Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
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.
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.
December quarter: the company holds royalties on 12 Canning permits plus just over 25% of EGL UK. Mitsubishi subsidiaries' 50% assumption was registered, and a deed removed its contingent 'Discovery Payment' obligations on two permits. Ungani royalties received were $28,180. Text truncated.
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.
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.
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.
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.
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.
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.
September quarter: Mitsubishi subsidiaries took on 50% of Canning royalty obligations. The first Ungani royalty was only $5,596.72 and Blina royalties were $5,088.01. The company holds 25.45% of the UK subsidiary, whose shares were distributed to 158 new holders. Text truncated.
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.
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.
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.
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.
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.
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.
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.
June quarter Appendix 5B: cash fell to €5.334m from €6.967m after €1.715m operating outflow. Planned spend next quarter is €1.5m. Shares on issue shown as 297.27m, before the July buy-back cancellation.
June quarter: Folschviller-2 testing concluded; the company says the IFP analysis shows a 1,000m lateral could exceed 300 MCFPD. Eight drilling permit requests were lodged and funding options for drilling are being considered. Text truncated.
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.
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.
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.
