announcement● Neutral
The offer booklet for the $3.8M 1-for-5 entitlement offer at $0.25 per share, closing 8 March 2013. It sets out terms and risks, and calls the investment speculative. Repeats the announced offer. Text truncated.
12 Feb 2013admin correction● Neutral
Statutory notice that the 1-for-5 entitlement offer at $0.25 can be made without a prospectus. It states the company has met its disclosure obligations and the offer is not expected to materially affect control.
12 Feb 2013other● Neutral
Letter to shareholders outside Australia, New Zealand and the UK telling them they cannot take part in the entitlement offer. Their rights will be sold by a nominee and any net proceeds sent to them. Administrative.
12 Feb 2013capital raising announcement● NeutralMajor
The company launched a fully underwritten 1-for-5 renounceable entitlement offer at $0.25 per share to raise about $3.8M, a 26.5% discount to the last close. Funds go to the Buru royalty assets, possible EGL UK investment, legacy issues and working capital. Underwriter is Bell Potter.
14 Jan 2013investor presentation● Neutral
A company presentation restates its strategy as an oil and gas investment holder focused on non-operated assets, mainly the two Buru royalties in the Canning Superbasin. It lists Malcolm McComas as chairman and Susan Thomas as a director. Text truncated.
2 Jan 2013security holder rights change● Neutral
All 19 million options (3M at 50c, 10M at 70c, 6M at 50c) lapsed unexercised on 31 December 2012. No options remain and 75,656,848 shares are on issue. This closes the open question over the former CEO's options.
24 Dec 2012director officer appointment● Neutral
Julien Moulin, voted off the board at the 26 November AGM, has been removed as the company's nominee on the board of EGL UK. The company holds 25.5% of EGL UK. This follows Moulin's 13 August appointment as nominee.
17 Dec 2012other● Neutral
The company, now named Fitzroy River Corporation (FZR), names the five clients behind 14.35M shares held via a Monaco bank. Four hold 3.0M shares each (3.965%) and one holds 2.35M (3.1%). This resolves the earlier tracing of the large holding.
22 Nov 2012other● Neutral
Continuing the beneficial-ownership tracing: McNeil Nominees' 3.05M shares belong to one owner, Mercantile Investment Company. A Monaco bank says its 14.35M shares are held for different clients, none above 3M shares. Tracing continues.
19 Nov 2012price query● Neutral
ASX queried a rise in the share price from $0.41 to a high of $0.445. The company said it knew of no undisclosed information and pointed to five recent Buru Energy announcements, given its Buru royalties, as a possible explanation.
1 Nov 2012other● Neutral
Administrative: the registered office moves to Armidale NSW and Mark Pitts ceases as company secretary, leaving Hempel as sole secretary. The company no longer has an office in France, the AGM is on 26 November in Brisbane and a name change is under consideration.
25 Oct 2012annual report● Neutral
The 2012 annual report repeats the financial-statement content: the European assets moved into the UK subsidiary, with the company keeping 25.45%, and the Buru royalties in the Canning Basin continue. Directors are Moulin, Hempel and Bresnehan. Text truncated.
10 Oct 2012other● Neutral
A tracing response names a Luxembourg bank, affiliated with a substantial shareholder in the June prospectus, as holder of about 18.97% of shares. Transcor Astra and Ocean Dome have filed notices ceasing to be substantial holders.
2 Oct 2012regulatory community update▼ Bad
The company received its first Ungani royalty payment and now considers its 2% Canning Basin royalty to be a gross rather than net royalty. The EP 391 holders disagree, so the dispute is unresolved and could affect royalty income.
1 Oct 2012annual report● Neutral
The year to 30 June 2012 financial report details the restructure moving European assets into the UK subsidiary, including a €4m sale of European Gas SAS. The company holds 25.45% of that subsidiary after the buy-back, and the first Ungani royalty was received after year-end. Text truncated.
24 Aug 2012admin correction● Neutral
The company confirmed the 221,615,657 bought-back shares were cancelled and lodged the ASIC Form 484. This is administrative, with no new information beyond the July completion.
13 Aug 2012director officer appointment● NeutralMajor
CEO Briens and COO/CFO Niemetz retired to run the European business, in which the company now holds just over 25%. Hempel becomes executive director; Moulin becomes non-executive chair. The company will stay listed, keep costs low and says its Buru royalties are not for sale.
9 Aug 2012other● Neutral
Tracing of beneficial owners shows about 15.95m of JP Morgan Nominees' shares are held for Clearstream Banking. JP Morgan held about 91m shares before the buy-back cancellation. Enquiries continue.
1 Aug 2012other● Neutral
Top 20 holder list after the buy-back: JP Morgan Nominees holds 18.8m shares (24.86%) and the top 20 hold 64.67% of the 75.66m shares. There are 1,112 holders.
26 July 2012capital raising announcement● NeutralMajor
The selective buy-back approved on 17 July is complete: 221,615,657 shares were cancelled in exchange for one share in a UK subsidiary each. This leaves 75,656,848 shares on issue, down from 297m, and splits the European business from the listed company.
14 May 2012well test result▲ GoodMajor
The Folschviller-2 gas flow test finished, and the company says it indicates its Lorraine coal bed methane projects are commercial without fracking. Beicip-Franlab's review supported commerciality. This resolves the long-running test thread; the company now focuses on a drilling campaign.
1 May 2012resource reserve update▲ GoodMajor
BeicipFranlab, the French Petroleum Institute's consulting arm, estimates net contingent gas resources in Lorraine and Nord-Pas de Calais at 4.62 Tcf (1C), 5.89 Tcf (2C) and 7.46 Tcf (3C). This is up from the earlier 2.7 Tcf Alsting figure; the company now aims to convert them to reserves by drilling.