Past year: ▲ 0%(1.00c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2012drilling spud▲ GoodMajor
Lofin-1 exploration well spudded on 17 January 2012 on Seram, expected to take about 120 days to drill and test. Targets the same Manusela limestone as Oseil. Estimated 82 million barrels recoverable (company estimate); Lion holds 2.5%.
16 Jan 2012capital raising announcement● Neutral
Rights issue closed weak: holders took up only 5,931,616 of 54,333,909 shares. The remaining 48,402,293 shortfall shares fall to underwriter Pendulum Capital, so the raising is still expected to complete.
10 Jan 2012business combination● NeutralMajor
Special meeting on 17 February 2012 to approve buying back 61,734,292 shares from six shareholders, who receive US$200,000 and 100% of Lion Nanning. The independent expert found it not fair nor reasonable to non-participating shareholders. Also ratifies a 14.17m-share placement at 2c.
9 Dec 2011capital raising announcement● Neutral
Cover announcement for the rights issue letter to shareholders to be mailed 12 December. No substantive content in the text provided.
8 Dec 2011capital raising announcement● NeutralMajor
Lion offers a 1-for-2 rights issue at 2 cents, up to 54,333,909 shares to raise about $1.09m, with a free attaching option per share. Pendulum Capital underwrites and receives 4,000,000 fee options. Share price was about 3c in mid-2011.
What it means for a shareholder
54.3m new shares at about A$0.0201 to raise about A$1.1m. That's 47% dilution: every existing holder's slice gets 47% smaller. If you held A$1,000 of shares (49,848 at the issue price), your slice goes from 0.0818% to 0.0432% of the company. To keep it you'd need 44,457 more shares - about A$892 at the issue price.
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6 Dec 2011drilling scheduled▲ GoodMajor
Operator CITIC expects to spud the Lofin-1 exploration well on Seram in early January 2012, about 56 km west of Oseil. Estimated 412 million barrels in place, 82 million recoverable (company estimate). Lion holds 2.5%.
7 Oct 2011regulatory community update● Neutral
Lion settled the Tulloch Lodge claim, paying $737,500 against the $1,082,388.35 plus interest demanded, to avoid the cost and risk of prolonged litigation. Resolves the July 2011 proceeding.
22 Sept 2011annual report▼ Bad
Annual report for year to 30 June 2011: loss of $741,048 versus a $1,186,207 profit the year before. Recaps the abandoned Qinghai solar deal and the final Papua holdback of A$191,991. No dividend.
1 Sept 2011director officer appointment● Neutral
Director Weidong Zhang's 1,000,000 options lapsed unexercised on 31 August 2011, leaving him with no securities. Consistent with the 35c options being far above the share price.
1 Sept 2011director officer appointment● Neutral
CEO Russell Brimage's 4,000,000 options (35c, expiring 31 August 2011) lapsed unexercised, leaving him with 54,400 shares. Matches the lapse of the other directors' out-of-the-money options.
6 July 2011regulatory community update▼ Bad
Tulloch Lodge Limited (in liquidation) has served a proceeding demanding $1,082,388.35 plus interest under a January 2003 loan agreement. Lion intends to defend. This turns the earlier disputed claim into formal legal action.
6 July 2011security holder rights change● Neutral
Lion's 31m quoted options (35c, expiring 31 August 2011) are well out of the money: shares last traded at 2.9 cents on 30 June 2011. Unexercised options lapse; no notices will be mailed after an ASX waiver.
4 May 2011production update● Neutral
Next Seram lifting is tentatively early June 2011, about 350,000 barrels, with net revenue to Lion expected around US$870,000, payable 30 days after. Final amount depends on the price in the 30 days before lifting.
27 Apr 2011material agreement termination▼ BadMajor
Lion will not proceed with buying 38% of the Qinghai solar project (CNY38m, about A$6m). ASX ruled the shares were a 'classified asset' under Listing Rule 10.7, so payment would have to be restricted securities, which the agreement does not allow. Ends the November 2010 plan.
11 Mar 2011half year report▼ Bad
Half-year to 31 December 2010 shows a loss of $357,838, against a $1.85m profit a year earlier. Sales revenue was $898k. The final Papua holdback of A$191,991 was received in December, closing the Papua Petroleum sale. The solar project is described as still conditional.
24 Dec 2010other● Neutral
Lion publishes its securities trading policy, effective 1 October 2010. It sets closed periods from 7 January and 7 July until the next financial results. Administrative; no new business or financial information.
16 Nov 2010listing compliance notice● NeutralMajor
ASX suspended Lion's shares on 16 November after the solar announcement. They are due to resume trading on 17 November unless ASX decides otherwise. If shareholders approve the change of activities, suspension would follow until Lion re-complies with listing rules.
16 Nov 2010material agreement● NeutralMajor
Lion will pursue buying 38% of Qinghai First New Energy, a planned 1000MW solar thermal plant, for CNY38m (about A$6m), from a company controlled by substantial holder Yuda Chen. It needs shareholder and ASX approval and would force relisting compliance. Reverses the earlier denial of any solar link.
22 Sept 2010annual report● Neutral
2010 annual report confirms a $1,186,207 profit, no dividend, and repeats the Papua sale and China steps. It notes the September reinstatement of Lion Nanning, with CNY 38.4m transferred to it. Directors remain Wu, Brimage and Zhang.
8 Sept 2010annual report● Neutral
Unaudited FY2010 profit of $1,186,207 on $2.10m sales revenue, down from the half-year's $1.85m. Lion reinstated Lion Nanning Petro-Chemical in China and moved CNY 38.4m there. Cash is now spread across yuan, Australian dollars and others.
14 May 2010other● Neutral
Yuda Chen disclosed he became a substantial holder on 2 March 2010 with 10 million shares (10.58%), bought for $600,000. This matches the 10m-share off-market sale by Jian Wu that day, which is an inference.
14 May 2010other● Neutral
Xianjun Yang disclosed he became a substantial holder on 6 April 2010 with 10 million shares (10.58%), paid $600,000. This appears to be the buyer of Ling Gu's 10m-share sale that day (inference).
6 Apr 2010other● Neutral
Substantial holder notice: Ling Gu sold a further 10 million shares off market for $600,000 on 6 April 2010. Jian Wu and Ling Gu now hold 13.81%, down from 24.39%.
3 Mar 2010other● Neutral
Substantial holder notice: Jian Wu sold 10 million Lion shares off market for $600,000 on 2 March 2010. He and Ling Gu now hold 24.39%, down from 34.97%.
2 Mar 2010half year report▲ Good
Lion reported a half-year profit to 31 December 2009 of $1,847,540, up from $1,641,606, on sales revenue of $1.42m. The Papua Petroleum sale agreed in December brought A$4,415,800 in cash in January 2010, and a new Qinghai subsidiary was registered that month.
4 Feb 2010other● Neutral
Lion denied an online report that China Huadian would partner with it on a 1 GW solar plant in Qinghai. It says it only commissioned Huadian Engineering to prepare a report, with no investment decision made.
18 Jan 2010other● NeutralMajor
Lion's subsidiary registered a new China company, Qinghai First New Energy, to investigate new energy opportunities. About $3.5m is to be moved there and held as cash in China. Continues the search for new businesses; no project is named.
8 Jan 2010asset acquisition disposition▲ GoodMajor
Lion received A$4,415,800 in cash from the Papua Petroleum sale, so the Talisman sale has completed. A$383,983 stays in escrow as holdback. This ends Lion's exposure to the Sasol-farmed PNG licences.
8 Dec 2009asset acquisition disposition▲ GoodMajor
Lion agreed to sell its 19.199% Papua Petroleum stake to Talisman Niugini for A$4.80m, against the A$3m paid in June 2008. A$4.42m is due at completion and A$384k is held back. Completion depends on audited accounts by 15 January 2010.
18 Sept 2009annual report● Neutral
2009 annual report shows a loss of $1,676,134 for the year to 30 June 2009. It recaps the rights issue, the Papua Petroleum and Sasol farmout, and the Dawang-1 spud. Extract shows no new developments.
