Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Jan 2017quarterly activities report● Neutral
December 2016 quarter: royalty receipts $10k; cash fell to $491k from $1.077m after the Texas royalty purchase (total cost $314k) and more Royalco shares. HPR holds 21.36% of Royalco and nominated Wooles, Carroll and King for its spill meeting. Fitzroy River's takeover offer is $0.20.
31 Jan 2017quarterly activities report▼ Bad
December 2016 cash flow: operating outflow $228k, higher because six months of board fees were paid in cash. Investing outflow $357k covered $314k for the Texas royalties and $43k for more Royalco shares. Cash ended at $491k, down from $1.077m.
31 Jan 2017joint venture update● Neutral
HPR says it will not accept Fitzroy River's 20 cent offer for Royalco, in which it holds 21.36%. It says it does not intend to take control or delist Royalco, only to cut overheads so more income is paid as dividends. Fitzroy holds 43.265%.
30 Nov 2016joint venture update▲ GoodMajor
Royalco shareholders gave a second strike on its remuneration report on 24 November, so a board spill meeting must be held by 22 February 2017. HPR (19.99% holder) backed it and has nominated replacement directors. Renews the push that failed in November 2015.
30 Nov 2016director officer appointment● Neutral
Hartley and McLaughlin left the board at the 30 November AGM, described as a move to cut running costs. The company keeps access to both, and to McLaughlin for US royalty deals. Confirms the 2 November notice.
18 Nov 2016asset acquisition disposition▲ GoodMajor
HPR bought 1% royalties on seven producing Texas wells, plus a 30-month right of first refusal on further wells, for US$230,000. Revenue averaged over A$6,400 a month for six months. First deal since STEP collapsed; takes royalties to 24.
2 Nov 2016director officer appointment● Neutral
Directors Nigel Hartley and Howard McLaughlin will not seek re-election and leave the board at the 30 November 2016 AGM. Carroll and King stand again. McLaughlin stays available to the company on US deals. Continues the board shrinkage begun in May.
31 Oct 2016quarterly activities report● Neutral
September 2016 cash flow report: receipts $62k including a Royalco dividend, giving a $20k operating inflow. Cash ended at $1.077m. Says administration costs fell 83%. Board fees revert to cash, with July-December fees falling in the December quarter.
31 Oct 2016quarterly activities report● Neutral
September 2016 quarter: royalty receipts $7k plus $55k dividends; operating cash was a $20k inflow. Board reversed its plan to take fees in equity, citing dilution, and will pay cash fees. Cash $1.077m. Fitzroy River made an on-market $0.18 per share cash offer for Royalco.
30 Sept 2016annual report● Neutral
Annual report for year to 30 June 2016. Chair says the oil price slump may create royalty buying chances, but deals are hard to close. Highlights the 2.5% Surat Basin royalty, the US asset supporting revenue, and the 20.94% Royalco stake. Fyfe resigned 30 June 2016. Financials not in the text provided.
30 Sept 2016annual report● Neutral
Appendix 4G corporate governance checklist for the 2016 annual report, pointing to pages 47-50. Administrative only; no new commercial information.
29 July 2016quarterly activities report● Neutral
June 2016 cash flow report: operating outflow $243k including final restructure payments. Cash ended at $1.058m, down from $1.301m. Next quarter outflow is estimated at just $120k, reflecting the cost cuts announced in May.
29 July 2016quarterly activities report● Neutral
June 2016 quarter update: royalty receipts $10k for the quarter, $102k for the year, plus $110k dividends. Restructure costs were one-off. Cash is $1.06m. Royalco stake about 21% (~$2.1m); Royalco's Mt Garnet payer went into administration, and Fitzroy River bought about 6% of Royalco.
23 May 2016director officer appointment● NeutralMajor
Cost-cutting restructure from 1 July 2016: CEO Simon Fyfe, hired Sep 2015, and director John Theobald resign, leaving five directors. Directors to take pay fully in equity. Company expects net cash burn well below $0.5m a year and says it need not raise equity.
6 May 2016security holder rights change● Neutral
Formal application to quote 6,725,000 shares and 2,582,012 options released from escrow on 5 May 2016. Escrow dated from the April 2014 Phoenix takeover. No restricted securities remain; all 166,800,792 shares are quoted. Repeats the 22 April notice.
29 Apr 2016quarterly activities report● Neutral
March 2016 quarter: cash is $1.3m. The company says underlying costs over nine months were about $650k. Shell completed its takeover of BG and now operates QCLNG, and the Seychelles royalty is fully impaired. STEP termination is confirmed. HPR's Royalco stake is about 21%, valued at about $2.1m.
29 Apr 2016quarterly activities report● Neutral
March 2016 cash flow report: quarter receipts $68k, including a Royalco dividend. Cash ended at $1.301m, down from $1.697m. Final STEP costs of $90k were paid and no further STEP outgoings remain. Next quarter outflow is estimated at $250k.
22 Apr 2016security holder rights change● Neutral
6,725,000 shares and 2,582,012 options leave ASX escrow on 5 May 2016. This clears the ~6.7m shares escrowed to April 2016, leaving no restricted securities; all 166,800,792 shares become quoted.
11 Mar 2016half year report▼ Bad
Half-year to 31 December 2015: net loss of $1,256,501 (2014: $774,108), including a $366,642 write-off of the Seychelles and EP-118 royalties. Royalty income was $36,057 and cash was $1,696,965. Royalties cover 23 projects, two producing.
2 Feb 2016material agreement termination▼ BadMajor
The STEP deal is not proceeding. Mosman ended the Origin purchase agreement and HPR's participation agreement, saying it no longer fits its criteria at current oil prices; renegotiation did not change the price and NZ approvals were outstanding. HPR will redeploy funds elsewhere.
29 Jan 2016quarterly activities report▼ Bad
December 2015 cash report: cash fell to $1.697m from $2.253m. $150k was paid as a contribution to Mosman's prior costs on STEP. Planned outflow next quarter is $350k.
29 Jan 2016quarterly activities report▼ Bad
December 2015 quarter: STEP has not met its completion conditions, and a price-review clause triggered by the low oil price lets either party renegotiate or potentially terminate. Royalco shareholders voted down HPR's nominee directors on 12 November, ending that push.
30 Nov 2015investor presentation● Neutral
AGM presentation restates the royalty model, board experience and the STEP deal. Shows 166.8m shares, a $11.6m market cap at 7c and $2.25m cash with no debt. Repeats known facts; no new announcement.
30 Oct 2015quarterly activities report● Neutral
September 2015 cash report: cash fell to $2.253m from $2.477m. Royalty receipts were $55k, up 20%, and $120k went on more Royalco shares (now 20.95%). Planned outflow next quarter is $310k.
30 Oct 2015quarterly activities report● Neutral
September 2015 quarter report restates the STEP deal (NZ$2.1m plus NZ$0.9m), Fyfe's CEO appointment and the Royalco requisition. Says HPR held 19.9% of Royalco at quarter end, with directors' election vote due at the 12 November AGM. No new results.
9 Oct 2015asset acquisition disposition▲ GoodMajor
HPR agreed to buy 30% of Origin's onshore NZ Taranaki producing assets (STEP) alongside Mosman (70%) for NZ$10m total. HPR pays NZ$2.1m at December 2015 completion and NZ$0.9m six months later. First production-asset buy, funded from existing cash.
1 Oct 2015annual report● Neutral
Appendix 4G corporate governance checklist lodged with the 2015 annual report, pointing to pages 50-55 of the report. Administrative only; no new commercial information.
30 Sept 2015annual report● Neutral
Annual report for year to 30 June 2015. The chair says the stake in Royalco rose to 20.94% after balance date, and cites Texas royalties and the Levitt prospect. Confirms Larkins resigned and Fyfe was appointed CEO. Financial figures not in the text provided.
22 Sept 2015joint venture update● NeutralMajor
High Peak, now Royalco's largest shareholder at 20.91%, served a notice requiring a Royalco general meeting to remove three directors and appoint two nominees, citing oversight concerns. This moves from passive holding to activism, despite the earlier statement of no plan to increase materially.
3 Sept 2015director officer appointment● NeutralMajor
Simon Fyfe was appointed CEO from 3 September 2015 on total fixed pay of $260,000 plus superannuation and a cash bonus tied to business growth. He has been an Executive Director of Bight Petroleum since 2011, and the board wants faster royalty acquisitions.
