Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2012quarterly activities report▼ BadMajor
Ermelo drilling finished in June. Early results show gas contents lower than expected, so the existing Ermelo right may not support commercial development; focus shifts to Ermelo West. Mopane's program was expanded from three to up to eight holes, and Springbok drilling moved to Q4. Cash was $7.58m.
24 May 2012director officer appointment● Neutral
Sophie Raven became Company Secretary from 18 May 2012, replacing Jerry Monzu who resigned. Suzana Makuljevic was appointed Chief Financial Officer from the same date.
3 May 2012other● Neutral
Notice that 687,054 shares will be released from escrow on 17 May 2012. Administrative notice with no new substance.
16 Apr 2012investor presentation● Neutral
Corporate presentation given to investment advisers in Melbourne on 16 April 2012. Repeats known facts, including the five projects and 5.3 Tcf best estimate gas-in-place.
27 Mar 2012regulatory community update▲ Good
Sunbird applied for a 125,700 ha Technical Cooperation Permit next to its Springbok Flats licences, which would raise its South African holdings by 28%. The regulator has accepted the application; a decision is expected within 6 months.
21 Mar 2012drilling spud▲ GoodMajor
First well spudded 20 March 2012 at the Ermelo project in South Africa, the start of a nine-hole core drilling program across three projects. Ermelo is held 74% by Sunbird; results are due 60 to 90 days after the final well.
14 Mar 2012half year report● Neutral
First half-year report (17 May to 31 December 2011) showed a net loss of $868,124. It restates the IPO and the post-period completion of the Pretzavest (74%) and Greatways (100%) acquisitions.
19 Jan 2012other▲ Good
Sunbird announced its ASX listing (code SNY) after an oversubscribed $9m IPO of 45m shares. It plans drilling in the first half of 2012 across its five coal bed methane projects, with best estimate gas-in-place of 5.3 Tcf.
18 Jan 2012other● Neutral
Policy restricting directors and executives from dealing in company securities, to avoid insider trading. Administrative listing document with no new substance.
18 Jan 2012other● Neutral
ASX circular confirming quotation of 50,249,998 shares under code SNY from 19 January 2012. It also lists escrowed securities, including 46,312,948 shares held for 24 months. Administrative notice with no new substance.
18 Jan 2012other● Neutral
Corporate governance statement showing the company does not follow several ASX recommendations, such as a majority-independent board and an audit committee. It cites its size and early stage. Administrative.
18 Jan 2012other● Neutral
Sunbird Energy was admitted to the ASX Official List on 18 January 2012, with quotation of 50,249,998 ordinary shares (code SNY) to start the next day. Administrative step following the IPO.
18 Jan 2012other● Neutral
Pre-quotation disclosure checklist from ASX covering shareholder lists, escrow, completion of the Greatways and Pretzavest deals, and governance policies. Administrative; the substance appears in the separate documents.
18 Jan 2012other● Neutral
Company constitution adopted by shareholders on 12 October 2011, lodged as part of listing paperwork. Administrative document with no new developments.
18 Jan 2012asset acquisition disposition▲ GoodMajor
Sunbird confirmed completion of its acquisitions: 74% of Pretzavest 37 (South African coal bed methane projects) and 100% of Greatways Holdings (Botswana). Botswana licences 028, 029 and 030/2010 expire 31 December 2012.
18 Jan 2012other● Neutral
Statement of restricted securities: shares and options held in escrow for 12 or 24 months from listing. Administrative disclosure; figures in the table are partly unclear.
18 Jan 2012other● Neutral
Top 20 holder list and spread of holdings before quotation. Salt Minerals Investments holds 40,000,000 shares (40.00%) of 100,000,000 shares on issue; the top 20 hold 67.86%.
5 Dec 2011capital raising announcement● NeutralMajor
Sunbird Energy (the company later known as Invictus) issued a replacement prospectus for an IPO raising $9,000,000 via 45,000,000 shares at $0.20 each, ahead of an ASX listing. The prospectus itself calls the shares speculative.
What it means for a shareholder
45.0m new shares at A$0.200 to raise about A$9.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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