6 Nov 2017other● Neutral
Routine letter to LKOGB noteholders on the 50c per note interest payment due 7 December 2017, with an early-conversion option at 9,091 shares per note by 30 November. Notes mature 31 May 2018.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
16 Oct 2017capital raising announcement● NeutralMajor
Lakes has binding commitments for a placement of up to 696,666,668 shares at 0.15 cents to raise about $1.045m, using its existing placement capacity. Proceeds go to ongoing working capital.
What it means for a shareholder
697m new shares at A$0.0015 to raise about A$1.0m. That's 2.7% dilution: every existing holder's slice gets 2.7% smaller. If you held A$1,000 of shares (666,667 at the issue price), your slice goes from 0.00269% to 0.00261% of the company. To keep it you'd need 18,724 more shares - about A$28 at the issue price.
Create a free account to see this worked out for your own holding.
11 Oct 2017regulatory community update● NeutralMajor
Lakes made a formal offer to the Victorian Minister: no unconventional gas, permission to drill Wombat-5, Otway-1, Greenslopes-2 and Portland Energy-1, Victorian supply first, landowner revenue sharing, an at-cost government loan, and relinquishing PEP163 for agreed consideration. No response is stated.
28 Sept 2017annual report● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, pointing to the statement on the company website. Administrative filing with no new substance.
28 Sept 2017annual report● Neutral
Annual report to 30 June 2017. The Chairman calls it the most challenging year since 1985, with survival secured through the NavGas acquisition. He says the Government's Defence concedes Lakes' reading of the ban, and plans Wombat, Otway-1 and two Portland wells plus Queensland ATP 1183. Financials truncated.
12 Sept 2017regulatory community update▲ GoodMajor
Court orders by consent set the Victorian Government case for a 2–3 day trial from 14 March 2018. Lakes must file further material by 13 October 2017 and the Government by 24 November. This gives the litigation a firm trial date.
1 Sept 2017regulatory community update● Neutral
The 1 September directions hearing in the Victorian Government litigation was deferred again, to 11 September, because the presiding judge was ill.
21 Aug 2017regulatory community update● Neutral
The directions hearing in Lakes' case against the Victorian Government, set for 11 August, was deferred by agreement to 1 September 2017. Its purpose is to set the timetable for the proceedings.
15 June 2017director officer appointment● Neutral
CEO Roland Sleeman's expired contract is replaced by a new one: $6,500 a month fixed plus $230 an hour beyond 40 hours monthly, terminable by either side on one month's notice, with no termination payments beyond notice.
15 June 2017regulatory community update● Neutral
Lakes filed a Further Amended Statement of Claim against the Victorian Government after the Government sought on 2 May to have the case dismissed. Lakes argues the Fracking Ban Act exempts existing permit work commitments. Not yet considered by the court; Lakes says it is confident.
5 June 2017capital raising announcement● Neutral
Lakes issued DGR's 408,065,120 underwriting shares with matching performance rights, completing the March entitlement raising at $816,130 for that tranche, plus 2,876,031 further shortfall shares. Shares on issue are now 24,595,876,462. The 5.55bn shortfall was placed only to this tiny extent.
4 May 2017other● Neutral
Routine notice of a 50c per note interest payment on LKOGB notes, paid 7 June 2017 for the six months to 31 May 2017. The notes mature 31 May 2018.
4 May 2017other● Neutral
Routine letter to LKOGB noteholders on the 50c per note interest payment due 7 June 2017 (record date 31 May), with an early-conversion option at 9,091 shares per note. Repeats the 4 May notice; no new substance.
1 May 2017asset acquisition disposition● Neutral
Lakes completed buying Mingoola Gold from Dark Horse for $1. Its mineral tenements overlap the South Australian Pirie Torrens applications but carry $170,000–$250,000 per-tenement spending commitments. Lakes will first do desktop studies to prioritise spending.
7 Apr 2017asset acquisition disposition● Neutral
Dark Horse says it will transfer Mingoola Gold, holding South Australian mineral licences overlapping NavGas's applications, to Lakes for $1. It is refocusing on Argentina and still holds 9.28 billion Lakes shares. Vendor's view of the deal.
27 Mar 2017listing compliance notice● Neutral
ASX suspends LKOGA notes from quotation from 27 March ahead of their 31 March maturity; removal from quotation follows on 13 April. Routine; ordinary shares and other securities are unaffected.
24 Mar 2017capital raising announcement● Neutral
Lakes issued the 341,934,880 entitlement shares, raising $683,870, taking shares on issue to 22.01 billion. DGR's 408,065,120 underwriting shares follow on payment, bringing the total to $1.5m. Dark Horse holds 42.15%, Timeview 10.81%, Armour 9.65%.
22 Mar 2017capital raising announcement▼ BadMajor
Entitlement offer closed with applications for only 341,934,880 shares, raising $683,870 against up to $12.6m. DGR is to take 408,065,120 shares as underwriter. About 5.55 billion shares remain as shortfall. Shares on issue would be about 22.4 billion.
16 Mar 2017admin correction● Neutral
Amended LKOGA conversion notice: the uplift threshold is corrected from 2 cents to 0.2 cents per share. Terms are otherwise unchanged: 5,000 shares per note, up to 6,667.
15 Mar 2017regulatory community update● Neutral
Lakes says it is well advanced in talks on information-sharing with other explorers, possibly including stratigraphic coreholes, to test its South Australian acreage, notably the Tindelpina Shale gas. No funding or drilling commitment is stated.
15 Mar 2017security holder rights change● Neutral
LKOGA notes mature 31 March 2017 and convert automatically into 5,000 shares each on 7 April, with a final 50c interest payment. Conversion can rise to 6,667 shares if the 30-day average price is under a threshold. The threshold is later amended.
14 Mar 2017half year report▼ Bad
Half-year to 31 December 2016: loss of $5.84m including a $3.98m write-down of US and Victorian assets. Net assets fell to $1.97m and working capital turned to a $229,299 deficit. Operating cash outflow was $1.47m.
13 Mar 2017other● Neutral
Routine notice of the final 50c per note interest payment on LKOGA notes, paid 7 April 2017 for the six months to 31 March. The notes mature that day.
22 Feb 2017capital raising announcement● Neutral
Lakes confirms the entitlement offer documents were posted to eligible holders on 22 February; offer closes 17 March 2017. Administrative notice with no new information.
15 Feb 2017capital raising announcement● Neutral
Notice to holders outside Australia and New Zealand that they are ineligible for the entitlement offer, as required by ASX rules. Their entitlements lapse into the shortfall. Administrative only.
15 Feb 2017capital raising announcement● Neutral
Letter to security holders restating the entitlement offer terms: 1-for-4, 0.2c, up to 6.3 billion shares, timetable to 24 March issue. Administrative notice with no new information.
14 Feb 2017investor presentation● Neutral
Presentation backing the entitlement offer. Repeats the 0.2c price, $1.5m underwriting, $2.7bn damages claim and Wellesley (41 Bcf) and Major East (13.8 Bcf) targets. Adds a use-of-funds table: $1.5m minimum, $12.6m target, and a 5 May 2017 directions hearing.
14 Feb 2017capital raising announcement● NeutralMajor
Lakes launched a 1-for-4 non-renounceable entitlement offer to raise up to $12.6 million, partly underwritten by DGR, each new share with a bonus performance right. Funds go to exploration, a loan repayment, litigation and working capital. Issue price not stated in the text.
14 Feb 2017capital raising announcement● NeutralMajor
Prospectus for the 1-for-4 entitlement offer at 0.2 cent per share, raising up to $12.6m, partly underwritten to $1.5m by DGR. Each share carries a bonus right converting to 1.25 shares if 60-day VWAP exceeds 0.8c before 2022. Closes 17 March 2017.
18 Jan 2017asset acquisition disposition● Neutral
Dark Horse says the NavGas sale has settled and it will receive 9,278,407,344 Lakes shares, in addition to its 40,000 Lakes notes. It repeats the Wellesley and Major East drilling plans. This is the vendor's view of the completed deal.