Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
26 July 2016quarterly activities report● Neutral
Amended version of the June quarter report, with the same highlights: ban decision due by 16 August and $5.52m net if the notes issue is fully subscribed. The text shown does not say what changed.
21 July 2016quarterly activities report● Neutral
June quarter report: Victorian operations remain stalled, with the government decision now due by 16 August 2016. The notes issue is to fund ongoing expenses, adding $5.52m after interest and costs if fully subscribed. Leadership changes recap earlier announcements.
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.
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.
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.
29 Apr 2016quarterly activities report▼ Bad
March quarter report: talks with an unnamed US tight-gas company ended with no agreement, largely because of the moratorium. The Victorian inquiry recommendations are expected before 8 June 2016. Field operations remain stalled.
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.
