Past year: ▼ 82%(0.20c – 1.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2017half year report● Neutral
Half-year to 31 December 2016: profit of $1,776,667 against a $113,486 loss a year earlier, though total comprehensive loss was $113,417. Restates the Texas deals and rights issue; Michael Placha retired 30 November 2016.
6 Mar 2017capital raising announcement● Neutral
Closing date of the rights issue extended to 22 March 2017. Terms unchanged: 8 shares per 1 held at 2c, up to $18.88M. This pushes back the earlier 9 March close and the expected reinstatement timetable (inference).
27 Feb 2017capital raising announcement● Neutral
Announces the entitlement issue prospectus (8 shares per 1 held at 2c, up to $18.88M) has been posted to shareholders. Administrative notice, no new terms.
16 Feb 2017capital raising announcement▲ GoodMajor
Re-compliance prospectus: 8 new shares per share held at 2c to raise up to $18.88M, with a free option per three shares (2c, expiring December 2021). Company to be renamed Helios Energy (code HE8). Reinstatement expected 3 April 2017.
10 Feb 2017security holder rights change● Neutral
Confirms the consolidation is complete, leaving 118,000,025 ordinary shares on issue. All other unlisted securities, including the Class B and C shares and options, have lapsed or not met milestones and are nil.
10 Feb 2017security holder rights change● Neutral
Consolidation done: ordinary shares now 118,000,025 (from 236M), with figures marked actual. Unlisted classes were also halved in this notice. Repeats the approval already announced.
6 Feb 2017security holder rights change▲ Good
Shareholders approved the 2-into-1 consolidation at the 6 February 2017 meeting. This clears a condition for the Texas acquisitions and rights issue; the timetable is unchanged from the earlier update.
10 Jan 2017security holder rights change● Neutral
Updated consolidation timetable: record date moved to 9 February 2017 and effective date to 8 February. The 2-into-1 ratio and share numbers are unchanged. Timing change only.
9 Jan 2017security holder rights change● Neutral
Notice of a 2-into-1 share consolidation, needed for the planned Texas acquisitions and rights issue. Ordinary shares would fall from 236M to 118M, subject to shareholder approval on 6 February 2017.
5 Jan 2017asset acquisition disposition▲ GoodMajor
Signs conditional deals for two Texas oil projects: 100% of 3,118 net acres (Trinity) and a drill-to-earn 70% of 6,280 net acres (Presidio). Price is US$1.45M cash plus 240M post-consolidation shares and performance rights. Funded by a rights issue of up to A$18.88M at 2c, minimum A$12M. Ends the search for a project.
29 Sept 2016annual report● Neutral
Annual report for the year to 30 June 2016: loss of $188,579 against a $3,006,578 profit the year before. Shares remain suspended and the board has still found no suitable transaction, so it keeps evaluating projects to meet Chapter 12.
29 Sept 2016other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, pointing to pages 42 to 48 of the annual report. No new information on operations or finances.
9 Mar 2016half year report▼ Bad
Half-year to 31 December 2015 shows a loss of $113,486, against a $3,127,773 profit a year earlier. The prior-year profit included a $3.3M item, which is not explained in the extract. Shares remain suspended and no deal has been found.
14 Oct 2015listing compliance notice▼ Bad
The company explains the suspension: ASX judged its current operations too small to keep the listing. The board says it will keep seeking a deal to meet Chapter 12 and win reinstatement. No transaction has been completed.
13 Oct 2015listing compliance notice▼ BadMajor
ASX suspended the company's shares from 13 October 2015 under Listing Rule 17.3. They stay suspended until it shows compliance with Chapter 12. This follows months of searching for a new project with no deal, after Kinney was handed back.
29 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015. It reports a profit of $3,006,578 against a $22,431,381 loss the year before, and confirms Kinney was handed back to Carbon Resources. The company is still looking for new projects in any sector.
29 Sept 2015other● Neutral
Appendix 4G corporate governance checklist, pointing to pages 44 to 50 of the annual report. No new information on operations or finances.
29 Sept 2015annual report● Neutral
Amended re-lodgement of the 30 June 2015 annual report. The extract shows the same content as the original (profit $3,006,578); what was amended is not visible in the text.
12 June 2015other● Neutral
Computershare, the share registry, notifies a change of its Perth office address from 15 June 2015. No substance for shareholders beyond the new lodgement address.
12 June 2015other● Neutral
Re-release of the Computershare notice of its Perth office move from 15 June 2015. No new information.
16 Mar 2015half year report● Neutral
Half-year to 31 December 2014 shows a profit of $3,127,773, against a $378,057 loss a year earlier. The extract doesn't explain the profit (inference: it may relate to the Kinney handback). The Kinney return to Carbon Resources is noted as a later event.
8 Jan 2015asset acquisition disposition▼ BadMajor
After talks with Carbon Resources to vary the APA failed, the company will hand Kinney back to the vendor instead of paying US$1M. It keeps no interest and no ongoing commitments. This ends the project that was the company's focus; the board will now look at new projects.
24 Nov 2014resource reserve update● Neutral
Addendum to the annual report restating the Kinney resource of about 110.6Mt, made up of 54.7Mt at Long Canyon and 55.8Mt at the LBA. The resource was not updated to JORC 2012, and the addendum repeats the risk of losing the project if APA payments aren't made.
30 Sept 2014annual report● Neutral
Annual report for the year to 30 June 2014. It restates that Kinney is still being financed or sold and that the project could revert to the vendor if the APA notes aren't paid. New projects in any sector are being considered. Financial figures aren't in the extract.
19 Sept 2014capital raising announcement● NeutralMajor
The entitlement offer completed: 118,000,000 shares issued at 1 cent, raising $1.18M before costs. This doubles the share count. Funds go to working capital, the strategic review and new opportunities, including outside mining.
What it means for a shareholder
118m new shares at A$0.010 to raise about A$1.2m. That's 94% dilution: every existing holder's slice gets 94% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 1.3% to 0.0794% of the company. To keep it you'd need 1,475,000 more shares - about A$14,750 at the issue price.
Create a free account to see this worked out for your own holding.
3 Sept 2014capital raising announcement● Neutral
Shareholders took up only 28,283,152 shares ($282,831.52) of the offer. The rest is a shortfall passed to underwriter CPS Capital, so the full $1.18M is still expected to be raised.
20 Aug 2014capital raising announcement● Neutral
The prospectus for the underwritten 1-for-1 entitlement offer at 1 cent, up to $1.18M, has been posted to shareholders. No new terms.
8 Aug 2014capital raising announcement● Neutral
Prospectus lodged for the 1-for-1 entitlement offer at 1 cent to raise up to $1.18M, fully underwritten by CPS Capital. Closing date is 29 August 2014. This formalises the offer announced on 2 July; shares are described as highly speculative.
7 Aug 2014director officer appointment● Neutral
Non-executive director Mark Sanders resigned immediately, citing increased business commitments. He will keep assisting the board as needed. The board is now four directors.
2 July 2014capital raising announcement▼ BadMajor
The company starts a strategic review of Kinney, including a possible sale of part or all of it, and will consider new projects in any sector. Tony Brennan becomes Chairman. A 1-for-1 entitlement offer at 1 cent raises $1.18M, underwritten by CPS Capital. A director loan of up to A$100,000 funds operations.
