Past year: ▲ 5%(19.5c – 28.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2021capital raising announcement▲ GoodMajor
Horizon raised the proposed capital return from 1.4 to 3.0 cents per share (about A$47.4m), citing oil above US$70/bbl and costs under US$20/bbl. The EGM moves online to 10 August 2021. About 50% of production to December 2021 is hedged.
28 June 2021capital raising announcement▲ GoodMajor
The board proposed an equal capital reduction of 1.4 cents per share (about A$22.1m), subject to shareholder approval. It is funded by the option proceeds and PNG sale consideration. The on-market buy-back, due to run to 3 September 2021, is discontinued.
17 Feb 2021capital raising announcement▲ GoodMajor
With the PNG sale complete, Horizon announced an on-market buy-back of up to 100m shares (about 8%) and an unmarketable parcel buy-back for holdings under A$500. It targets payouts of up to 30% of free cash flow a year, at the board's discretion.
28 Aug 2013capital raising announcement▲ GoodMajor
The retail offer is complete, raising about A$21m. Retail holders took about 31.4m shares (A$10.4m) and the underwriter and sub-underwriters took up about 31.5m shares. This completes the A$53.5m raising at A$0.33; new shares trade from 3 September.
9 Aug 2013capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand that they cannot take part in the retail offer. Repeats that the institutional part raised about A$33m and the retail part about A$21m. Administrative.
9 Aug 2013capital raising announcement● Neutral
Retail offer booklet for the 1-for-7 entitlement offer at A$0.33, opening 9 August and closing 23 August. Supplies the paperwork for the retail part of the A$53.5m raising; the extract shows no new terms.
5 Aug 2013capital raising announcement● Neutral
ASX circular repeating the timetable for the 1-for-7 entitlement offer at A$0.33, raising up to about A$53.5m. Record date 6 Aug, retail offer closes 23 Aug. No new information beyond the 31 July announcements.
1 Aug 2013capital raising announcement▲ Good
The institutional part of the entitlement offer raised about A$33m with a 90% take-up at A$0.33. The retail offer, about A$21m and underwritten, opens 9 August and closes 23 August.
31 July 2013capital raising announcement● NeutralMajor
Horizon launches a fully underwritten 1-for-7 entitlement offer to raise A$53.5m at A$0.33 per share, a 10.8% discount to the last close. Funds bridge work programmes until Osaka Gas payments arrive. Largest shareholder IMC (19.9%) will participate.
3 June 2011capital raising announcement● NeutralMajor
Horizon prices an US$80m five-year convertible bond at 5.5% coupon, convertible at A$0.49 (a 29% premium to A$0.38). Proceeds fund the Petsec stake and its development costs. The conversion price can reset downward, to a floor of 80%, in 2013-15.
3 June 2009capital raising announcement▲ GoodMajor
Share purchase plan drew A$20.9m of applications but is scaled back to A$14.1m (~141m shares), taking shares to about 1,125m. Horizon cancels the Bank of Scotland rollover and will repay the whole US$19.3m corporate facility on 30 June, citing the raising and expected PNG proceeds.
15 May 2009capital raising announcement● Neutral
Share Purchase Plan closing date extended from 20 May to 28 May 2009, with shares allotted 4 June. Offer terms are unchanged at up to A$10,000 per holder at A$0.10. Timetable change only.
27 Apr 2009capital raising announcement● Neutral
Share purchase plan opens: eligible holders can buy up to A$10,000 of shares at A$0.10, a 23.4% discount to the recent average price, closing 20 May. ASIC and ASX waivers were granted. This is the retail part of the April raising.
14 Apr 2009capital raising announcement● NeutralMajor
Placement of 185m shares at A$0.10 raises about A$18.5m: about 120m shares now, about 65m subject to shareholder approval around 27 May. A share purchase plan up to A$10,000 per holder at A$0.10 follows. This is the planned funding step, diluting existing holders.
What it means for a shareholder
185m new shares at A$0.100 to raise about A$18.5m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00127% to 0.00103% of the company. To keep it you'd need 2,358 more shares - about A$236 at the issue price.
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22 Jan 2008capital raising announcement● Neutral
FIRB approval received, so the remaining 10.4 million shares of the December 2007 placement (44 million at A$0.335) were issued. Completes the placement.
4 Dec 2007capital raising announcement● NeutralMajor
Horizon places 44 million shares at A$0.335, raising A$14.74m before expenses, a 3.4% discount to the five-day average price. Funds the expanded 10-well programme in China, Thailand and NZ's Manaia. 10.4m shares await placee FIRB approval.
What it means for a shareholder
44.0m new shares at A$0.335 to raise about A$14.7m. That's 5.6% dilution: every existing holder's slice gets 5.6% smaller. If you held A$1,000 of shares (2,985 at the issue price), your slice goes from 0.000404% to 0.000382% of the company. To keep it you'd need 178 more shares - about A$60 at the issue price.
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17 Oct 2006capital raising announcement● NeutralMajor
Horizon launches a 1-for-8 underwritten rights issue at A$0.30, raising A$23.4m after expenses (82.1m shares), with a free option per two new shares (A$0.35, expiring 28 Feb 2008). Funds replace cash spent on Wei 6-12S appraisal and fund early development work.
What it means for a shareholder
82.1m new shares at about A$0.285 to raise about A$23.4m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,509 at the issue price), your slice goes from 0.000544% to 0.000483% of the company. To keep it you'd need 447 more shares - about A$127 at the issue price.
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8 Mar 2006capital raising announcement▲ GoodMajor
Horizon placed 84,100,168 shares at A$0.16 to raise A$13.5 million, 15% of its capital, to fund its equity share of the 10% Maari development. About 80% of its share of costs will come from BOS International debt; first production is expected March 2008.
