22 Feb 2019capital raising announcement● Neutral
Lakes issued the 2,080,467,190 shares from the entitlement issue, raising $2.08m; 32.76bn shares are now on issue. Dark Horse holds 30.96%, Timeview 10.35%, Armour 6.49%.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Feb 2019asset acquisition disposition● Neutral
A buy-back of small Rawson parcels cancelled 316,513 shares, lifting Lakes slightly above 90% of Rawson, which has 61 holders. Lakes plans to offer remaining holders 15 Lakes shares per Rawson share, the same ratio as the takeover.
21 Feb 2019capital raising announcement● Neutral
Applications received for 2,080,467,190 shares ($2.08m) in the entitlement issue, leaving 4.05bn shortfall shares. Shares on issue will rise from 30.68bn to 32.76bn.
20 Feb 2019capital raising announcement● NeutralMajor
The entitlement offer raised about $2.08m against the $6.13m target, leaving a $4.05m shortfall. Lakes says this is enough to commit to drilling Nangwarry-1, now expected May 2019, slipping from the earlier April target.
5 Feb 2019director officer appointment● Neutral
Lakes extended the entitlement offer a second time, to 15 February 2019, as many shareholders still lacked forms. Tim O'Brien, previously Operations Manager, becomes Chief Operating Officer.
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.
21 Dec 2018other● Neutral
Covering letter to eligible shareholders about the entitlement offer. Only the code 'LKO' is readable; no substance. Text not readable.
21 Dec 2018other● Neutral
Covering letter to ineligible shareholders about the entitlement offer. Only placeholder text is readable. Text not readable.
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 2018investor presentation● Neutral
December 2018 presentation supporting the entitlement offer (up to 6.13bn shares at 0.1 cent, $6.13m). It shows 30.65bn shares on issue, a $30m market cap, and Nangwarry-1 to be drilled in the second quarter of 2019. Repeats known facts.
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.
13 Nov 2018director officer appointment● Neutral
Non-executive director Bill Stubbs retired at the 13 November AGM to scale back his public company roles. His alternate, Roland Sleeman, leaves the board but remains CEO.
13 Nov 2018investor presentation● Neutral
AGM presentation titled 'The Next Chapter'. It shows about 30.3bn shares on issue, share price around 0.15c and market cap about $45m. It repeats the appeal lodged 2 November and the 19 December directions hearing. The text is truncated; it also refers to an Entitlement Offer, details not shown.
9 Nov 2018other● Neutral
A directions hearing on Lakes' appeal is set for 19 December 2018, with the case expected to be ready for hearing by 6 March 2019. A timetable update only.
5 Nov 2018other● Neutral
Lakes filed an application for leave to appeal the part of Justice Macaulay's ruling it lost, on interpretation of section 17A(2) of the Petroleum Act. It won on quashing the Minister's December 2017 permit variations. The Minister's response is due 30 November.
16 Oct 2018other● Neutral
Lakes moved its registered office and principal place of business to Level 4, 100 Albert Road, South Melbourne. Phone number unchanged. Administrative.
12 Oct 2018security holder rights change● Neutral
ASX granted Lakes a waiver so its AGM notice can approve issuing up to 233,333,520 shares to seven directors in lieu of $233,333.31 of fees. Shares are issued monthly from December 2018 at the higher of 0.1c or the monthly VWAP.
9 Oct 2018other● Neutral
Dark Horse Resources' update is mainly about its Argentine lithium and gold projects; Las Tapias drilling results were below expectations. The text provided is truncated before its Lakes holding section, so nothing new about Lakes is shown.
8 Oct 2018other● Neutral
Lakes lodged its shareholder distribution schedule and top 20 holders as at 5 October 2018. Dark Horse holds 31.99%, Timeview 11.24%, Armour 7.05%, with 30.14bn shares on issue. Administrative.
8 Oct 2018other● Neutral
Rawson lodged its distribution schedule and top 20 holders after the offer closed. Lakes holds 89.821% of Rawson's 112.75m shares. Administrative.
4 Oct 2018other● NeutralMajor
Lakes will appeal Justice Macaulay's 21 September judgment, saying advice shows he misapplied the law. The appeal is not expected to be heard until 2019. Nangwarry-1 is scheduled to spud in January 2019.
28 Sept 2018other● Neutral
Appendix 4G and corporate governance statement lodged with the annual report, pointing to the company's website for its governance disclosures. Administrative, no new substance.
28 Sept 2018annual report● Neutral
Lakes' 2018 annual report. The Chairman calls the Rawson takeover, closing at almost 90%, the most significant development and says drilling Nangwarry-1 is the priority. Wellesley-1 in Queensland is contemplated only if funds allow. Financial figures not shown in the text provided.
26 Sept 2018business combination▲ GoodMajor
The Rawson offer closed on 24 September with Lakes holding 89.18% of Rawson, subject to processing of late acceptances. Lakes is preparing to drill Nangwarry-1, 57 Bcf best-estimate unrisked prospective resource, part-funded by a $4.9m South Australian grant.
24 Sept 2018other▼ Bad
Dark Horse, holding about 32% of Lakes, notes the Victorian Supreme Court rejected Lakes' claims that the state's onshore gas moratorium was unlawful or ineffective. It has no further information and will update once Lakes comments.
24 Sept 2018business combination● Neutral
Lakes lodged a second supplementary bidder's statement for the Rawson offer, attaching only its 24 September announcement of the unfavourable court judgment. No change to offer terms.
24 Sept 2018other▼ BadMajor
Judgment in Lakes' case against the Victorian Government, handed down 21 September, went against it. This resolves the long-reserved decision and means no Victorian onshore exploration until the ban expires mid-2020. An appeal is under consideration.
10 Sept 2018business combination● Neutral
Rawson's independent directors repeat their recommendation to accept Lakes' 15-for-1 share offer, now extended to 24 September and called final. Over 75.96% had accepted. They say Lakes funding Nangwarry-1 avoids dilution. Repeats known facts.