Past year: ▼ 83%(23.5c – 1.52 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2007capital raising announcement● Neutral
Chairman's reminder to Lakes holders that the Greenearth priority offer (30 cents a share, minimum $2,100) closes 14 December 2007. Lakes says it remains focused on petroleum exploration. Administrative.
16 Nov 2007capital raising announcement● Neutral
Chairman's letter sends Lakes holders their priority form for the Greenearth IPO ($8m reserved, offer closes 14 December 2007). Repeats the prospectus facts and the cost-sharing agreement; no new information.
5 Nov 2007capital raising announcement● Neutral
Victoria Petroleum restates the Greenearth IPO: $15m at 30 cents a share (minimum $10m), with $8m priority for Lakes and Victoria Petroleum holders at the 12 November record date. Greenearth has spent about $1.8m on heat data since its May 2007 permits.
2 Nov 2007capital raising announcement● NeutralMajor
Greenearth Energy lodges a prospectus for a $15m IPO (minimum $10m, up to $5m oversubscriptions), with $8m priority for Lakes and Victoria Petroleum shareholders. Closes 14 December 2007. Lakes signed an agreement to share drilling and data costs.
10 Oct 2007capital raising announcement▼ BadMajor
Rights issue closed with about $3.84m of applications, well short of the $9.34m maximum; the shortfall can be placed at not less than 1 cent. Lakes scales back: it will shoot 3D seismic over Wombat and Steele and drill Wombat-4 around end Q1 2008 rather than rework old Wombat wells.
2 Oct 2007capital raising announcement● Neutral
Directors allot 303,702,582 rights issue shares at 1 cent, from 1,671 shareholders, about $3.04m. Further shares will be allotted progressively.
20 Sept 2007capital raising announcement● Neutral
The closing date of the 1-for-3 rights issue at 1 cent per share was extended 14 days to 5 October 2007. More than $2.1m had been received so far, and the share price was 1.1 cents on 19 September.
7 Sept 2007capital raising announcement● Neutral
Supplementary prospectus: Tolhurst will place up to $2m of shares at 1 cent, less shares taken up in the rights issue, for a $100,000 fee. Tolhurst can terminate if the Small Ordinaries index falls 10% or more.
20 Aug 2007capital raising announcement● NeutralMajor
Lakes launches a 1-for-3 non-renounceable rights issue at 1 cent, raising up to $9,340,868 if fully subscribed. Funds go to finishing Alberton-1, drilling Napier High-1 and Wombat-4, fracturing older wells, and working capital to June 2008. The price is below the 1.2c placement.
8 June 2007capital raising announcement● NeutralMajor
Lakes places 323,208,333 shares at 1.2c to raise $3,878,500 before brokerage, for the current drilling programme. The price is below the 1.5c SPP and PetroHunter prices, and the cash arrives as the PetroHunter money has fallen away.
What it means for a shareholder
323m new shares at A$0.012 to raise about A$3.9m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (83,333 at the issue price), your slice goes from 0.00335% to 0.00297% of the company. To keep it you'd need 10,843 more shares - about A$130 at the issue price.
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4 Apr 2007capital raising announcement▲ GoodMajor
Lakes' Shareholder Share Purchase Plan closed on 30 March 2007 with $3,558,668.39 raised. Shares were to be allotted once funds cleared.
19 Feb 2007capital raising announcement● Neutral
Formal share purchase plan offer letter: up to $1,400 (93,333 shares) per holder at 1.5c, a 28.6% discount to the 9 February price. The first $2m is underwritten at a 5% fee, and the offer closes 30 March 2007. Funds go to the four-well programme and working capital.
What it means for a shareholder
93,333 new shares at A$0.015 to raise about A$1,400. That's 0.00419% dilution: every existing holder's slice gets 0.00419% smaller. If you held A$1,000 of shares (66,667 at the issue price), your slice goes from 0.00299% to 0.00299% of the company. To keep it you'd need 3 more shares - about A$0 at the issue price.
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26 July 2006capital raising announcement● Neutral
Lakes extended its Share Purchase Plan to 9 August, with over $2.3m received so far at 1.5 cents. It says the Eagle North-1 workover rig is scheduled to return mid-August; the well remains untested.
28 June 2006capital raising announcement● NeutralMajor
Lakes offers shareholders a Share Purchase Plan at 1.5 cents per share, up to $3,600 each, closing 26 July. The first $1m is underwritten by Intersuisse for a 6% fee. Funds go to the PEP 163 seismic, PEP 158 wells, Eagle North-1 costs, fracture stimulation and Hunters Lane.
2 June 2006capital raising announcement● NeutralMajor
Lakes placed 75 million shares at 1.8 cents to raise $1.35 million, with 25 million options at 1.8c expiring June 2007. Funds cover Eagle North-1 cost overruns, Hunters Lane-1 re-entry, Trifon-2 and North Seaspray-3 testing, and seismic in PEP 163/164. Follows the 2c placement earlier in 2006.
What it means for a shareholder
75.0m new shares at A$0.018 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 (55,556 at the issue price), your slice goes from 0.00288% to 0.00277% of the company. To keep it you'd need 2,159 more shares - about A$39 at the issue price.
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17 Mar 2006capital raising announcement● Neutral
Loy Yang-2 reached total depth of 1,443 m and is being logged ahead of a third drill stem test. Lakes also says a $1 million placement of 50 million shares at 2 cents was raised, to fund deepening and testing and extra Eagle North-1 costs.
What it means for a shareholder
50.0m new shares at A$0.020 to raise about A$1.0m. That's 2.6% dilution: every existing holder's slice gets 2.6% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00266% to 0.00259% of the company. To keep it you'd need 1,330 more shares - about A$27 at the issue price.
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