18 July 2016capital raising announcement● Neutral
Prospectus and entitlement forms despatched to eligible holders on 18 July; the notes offer is now open and closes 5 August 2016 unless extended. Procedural update.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2016capital raising announcement● NeutralMajor
Lakes proposes a rights issue of 10% converting notes at $10 each, 1 for 20,000 securities held, raising up to $7.1m. Notes mature 31 May 2018 and convert into 9,091 shares each (up to 10,000), a richer rate than the 2015 notes.
30 June 2016capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand that they are excluded from the notes offer because of the cost of complying with foreign laws. No action required.
30 June 2016capital raising announcement● Neutral
Sample entitlement and acceptance form for the notes offer, closing 5 August 2016. Administrative document with no new information.
30 June 2016admin correction● Neutral
Cleansing notice under the Corporations Act for the recent share issue (the 29 June shares to CEO Sleeman and an employee, inference). Administrative; no new financial or operating information.
30 June 2016capital raising announcement● Neutral
Prospectus for the converting note rights issue: $10 notes, 10% interest, maturity 31 May 2018, closing 5 August 2016. Labelled a speculative issue. Previous note issues raised $8.6m (2012) and $4.2m (2015).
30 June 2016capital raising announcement● Neutral
Letter to shareholders explaining the up-to-$7.1m converting note rights issue; record date 14 July, prospectus due 18 July. Proceeds are for working capital, exploration, research and loan repayment. Non-renounceable, so shareholders who don't take up risk dilution on conversion.
29 June 2016director officer appointment● NeutralMajor
Roland Sleeman, an Armour Energy director, is appointed CEO on a term to 8 December 2016 to lead a strategic review. CFO Les Smith leaves on 30 June 2016, and Melanie Leydin takes over part-time. Directors cut fees by 33%. The Victorian Government decision is delayed to August 2016.
3 June 2016director officer appointment● Neutral
Non-executive director Andrew Davis resigned effective 2 June 2016, less than a year after joining the board in September 2015. Chris Tonkin signs as Chairman, so he appears to have succeeded Annells (inference).
23 May 2016director officer appointment● NeutralMajor
Lakes filed a final director's interest notice showing Robert Annells ceased as a director on 20 May 2016. It listed 5,237,259 shares in his own name, 5,000 held via Humber Hawke Pty Ltd, and 101,995,000 held through his super fund.
10 Mar 2016other● Neutral
ASX notification of the second $0.50-per-note interest payment on the converting notes (LKOGA), record date 31 March and payment 8 April 2016. Routine administrative notice.
10 Mar 2016half year report● Neutral
Half-year to 31 December 2015: loss of $711,041, against $1,160,530 a year earlier. Interest of $211,105 was paid to noteholders. The report confirms the September vote failed to remove Annells and Berold. Text is truncated, so cash is not visible.
10 Mar 2016security holder rights change● Neutral
Letter to noteholders reminding them of the second $0.50 interest payment on 8 April 2016 and the option to convert early into 5,000 shares per note by 31 March. Reminder of existing terms; nothing new.
23 Nov 2015investor presentation● Neutral
AGM address by Chairman Annells listing seven proposed projects on hold under the Victorian ban, including Wombat-5, the Wombat-3 workover and the Otway proof-of-concept wells. It repeats known plans and adds no new results.
23 Oct 2015annual report▼ Bad
Annual report for the year to 30 June 2015. The chairman calls it another year of frustration, with the Victorian drilling ban stalling two conventional wells. Lakes is seeking approval for two vertical Otway proof-of-concept wells. Text is truncated, so no financial results are visible.
23 Oct 2015annual report● Neutral
Corporate governance checklist (Appendix 4G) lodged with the 2015 annual report, pointing to the governance statement at pages 87-97. Administrative filing, with no new financial or operating information.
19 Oct 2015other● Neutral
DGR Global, holding about 24.6% of Armour, says it has made no recommendation or decision on WestSide's bid or the Northern Territory farm-out vote. It rejects a media report suggesting otherwise. Third-party clarification, no direct Lakes news.
15 Oct 2015business combination● NeutralMajor
Armour's board recommends WestSide's raised $0.20 cash takeover bid. If it goes unconditional, Armour will distribute 6.9755 Lakes shares per Armour share as a dividend in specie. Armour's roughly 19.9% Lakes stake would therefore be passed on to its shareholders (inference).
9 Oct 2015security holder rights change● Neutral
Lakes issued 227,815,000 shares on early conversion of 45,563 notes, and sought quotation of the 182m forfeited shares held in trust. Quoted shares reach about 11.66 billion, with 376,646 notes remaining.
30 Sept 2015annual report● Neutral
Annual report for the year to 30 June 2015. It shows Andrew Davis and Chris Tonkin joined the board on 9 September 2015, following the shareholder meeting. The text provided is truncated, so no financial results are visible.
11 Sept 2015security holder rights change● Neutral
Letter to noteholders on the first $0.50 interest payment (8 October) and the option to convert early into 5,000 shares per note by 30 September. Reminder of existing terms; nothing new.
11 Sept 2015other● Neutral
Notification of the first interest payment on the converting notes (LKOGA): $0.50 per note, record date 30 September 2015, paid 8 October 2015. Routine administrative notice.
15 July 2015other▼ BadMajor
Armour Energy, the PRL 2 and PEP 166/169 partner, has given notice of resolutions to remove Executive Chairman Rob Annells and director Barney Berold. Lakes must hold a shareholder meeting in September 2015, with notice documents due in August.
23 June 2015capital raising announcement● Neutral
Directors placed another $11,000 (1,100 notes) of the note shortfall, a very small amount. The right to place the rest remains open.
22 May 2015capital raising announcement● Neutral
Directors placed a further $93,900 (9,390 notes) of the note shortfall. The remainder of the $7.18m shortfall can still be placed until three months after the offer closed.
24 Apr 2015capital raising announcement● Neutral
Lakes issued 411,719 converting notes ($4.12m) from the rights issue; Timeview (Hancock) holds 51.61% of notes. Shares on issue stay at 11,430,638,039. Notes begin trading 27 April 2015.
23 Apr 2015capital raising announcement● NeutralMajor
The note rights issue raises $4.12m of the up to about $11.3m sought, leaving a $7.18m shortfall that directors may place at their discretion within three months. Notes issue 24 April 2015.
14 Apr 2015other● Neutral
Reminder to shareholders that the note rights issue closes 20 April 2015. Repeats the terms and Hancock's $2.125m commitment. No new information.
24 Mar 2015other● Neutral
Lakes confirms the prospectus and entitlement forms for the note rights issue were all despatched on 23 March 2015. Administrative.
11 Mar 2015capital raising announcement● NeutralMajor
Letter to shareholders on a planned note rights issue: one $10 note per 10,000 shares, raising up to about $11.3m. Hancock (18.89% holder) commits $2.125m. Funds are for Queensland and offshore permits, Otway preparation and working capital.