Past year: ▼ 50%(0.10c – 0.30c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Sept 2010capital raising announcement▼ Bad
Grand Gulf extends the closing of its entitlement issue again, to 4 October 2010, citing the Dugas & Leblanc #1 well control problems. Shares are now due to be issued 7 October. Size and price are unchanged.
27 Aug 2010capital raising announcement▼ Bad
Because of the well control problems, the entitlement issue closing date moves from 6 to 20 September 2010. Shares are now due to be issued on 23 September. The issue is delayed, not changed in size or price.
12 Aug 2010capital raising announcement● Neutral
Letter to Australian and NZ shareholders restating the one-for-two issue at 1.5c, up to A$7,055,356, closing 6 September 2010. Shares on issue would rise from 940.7m to 1.41bn. Administrative; repeats the prospectus.
12 Aug 2010capital raising announcement● Neutral
Letter telling overseas shareholders they are excluded from the entitlement issue. Argonaut Securities is appointed nominee to deal with their entitlements. Administrative notice only.
10 Aug 2010capital raising announcement● Neutral
Prospectus lodged for the one-for-two entitlement issue of up to 470m shares at 1.5c, raising up to A$7,055,356, with A$4.5m underwritten. Offer closes 6 September 2010. It formalises the 4 August announcement; funds are for Napoleonville.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
4 Aug 2010capital raising announcement▲ GoodMajor
Grand Gulf launches a one-for-two entitlement issue of up to 470m shares at 1.5c to raise about A$7.06m, with up to A$4.5m of the shortfall underwritten. Funds go to Napoleonville, where the program expands to six wells including Mound II and two Dugas & Leblanc development wells.
What it means for a shareholder
470m new shares at A$0.015 to raise about A$7.1m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00709% to 0.00473% of the company. To keep it you'd need 33,308 more shares - about A$500 at the issue price.
Create a free account to see this worked out for your own holding.
6 Apr 2010capital raising announcement▲ GoodMajor
Placement of 200m shares at 0.5c (A$1m) completed, bringing total raised to about A$2.7m before costs. Golden Gate farm-down also completed, leaving Grand Gulf with 34.5% of Napoleonville. First of three wells now expected to spud in the first week of May 2010.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 37% dilution: every existing holder's slice gets 37% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0366% of the company. To keep it you'd need 115,259 more shares - about A$576 at the issue price.
Create a free account to see this worked out for your own holding.
25 Mar 2010capital raising announcement▲ GoodMajor
The entitlement issue is now fully subscribed after the shortfall was placed. 347,044,598 shares at 0.5c were issued, raising A$1.74m before costs, taking shares on issue to 739,089,196. The A$1m placement is still being finalised.
What it means for a shareholder
347m new shares at A$0.005 to raise about A$1.7m. That's 50% dilution: every existing holder's slice gets 50% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0288% of the company. To keep it you'd need 200,000 more shares - about A$1,000 at the issue price.
Create a free account to see this worked out for your own holding.
19 Mar 2010capital raising announcement● Neutral
Entitlement issue closed with shareholders taking up 226.4m shares (A$1.13m), a 64% take-up. About 120.6m shortfall shares (A$603k) and the 200m placement remain to be allocated. Nothing is issued until the A$1.65m minimum is reached.
18 Mar 2010capital raising announcement● Neutral
Issues 45m shares at 0.5c converting the A$225,000 Skye loan from debt to equity, plus 25m options at 0.9c expiring March 2014. Completes the loan conversion planned in the January recapitalisation. Total shares quoted reach 392,044,598.
26 Feb 2010capital raising announcement● Neutral
Confirms the prospectus and entitlement forms were despatched to shareholders on 26 Feb 2010. Offer closes 16 March 2010. Administrative notice with no new information.
18 Feb 2010capital raising announcement● Neutral
Notice letters to shareholders and optionholders restating the 1-for-1 entitlement issue at 0.5c (about 347m shares, A$1.74m) and up to 200m placement shares (A$1m). Funds go to Napoleonville. Offers are not underwritten. Administrative notice with no new terms.
16 Feb 2010capital raising announcement● NeutralMajor
Prospectus for a one-for-one non-renounceable entitlement issue at 0.5c to raise about A$1.74m, plus a placement of up to 200m shares at 0.5c (A$1m), conditional on a 18 Feb 2010 meeting. Formalises the January recapitalisation; the text flags a conditional Macquarie waiver as a key risk.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 37% dilution: every existing holder's slice gets 37% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0366% of the company. To keep it you'd need 115,259 more shares - about A$576 at the issue price.
Create a free account to see this worked out for your own holding.
12 Jan 2010capital raising announcement▲ GoodMajor
Recapitalisation: Grand Gulf to become Napoleonville operator and lift its interest from 26.4% to 47.9% by carrying Waterloo for US$4m. Macquarie adds US$1.5m. Raises about A$2.9m via a one-for-one entitlement issue and placements of 245m shares at 0.5c, to fund three wells in 2010.
What it means for a shareholder
245m new shares at A$0.005 to raise about A$1.5m. That's 41% dilution: every existing holder's slice gets 41% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0576% to 0.0338% of the company. To keep it you'd need 141,192 more shares - about A$706 at the issue price.
Create a free account to see this worked out for your own holding.
30 Jan 2009capital raising announcement● NeutralMajor
Plans a placement of up to 100m shares at 1c, subject to shareholder approval, to fund Napoleonville drilling and working capital. Also hunting a buyer for Oklahoma assets. Dugas & LeBlanc rig moves in next week. Net production 44.5 mmcfe.
6 Dec 2007capital raising announcement▲ Good
Managing Director James Trimble exercised 5,000,000 options at 6c, so 5m new shares are issued, raising $300,000 (the quarterly report later confirms the amount). Small insider-funded share issue.
What it means for a shareholder
5.0m new shares at about A$0.060 to raise about A$300,000. That's 1.7% dilution: every existing holder's slice gets 1.7% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00589% to 0.00579% of the company. To keep it you'd need 294 more shares - about A$18 at the issue price.
Create a free account to see this worked out for your own holding.
30 Nov 2007capital raising announcement● Neutral
Top 20 option holders after the entitlement issue. James Trimble holds 11.49% and Macquarie Bank 11.08% of the 74.46m options, with 489 holders. Administrative holder list only.
21 Nov 2007capital raising announcement● Neutral
The options entitlement issue closed on 16 November. Being fully underwritten, it results in 74,464,156 listed options; shares on issue stay at 297,856,005. Funds raised are about $744,000 before costs, per the earlier prospectus.
29 Oct 2007capital raising announcement● Neutral
The options entitlement issue prospectus was despatched to shareholders on 29 October. It closes 16 November, and any under-subscription is to be notified to ASX on 21 November. Administrative timetable only; nothing new.
17 Oct 2007capital raising announcement● Neutral
Prospectus lodged for the one-for-four non-renounceable issue of up to 74,464,156 options at 1c to raise a maximum of about $744,000. Argonaut underwrites it; closes 16 November, with documents despatched 29 October. Continues the 2 October announcement.
2 Oct 2007capital raising announcement● NeutralMajor
Grand Gulf plans an underwritten one-for-four entitlement issue of 74.5m options at 1c to raise about $740,000, exercisable at 6c by 28 February 2009. Argonaut underwrites it; funds go to Oklahoma, Louisiana and working capital.
13 June 2007capital raising announcement● Neutral
The fully underwritten one-for-four entitlement issue closed 8 June. After it, 256,588,627 shares will be on issue, up from about 185m in April.
25 May 2007capital raising announcement● NeutralMajor
The prospectus for a non-renounceable one-for-four entitlement issue was dispatched on 25 May, closing 8 June, with shares issued 14 June. Price and size are not given in this text.
22 May 2007capital raising announcement● NeutralMajor
A $3.3m placement's first tranche is complete: 25m shares issued raising $1.25m. The remaining 41m shares need shareholder approval at a 26 June meeting. This adds to the earlier 5c raising and Macquarie facility.
14 Nov 2006capital raising announcement▲ GoodMajor
Full $2.5m placement of 50 million shares at 5 cents is committed. Macquarie (7%) and Argonaut (6%) become substantial holders, and Macquarie offers a US$500,000 credit line. Ten million shares issue now; the rest need an EGM around 18 December.
What it means for a shareholder
50.0m new shares at A$0.050 to raise about A$2.5m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0201% to 0.0134% of the company. To keep it you'd need 10,060 more shares - about A$503 at the issue price.
Create a free account to see this worked out for your own holding.
13 Nov 2006capital raising announcement● NeutralMajor
Alto mandated Argonaut to place 50 million shares at 5 cents to raise $2.5m, with the broker confident of full commitments by day's end.
What it means for a shareholder
50.0m new shares at A$0.050 to raise about A$2.5m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0201% to 0.0134% of the company. To keep it you'd need 10,060 more shares - about A$503 at the issue price.
Create a free account to see this worked out for your own holding.
12 Jan 2006capital raising announcement● Neutral
Prospectus for a nominal offer of 2,000 shares at 23 cents (post-consolidation), mainly to allow re-quotation of the company's shares after the Alto merger. Company to be renamed Alto Energy International (AOI); Channon proposed as CEO, Morgan as chair.
