Jupiter plans to raise up to $4.8m through Indian Ocean Capital clients: 17.5m shares at 4c ($700k), 100m shares at 4c with free 8c options ($4m), and 100m options at 0.1c ($100k). The last two need shareholder approval. Aim is an overseas oil and gas project.
What it means for a shareholder
17.5m new shares at A$0.040 to raise about A$700,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.0212% to 0.0185% of the company. To keep it you'd need 3,712 more shares - about A$148 at the issue price.
Interim accounts for six months to 31 December 2006, covering the failed biodiesel push and subsequent sale of the Malaysian subsidiary. Cash $3.29m at period end. Retells known events and adds no new headline.
December 2006 quarter report mostly retells the failed Biofuels prospectus, the share price fall and the search for a partner or buyer. Confirms the subsequent sale of the Malaysian subsidiary to FEI for A$1m, already announced 25 January.
December 2006 quarter cash statement: cash fell from $4.37m to $3.29m, with $1.13m operating outflow. No debt; expected next-quarter spend is $100k on exploration. 117.86m shares on issue.
25 Jan 2007asset acquisition disposition▼ BadMajor
Jupiter signed a letter of intent to sell its Malaysian biodiesel subsidiary to FEI Resources for A$1m (A$50k a month for five months, A$750k by 21 July 2007; A$50k received). Plant contracts terminated. This ends the biodiesel plan after the withdrawn prospectus.
Amended AGM results correct the earlier filing: Jupiter Energy named as the entity and resolution 2 relabelled as Gander's re-election. Vote counts and outcomes unchanged.
Results of the 10 November AGM: remuneration report adopted and Geoff Gander re-elected by show of hands; the third resolution was withdrawn. This version has a labelling error (Carpathian Resources named; resolution 2 mislabelled), corrected in the next filing.
The 10 November AGM will go ahead as planned rather than be postponed. The equal capital reduction resolution tied to the cancelled Biofuels distribution will be withdrawn. Any capital raising update and general meeting will follow later.
Biofuels prospectus withdrawn and the in specie spin-off dropped, as investors preferred the project stay inside Jupiter. Jupiter now needs $40-50m raised through itself before end-2006, with shareholder approval for any placement. This reverses the A$75m spin-off plan.
September 2006 quarter: the remaining 31.66m shares at 12.5c were placed ($3.96m) and 4.16m 8c options exercised, giving 117.07m shares and $4.3m cash. Biofuels $75m raising is under way; Lakes Oil's PEP 163/164 seismic report is awaited.
Appendix 5B for September 2006: operating outflow of $1.58m, financing inflow of $4.09m, cash $4.37m. Expected next-quarter spending is $2.35m on biodiesel development and none on exploration. No debt.
29 Sept 2006security holder rights change● Neutral
Letter to holders of 8c options (expiring 31 December 2008) saying they must exercise before the 17 November record date to share in the Biofuels distribution. Administrative notice with no new information.
29 Sept 2006security holder rights change● Neutral
Letter reminding holders of the 20c listed options that they expire 31 October 2006, and that only exercised options share in the Biofuels in specie distribution. Administrative notice with no new information.
Presentation to prospective Jupiter Biofuels investors repeating the already-lodged prospectus: A$75m raise, A$115m market value on listing, Kuantan plant targeted for April 2008. No new facts.
Jupiter Biofuels lodged its prospectus to raise A$75m via 150m shares at 50c, to fund the Kuantan plant, with production planned for April 2008. Spin-off is to be voted at the 10 November AGM, record date 17 November, roughly 1 Biofuels share per 2 Jupiter shares.
What it means for a shareholder
150m new shares at A$0.500 to raise about A$75.0m. That's 56% dilution: every existing holder's slice gets 56% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.00172% to 0.000752% of the company. To keep it you'd need 2,585 more shares - about A$1,293 at the issue price.
2006 annual report: the chairman says the year was far better than 2005, with cash stronger after the $5m raising. It repeats the Biofuels spin-off, a $75m raise, and that Jupiter would stay an oil and gas explorer; board and management are under review.
Biodiesel plant contracts signed: Kuantan lease of about 8.75ha for 30 years, Desmet 250,000tpa plant, SMEC balance-of-plant and Ditali palm oil supply, plus 5-year tax pioneer status. Desmet and SMEC deals depend on Biofuels listing. Raise now A$75m at 50c; meeting delayed to late October.
Board clarifies that the 20c October 2006 options keep their 20c exercise price after the planned Jupiter Biofuels in specie distribution, on advice from accountants, lawyers and ASX. Option holders must exercise before the record date to share in the distribution.
June 2006 quarter report: 8.34 million shares placed at 12.5 cents ($1.04m) of the 40 million approved, with 81.25 million shares on issue and $1.86m cash. Repeats the MIDA approval and spin-off plans; seismic work continues on PEP 163/164.
Geoff Clifford joined as non-executive director and Finance Director of Jupiter Biofuels, and will take over company secretary duties for the planned biofuels spin-off. He is also chairman of Sino Gas and Energy.
Malaysian regulator MIDA approved a 250,000 tonne-a-year biodiesel plant at Kuantan, on a 30-year, 6-hectare port lease. Jupiter plans to spin off Jupiter Biofuels to shareholders and have it raise A$70m at 50 cents a share, leaving Jupiter holders about 36%.
June 2006 quarter cash report: operating outflow of $678k, offset by $1.52m from share issues. Cash rose to $1.86m, with 81.25 million shares on issue. Planned development spending next quarter is $1.125m.
All eight resolutions passed at the 16 June general meeting, including the $5m placement and options for consultants and directors. The chairman said the company is doing seismic on PEP 163/164 and is preparing a spin-off of Jupiter Biofuels.
Broker presentation on the biodiesel project, repeating the $5m raising at 12.5 cents; the meeting is expected on 9 June. It targets a feasibility study by September and a plant at Kuantan, Malaysia. Cash is about $1.5m.
Biodiesel project advanced in Malaysia: a local subsidiary, a land lease option and a licence application. Jupiter is committing up to $200,000 to review PEP 163/164 with Lakes Oil, which reported gas shows to 1000m. The 6 cent placement was completed on 11 April.
Plans a larger raising: 40 million shares at a minimum of 12.5 cents for $5m, with one free option (8 cents, expiring 31/12/08) per five shares. Subject to shareholder approval at a June meeting; funds are for Jupiter Biofuels and new acquisitions.
March 2006 quarter cash report: operating outflow of $46k, cash about $1.02m. No tenement changes; the 6 cent placement had not yet been completed at quarter end.
