Past year: ▼ 64%(5.00c – 17.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Jan 2022capital raising announcement▲ Good
Share purchase plan hit its $2m target on day one, so the board accepted oversubscriptions, lifting the SPP to $3m at $0.10 per share. Funds go towards drilling Muzarabani-1 (8.2 Tcf + 247m barrels target).
10 Jan 2022capital raising announcement● Neutral
CEO cover letter inviting eligible shareholders to the share purchase plan: $2,000 to $30,000 at $0.10 per share, with 1 free $0.14 option per 2 shares, closing 27 January 2022. Repeats prospectus terms and recent announcements; no new information.
10 Jan 2022capital raising announcement● Neutral
Prospectus lodged for the share purchase plan: up to 20,000,000 shares at $0.10 (oversubscriptions to a further 10,000,000), with 1 option per 2 shares at $0.14 expiring 31 Jan 2025. Also covers 17,500,000 placement options and 4,375,000 lead manager options. Closes 27 January 2022.
What it means for a shareholder
20.0m new shares at A$0.100 to raise about A$2.0m. That's 2.6% dilution: every existing holder's slice gets 2.6% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00132% of the company. To keep it you'd need 271 more shares - about A$27 at the issue price.
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29 Dec 2021capital raising announcement● NeutralMajor
Raising up to A$5.5m: A$3.5m placement of 35,000,000 shares at $0.10 (13% discount) plus up to A$2m share purchase plan at the same price, each with 1-for-2 options at $0.14 for 3 years. Funds rig mobilisation and long-lead items for the 2-well campaign.
What it means for a shareholder
35.0m new shares at A$0.100 to raise about A$3.5m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00135% to 0.00129% of the company. To keep it you'd need 473 more shares - about A$47 at the issue price.
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24 Mar 2021capital raising announcement▲ GoodMajor
Raises A$8.0m through a placement of 72,727,273 shares at $0.11, a 21.4% discount to the last trade, with one free option per two shares (exercise $0.17, 3 years). Funds go to the 2D seismic campaign, long-lead items for Mzarabani-1 and rig tender preparation; drilling is anticipated late 2021 or early 2022.
What it means for a shareholder
72.7m new shares at A$0.110 to raise about A$8.0m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.00123% to 0.00112% of the company. To keep it you'd need 894 more shares - about A$98 at the issue price.
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12 Oct 2020capital raising announcement▲ GoodMajor
Second tranche of the Mangwana placement completed: 3,404,186 shares at $0.066 raising about A$222k, a 9% premium. Also announces a roughly 30-day field reconnaissance of proposed seismic lines, ahead of 2021 seismic acquisition. Small raise, but field work begins.
30 Apr 2020capital raising announcement▲ GoodMajor
Binding placement of 12,564,143 shares at $0.035 (about A$0.44m) to Zimbabwe's Mangwana Opportunities Fund, a 40% premium to last close; subject to Reserve Bank approval. Also, directors' fees cut 25-50% from 1 April, and Joe Mutizwa joins the Zimbabwe subsidiary board.
What it means for a shareholder
12.6m new shares at A$0.035 to raise about A$440,000. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00637% to 0.00619% of the company. To keep it you'd need 800 more shares - about A$28 at the issue price.
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12 Nov 2019capital raising announcement● NeutralMajor
Placement raising $1.5 million by issuing 57,692,310 shares at $0.026, a 13.3% discount to the 10-day VWAP, to institutional and sophisticated investors. Funds support the farm-out phase, exploration preparation and community programs. Adds to the A$2.2m June cash and dilutes existing holders.
What it means for a shareholder
57.7m new shares at A$0.026 to raise about A$1.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00984% to 0.00857% of the company. To keep it you'd need 5,675 more shares - about A$148 at the issue price.
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24 Oct 2016capital raising announcement● NeutralMajor
Rights issue closed with 19,054,402 shares taken up by eligible holders and applications for a further 17,025,443 shortfall shares, against 42,296,064 on offer. That is about 36.1m of 42.3m, leaving roughly 6.2m (inference). The company will try to place the balance within 3 months.
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.
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.
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.
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.
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).
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%.
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.
26 Mar 2013capital raising announcement▲ GoodMajor
Sunbird raised $5m through a placement of 12.5m shares at $0.40, led by Cygnet Capital. Funds go to Ibhubesi reserves work and studies, and to finishing the Mopane eight-hole program and its resource booking.
What it means for a shareholder
12.5m new shares at A$0.400 to raise about A$5.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (2,500 at the issue price), your slice goes from 0.00466% to 0.00378% of the company. To keep it you'd need 582 more shares - about A$233 at the issue price.
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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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