19 Oct 2016capital raising announcement● Neutral
Reminder that the rights issue closes today, 19 October 2016. The outcome is to be announced on 24 October.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2016annual report● Neutral
Annual report for the year to 30 June 2016, the first under the Interpose name. The readable portion shows only the contents page and directory, with Egerton-Warburton appointed and Wrigley resigned on 28 July 2016. No financial figures are visible.
27 Sept 2016capital raising announcement● Neutral
Notice to ineligible shareholders: holders with registered addresses outside Australia and New Zealand cannot take part in the rights issue, because of the cost of overseas compliance. They will be diluted relative to participants.
27 Sept 2016capital raising announcement● Neutral
Notice to eligible shareholders of the rights issue: 1 new share for every 2 held at $0.02, up to about $845,592. The letter states the company currently has no oil and gas assets or commercial operations. Funds are for due diligence on possible acquisitions.
23 Sept 2016capital raising announcement● Neutral
Offer document for the 1-for-2 rights issue at $0.02 raising up to about $845,592. It opens 5 October and closes 19 October 2016, is open to Australian and New Zealand holders only, and is described as highly speculative.
23 Sept 2016capital raising announcement● Neutral
The offer document for the rights issue was lodged with a revised timetable (record date 29 September, closing 19 October). The maximum raise is now stated as about $845,592 (up from $716,449), still at $0.02 per share on a 1-for-2 basis. Includes the required cleansing notice.
22 Sept 2016capital raising announcement● Neutral
The record date for the rights issue announced on 14 September is postponed, with no new date given. A revised timetable is promised.
14 Sept 2016capital raising announcement● NeutralMajor
Interpose announced a 1-for-2 non-renounceable rights issue at $0.02 a share to raise up to $716,449, to fund due diligence on potential assets. It says it intends to stay in oil and gas. Directors Gracey and Chiappini are to receive 5m shares in lieu of fees, subject to approval.
11 Aug 2016admin correction● Neutral
The company is now Interpose Holdings Limited, approved by shareholders on 9 June 2016 and recorded by ASIC on 1 August. It trades under ASX code IHS from about 12 August. This completes the planned rename from Sunbird Energy.
5 Aug 2016capital raising announcement● Neutral
The buyback of 55,000,000 shares tied to the African asset sale is complete, leaving 84,592,127 shares on issue. This closes the open buyback thread. The name change to Interpose Holdings is restated.
29 July 2016director officer appointment● Neutral
Barnaby Egerton-Warburton joined the board after the African asset sale completed on 28 July. He is Managing Director of Eneabba Gas and sits on two other ASX boards. The company says it is looking at opportunities inside and outside oil and gas.
28 July 2016asset acquisition disposition● NeutralMajor
Sunbird completed the sale of its African projects, including Ibhubesi, for about A$1m cash, a buyback of 55m shares and transfer of about A$4.8m debt. It has about A$850,000 net cash, no debt and will have 84,592,127 shares. Rana and Wrigley resigned; it will be renamed Interpose Holdings and seek new opportunities.
1 July 2016material agreement● Neutral
The deadline for completing the asset sale was extended from 30 June to 31 July 2016. MUSA agreed not to demand loan repayment if the sale completes by then. Shareholders approved the sale at the 9 June 2016 meeting.
26 Apr 2016debt financing● Neutral
Sunbird signed a ZAR5m loan with MUSA Group at 25% to fund the asset sale. It moves to the purchaser when the sale completes. If the sale is not done by 30 June 2016, it becomes an event of default and the lender can demand repayment.
18 Apr 2016asset acquisition disposition● NeutralMajor
Sunbird agreed to sell all its non-cash assets, the Ibhubesi 76% and the 74% CBM projects, to an Umbono-led consortium of its major shareholders and lenders for about A$8.5m. It gets about A$1m cash, a buyback of 55m shares and the transfer of about A$4.8m debt. Needs shareholder approval.
15 Mar 2016half year report● Neutral
Half-year report to 31 December 2015 shows a net loss of $1,564,814, down from $3,140,271 a year earlier. After balance date, a A$500,000 Musa Capital loan facility at 20%, convertible at A$0.12, was finalised, with nothing drawn.
17 Dec 2015business combination▼ BadMajor
Glendal Power has withdrawn its non-binding A$0.18-a-share takeover proposal, first disclosed 29 July 2015, and talks have ceased. This closes that open thread, removing the only bid on the table. No shareholder action is required.
30 Oct 2015other● Neutral
Appendix 4G corporate governance checklist dated 30 October 2015 accompanying the annual report. Administrative filing with no new information.
30 Oct 2015annual report● Neutral
Annual report to shareholders for FY2015, with a chairman's letter recapping the Eskom gas term sheet (30 Bcf a year, up to 15 years), the Environmental Impact Assessment, the 3-year extension to September 2017, the US$5m Vandasia raise and the A$4m Umbono debt package.
30 Sept 2015annual report● Neutral
Statutory annual report for the year to 30 June 2015, lodged with the full financial statements. The visible text is the contents page and corporate directory (board list, with Barker and Leibovitch resigned 31 July 2015). No financial figures appear in the readable portion.
30 Sept 2015other● Neutral
Appendix 4G corporate governance checklist dated 30 September 2015, confirming the governance statement is current. Administrative filing with no new operating or financial information.
14 Sept 2015debt financing● Neutral
ASX granted a waiver letting Sunbird give Umbono security over up to 40% of its shares in subsidiary Anschutz Overseas (SA) for a secured loan of up to US$2m. Sunbird expects to repay it by 31 December 2016.
27 Aug 2015regulatory community update● Neutral
Tenement schedule addendum to the June quarterly report. Ibhubesi is held at 76%; the CBM permits at 74%; Kasane (Botswana, 100%) awaits renewal. Ermelo, Ermelo West and Somkhele relinquishments are underway.
10 Aug 2015debt financing● NeutralMajor
Sunbird agreed an A$4m debt package with Umbono and South African investors: A$2.5m refinanced plus A$1.5m new cash, at 20% interest and convertible to equity. A 1-for-8 rights issue is planned for about A$2m. Barker and Leibovitch left the board; Gabriel Chiappini joined.
29 July 2015business combination● NeutralMajor
Sunbird received a non-binding indicative takeover proposal from Glendal Power at A$0.18 a share cash, valuing it above A$25m. It is subject to due diligence and financing. Separately, a roughly A$900,000 Umbono loan falls due 10 August and refinancing talks are late-stage.
12 May 2015director officer appointment● NeutralMajor
Dorian Wrigley joined the board as a non-executive director from 12 May, nominated by largest shareholder Salt Minerals. He is managing director of Umbono Capital. This follows Salt's earlier requisition, which was withdrawn.
20 Apr 2015investor presentation● Neutral
Roadshow presentation for London and South African advisers restating known facts: 540 Bcf 2P, Eskom term sheet, 2015 plans. Shows a $0.15 share price, 136.7m shares, $20.5m market cap and $1.0m cash.
7 Apr 2015director officer appointment▼ BadMajor
Three shareholders (Mycatmax, DCJ and The Poolside Investment) gave notice of intent to move a resolution removing Chairman Kerwin Rana. This is a second, separate challenge to the board after Salt's requisition.
27 Mar 2015director officer appointment▼ BadMajor
Salt Minerals, the largest shareholder, requisitioned a general meeting to remove director Marcus Gracey and appoint Dorian Wrigley and David Blair. The company is taking advice. It signals a shareholder challenge to the board.
18 Mar 2015listing compliance notice● Neutral
ASX said Sunbird's trading suspension, in place since 11 March, will lift once the Eskom gas sales term sheet announcement is released. Administrative; resolves the suspension.