Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Oct 2016quarterly activities report● Neutral
September 2016 quarter: no royalties were received from the Canning Basin, and no Blina royalties are expected. Royalty registration over Ungani licences L20/L21 is confirmed. Buru signed a Native Title Agreement covering EP 371 (Valhalla gas), and R1 was renewed to 2021. Text truncated.
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.
29 July 2016quarterly activities report▲ Good
June 2016 quarter: mostly repeats Buru's independent Valhalla gas assessment (1.53 TCF contingent) and May 2016 test results, with gas peak rates up to 44 million cubic feet a day. Further testing and a horizontal well are Buru's likely next steps. 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.
19 Apr 2016resource reserve update▲ Good
Fitzroy passes on Buru's independent review of the Laurel Formation tight gas on EP 371, where it holds a royalty. It gives no figures itself; it notes 90.7M shares, about 1,100 holders and cash of about $9.5M. Cash is down from $11.7M at December 2014.
28 Jan 2016quarterly activities report▲ Good
December 2015 quarter: royalties received were $29,286. Buru's Ungani Far West 1 well, spudded 28 November 2015, found an oil column of at least 14 metres (about 5 m net pay), a new play. Royalty registration over L20/L21 was still pending. Text truncated.
20 Oct 2015quarterly activities report▼ BadMajor
September quarter: no royalties received. Fitzroy decided not to take up EP 390 after Apache's successor withdrew and the Commodore 1 well found no significant hydrocarbons, so the permit lapses. Ungani production licences L20 and L21 were granted. Text truncated.
20 Oct 2015annual report● Neutral
Annual report for the year to 30 June 2015 repeats the loss of $0.78M versus $0.56M, with costs of $1.35M and income of $0.56M. It restates the passive royalty-holder model and the three-director board. Text truncated; no new figures beyond the earlier release.
23 Sept 2015annual report▼ Bad
Year to 30 June 2015: loss of $0.78M versus $0.56M, with costs of $1.35M and income of $0.56M. Cash fell $1.6M, including $0.90M put into other listed companies, a new move beyond royalties. Text truncated.
23 Sept 2015other● Neutral
Appendix 4G, the governance disclosure form filed with the annual report. It points to the corporate governance statement and has no new substance.
23 Sept 2015other● Neutral
Corporate governance statement for FY2015. It notes the company has three directors and no executives or management, so the board does all the management roles. Governance disclosure only.
20 July 2015quarterly activities report● Neutral
June quarter: Ungani royalties received were only $19,977.59. The Ungani production licences were granted and the last native title agreement was signed. The court loss is confirmed as settled. Production restart is on track for mid-July. Text truncated.
15 May 2015admin correction● Neutral
The share registry, Boardroom, changes its Sydney address from 18 May 2015. Administrative only.
29 Apr 2015quarterly activities report● Neutral
March quarter: Ungani royalties received were $88,765.39. Native title agreements were signed, clearing the way for Ungani production licences, with Buru targeting mid-July production at about 1,250 bopd. The royalty litigation was lost on 14 April. Text truncated.
15 Apr 2015regulatory community update▼ BadMajor
The WA Supreme Court refused Fitzroy's claim for a gross royalty and ordered it to pay the defendants' costs. This ends the dispute against Fitzroy, and royalties continue on the existing terms. The amount of costs is not stated.
15 Apr 2015regulatory community update▼ Bad
Buru confirms the court dismissed Fitzroy's claim and upheld Buru and Mitsubishi's reading of the deed. Fitzroy keeps a 2% royalty on wellhead value and pays their costs. Buru sees a clear path to developing Ungani. Repeats Fitzroy's own announcement.
13 Mar 2015half year report● Neutral
Half-year to 31 December 2014: loss of $184,000 (the text also says $0.190M), versus $392,000 a year earlier, on revenue of $364,000. Cash was $11.7M and net assets $12.0M. Royalty interests are not carried on the balance sheet. Text truncated.
30 Jan 2015quarterly activities report● Neutral
December quarter: Ungani royalties received were $71,887.50, still paid on the disputed basis, plus $88,765.39 received after quarter end. Ungani North 1 testing was suspended, and the field was shut in by rain. Production licence applications were still pending. Text truncated.
7 Jan 2015regulatory community update● Neutral
The Supreme Court royalty case against Buru and Mitsubishi is listed for a two-day trial on 14-15 April 2015, following the failed December mediation. This fixes a date for resolving the gross versus net 2% royalty dispute.
19 Dec 2014regulatory community update● Neutral
The 10 December mediation did not resolve the royalty dispute. The Court ordered trial preparation, with trial no earlier than 30 March 2015. Fitzroy plans to keep talking commercially with the other parties, with no guarantee of success.
