Past year: ▼ 4%(1.46 – 2.19 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 July 2024capital raising announcement▲ GoodMajor
Karoon adopts a capital returns policy of 20-40% of underlying NPAT via dividends and/or buybacks, applied from the 1H24 results. It also launches a US$25m on-market buyback running to 31 December 2024. This resolves the long-open shareholder returns question.
11 Dec 2023capital raising announcement● NeutralMajor
Retail entitlement offer closed with about 22% take-up, raising roughly A$94m including sub-underwriters' shares. About 36m unwanted shares (~A$74m) go to sub-underwriters. Total raising is about A$480m at A$2.05, completing the fully underwritten funding for the Who Dat acquisition.
23 Nov 2023capital raising announcement● Neutral
Sample letter telling ineligible retail shareholders they cannot join the retail entitlement offer at A$2.05. Administrative notice with no new information.
23 Nov 2023capital raising announcement● Neutral
The retail part of the 1 for 3.75 entitlement offer opens at A$2.05 per share to raise about A$310m overall for the entitlement offer, closing 6 December 2023. Shareholders who do not take up their entitlement are diluted. Booklet only; no new terms.
17 Nov 2023capital raising announcement● NeutralMajor
The placement and institutional entitlement offer raised about A$384m at A$2.05 per share (A$170m placement, A$214m institutional), a 14.6% discount to the last close. About 95% of institutional entitlements were taken up. The retail offer opens 23 November to complete the A$480m raising.
15 Nov 2019capital raising announcement▲ GoodMajor
The retail offer closed with about 49% take-up, raising about A$109m at A$0.93 and taking the total raised to about A$284m. Underwriters Macquarie and RBC take the shortfall. This completes the raising begun on 23 October; management says it funds Baúna and Marina-1.
30 Oct 2019capital raising announcement● Neutral
Retail Entitlement Offer booklet and entitlement form: 1 for 1.06 at A$0.93, fully underwritten, closing 12 November 2019. The visible text is legal notices and contents; terms repeat the earlier announcements.
30 Oct 2019capital raising announcement● Neutral
Retail offer booklet for the 1-for-1.06 entitlement offer at A$0.93 was posted to eligible shareholders; a section numbering error on page 45 was corrected. The offer closes 12 November 2019. Administrative, no new terms.
25 Oct 2019capital raising announcement▲ Good
The placement and institutional part of the entitlement offer closed oversubscribed, raising about A$175m at A$0.93. The retail offer, expected to raise about A$109m, opens 30 October and closes 12 November. Settlement is on 31 October.
25 Oct 2019capital raising announcement● Neutral
Cover letter and booklet for the retail entitlement offer: 1 for 1.06 at A$0.93, fully underwritten, opening 30 October. The closing date is stated as 12 November. Terms repeat the 23 October announcement.
23 Oct 2019capital raising announcement● NeutralMajor
Karoon launches a fully underwritten A$284m equity raising at A$0.93 a share: A$67m placement plus a 1-for-1.06 entitlement offer of about A$217m. It funds the rest of Baúna, and Marina-1. New shares equal 123.5% of those on issue. The offer is a 16.6% discount to the last price.
10 Sept 2013capital raising announcement● Neutral
The share purchase plan closed having raised A$24.08m at A$5.10, issuing 4,720,812 new shares. That is well below the A$60m cap, so total raised with the placement is about A$174m.
What it means for a shareholder
4.7m new shares at about A$5.10 to raise about A$24.1m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (196 at the issue price), your slice goes from 0.0000885% to 0.0000867% of the company. To keep it you'd need 4 more shares - about A$20 at the issue price.
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15 Aug 2013capital raising announcement● Neutral
The share purchase plan offer booklet was sent to eligible shareholders, with a chairman's letter. It repeats the A$5.10 price (9.04% discount to the 5-day average) and A$15,000 limit. Closing is 3 September, with shares issued 10 September. No new substance.
8 Aug 2013capital raising announcement● Neutral
Karoon opened a share purchase plan letting eligible shareholders buy up to about A$15,000 of shares at A$5.10, the placement price. It is capped at A$60m, with scale-back possible. Applications close about 3 September; shares issue about 10 September.
8 Aug 2013capital raising announcement▲ GoodMajor
Karoon completed the underwritten placement of about A$150m at A$5.10 per share, an 8.9% discount to A$5.60. Cash is now stated at A$320m with no debt. Farm-out talks continue, and a share purchase plan follows.
7 Aug 2013capital raising announcement● NeutralMajor
Karoon launched an underwritten placement of about A$150m at A$5.10, an 8.9% discount to A$5.60. Proceeds are for farmout negotiations, rig and long-lead items, and Browse, Santos and Peru drilling. A share purchase plan will follow. No shareholder approval needed.
19 Nov 2010capital raising announcement▼ BadMajor
Karoon dropped the Brazil IPO for now, citing unfavourable markets and weak performance of recent Brazilian oil and gas raisings. It will wait for conditions to improve. Ends the plan to list 31.9% of its South American assets, announced in June.
27 Oct 2010capital raising announcement▲ Good
The share purchase plan closed having raised A$81.8m through 11.7m new shares at A$7.00, below the A$100m cap. Together with the A$186.4m placement, this completes the September-October raising.
What it means for a shareholder
11.7m new shares at A$7.00 to raise about A$81.8m. That's 5.4% dilution: every existing holder's slice gets 5.4% smaller. If you held A$1,000 of shares (143 at the issue price), your slice goes from 0.0000695% to 0.0000658% of the company. To keep it you'd need 8 more shares - about A$56 at the issue price.
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27 Oct 2010capital raising announcement● NeutralMajor
Karoon's Brazilian subsidiary filed a preliminary prospectus for a Brazilian IPO of 31.9% (1.03m shares, expected US$621-773m, all new shares); Karoon would keep 68.1%. Pricing is expected 10 November. Australian shareholders cannot participate directly, and Karoon may still not proceed.
27 Sept 2010capital raising announcement● Neutral
The share purchase plan opened 27 September at A$7.00, a 9% discount to the five-day average of A$7.63, and closes 20 October. Parcels up to about A$15,000; the A$100m cap may cause scale-backs. Repeats the earlier plan terms.
21 Sept 2010capital raising announcement● Neutral
Karoon will offer eligible Australian and NZ shareholders a share purchase plan of up to about A$15,000 each at A$7.00, the same price as the placement, capped at A$100m. Closing is expected around 20 October.
16 Sept 2010capital raising announcement▲ GoodMajor
Karoon completed its institutional placement: 26.6m shares at A$7.00 to raise A$186.4m, for Browse appraisal, Brazil and Peru exploration and working capital. Resolves the 15 Sep raising; a share purchase plan for existing holders will follow.
What it means for a shareholder
26.6m new shares at A$7.00 to raise about A$186m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (143 at the issue price), your slice goes from 0.0000805% to 0.00007% of the company. To keep it you'd need 21 more shares - about A$147 at the issue price.
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15 Sept 2010capital raising announcement● NeutralMajor
Karoon announced an institutional share placement, lead-managed by Merrill Lynch, to fund Browse appraisal, Brazil and Peru exploration and working capital. Size and price are not stated. A share purchase plan for existing holders will follow; shares are in a trading halt.
9 Sept 2010capital raising announcement● NeutralMajor
Karoon Brazil filed a draft prospectus with Brazil's securities regulator, the first step toward an IPO on BM&FBOVESPA. Karoon expects to keep about 70-75% and listing is possible in Q4, though not committed. Updated D&M risked prospective resources are 589m bbl.
27 July 2009capital raising announcement▲ Good
The share purchase plan closed having raised A$23.55m at A$6.70 per share, with shares allotted on 24 July. Together with the A$149.6m placement, this adds to Karoon's cash.
3 July 2009capital raising announcement● Neutral
The share purchase plan is widened to holders who bought shares up to 4 June and were registered by 10 June, and the closing date is extended to 17 July. The A$6.70 price is unchanged.
19 June 2009capital raising announcement● Neutral
Share purchase plan documents were dispatched: up to about A$5,000 per holder at A$6.70, record date 4 June, closing 10 July. This is an administrative follow-up to the placement.
10 June 2009capital raising announcement▲ GoodMajor
Karoon completed a placement of 22.33m shares at A$6.70 each, raising A$149.6m for Browse exploration and appraisal and the Peru and Brazil programs. This is the first raise since the A$49m placement in August 2008, and dilutes existing holders.
What it means for a shareholder
22.3m new shares at A$6.70 to raise about A$150m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (149 at the issue price), your slice goes from 0.0001% to 0.0000872% of the company. To keep it you'd need 22 more shares - about A$147 at the issue price.
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10 June 2009capital raising announcement● Neutral
Karoon will offer eligible Australian and New Zealand shareholders up to A$5,000 of shares at A$6.70, the same price as the A$149.6m placement, free of brokerage. Applications close around 10 July.
9 June 2009capital raising announcement● Neutral
Karoon announced an institutional placement, led by Merrill Lynch, to fund Browse exploration and appraisal, Peru and Brazil programs, and working capital. A share purchase plan for existing holders is also planned. Shares stay in a trading halt until the placement completes.
