Past year: ▼ 55%(3.20c – 7.15c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 Dec 2018capital raising announcement● NeutralMajor
The offer closed with applications for 40.07m shares, or $801,466, against a maximum of about 71.2m shares, leaving a shortfall of 31.2m shares. The board may place the shortfall within three months. Roughly 56% of the target was raised.
19 Nov 2018investor presentation● Neutral
November 2018 presentation on Amersfoort, quoting a 1.5 Tcf 2C contingent resource and a 49% interest via Afro. It shows use of the $1.42m raise: $700,000 to pay creditors (mostly the CEO), $350,000 to exploration. It names Johan Visagie as CEO and says the raise is part of a bid to be reinstated to trade.
19 Nov 2018capital raising announcement● Neutral
The entitlement offer closing date is extended from 22 November to 6 December 2018, which the company says is to ensure maximum acceptance after positive responses. Terms are unchanged.
12 Nov 2018capital raising announcement● Neutral
Confirms the prospectus and acceptance forms were mailed to eligible shareholders on 12 November for the 1-for-4, 2-cent offer. Administrative only.
7 Nov 2018capital raising announcement● Neutral
Letter to eligible shareholders repeating the offer terms: 1 for 4 at 2 cents, up to $1.42m, with a shortfall facility. Rights are non-renounceable and cannot be traded, so unexercised entitlements lapse. No new substance.
7 Nov 2018capital raising announcement● Neutral
Letter telling shareholders with addresses outside Australia and New Zealand that they are not eligible for the entitlement offer. Administrative only.
6 Nov 2018capital raising announcement● Neutral
ASX announcement of the same offer: 1 for 4 at 2 cents, up to $1,424,791, record date 9 November, closing 22 November. Funds go to Amersfoort exploration, offer costs and working capital. Directors' AGM approval sought to issue 50.3m shares for amounts owed.
6 Nov 2018capital raising announcement● NeutralMajor
Prospectus for a 1-for-4 non-renounceable entitlement offer of up to 71,239,542 shares at 2 cents to raise about $1.42m, closing 22 November 2018. Not underwritten. Follows the August 2018 signal of a raising backed by major shareholders.
What it means for a shareholder
71.2m new shares at A$0.020 to raise about A$1.4m. That's 20% dilution: every existing holder's slice gets 20% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.0175% to 0.014% of the company. To keep it you'd need 12,500 more shares - about A$250 at the issue price.
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31 Oct 2018quarterly activities report▲ Good
September 2018 quarter report: initial KA-03PT testing on 3-7 September reached an open flow of 300 Nm3/hr at 2.15 bar, with gas of 95.5% methane and strong water-gas separation. Results are early and engineering review is pending; the ER38/ER56 renewals are still with PASA.
24 Sept 2018annual report● Neutral
Annual report for the year to 30 June 2018. Directors are unchanged (Sierakowski, Searle, Michael) and BDO remains auditor. The excerpt is truncated before the financial statements, so results cannot be read.
24 Sept 2018other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2018, pointing to annual report pages 51-60. Administrative, no new substance.
12 Sept 2018well test result▲ GoodMajor
Pressure and flow testing restarted on the KA-03PT well at Amersfoort, which flowed up to 330,000 scf/day and produced 26 MMscf in earlier tests. Joint cost is about A$950,000, of which Kinetiko pays over A$35,000. First field work after years of delay.
22 Aug 2018listing compliance notice▼ Bad
ASX listed Kinetiko among already-suspended companies that had not paid annual listing fees for the year to 30 June 2019. Unpaid fees after 28 August 2018 risk removal from the official list. This adds to the existing suspension.
6 Aug 2018admin correction● Neutral
ASX re-applied the suspended status to the company's securities after a market announcements system upgrade, confirming the shares remain suspended. Administrative only, no new information about Kinetiko.
2 Aug 2018regulatory community update▼ Bad
Kinetiko says it still has no access to Afro Energy's accounting records. It has started legal action in South Africa to compel Badimo, Afro's 51% owner, to supply them, and expects to lodge its 30 June 2018 accounts shortly. This continues the unresolved Afro records dispute.
2 Aug 2018listing compliance notice▼ Bad
ASX queried the June quarter's cash of $7,000 against a forecast $108,000 outflow. Kinetiko replied it is finalising a raising backed by major shareholders and believes it complies with listing rule 12.2. This is the same cash-adequacy concern raised in 2017, now with far less cash.
1 Aug 2018quarterly activities report● Neutral
June 2018 quarter report: no change in substance. ER320 EIA work is temporarily interrupted with submission still due 1 August 2019, the ER38/ER56 renewals remain under PASA review, and IDC funding still depends on its unrelated issue being resolved.
23 Apr 2018quarterly activities report▼ Bad
March 2018 quarter report: the ER320 environmental submission date is pushed out to 1 August 2019, with work on hold pending an appeal over a High Court order. IDC funding, ER38/ER56 renewals and ER270-272 remain unresolved; interest stays 49%.
16 Mar 2018half year report● Neutral
Half-year to 31 December 2017: loss $547,168 versus $608,777 a year earlier. Operations text repeats the quarterly report, adding that ER320 work is on hold after a High Court order set aside the regulations, pending the Department's appeal. Balance sheet not readable in the excerpt.
31 Jan 2018quarterly activities report● Neutral
December 2017 quarter report: PASA extended the ER320 environmental submission to 31 July 2018 because of conflicting regulations. IDC again says it will fund once its unrelated issue is resolved. ER38/ER56 renewals remain under PASA review; Kinetiko's interest stays 49%.
1 Dec 2017admin correction● Neutral
Principal place of business is now Unit 12, 100 Railway Road, Subiaco, owing to renumbering of tenancies. The office has not moved. Administrative only.
16 Oct 2017listing compliance notice▼ BadMajor
Replying to ASX on the annual report: the auditor issued a disclaimer of opinion because it could not access Afro Energy's records, and the $10.48m investment in Afro is 97.5% of total assets. Kinetiko says it is pursuing insolvency proceedings against Badimo and still meets listing rule 12.2.
4 Oct 2017listing compliance notice▼ BadMajor
ASX suspended Kinetiko's shares from 4 October under listing rule 17.3 until the company demonstrates compliance with listing rule 12.2 on financial condition. This follows the earlier cash queries and the 3 October announcement.
3 Oct 2017joint venture update● NeutralMajor
Kinetiko has applied to renew ER38 and ER56 for two years and for a new bulk sampling permit, and has started debt recovery of about $370,000 against Badimo Gas, preparing a liquidation application. The company says it is owed about $2.25m by Afro Energy and Badimo. This is a break with its JV partner.
2 Oct 2017annual report● Neutral
Annual report for the year to 30 June 2017. Directors are unchanged (Sierakowski, Searle, Michael) and BDO remains auditor. The text is garbled and truncated, so no financial results can be read.
2 Oct 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2017, pointing to annual report pages 52-61. Administrative, no new substance.
1 Aug 2017quarterly activities report● Neutral
June 2017 quarter report: PASA approved the ER320 scoping report, but the EIA submission is now due 30 January 2018. IDC management says it would fund once its unrelated issue is resolved. ER56 plan is now one DST well plus seven appraisal wells.
15 June 2017capital raising announcement● NeutralMajor
Placement completed, raising $305,000 at 2.5 cents (12.2m shares), a 17% discount to the 3.0 cent close. This closes the placement proposed on 8 May. Funds go to funding talks in South Africa, exploration and working capital.
What it means for a shareholder
12.2m new shares at about A$0.025 to raise about A$305,000. That's 4.8% dilution: every existing holder's slice gets 4.8% smaller. If you held A$1,000 of shares (40,000 at the issue price), your slice goes from 0.0165% to 0.0157% of the company. To keep it you'd need 2,013 more shares - about A$50 at the issue price.
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8 May 2017capital raising announcement● NeutralMajor
Kinetiko plans a placement of up to $300,000 (12 million shares at 2.5 cents) from major shareholders for working capital and Afro Energy exploration. It says its loan to Afro is about $2.55m and names IDC and Tosaco Energy as interested funders.
8 May 2017listing compliance notice▼ Bad
ASX queried whether cash of $145,000 against a $246,000 forecast outflow met Listing Rule 12.2. Kinetiko replied it expects continued negative cash flow, is running the placement, and believes it complies. ASX had warned of possible suspension if no reply.
