Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Nov 2010other● Neutral
AGM chairman's address explains the Bathurst sale: about 23c per share against about 9c for the IPO. The $2.4m deposit is received and the balance sits in trust pending NZ approvals, with access expected in early 2011. All directors stand for re-election.
19 Nov 2010other● Neutral
Chairman's letter to shareholders confirming the ERG IPO is cancelled and the prospectus withdrawn after the A$35m Bathurst sale. Application money will be returned. No new figures.
15 Nov 2010asset acquisition disposition▲ GoodMajor
Galilee agrees to sell its New Zealand coal assets (ERG) to Bathurst for A$35m cash, including a non-refundable $2.4m deposit covering IPO costs. The IPO is cancelled. Completion is expected early 2011, with net benefit about $30m. This resolves the IPO and Bathurst threads.
15 Nov 2010asset acquisition disposition● Neutral
Bathurst's side of the deal: it buys 100% of ERG for an A$35m enterprise value (A$25.7m for shares, A$6.9m net debt, A$2.4m IPO cost reimbursement). Conditions include NZ regulatory approvals and release of Galilee guarantees. Completion expected late 2010 or early 2011.
15 Nov 2010other● Neutral
ASX lifts the trading suspension following Galilee's announcement of the sale of its New Zealand coal assets. Administrative notice only.
15 Nov 2010director officer appointment● NeutralMajor
Non-executive director Campbell Smith resigns from the Galilee board and all related companies, and intends to sell all his and associated entities' Galilee shares. He had been responsible for the NZ coal assets now being sold. His family's holdings, including Becamal, are expected to exit the register.
10 Nov 2010other● NeutralMajor
Galilee's shares are suspended at its own request pending an announcement about a potential significant transaction, due before trading on 15 November. Inference: likely related to the NZ coal assets, though the text does not say so.
2 Nov 2010capital raising announcement● Neutral
Letter to eligible Australian shareholders detailing their priority entitlement in the ERG IPO of 125m shares at 20c. The offer opens 8 November and closes 26 November. Galilee will hold just under 22% for at least two years. Repeats the 29 October terms.
What it means for a shareholder
125m new shares at A$0.200 to raise about A$25.0m. That's 45% dilution: every existing holder's slice gets 45% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00329% to 0.0018% of the company. To keep it you'd need 4,108 more shares - about A$822 at the issue price.
Create a free account to see this worked out for your own holding.
29 Oct 2010capital raising announcement▲ GoodMajor
Prospectus lodged for a fully underwritten A$25m IPO of Eastern Resources Group: 125m shares at 20c, underwritten by Patersons. Galilee keeps at least 21.9% and has a $6.4m intercompany loan repaid. Priority offer for Galilee holders; listing targeted for 9 December.
29 Oct 2010annual report● Neutral
Annual report mailed to shareholders. It repeats known points: the maiden profit, Glenaras pilot delays, completed ATP 799P work and the proposed NZ coal IPO. The CEO sets a strategy of first reserve booking plus new assets. No new figures.
28 Oct 2010business combination● NeutralMajor
Bathurst Resources says it offered A$30m for Eastern Resources Group, Galilee's NZ coal holding company, and Galilee's board rejected it to continue with the IPO. Bathurst says it would pursue the deal if the board reconsiders.
28 Oct 2010business combination● Neutral
Galilee confirms Bathurst's indicative A$30m proposal for Eastern Resources Group was incomplete, lacked key terms and depended on Bathurst raising capital. The board is proceeding with the IPO, citing full underwriting and a retained minority stake. Prospectus to be lodged the next day.
28 Oct 2010quarterly activities report● Neutral
September quarter report: Glenaras 5-spot pilot has restarted, with new pumps in 4 of 5 holes and dewatering resumed. Stockholm-1, the last of seven coreholes, is suspended by weather. Cascade and Takitimu mines produced as forecast, with sales of NZ$4.5m. Nothing new on the NZ IPO.
27 Oct 2010investor presentation● Neutral
A company presentation repeats known facts: reserve booking targeted 2011, >20 TCF gas in place, and the proposed NZ coal IPO. Cash was $11.4m at 30 June 2010; 152m shares at 20.5c gives a market cap of about $31m.
21 Oct 2010asset acquisition disposition● NeutralMajor
The board resolved to proceed with an IPO of its New Zealand coal assets via Eastern Resources Group, subject to terms and underwriting, with a prospectus targeted for late October. Galilee would keep a significant minority; about 50% of shares are earmarked for eligible Galilee holders.
20 Sept 2010other● Neutral
A cover note and introductory letter from new CEO Glenn Haworth to shareholders. It restates the focus on the Glenaras pilot for reserve certification and the Broughton sale and proposed New Zealand IPO. No new figures or results.
16 Sept 2010annual report▲ Good
Full-year accounts confirm a maiden after-tax profit of $1.667m for the year to June 2010, helped by the Broughton sale and New Zealand coal. This matches the earlier $1.6-1.8m guidance. The AGM is set for 22 November 2010.
9 Sept 2010investor presentation● Neutral
An AGL geologist's conference presentation on ATP 529P repeats known results. It notes Crossmore South and Vera Park similar to Rodney Creek 8, lower gas content at Acacia and Mt Myth, and thick Permian coal at Laugharne Creek. Nothing materially new.
2 Sept 2010drilling result● NeutralMajor
The two ATP 799P coreholes, Dunrossie-01 and Dotswood-01, found pipeline-quality gas with average gas content of 2.6 and 2.5 m3/t (peaks 4.26 and 6.8). Permeability reached 15.7 and 32.8 md. Galilee calls results encouraging and commits to a 2010/14 work programme.
20 Aug 2010admin correction● Neutral
An amended version of the CEO appointment announcement adds terms: salary of $360,000 plus superannuation, a three-year term, and a proposed incentive scheme for approval at the November AGM. Otherwise it repeats the 16 August announcement.
16 Aug 2010director officer appointment● NeutralMajor
Glenn Haworth, previously general manager of operations, is appointed CEO. Campbell Smith steps down as Managing Director from 1 September but stays as a non-executive director responsible for the New Zealand coal assets. This resolves the CEO search.
30 July 2010quarterly activities report▼ Bad
June quarter report: six of seven ATP 529P coreholes have spudded. The Glenaras pump delay pushes reserve certification back to early 2011 (previously Q3 2010). Notes the maiden profit and NZ IPO review, and says a CEO appointment is imminent.
16 July 2010drilling progress report▲ Good
Laugharne Creek-1 reached 1,350.6m with coal seams as predicted and is suspended for testing. Mt Myth-1 and Acacia-1 have spudded. Glenaras pilot stays suspended pending pumps. ATP 799P data shows Permian coals extend across the permit area.
29 June 2010asset acquisition disposition● NeutralMajor
Galilee is reviewing its New Zealand coal assets and considering an IPO of them into a separate ASX-listed company to fund their next stage. It would keep a significant minority stake, with a priority offer for shareholders. The board says there is no guarantee it will proceed.
28 June 2010other▲ GoodMajor
Galilee expects its first-ever profit, A$1.6-1.8m after tax for the year to 30 June 2010, versus a $2.447m loss the year before. It credits the $8.5m Broughton sale and New Zealand coal profit of $2-2.5m. Figures are unaudited until September.
22 June 2010drilling progress report▼ Bad
Work on ATP 529P resumed after wet-weather delays: Crossmore South-1 reached 1,323m on 29 April and Laugharne Creek-1 spudded 1 June, within a seven-hole coring programme. Glenaras pilot dewatering has stopped for pump replacement scheduled for Q3 2010.
21 June 2010director officer appointment● Neutral
The board was restructured after the buyout: Steven Koroknay becomes chairman, and former Galilee directors Cam Rathie and Rino Camarri join. John McIntyre resigned. Campbell Smith remains Managing Director, resolving the interim chair arrangement after May's resignation.
11 June 2010director officer appointment● Neutral
Chairman Richard May resigned effective 10 June 2010; he had been a director since 2006 and chairman since October 2008. Managing Director Campbell Smith becomes interim chairman until the 21 June board meeting.
7 June 2010other● Neutral
A routine updated top-20 shareholder list and spread after shares were issued for the Galilee minority buyout. Total shares are 152,140,466; Becamal holds 16.85%, Ecarlate 12.06%. The old Galilee company is renamed Galilee Resources Ltd and is 100% owned.
4 June 2010business combination▲ GoodMajor
Eastern shareholders approved the share issue for the Galilee buyout at the 1 June EGM, and Eastern renamed itself Galilee Energy Limited. The ASX code changes from ECU to GLL on 4 June. The New Zealand coal business continues under a wholly owned subsidiary.
