Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 This follows Salt's earlier requisition, which was withdrawn.
30 Apr 2015quarterly activities report● Neutral
March quarter report recaps the Eskom term sheet, White Swan repayment, South African loans and the Gas Market Development Period extension. New: environmental approvals are due by Q3 2015, and the project schedule anticipates first gas in 2018. Also covers lapsing of options.
28 Apr 2015agm notice● Neutral
Both requisitions to call general meetings, Salt's and the Mycatmax group's, have been withdrawn. This ends the board-removal threats for now.
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.
9 Apr 2015agm notice▼ Bad
Sunbird confirmed it received compliant requisitions for general meetings: Salt's to remove Gracey and add Wrigley and Blair, and the Mycatmax group's to remove Rana. Meeting date not yet set.
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.
18 Mar 2015debt financing▲ GoodMajor
The A$2.65m White Swan loan was repaid with interest using Vandasia equity funds, and its security released. Sunbird took new 12-month South African loans of A$1,257,800 at 20% interest, convertible at A$0.25 or lower. The Gas Market Development Period was extended three years to September 2017.
18 Mar 2015material agreement▲ GoodMajor
Sunbird and PetroSA signed a non-binding Gas Sales Agreement term sheet with Eskom: 30 Bcf a year for up to 15 years to Ankerlig power station. This advances the Eskom talks running since 2013; a binding agreement is still to be negotiated during 2015.
17 Mar 2015debt financing▲ Good
Green Rock Energy confirmed Sunbird repaid its A$400,000 loan with interest, A$462,500 in total. This closes the Green Rock tranche of the White Swan-linked facility, announced in June 2014.
16 Mar 2015half year report● Neutral
Half-year to December 2014 net loss was $3,140,271, against $5,872,163 a year earlier. The report recaps the Eskom term sheet, the finished draft field plan, and the CBM relinquishments; the extract shows no other new information.
11 Mar 2015listing compliance notice● NeutralMajor
Sunbird requested a voluntary trading suspension from 11 March 2015, pending an announcement about gas offtake with a South African customer, expected by 18 March. The customer is not named in the text.
30 Jan 2015quarterly activities report● Neutral
December quarter: Stage 2 Vandasia talks continue, and a final draft of the Ibhubesi field development plan is done. The Eskom term sheet is jointly developed, and the Ibhubesi scoping report was approved in November. The decommissioning guarantee was cut to about US$2.7m; two CBM licences will not be renewed and Ermelo West is to be relinquished.
1 Dec 2014capital raising announcement▼ BadMajor
Stage 2 of Vandasia's investment did not complete by 30 November and will not proceed in the form announced, because conditions precedent were delayed. Only the US$5m Stage 1 is in; the parties intend a further investment. This undercuts the A$25m headline.
24 Nov 2014capital raising announcement▼ Bad
Sunbird said Stage 2 of the Vandasia investment (US$18.5m in total, via options conversion and new shares) is likely to complete after the 30 November 2014 target, as conditions precedent are still outstanding.
31 Oct 2014quarterly activities report● Neutral
September quarter report: Vandasia Stage 1 (US$5m, A$0.277 a share) completed in October, Eskom term sheet talks continue, and the Ibhubesi scoping report went to the environment department. Mopane's exploration right was renewed on 16 September. Largely known facts.
29 Oct 2014annual report● Neutral
2014 annual report. The chairman's letter says Stage 1 of Vandasia completed 7 October (US$5m, 20.37m shares), and Eskom term sheet talks are advanced. Mostly recaps known facts; the extract shows no new financial detail.
1 Oct 2014capital raising announcement● Neutral
Sunbird has now received US$3.5m of Vandasia's US$5m Stage 1 payment. Completion is still pending, with terms unchanged from the earlier update (about A$0.274 a share, 14.9% for Vandasia).
30 Sept 2014annual report● Neutral
Full-year accounts to 30 June 2014. The extract is mostly contents and the corporate directory; it shows CFO Carla Mackay resigned on 12 September 2014. No financial figures appear in the extract.
24 Sept 2014capital raising announcement▲ Good
Sunbird received US$3m of Vandasia's US$5m Stage 1 payment, with the final US$2m due later that week. Shares will be issued at about A$0.274, a 44.3% premium, giving Vandasia 14.9%.
11 Sept 2014investor presentation● Neutral
Good Oil Conference presentation restating the Vandasia deal and known figures (Ibhubesi 540 Bcf 2P, Mopane 644 Bcf 2C). It shows cash of $1.0m and a $0.20 share price on 8 September, with Stage 2 due by 30 November 2014.
9 Sept 2014capital raising announcement▲ GoodMajor
Vandasia Investments agreed to buy 43.9% of Sunbird in two stages, bringing over A$25m at about A$0.34 a share, a 79% premium. Stage 1 is US$5m for 20.37m shares; Stage 2 (about US$18.2m) needs shareholder approval and an Eskom-type gas sales term sheet.
31 July 2014quarterly activities report● Neutral
June quarter: Ibhubesi acquisition completed and an Eskom gas sales term sheet expected in Q3 2014, with a full agreement by late 2014. Sunbird drew $1.4m on the loan in the quarter, taking total drawn to $2.4m, and is pursuing farm-out and other funding.
21 July 2014director officer appointment● Neutral
Mark Balfour resigned as Company Secretary (11 July) and General Counsel (31 July 2014); Richard Barker, a solicitor who has consulted for Sunbird, was appointed Company Secretary.
20 June 2014asset acquisition disposition▲ GoodMajor
Sunbird completed its 76% Block 2A (Ibhubesi) acquisition from Forest Oil after Treasury exchange control verification on 16 June 2014, ending the process begun by the December 2012 agreement. US$1.029m was paid to Forest Oil; US$5m is due on a gas sales deal, US$10m on FID or first gas.
13 June 2014debt financing● Neutral
Green Rock Energy disclosed a A$400,000 investment within Sunbird's A$5m loan facility. Terms: 12 months from 10 March 2014 drawdown, 20% annual interest capitalised, convertible at the lesser of $0.25 or any raising price, subject to shareholder approval.
12 June 2014debt financing● NeutralMajor
The White Swan loan was varied so interest can be capitalised monthly and lenders may convert debt to shares at $0.25 (or a lower later raising price). Conversion needs shareholder approval, as lenders are related parties; otherwise it stays debt.
14 Mar 2014half year report▼ Bad
Half-year to December 2013 net loss was $5,857,885, versus $1,604,343 a year earlier. The report recaps Ibhubesi approval, the Eskom MoU and USTDA funding; the extract shows no other new information.
11 Mar 2014resource reserve update▲ GoodMajor
Independent certification booked a best-estimate 7.8 Tcf (Sunbird 76%: 5.9 Tcf) of prospective, undiscovered gas in Block 2A, with low 4.5 Tcf and high 13.3 Tcf. This delivers the planned exploration-upside certification; targets will be high-graded in 2014.
