Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2017asset acquisition disposition▲ GoodMajor
NavGas acquisition completed on 18 January 2017 after shareholders approved it on 16 January, with 9.6 billion shares issued. Lakes now owns 100% of the Queensland and South Australian acreage and plans to drill Wellesley (~1,650 m) and Major East (~1,850 m) in ATP 1183.
17 Jan 2017other● Neutral
Lakes lodged its company constitution, prepared by Baker McKenzie. A legal document with no new financial or operating information in the text provided.
16 Jan 2017investor presentation● Neutral
AGM presentation sets out the 'reinvention': cost cuts, a non-Victorian focus via NavGas, the litigation and a specially structured capital raising. Plans to drill Wellesley (41 Bcf prospective) and Major East (14 Bcf). Mostly repeats known facts.
6 Dec 2016regulatory community update● NeutralMajor
Lakes and two subsidiaries filed a Supreme Court writ claiming over $2.7 billion damages from the Victorian Minister for 'derogation from grant', including $92m past spend and over $2.6bn risk-weighted lost future earnings. Funding talks under way. Adds to the 27 October judicial review.
29 Nov 2016capital raising announcement● Neutral
Lakes allotted $375,000 of shortfall LKOGB notes (37,500 notes), taking LKOGB notes to 139,799. Directors can still place the remaining shortfall within three months of the offer closing. Continues the notes raising that drew poor take-up.
28 Nov 2016asset acquisition disposition● NeutralMajor
Lakes signed the binding Share Purchase Agreement to buy the remaining 96% of NavGas for 9.6 billion shares, formalising the 6 October heads of agreement. Needs shareholder approval at the AGM; completion within 5 days. DGR also signed a conditional $1.5m underwriting of a rights issue, expected early 2017.
28 Nov 2016capital raising announcement● Neutral
DGR Global confirms it signed the underwriting agreement for $1.5 million of a Lakes entitlement offer, earning a 6% fee. It depends on the NavGas acquisition settling after the January 2017 AGM vote. Counterparty's version of the deal already announced.
28 Nov 2016asset acquisition disposition● Neutral
Dark Horse confirms it signed the Share Purchase Agreement to sell its 92.78% of NavGas (96% in total with two individuals) to Lakes for 9.6 billion Lakes shares. Subject to Lakes shareholder approval at the AGM in January 2017. This is the vendor's view of the same deal.
25 Nov 2016director officer appointment● Neutral
Karl Schlobohm appointed alternate director for Bill Stubbs from 24 November 2016 to 16 January 2017. He holds no Lakes securities. Temporary administrative appointment.
23 Nov 2016security holder rights change● Neutral
Letter to LKOGB noteholders reminding them of the first interest payment (50 cents per note, record date 30 November, paid 8 December 2016) and the option to convert early into 9,091 shares per note by 30 November. Reminder of known terms.
18 Nov 2016dividend declaration● Neutral
First interest payment on the new LKOGB notes: 50 cents per note, record date 30 November, paid 8 December 2016. Routine, under the notes' existing terms.
27 Oct 2016regulatory community update● NeutralMajor
Two Lakes subsidiaries filed in the Victorian Supreme Court seeking judicial review of the Minister's refusal to consider onshore exploration applications. They argue the decisions were made without authority. Follows the legal action investigation announced on 8 September; no outcome yet.
19 Oct 2016other● Neutral
Lakes appointed DMR Corporate as independent expert on the NavGas acquisition. ASIC approved deferring the 2016 AGM to December so shareholders can vote on NavGas at the same meeting.
6 Oct 2016asset acquisition disposition● Neutral
Dark Horse's version of the NavGas deal: Lakes issues 9,600 million shares for the remaining 96%, aiming to complete before end-2016. DGR Global conditionally underwrites $1.5m of a planned follow-on capital raising for all Lakes shareholders. Needs Lakes holder approval.
6 Oct 2016asset acquisition disposition● NeutralMajor
Lakes signed a Heads of Agreement to buy the remaining 96% of NavGas for 9,600 million new shares at $0.001 each, subject to shareholder approval. Brings Pirie Torrens (SA) and Roma Shelf (Qld) acreage; now the principal exploration focus while Victoria stays banned.
3 Oct 2016listing compliance notice● Neutral
ASX reinstates the LKOGB notes to official quotation from 4 October 2016, after the issue completed and quotation conditions were met. Ends the suspension noted on 9 September.
3 Oct 2016annual report▼ BadMajor
2016 annual report: Chairman says the Victorian ban forced Lakes to significantly impair its Victorian assets and left it in a 'precarious financial position'. Only $536,660 was raised in the notes issue. Talks are advanced to place 58,000 more notes and buy acreage outside Victoria.
3 Oct 2016asset acquisition disposition▲ GoodMajor
Dark Horse Resources says it is investing $400,000 in 40,000 Lakes notes, while Lakes buys a 4% stake in NavGas from Dark Horse for $400,000. NavGas holds South Australian and Queensland exploration acreage. This is the counterparty's view of the deal.
3 Oct 2016capital raising announcement● NeutralMajor
Lakes placed 58,000 converting notes for $580,000 and bought 4% of NavGas for $400,000, giving a foothold in South Australia and Queensland acreage. The CEO calls it a small first step in securing the company's future beyond the Victorian ban.
3 Oct 2016other● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the website governance statement. Administrative; no new financial or operating information.
16 Sept 2016capital raising announcement● Neutral
Lakes allotted 53,666 LKOGB notes on 16 September, net of redemptions so far; redemptions continue to 3 October. Shares on issue are 11,865,239,705. Trading is expected 4 October. Confirms the small raise already reported.
15 Sept 2016dividend declaration● Neutral
Letter to holders of the older LKOGA notes reminding them of the 50-cent-per-note interest payment on 7 October 2016 (record date 30 September). Holders may convert to 5,000 shares per note by 30 September. Routine reminder of existing terms.
14 Sept 2016capital raising announcement▼ BadMajor
The notes issue raised only $0.542m of the up to $7.1m sought, with 561 holders taking up notes. A 660,604-note ($6.601m) shortfall remains, which directors may place within three months. Applicants can still seek refunds until 3 October.
12 Sept 2016dividend declaration● Neutral
Notice of the 50-cent-per-note interest payment on the older LKOGA converting notes: record date 30 September, payment 7 October 2016. Routine, as per existing terms.
9 Sept 2016listing compliance notice● Neutral
ASX suspends the not-yet-issued LKOGB notes from quotation from 12 September pending completion of the issue and quotation conditions. Shares and the older LKOGA notes are unaffected.
8 Sept 2016other● NeutralMajor
Lakes confirms it is formally investigating possible legal action over the Victorian ban. Note trading is pushed to 4 October at ASX's request, with issue still on 16 September. A new thread, with no action yet filed.
1 Sept 2016capital raising announcement▼ Bad
Supplementary prospectus confirms the $1m Mather underwriting is unavailable after the ban. The note issue closes 9 September, and applicants may seek refunds in writing by 3 October 2016.
31 Aug 2016regulatory community update▼ BadMajor
Victoria announced a permanent ban on unconventional gas and extended the conventional onshore gas ban to 30 June 2020. Lakes calls it unprecedented and says it must consider all options. Mather's $1m underwriting lapses; early note applicants get a one-month chance to withdraw.
2 Aug 2016capital raising announcement● Neutral
Notes offer closing extended to 26 August 2016. Director Nick Mather conditionally underwrites $1m of any shortfall, but only if Victoria announces by 26 August a policy allowing onshore gas drilling to resume.
20 July 2016regulatory community update● Neutral
Chairman Tonkin's letter argues for lifting the Victorian onshore exploration ban, citing environmental, jobs and royalty benefits. A government decision is expected in August. No new company results; it restates the known position.
