18 Sept 2019capital raising announcement● Neutral
Prospectus and entitlement forms sent to shareholders. Timetable now targets Gemini completion and board appointments on 20 September, with the offer closing 30 September and shares issued 7 October.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 Sept 2019capital raising announcement▼ Bad
Supplementary prospectus: deadline for the Gemini deal's conditions is extended to 23 September 2019, though completion is still expected 16 September. If completion fails, directors will decide whether to extend or withdraw the offer.
10 Sept 2019capital raising announcement● Neutral
Letter to optionholders explaining the A$2.73m offer. CPS gets 25m shares, 20m options at 4 cents and a 6% fee (A$223,926). Shares on issue would rise from 303.6m to 455.3m. About A$326k has been invested in UK private Hartshead Resources Ltd, which is applying for North Sea licences.
10 Sept 2019capital raising announcement● Neutral
Letter to eligible shareholders on the A$2.73m, 1-for-2 entitlement offer at A$0.018, underwritten by CPS. Proceeds mainly fund the Polish work programmes (A$6.15m total). Repeats the prospectus; no new information.
10 Sept 2019capital raising announcement● Neutral
Announces the fully underwritten 1-for-2 entitlement offer at A$0.018 to raise A$2.73m, record date 16 September and closing 30 September. Funds go to the Polish work programmes. It repeats the prospectus.
10 Sept 2019capital raising announcement● NeutralMajor
Prospectus for a 1-for-2 entitlement offer at A$0.018 to raise A$2.73m, fully underwritten by CPS. CPS also gets 25m shares and 20m options, and the company is to be renamed Ansila Energy. Two new directors join on completion.
What it means for a shareholder
25.0m new shares at about A$0.1092 to raise about A$2.7m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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10 Sept 2019capital raising announcement● Neutral
Letter telling partly paid shareholders how they take part in the A$2.73m offer, pro rata to the $0.01 paid, or by paying up in full ($0.19) before 16 September. Routine shareholder letter.
10 Sept 2019capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they cannot take part in the A$2.73m entitlement offer. Routine notice.
9 Sept 2019other▲ Good
Due diligence on the two Polish subsidiaries is finished, with Gemini itself nearly done. Some conditions are met, the rest are expected by the 16 September deadline, and the prospectus is due imminently.
23 Aug 2019other● Neutral
Due diligence on the Gemini deal is not finished, so the parties extend the deadline for conditions precedent to 16 September 2019. The rights offer prospectus stays on hold until diligence is satisfactory.
16 Aug 2019other● Neutral
Completion of the Gemini deal is scheduled for 23 August, but Pura Vida may seek an extension if due diligence is not finished. Timetable notice only.
16 Aug 2019other● Neutral
Pura Vida finishes its technical review and judges the independent resource estimates for the Polish projects a fair assessment. Legal and financial due diligence is still running, and the rights offer prospectus waits on it.
5 Aug 2019drilling scheduled▲ Good
Planning is under way to re-enter the Siciny-2 gas well in Poland (1.6 Tcf contingent target), with fracking and flow testing from October and results expected mid-November. Deal completion is still expected by 23 August.
5 Aug 2019other● Neutral
Updated timetable: the placement is done, the shareholder meeting is set for 2 September, and the Polish deal is due to complete 23 August, with due diligence still underway. Timetable notice only.
26 July 2019quarterly activities report● Neutral
Cash flow statement for the June quarter: cash fell from A$6.70m to A$5.80m, including a A$460k exclusivity fee. About A$1.88m of outflows are forecast for next quarter. No debt.
26 July 2019quarterly activities report● Neutral
June quarter: cash A$5.8m plus about A$800k of listed shares. Gabon force majeure and Ambilobe talks unchanged. Buy-back finished at 13.4m shares; Polish deal still subject to due diligence and a shareholder meeting due end-August.
16 July 2019capital raising announcement● NeutralMajor
Pura Vida completes a A$1m placement of 55,555,556 shares at A$0.018, the first part of funding the Polish earn-in. CPS Capital leads, with up to a 6% fee. Ambilobe farm-out continues, with a meeting with Madagascar's OMNIS planned for September.
What it means for a shareholder
55.6m new shares at A$0.018 to raise about A$1.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 July 2019listing compliance notice● Neutral
ASX lifts the trading suspension from the start of trading on 4 July 2019, after Pura Vida released its material investment announcement (the Polish earn-in). Administrative notice only.
4 July 2019investor presentation● Neutral
Presentation on the Polish earn-in: 35% of Gora and Nowa Sol for A$6.15m, with 1.6 Tcf gas (Siciny-2) and 36 MMbbl oil (Jany-C1) contingent resources, plus 210 Bcf prospective. Raising A$3.7m; two executive directors to be added. Largely repeats the same-day deal announcement.
4 July 2019farm in farm out agreement▲ GoodMajor
Pura Vida signs a binding deal with private UK firm Gemini Resources to earn 35% of the Gora and Nowa Sol onshore Polish projects by spending A$6.15m. It will fund this via a A$3.7m placement and an underwritten rights offer, and two UK directors will join. A shift from African offshore.
2 July 2019listing compliance notice● Neutral
The company asked to extend the voluntary suspension to 4 July 2019 to finalise the material investment agreement. Administrative request only.
27 June 2019listing compliance notice● Neutral
At the company's request, ASX suspends Pura Vida shares from 28 June 2019 pending an announcement of a material investment, following a trading halt on 25 June. Suspension is requested to last until 3 July at most.
26 Apr 2019quarterly activities report● Neutral
March quarter: cash A$6.7m plus about $700k of listed shares. Ambilobe farm-out started; an onshore European oil and gas opportunity is being pursued. The company bought 89.1m Factor Therapeutics shares, and the buy-back reached 13.4m shares.
27 Mar 2019admin correction● Neutral
ASIC form records cancellation of 13,375,462 shares through the buy-back, leaving 253,714,418 ordinary shares. Administrative filing only.
26 Mar 2019listing compliance notice▼ Bad
Responding to an ASX financial condition query, Pura Vida says its accounts carry a qualified audit opinion tied to Nkembe, including about US$2.91m payable to Gabon's regulator that it disputes. It says the company can keep listing, with $7.58m cash.
18 Mar 2019half year report● Neutral
Half-year to 31 December 2018: net loss $1.31m (prior $2.25m), cash $7.58m, net assets $3.32m. Repeats the Gabon force majeure position and Ambilobe relinquishment talks with Madagascar, still without agreement on the PSC extension.
18 Feb 2019other▼ Bad
The Takeovers Panel declined to conduct proceedings on Pura Vida's Factor Therapeutics application, finding no reasonable prospect of a declaration of unacceptable circumstances. Ends that challenge.
7 Feb 2019other● Neutral
Takeovers Panel received an application from Pura Vida about a share placement by Factor Therapeutics, after Pura Vida and another shareholder requested a meeting to remove directors. Shows Pura Vida holds a stake in an unrelated biotech company.
30 Jan 2019quarterly activities report● Neutral
December quarter: cash A$7.58m, down from A$8m. An on-market buy-back of up to 26.1m shares began, with 4.9m bought for $110k. Gabon force majeure continues; Madagascar's reply on the Ambilobe relinquishment was delayed by elections.
24 Jan 2019regulatory community update▼ BadMajor
Gabon's regulator wrote that Pura Vida is fully released of its Nkembe interest yet still owes outstanding commitments, with termination decree only after those are met. Pura Vida rejects this, maintains force majeure, reserves rights to recover the US$9m bonus and damages, and will spend no more.