Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Sept 2018business combination▲ Good
Lakes extended its Rawson offer to 24 September 2018 and called it best and final, with no increase. Over 75.96% of Rawson shares had accepted by 6 September. Lakes says it will prioritise funding Rawson's share of Nangwarry-1 drilling.
5 Sept 2018director officer appointment● Neutral
Director Bill Stubbs appointed CEO Roland Sleeman as his alternate director, effective 5 September until 17 November 2018. Sleeman's notice shows about 107m Lakes shares held directly and indirectly. Administrative.
3 Sept 2018business combination▲ Good
Lakes notified that its Rawson offer remains free of conditions and its voting power in Rawson has risen to 64.43%, up from 51.61% at 15 August. A formal status notice.
28 Aug 2018business combination● Neutral
Rawson's independent directors note Lakes now holds 58.42% and the offer is unconditional. They say the offer is at a $279,738 discount to Rawson's market value, but justify accepting it because Rawson needs a larger capital base. Lakes intends to delist Rawson after the offer.
21 Aug 2018director officer appointment● Neutral
Following the unconditional Rawson bid, Richard Ash joins the Lakes board. Chris Tonkin becomes Rawson chairman and Roland Sleeman a Rawson director. Lakes says it will expedite Nangwarry-1 drilling and pursue faster work on Rawson's PNG tenements.
15 Aug 2018business combination● Neutral
Lakes gave formal notice that its Rawson offer is free of conditions, with its voting power in Rawson at 51.61%. The official notice behind the headline announcement of the same day.
15 Aug 2018business combination● Neutral
Lakes gave notice that a defeating condition, the 50.1% minimum acceptance level, has been fulfilled for the Rawson offer. Superseded the same day by the offer being declared free of conditions.
15 Aug 2018business combination▲ GoodMajor
Acceptances reached 51.61% of Rawson and Lakes declared its takeover offer unconditional. Lakes intends to delist Rawson after the offer closes. The Chairman ties Rawson's South Australian Otway opportunities, including Nangwarry-1 drilling later this year, to Lakes' ban-constrained Victorian assets.
13 Aug 2018business combination● Neutral
Rawson's directors issued their Target's Statement, unanimously recommending shareholders accept Lakes' 15-for-1 share offer in the absence of a superior proposal. The offer closes 10 September unless extended. Repeats the known recommendation.
10 Aug 2018admin correction● Neutral
Notice that the Bidder's Statement for the Rawson offer has been despatched. It repeats the 8 August document, with the offer closing 10 September 2018 unless extended. No new substance.
8 Aug 2018business combination● Neutral
Lakes lodged its formal bidder's statement for the Rawson takeover, with the offer open from 8 August to 10 September 2018 unless extended. This is the formal paperwork for the 31 July offer, with no new terms in the cover letter.
31 July 2018material agreement● Neutral
Rawson exercised its call option over Dondonald (PNG) shares, triggered by Lakes' bid, lifting its Dondonald holding from 60% to 93%. It issues 14,707,072 Rawson shares, bringing Rawson to 112,754,222 shares, the base for Lakes' offer.
31 July 2018business combination▲ GoodMajor
Lakes offers 15 of its shares per Rawson Oil & Gas share, valuing Rawson at $3.75m, with Rawson directors recommending acceptance. It has pre-bid acceptances for 19.99%, will lend Rawson $750,000, and aims to combine Otway Basin positions including the Nangwarry-1 well.
8 June 2018listing compliance notice● Neutral
ASX removed the LKOGB converting notes from the official list at close on 8 June 2018, after they converted into ordinary shares on 31 May. This finalises the note conversion; administrative only.
7 June 2018security holder rights change● Neutral
Lakes issued 1,143,784,165 shares on conversion of 125,815 LKOGB notes at 9,091 shares each, for no cash. Shares on issue rise to about 28.77bn. The converting notes are now gone, leaving fewer holdings than the earlier 139,799 notes, which suggests some converted early (inference).
6 June 2018regulatory community update▼ Bad
Lakes says the Department changed the Victorian GeoVic website listing of the Wombat-1, -3 and -4 wells to 'other' and Wombat-2 and Trifon-2 to 'plugged and abandoned' without consultation. Lakes says the wells are unchanged on the ground and the listings are wrong. It is awaiting an explanation.
25 May 2018listing compliance notice● Neutral
ASX suspended the LKOGB notes from quotation after close on 25 May 2018, pending their automatic conversion on 31 May. Applies only to the notes, not to ordinary shares.
2 May 2018other● Neutral
Letter to noteholders repeating the final 50c interest payment on 7 June and the automatic conversion into 9,091 shares per note at maturity on 31 May. No new substance.
2 May 2018security holder rights change● Neutral
LKOGB notes mature 31 May 2018 and convert automatically into 9,091 shares each, up to 10,000 if the 30-day average price is under 0.11 cents. A final 50c interest payment is due 7 June. Ends the note debt, with the conversion adding to shares on issue.
2 May 2018other● Neutral
Routine ASX notice of the final 50 cents per note interest payment on LKOGB converting notes, paid 7 June 2018 to holders on the 31 May record date. Adds no new information.
16 Mar 2018regulatory community update● Neutral
The hearing finished on 15 March after two days. Justice Macaulay has reserved his decision, so the outcome of the Government case remains pending.
13 Mar 2018regulatory community update● Neutral
The Victorian Supreme Court hearing starts 14 March, expected to take up to 3 days, with Justice Macaulay to decide afterwards. Lakes argues the December 2017 permit variations by the Minister's delegate were illegal and that existing exploration commitments are exempt from the moratorium.
28 Feb 2018half year report▲ Good
Half-year to 31 December 2017: loss $1.12m, down from $5.84m, with impairment only $98,598. Net assets rose to $14.0m after capital raisings, and working capital turned to a $1.82m surplus from a deficit. Operating cash outflow was $1.35m.
15 Dec 2017capital raising announcement▲ GoodMajor
The share purchase plan closed with applications for 1,363,250,000 shares at 0.15 cents, raising $2,044,875. The Chairman says this leaves Lakes well placed to finish the Victorian Government litigation and resume conventional exploration. Trial is set for 14 March 2018.
What it means for a shareholder
1.36bn new shares at A$0.0015 to raise about A$2.0m. That's 4.9% dilution: every existing holder's slice gets 4.9% smaller. If you held A$1,000 of shares (666,667 at the issue price), your slice goes from 0.00254% to 0.00242% of the company. To keep it you'd need 34,658 more shares - about A$52 at the issue price.
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8 Dec 2017regulatory community update▼ BadMajor
The Minister replied on 4 December refusing to enter dialogue on Lakes' October proposal to drill conventional wells. This resolves the open question of a Government response, and closes off that route to restarting Victorian drilling.
13 Nov 2017investor presentation● Neutral
AGM presentation restates known points: Wombat-5 is ready to drill, Otway-1 and Portland wells are planned, the Government has not answered the October offer, and $1.76m was raised in October placements. No new information.
10 Nov 2017capital raising announcement● Neutral
Lakes opened its share purchase plan, dispatching documents to eligible shareholders. They can buy $1,500 to $15,000 of shares at 0.15 cents, closing 8 December. The offer is not underwritten. Repeats the terms announced on 7 November.
10 Nov 2017admin correction● Neutral
Routine compliance notice under ASIC Class Order 09/425 that Lakes can offer its share purchase plan without a disclosure document. It confirms reporting obligations are met and no excluded information exists. No new substance.
7 Nov 2017capital raising announcement● NeutralMajor
Lakes offers eligible shareholders a share purchase plan of up to $15,000 each at 0.15 cents a share, a 25% discount to the recent 5-day average price. It closes 8 December. Funds cover working capital, litigation costs, ATP 1183 drilling and Victorian preparatory work. No target size is stated.
6 Nov 2017other● Neutral
Routine ASX notification that LKOGB notes will pay 50c per note on 7 December 2017 (record date 30 November) for the six months to 30 November. Repeats the company letter.
