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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
11 Mar 2015capital raising announcement● Neutral
Prospectus for the note rights issue: $10 notes, 10% interest, converting to 5,000 shares each at maturity 31 March 2017 (up to 6,667 if shares are below 0.2 cents). Offer closes 20 April 2015; the last share price was 0.40 cents.
11 Mar 2015capital raising announcement● Neutral
Lakes announces the non-renounceable rights issue of converting notes at $10 each, one per 10,000 shares, paying 10% interest. This is the cover announcement listing the lodged offer documents.
1 Feb 2013capital raising announcement▲ Good
Armour Energy (Lakes' partner) says it took a further 175,830 $10 notes from the shortfall, lifting its fully diluted stake in Lakes to 18.6%, level with Hancock's subsidiary. It says Otway-1 drilling is scheduled for early March 2013.
29 Jan 2013capital raising announcement▲ GoodMajor
Lakes placed a further 632,084 notes ($6.32m) of the shortfall, including $4.25m from a Hancock Prospecting subsidiary (18.6% diluted interest) and $1.758m from Armour to reach 18.6%. Professor Ian Plimer joins the board. With the earlier $2.29m, the notes raise about $8.6m.
27 Dec 2012capital raising announcement● Neutral
Lakes issued 229,318 notes ($2.29m) on 21 December 2012 and sent holding statements. Armour holds 30.16% of the notes. Shares on issue are 6.93bn fully paid plus 191.5m partly paid; notes start trading 28 December.
20 Dec 2012capital raising announcement● NeutralMajor
Converting note rights issue raised $2.29m at $10 per note. A $4.91m shortfall remains, which directors may place at their discretion over the next three months. Far short of the full amount offered.
3 Dec 2012capital raising announcement● Neutral
Second supplementary prospectus extends the notes offer: closing moves from 3 to 17 December 2012, and notes issue on 21 December. It also clarifies the $10 is paid once and each note converts into at least 5,000 shares.
7 Nov 2012capital raising announcement● Neutral
Lakes confirms it finished sending prospectus documents and entitlement forms for the converting notes rights issue. Administrative notice with no new substance.
5 Nov 2012capital raising announcement▼ BadMajor
Supplementary prospectus discloses the auditor's going-concern qualification and says Lakes needs $2.3–2.5m to operate to September 2013. It plans $3.5m of project spending, with $1.5m for Otway-1 first. Fallbacks include extending a $1m 12% secured loan, farm-outs and selling property.
23 Oct 2012capital raising announcement● Neutral
Prospectus for the converting notes issue: $10 notes paying 10% a year, converting into 5,000 shares each (up to 6,667 if the share price falls, floor 0.15c) on 30 November 2014. Offer closes 3 December 2012. Last share price was 0.3c. Text is truncated.
23 Oct 2012capital raising announcement● NeutralMajor
Chairman's letter launches the converting notes rights issue: $10 notes, 10% interest, converting at up to 0.2c per share, with no minimum raise. Funds target Otway-1, Lakes Entrance oil wells and a PEP 166 core hole. Armour would put in up to $1.4m to reach 15%.
23 Oct 2012capital raising announcement● Neutral
Standard letter telling shareholders with addresses outside Australia they cannot take part in the notes rights issue, because the cost of complying with foreign laws is judged unreasonable. Administrative notice only.
23 Oct 2012capital raising announcement● NeutralMajor
Lakes proposes a non-renounceable rights issue of listed unsecured converting notes at $10 each, one note per 10,000 shares held, minimum $500. Interest is 50 cents per note half-yearly, equal to 10% a year. Total size is not stated in this announcement.
23 Oct 2012capital raising announcement● Neutral
Formal letter to optionholders: to join the notes rights issue they must have vested options and exercise them before the 31 October 2012 record date. Administrative notice with no new substance.
1 June 2011capital raising announcement▼ BadMajor
The share purchase plan raised about $1.56m from 312,226,578 shares at 0.5 cents. This is not enough to fund Holdgate-1 in PEP 166, which is deferred until funds or a joint venture partner are found; a core hole, Yallourn Power-1, is planned instead.
What it means for a shareholder
312m new shares at A$0.005 to raise about A$1.6m. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0035% to 0.00332% of the company. To keep it you'd need 10,936 more shares - about A$55 at the issue price.
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3 May 2011capital raising announcement● NeutralMajor
Lakes offers existing shareholders a share purchase plan of up to $5,000 each at 0.5 cents per share, about an 8% discount to the five-day average price. Applications close 25 May 2011. No total target is stated.
10 Sept 2010capital raising announcement● NeutralMajor
Lakes placed 210m shares at 0.65 cents to raise $1.365m before brokerage, for current work programs. No shareholder approval needed.
What it means for a shareholder
210m new shares at A$0.0065 to raise about A$1.4m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held A$1,000 of shares (153,846 at the issue price), your slice goes from 0.0028% to 0.00269% of the company. To keep it you'd need 5,874 more shares - about A$38 at the issue price.
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31 Aug 2009capital raising announcement▲ GoodMajor
The 1-for-4 rights issue closed with $9.3m of applications, against about $11m sought, so it was not fully subscribed. Wombat-2 chemical treatment on 21 August has not freed the gas flow, which remains reduced. Wombat-4 is still expected to spud in late September.
29 July 2009capital raising announcement▼ Bad
Cover letter sending shareholders their rights issue forms; offer closes 21 August, $3m underwritten. Update: North Seaspray-3 suspended as the 2005 frac may have reached an aquifer. Wombat-4 is planned as a roughly 2,000m future production well.
22 July 2009capital raising announcement● Neutral
Patersons Securities will underwrite the first $3m (300 million shares) of the roughly $11m rights issue, for a 5% commission. It can withdraw if the market index falls 10% or more. Maximum possible holding is 6.7%.
16 July 2009capital raising announcement● NeutralMajor
Lakes launches a 1-for-4 non-renounceable rights issue at 1 cent, raising about $11m if fully subscribed, closing 21 August. Funds are for Wombat-4, now revived with a rig secured for early September, subject to approvals. Reverses the May deferral.
16 July 2009capital raising announcement● Neutral
Formal notice of the 1-for-4 rights issue at 1 cent, up to 1,115,523,846 new shares and about $11m. Non-participating holders will be diluted. Not underwritten at this stage. Repeats the 16 July letter.
19 June 2009capital raising announcement● NeutralMajor
Lakes placed 200 million shares at 0.5 cent through Patersons Securities to raise $1m before brokerage. Funds go to the current workovers at Wombat-3, North Seaspray-3 and Wombat-2. First raising since the April 2008 $5.2m share plan at the same price.
What it means for a shareholder
200m new shares at A$0.005 to raise about A$1.0m. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.00469% to 0.00448% of the company. To keep it you'd need 9,385 more shares - about A$47 at the issue price.
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23 Apr 2008capital raising announcement● NeutralMajor
Share purchase plan: existing holders may buy up to 1 million shares ($5,000) at 0.5 cents, about a 17% discount, closing 23 May 2008. This is half the 1-cent rights issue price. The chairman's letter says the Gippsland program has been a constant drain on shareholders.
What it means for a shareholder
1.0m new shares at A$0.005 to raise about A$5,000. That's 0.0311% dilution: every existing holder's slice gets 0.0311% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.00622% to 0.00622% of the company. To keep it you'd need 62 more shares - about A$0 at the issue price.
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21 Jan 2008capital raising announcement▲ GoodMajor
Greenearth Energy's IPO closed with commitments meeting the $10 million minimum. Allotment was expected on 24 January 2008 and ASX listing in early February, and Lakes said it backed Greenearth's formation and capital raising.