Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2018quarterly activities report● Neutral
December quarter: the share purchase plan raised $2,044,875, and the Minister refused the October offer (letter dated 23 November). The Department proposed changing permit deadlines on 17 November, which Lakes rejected on 15 December. Beach Energy's Otway gas discovery in South Australia is cited as supportive.
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.
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.
27 Oct 2017quarterly activities report● Neutral
September quarter: trial is listed for 14 March 2018 and the Victorian opposition has promised case-by-case conventional gas exploration if elected in 2018. Placements of 1.32bn shares raised $1.924m. A Gippsland property portion sold for $386,695. No Minister response to the October offer yet.
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.
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13 Oct 2017agm notice● Neutral
ASX granted a waiver so the AGM notice can seek approval for up to 143,960,160 shares to directors in lieu of $143,960 of fees, issued monthly in 12 tranches from December 2017 at the higher of 0.1c or the monthly VWAP. The AGM notice was dispatched.
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.
31 July 2017quarterly activities report▲ Good
June quarter: the Government withdrew its dismissal bid and filed its Defence on 21 July, which Lakes says appears to concede its reading of the Fracking Ban Act. Directions hearing is set for 11 August. DGR underwriting shares were issued; Lakes is seeking funding for a two-well ATP 1183 campaign.
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.
26 Apr 2017quarterly activities report▼ Bad
March quarter report: the Victorian ban is now law (Act in force 16 March 2017, exploration banned to 30 June 2020). The entitlement offer raised $683,870 plus DGR's underwriting, up to $1.5m. Mingoola purchase is agreed, litigation funder talks continue, and 5.55 billion shortfall shares remain to be placed.
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.
