Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Jan 2019capital raising announcement● Neutral
Lakes extended the entitlement offer close by a week to 8 February because some shareholders had not received their forms. Nangwarry-1 spud is now expected April 2019 (best estimate 28.5 Bcf net, down from the 57 Bcf earlier). Lakes is working to confirm Rawson's PPL 560 (PNG) ownership.
2 Jan 2019capital raising announcement● Neutral
Lakes confirmed the entitlement offer documents (about $6.13m raising) were posted to eligible holders on 2 January 2019. The offer closes 1 February 2019. Administrative.
19 Dec 2018capital raising announcement● NeutralMajor
Lakes launched a 1-for-5 non-renounceable entitlement offer to raise up to $6.13m, to fund Otway Basin drilling in South Australia and costs including the legal case against the Victorian Government. This is the Entitlement Offer flagged at the November AGM. Closes 1 February 2019.
19 Dec 2018capital raising announcement● Neutral
Offer document for the 1-for-5 entitlement offer at 0.1 cent, up to $6,129,095, not underwritten. Chairman says funds are mainly to drill Nangwarry-1 (about 40% covered by the $4.95m PACE grant), now expected mid-2019 with partner Vintage Energy. Appeal timetable to be set in March 2019.
17 Dec 2018capital raising announcement● NeutralMajor
Lakes completed a placement of 350,000,000 shares at 0.1 cent each to professional investors, raising about $350,000 before costs for working capital. It uses the company's existing placement capacity.
What it means for a shareholder
350m new shares at A$0.001 to raise about A$350,000. That's 1.1% dilution: every existing holder's slice gets 1.1% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0033% to 0.00326% of the company. To keep it you'd need 11,553 more shares - about A$12 at the issue price.
Create a free account to see this worked out for your own holding.
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.
Create a free account to see this worked out for your own holding.
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.
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.
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.
Create a free account to see this worked out for your own holding.
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.
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.
22 Feb 2017capital raising announcement● Neutral
Lakes confirms the entitlement offer documents were posted to eligible holders on 22 February; offer closes 17 March 2017. Administrative notice with no new information.
15 Feb 2017capital raising announcement● Neutral
Notice to holders outside Australia and New Zealand that they are ineligible for the entitlement offer, as required by ASX rules. Their entitlements lapse into the shortfall. Administrative only.
15 Feb 2017capital raising announcement● Neutral
Letter to security holders restating the entitlement offer terms: 1-for-4, 0.2c, up to 6.3 billion shares, timetable to 24 March issue. Administrative notice with no new information.
14 Feb 2017capital raising announcement● NeutralMajor
Lakes launched a 1-for-4 non-renounceable entitlement offer to raise up to $12.6 million, partly underwritten by DGR, each new share with a bonus performance right. Funds go to exploration, a loan repayment, litigation and working capital. Issue price not stated in the text.
14 Feb 2017capital raising announcement● NeutralMajor
Prospectus for the 1-for-4 entitlement offer at 0.2 cent per share, raising up to $12.6m, partly underwritten to $1.5m by DGR. Each share carries a bonus right converting to 1.25 shares if 60-day VWAP exceeds 0.8c before 2022. Closes 17 March 2017.
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 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.
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.
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.
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.
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.
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.
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 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.
