Past year: ▲ 88%(15.5c – 32.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Nov 2014other● Neutral
AGM address: court-ordered mediation was held 27 October with another set for 10 December, and the buy-back remains unused until mediation is resolved. ASX is querying the company's high cash relative to assets under Listing Rule 12.3. Fitzroy is still seeking new investments with RSI.
31 Oct 2014quarterly activities report▲ Good
September quarter: Ungani royalties received were $113,860, still paid on a disputed and delayed basis. Buru is holding field output at about 1,250 bopd. The royalty case is now in mediation. Text truncated.
20 Oct 2014annual report● Neutral
The 2014 annual report repeats the statutory accounts: $0.56M loss, $1.0M operating costs and a board of McComas, Thomas and Clyne. Includes a remuneration report. Text truncated.
26 Sept 2014annual report▼ Bad
Year to 30 June 2014: loss of $0.56M versus a $9.0M profit the year before, on $1.0M operating costs and $0.51M operating income. Cash rose by $8.3M, mainly from the EGL UK sale. Hempel left the board and Clyne joined. Text truncated.
31 July 2014quarterly activities report▲ Good
June quarter: first royalties from the second Ungani test, $31,415, paid on a basis Fitzroy disputes as delayed. Buru reported Ungani 2 above 1,000 bopd. Litigation is heading to mediation. Text truncated.
30 June 2014director officer appointment● Neutral
Executive Director Sebastian Hempel leaves the board on 30 June 2014 after nearly five years. Company Secretary Justin Clyne fills the vacancy from 1 July 2014.
13 May 2014capital raising announcement▲ GoodMajor
Fitzroy announced an on-market buy-back of up to 9.07M shares (just under 10%), about $3.4M at 38 cents, from 30 May 2014 to 30 May 2015. It says it has more capital (about $12.0M cash) than it can invest in royalty deals in the next 12 months.
29 Apr 2014quarterly activities report● Neutral
March quarter: no Ungani royalties received, and Fitzroy is disputing the timing of payments, saying one was due in late January 2014. The Supreme Court case is in discovery, with mediation ordered for no earlier than 21 May 2014. Fitzroy objected to how Buru handled R1 transfer requirements. Text truncated.
14 Apr 2014admin correction● Neutral
Sebastian Hempel retired as joint Company Secretary (remaining a director), the share registry moves from Computershare to Boardroom from 19 May 2014, and the principal place of business moved within Sydney. Administrative only.
14 Mar 2014half year report▼ Bad
Half-year to 31 December 2013: loss of $392,000, with no royalties received as Ungani only restarted late in the period. Cash was $12.2M and net assets $12.3M after the EGL UK sale. Company also holds 1.33M Columbus Energy shares. Text truncated.
3 Mar 2014director officer appointment● Neutral
Justin Clyne was appointed joint Company Secretary from 1 March 2014. Administrative appointment.
24 Feb 2014material agreement● NeutralMajor
Fitzroy hired Royalty Stream Investments for an initial 12 months, non-exclusive, to find and assess new royalty and resource investments. Company reports about $12m cash and 90.7m shares. This starts the search to deploy the EGL UK sale proceeds.
20 Jan 2014quarterly activities report▲ Good
December quarter: Buru restarted Ungani oil production on 13 December 2013 after the February 2013 suspension, and Ungani 3 spudded 14 January 2014. No royalties were paid in the quarter. Defendants' defence was received; Buru's R1/L15 interests are being transferred, with negotiations under way. Text truncated.
12 Dec 2013regulatory community update▼ Bad
The four defendants filed their defence and counterclaim, asserting the deed provides, or should be rectified to provide, for a net royalty. The company believes the case may be heard in the third quarter of 2014.
29 Oct 2013quarterly activities report● Neutral
September quarter: Ungani royalties were only $957, and no Blina royalties were received. The Discovery Payment deed was registered. Defendants are expected to file defences in the December quarter. Buru targets up to 3,000 bopd during 2014. Text truncated.
10 Oct 2013annual report● Neutral
The 2013 annual report repeats the statutory accounts: $9.0M profit, mainly from the EGL UK demerger, and a $5.4M write-down of the EGL UK stake to 12 cents. Board is McComas, Hempel and Thomas. Text truncated.
27 Sept 2013asset acquisition disposition▲ GoodMajor
Sale of all 75,656,848 EGL UK shares at $0.12 each ($9.079M) completed, following shareholder approval on 24 September 2013. Cash was received in full. FZR no longer holds its 25% EGL UK stake, resolving that thread.
16 Sept 2013admin correction● Neutral
Registered office moved to Suite 2, Level 11, 50 Margaret Street, Sydney. Administrative notice only.
9 Sept 2013annual report● Neutral
Year to 30 June 2013 shows a $9.0M profit, mainly from the EGL UK demerger gain, with a $5.4M write-down of the EGL UK stake to $0.12 a share. Operating income was $0.26M. Royalty income is expected to stay low through the first half of next year.
29 Aug 2013other● Neutral
The no-shop exclusivity period with the EGL UK share buyers was extended to 24 September 2013 from one month after 11 August, to match the general meeting date.
27 Aug 2013regulatory community update● Neutral
Buru, a defendant, says its royalty calculation is correct, rejects Fitzroy's claims and will defend the proceedings. It says the case is not material to its forward program.
26 Aug 2013regulatory community update● NeutralMajor
Filed a Supreme Court of WA action against Buru, two Mitsubishi subsidiaries and Mitsubishi seeking a declaration it is owed a 2% gross royalty without deductions. Payments to date of $98,370 were calculated on a net basis. This escalates the dispute open since October 2012.
23 Aug 2013agm notice● Neutral
Notice of a general meeting on 24 September 2013 asking shareholders to approve selling all EGL UK shares at no less than $0.12 each, including to the two named purchasers, on or before 30 September 2014. Text truncated.
14 Aug 2013other● Neutral
The $200,000 deposit due 13 August on the EGL UK sale had not yet arrived. The buyers supplied evidence of an international transfer from London. Administrative update.
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.
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.
17 July 2013quarterly activities report▲ Good
June quarter: the WA Canning Basin state agreement was ratified on 25 June 2013, exempting five permits from area relinquishment until 2024. Ungani royalties were nil for the quarter ($97,412 for the year). The royalty dispute continues. This resolves the ratification thread.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: Ungani production test was shut in 24 February 2013 pending logging. Ungani royalties received were just under $35,000, still under dispute. Buru withdrew from EP 104, so the royalty deed now covers 8 permits. Text truncated.
