Past year: ▲ 75%(4.40c – 10.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Oct 2012annual report● Neutral
2012 annual report with Chairman Wooles' first letter: geothermal assets kept on a maintenance budget in a subsidiary, spending cut sharply to preserve cash for a future deal, and coal, coal seam methane, and oil and gas projects under review. No new transaction yet.
28 Sept 2012annual report● Neutral
Annual financial report for year to 30 June 2012. The text supplied is only the contents, corporate directory and start of the governance statement, truncated before any financials. Board is Wooles, Eiszele, McLaughlin and Willesee; Stantons remains auditor.
25 July 2012capital raising announcement● Neutral
AGL takes up 1,172,084 shares at $0.05 to hold its 9.99% stake, completing the second tranche left open in the February AEW placement. The text gives the amount as both $58,604 and $56,604.20; the share count and price imply about $58,604.
What it means for a shareholder
1.2m new shares at A$0.050 to raise about A$58,604. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.021% to 0.0207% of the company. To keep it you'd need 246 more shares - about A$12 at the issue price.
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22 Mar 2012director officer appointment● Neutral
Director interest notices: Willesee has no listed holdings. Gee leaves with 200,000 shares and options; Canaris leaves with 4,150,000 shares plus 861,525 held via his super fund and 500,000 options. Administrative follow-up to the board changes.
21 Mar 2012director officer appointment● NeutralMajor
Board reconstituted: Winton Willesee joins, Dennis Gee and John Canaris resign, and Anthony Wooles becomes Executive Chairman. The requisitioning shareholder has withdrawn its general meeting request, resolving the 5 March board challenge.
12 Mar 2012half year report▼ Bad
Half-year report to 31 Dec 2011: operating loss $748,417, up from $503,833 a year earlier. It recaps the new resource estimates and rights issue. Auditor is now Stantons International, replacing Deloitte, with no reason given in the text supplied.
5 Mar 2012other▼ BadMajor
A shareholder with over 5%, Deck Chair Holdings, requisitions a meeting to remove all four directors (Gee, McLaughlin, Canaris, Eiszele) and elect Chiappini and Willesee. The company links it to Cygnet's Darien Jagger, which underwrote the recent rights issue.
27 Feb 2012capital raising announcement▲ GoodMajor
Placement of 11,732,568 shares at $0.05 to AEW Capital Trust (12.1%) to raise $586,628, with AEW's Anthony Wooles joining the board. The second tranche of 1,172,084 shares depends on AGL not exercising its top-up right.
What it means for a shareholder
11.7m new shares at A$0.050 to raise about A$586,628. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0314% to 0.0265% of the company. To keep it you'd need 3,686 more shares - about A$184 at the issue price.
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16 Feb 2012director officer appointment● NeutralMajor
Managing Director John Canaris resigns from the role but stays as a non-executive director and shareholder. Chairman Dennis Gee becomes Executive Chairman to oversee the search for non-geothermal opportunities.
19 Dec 2011resource reserve update● NeutralMajor
New independent estimate of 7,160 PJ recoverable energy at Port Augusta (GEL 285), enough for 130-500 MWe over 30 years. It restates the earlier 70,000 PJ stored-heat figure on the newer recoverable basis.
14 Dec 2011resource reserve update● NeutralMajor
New independent estimate of 88,000 PJ recoverable energy at Parachilna, under the 2010 Code, enough for 2,900 MWe over 30 years. It replaces the 2008 'heat in place' figure of 780,000 PJ, a different measure rather than a like-for-like cut.
31 Oct 2011annual report● Neutral
Annual report to 30 June 2011 repeats known items: 70,000 PJ Port Augusta resource, Barossa result, reduced tenement commitments and the roughly $0.95m rights issue (63% uptake at $0.045). Directors are investigating alternative exploration opportunities, a stated change in strategy.
30 Sept 2011annual report● Neutral
Annual financial report for year to 30 June 2011. The text supplied is mostly the corporate directory and governance statement, and is truncated before any financial figures. Board unchanged: Gee, Canaris, Eiszele, McLaughlin; Deloitte still auditor.
27 Sept 2011other● Neutral
Letter to shareholders: the rights issue netted about $900,000, lifting cash to about $3.7m, with over 60% take-up. Geothermal spending is deferred and licences move into new subsidiary TESA. The search for non-geothermal projects continues, with none yet chosen.
13 Sept 2011capital raising announcement▲ GoodMajor
The entitlement issue closed with about 62% take-up, raising about $594,000. The 8,019,424-share shortfall was placed to raise a further $361,000, bringing the total to roughly the targeted $955,000.
12 Aug 2011capital raising announcement● Neutral
Offer document for the 1-for-3 entitlement issue at 4.5 cents, up to $954,943, fully underwritten by Cygnet Capital. Directors Canaris, Eiszele and McLaughlin are partial sub-underwriters. Offer runs 25 Aug to 8 Sep 2011. Details of the already announced raise.
8 Aug 2011material agreement termination▼ BadMajor
Torrens and three other geothermal explorers signed deeds ending their Geothermal Drilling Program grants. For Torrens this ends the $7m Parachilna grant finalised in 2010; the joint statement cites economic conditions and funding difficulty. A new Emerging Renewables program opened.
8 Aug 2011material agreement termination▼ Bad
Re-release of the joint statement: Torrens and three other explorers mutually terminated their Geothermal Drilling Program grants, ending Torrens' $7m Parachilna grant. Duplicate of the other 8 August announcement.
2 Aug 2011capital raising announcement● NeutralMajor
Plans a 1-for-3 non-renounceable entitlement issue at $0.045 per share to raise about $954,942, underwritten by Cygnet Capital (21,220,947 new shares). Funds are for maintaining geothermal projects, reviewing resource opportunities and working capital. Follows cash of $3.29m in March.
What it means for a shareholder
21.2m new shares at about A$0.045 to raise about A$954,942. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (22,222 at the issue price), your slice goes from 0.0349% to 0.0262% of the company. To keep it you'd need 7,407 more shares - about A$333 at the issue price.
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13 July 2011other▲ Good
Company welcomes the government's carbon price ($23/tonne from July 2012) and says it drove an ~80% share price rise in recent days. Proof-of-concept drilling remains deferred. Promotional; no new company results or funding.
2 May 2011quarterly activities report▼ BadMajor
March quarter report: the company defers Elendil 1 deep drilling until market conditions improve, scales back fieldwork and surrenders non-core licences, citing weak investor sentiment. It is also looking at alternative exploration opportunities, a stated strategy shift. Cash $3.29m.
16 Mar 2011half year report▼ Bad
Half-year report to 31 Dec 2010: operating loss $503,833, up from $307,664 a year earlier. Recaps the finalised $7m grant, Mulgaria and the 850,000 PJ resource. Marcus Gracey shown as resigning 31 July 2010, answering the earlier unexplained departure.
29 Dec 2010other● Neutral
Securities trading policy rules for insiders trading in company shares. Text names Liberty Resources Limited, not Torrens, so it may be a template or misfiled. Administrative; no new company information.
20 Dec 2010security holder rights change● Neutral
2,930,000 unlisted employee options were cancelled under the employee option plan rules. No reason, exercise prices or cash effect are given in the text.
17 Nov 2010investor presentation● Neutral
AGEC conference presentation by the Managing Director recaps known facts: 70,000 PJ Port Augusta resource, 780,000 PJ Parachilna, $7m grant, $3.3m cash at Sept 2010, and Barossa results still pending. Proof-of-concept drilling shown as 'Delayed to 2011'. No new results.
15 Nov 2010resource reserve update▲ GoodMajor
First resource at Port Augusta (GEL 285): a 70,000 PJ Inferred Resource, estimated by Hot Dry Rocks. This is the second resource after Parachilna's 780,000 PJ, taking the total to 850,000 PJ. It sits near the Port Augusta power stations and grid.
10 Nov 2010regulatory community update▲ Good
Geoscience Australia's new OzTemp map of 5,000m temperatures, which for the first time uses company drilling data, shows high temperatures further south than previously thought. The company says this highlights its on-grid position. Promotional; no new company results.
26 Oct 2010annual report● Neutral
Shareholder annual report for 2010 recaps the year: 780,000 PJ Parachilna resource, Melkor 1, Nilpena seismic, $7m grant, $1.7m option raise (25% uptake) and Mulgaria. Marcus Gracey no longer appears among directors. No new results.
30 Sept 2010asset acquisition disposition▲ GoodMajor
Granted GEL 559 (Mulgaria), taking SA landholding to 13,846 km2, which the company says is the state's largest. It lies about 70 km northwest of Parachilna. Separately, 26 existing licences were merged into 10, cutting fees and reporting.
30 Sept 2010annual report● Neutral
Annual financial report for year to 30 June 2010; the provided text covers only the contents, directory and governance statement, with no financials visible. Directors now listed as Gee, Canaris (now Managing Director), Eiszele and McLaughlin. Auditor is shown as Deloitte, not PKF.
