Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Sept 2018business combination▲ GoodMajor
The Rawson offer closed on 24 September with Lakes holding 89.18% of Rawson, subject to processing of late acceptances. Lakes is preparing to drill Nangwarry-1, 57 Bcf best-estimate unrisked prospective resource, part-funded by a $4.9m South Australian grant.
24 Sept 2018other▼ Bad
Dark Horse, holding about 32% of Lakes, notes the Victorian Supreme Court rejected Lakes' claims that the state's onshore gas moratorium was unlawful or ineffective. It has no further information and will update once Lakes comments.
24 Sept 2018business combination● Neutral
Lakes lodged a second supplementary bidder's statement for the Rawson offer, attaching only its 24 September announcement of the unfavourable court judgment. No change to offer terms.
24 Sept 2018other▼ BadMajor
Judgment in Lakes' case against the Victorian Government, handed down 21 September, went against it. This resolves the long-reserved decision and means no Victorian onshore exploration until the ban expires mid-2020. An appeal is under consideration.
10 Sept 2018business combination● Neutral
Rawson's independent directors repeat their recommendation to accept Lakes' 15-for-1 share offer, now extended to 24 September and called final. Over 75.96% had accepted. They say Lakes funding Nangwarry-1 avoids dilution. Repeats known facts.
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.
27 July 2018quarterly activities report● Neutral
June quarter: the Victorian exploration ban remains and Justice Macaulay's decision on Lakes' case is still awaited. Lakes says the Department's changed GeoVic well statuses for Wombat and Trifon are wrong and it has had no further explanation. The text is truncated after a land sale mention.
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.
26 Apr 2018quarterly activities report● Neutral
March quarter: the court case was heard on 14-15 March and the decision is reserved. No Victorian exploration took place under the ban. The Northern Territory lifted its fracking moratorium on 17 April. Preparatory work is under way for Queensland drilling.
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.
