Past year: ▲ 0%(0.10c – 0.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Nov 2010other● Neutral
AGM address: the rights issue raised about $1.9m with roughly 64% acceptance, said to be enough for the Phase 2 seismic, Malolos-1 workover and St Griede work. Workover now starts January 2011; 2011 drilling is likely farmout-funded. Chairman is considering a new director.
26 Nov 2010investor presentation● Neutral
AGM presentation repeating known plans: Phase 2 workover, seismic, three 2011 wells (~$4m) funded by farmout, with discussions said to be underway. Shows 313.4m shares and a $11.0m market cap at 3.5 cents. Nothing materially new.
18 Nov 2010capital raising announcement● NeutralMajor
The rights issue closed under-subscribed: acceptances for 49.5m of 76.9m shares. The remaining 27.4m shortfall shares go to the underwriter Budside, controlled by MD Morton, so the raising is still completed in full.
12 Nov 2010drilling progress report● Neutral
Phase 2 seismic in SC44 began 9 November, with at least 50 km planned over three leads, including the new limestone reefs. The Malolos-1 Phase 2 workover is now set for December 2010 to January 2011.
29 Oct 2010security holder rights change● Neutral
Notice that the listed $0.08 options expire 30 November 2010. The last share price was $0.022, well below the exercise price, so holders have no reason to exercise and the options will lapse.
29 Oct 2010admin correction● Neutral
Letter correcting the share registry's street number on the proxy and rights issue acceptance forms (259, not 295 George Street). Shareholders who posted cheques to the wrong number are told to contact the registry. Administrative only.
6 Oct 2010capital raising announcement● Neutral
Shareholder letter repeating the rights issue terms: 1-for-3 at $0.025, about $1.959m, underwritten by Morton's Budside. Shows 235.06m shares now, rising to about 313.4m if fully taken up. Nothing new.
5 Oct 2010admin correction● Neutral
Corrects a typesetting error on page 4 of the rights issue prospectus, in the table of existing options. Administrative only; no change to the offer.
5 Oct 2010security holder rights change● Neutral
Letter to option holders: they cannot join the rights issue unless they exercise options and are registered shareholders by the 14 October record date. Nothing new beyond the rights issue terms.
5 Oct 2010capital raising announcement● NeutralMajor
Gas2Grid offers a 1-for-3 non-renounceable rights issue of about 78.35m shares at $0.025 to raise about $1.959m, each with a free $0.05 option expiring 15 June 2012. Fully underwritten by Budside, controlled by MD Dennis Morton. Funds go to exploration and working capital.
What it means for a shareholder
78.3m new shares at A$0.025 to raise about A$2.0m. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.017% to 0.0128% of the company. To keep it you'd need 13,333 more shares - about A$333 at the issue price.
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30 Sept 2010investor presentation● Neutral
Managing director presentation repeating the August update: Phase 2 workover scheduled October 2010 ($0.75m), 50 km more seismic targeted Nov/Dec 2010, three wells in 2011 (~$4m) dependent on farmout, with discussions said to be underway. Nothing materially new.
29 Sept 2010annual report● Neutral
2010 annual report: no wells drilled during the year, but 54 km of new Cebu seismic, a French aero-gravity survey and the Malolos-1 workover were completed. Orion merger terminated; March placement succeeded. Farmout efforts ongoing; Cebu drilling planned for first half 2011. Financial figures not visible in the text.
17 Aug 2010investor presentation● Neutral
Investor presentation: Phase 2 workover scheduled for October 2010 at $0.75m, another 50 km of seismic, and about three Cebu wells in 2011 costing ~$4m, to be funded by farmout. Shares on issue 235m, market cap $7.0m at $0.03. Largely repeats known plans.
12 May 2010admin correction● Neutral
Routine notice under the Corporations Act covering issue of the remaining 26m placement shares and the 52m options ($0.05, expiring 30 Sept 2011). Completes the placement; nothing new.
30 Apr 2010well test result● NeutralMajor
Malolos-1 Phase 1 workover is complete: natural gas is confirmed and several gas-bearing sandstones are identified, including a 23 m gas column, but there was no sustained flow. The well is suspended. Phase 2 slips to Q3 2010, dependent on equipment, funding and approvals. 37 km of seismic acquired so far.
26 Mar 2010admin correction● Neutral
Routine notice under the Corporations Act covering the 26 million placement shares issued without a disclosure document. Nothing new.
25 Mar 2010capital raising announcement● NeutralMajor
Gas2Grid places 52m shares at $0.025 to raise $1.3m, with a free 52m options (exercise $0.05, expiring 30 Sept 2011) subject to shareholder approval. Half the shares need approval. Funds cover working capital, costs of the cancelled Orion schemes, and Cebu and France exploration.
What it means for a shareholder
52.0m new shares at A$0.025 to raise about A$1.3m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0219% to 0.017% of the company. To keep it you'd need 11,362 more shares - about A$284 at the issue price.
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16 Mar 2010drilling progress report● Neutral
Phase 1 workover at Malolos-1 (Cebu) is in its final stages; gas again flowed briefly from the annulus. Seismic acquisition is due to start by 21 March, taking 1-2 months. Phase 2 is now slated for Q2 2010. No sustained flow yet.
11 Mar 2010material agreement termination▼ BadMajor
The Orion merger agreement is terminated and the merger will not proceed. Orion's expert said it would revise its opinion after updated asset valuations, and the 31 March 2010 end date could not be met. No break fees are payable. The companies say they may work together later.
11 Mar 2010material agreement termination▼ Bad
Joint announcement repeats that the Orion merger agreement is terminated, with no break fees, and attaches BDO's letter saying it would have to revise its earlier 'fair and reasonable' view after lower asset valuations. Gas2Grid assets valued $9.9-14.3m versus $10.3-15.3m before.
3 Mar 2010business combination▼ Bad
The court hearing on the merger schemes was stood over to 11 March 2010 for directions, pushing back approval. No reason is given in the text.
25 Feb 2010admin correction● Neutral
Corrects a clerical error in the proxy vote totals for the shareholder scheme meeting, described as not materially different. Corrected in-favour proxies were 105,952,378 (88.25%).
24 Feb 2010business combination▲ GoodMajor
Gas2Grid shareholders approved the Orion share scheme with 92.62% of votes cast, and optionholders approved the option scheme unanimously. Completion still needs the Orion shareholder meeting on 26 February and Federal Court approval.
23 Feb 2010half year report● Neutral
Half-year report to 31 December 2009. It restates the July 2009 placement of 21.3m shares raising $1.07m, the Cebu workover and the Orion merger, now adjourned to 24 February. Financial figures are not visible in the text provided.
22 Feb 2010business combination● Neutral
Orion's independent directors criticise the Octanex bid as conditional and priced below the market (7.25c against 7.8c). They plan to adjourn their general meeting on the merger again to 26 February 2010.
18 Feb 2010business combination▼ BadMajor
Octanex, holding 7.1% of Orion and 3.4% of Gas2Grid, announces a conditional bid for Orion at 1 Octanex share per 6 Orion shares (about 7.25c) and opposes the Gas2Grid merger. It cites Gas2Grid's $969,000 cash at 31 December 2009. This threatens the merger.
10 Feb 2010business combination● Neutral
Grant Thornton and its specialist say they see no reason to withdraw or amend their expert report after the challenging letters. A shareholder letter is circulated, and the revised timetable has meetings on 24 February and court hearing 3 March 2010.
28 Jan 2010other● Neutral
The Gas2Grid share and option scheme meetings were formally adjourned to 24 February 2010, as foreshadowed on 25 January. No new information; more will be released before they reconvene.
25 Jan 2010business combination● Neutral
Orion's copy of the joint announcement: meetings to be adjourned to 23 and 24 February 2010 while experts respond to a shareholder lawyer's letters. Duplicate; nothing new.
25 Jan 2010business combination▼ BadMajor
Independent experts received letters from a lawyer for undisclosed shareholders of both companies challenging their reports. The Orion and Gas2Grid meetings will be opened then adjourned to 23 and 24 February 2010, delaying the merger vote.
