20 Jan 2014listing compliance notice▲ GoodMajor
ASX will reinstate Lion's shares to quotation on 22 January 2014, with 73,591,805 shares quoted, after it met Chapters 1 and 2. This ends the suspension that began 12 December 2013.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Jan 2014other● Neutral
Registry confirms holding locks on escrowed securities: 21,437,572 shares and 4,072,917 options restricted, from a total of 85,029,377 shares. Administrative confirmation.
20 Jan 2014other● Neutral
Lion confirms no material subsequent events and listing rule compliance. It sets out capital structure of 95,029,377 shares and 3,666,667 options expiring July 2015 plus 406,250 expiring January 2017 issued to Halcyon. Compliance paperwork.
16 Jan 2014director officer appointment● NeutralMajor
Kim Morrison became CEO, with Chris Newton and Tom Soulsby as non-executive directors, from 10 January 2014. Weidong Zhang and Simon Reeve step down on 16 January. The public offer closed with 10m shares issued at 20c. Reinstatement update due the week of 20 January.
13 Jan 2014other● Neutral
Brimage's holding rose to 4,428,329 shares and 229,167 options after the transactions. He received 350,695 shares for cancelled options and 550,000 shares at 20c plus options under the fee payment agreement. Routine director notice.
13 Jan 2014capital raising announcement▲ GoodMajor
Lion issued 69,028,361 shares and 3,666,667 options at 26c on 10 January 2014, completing the Risco/Tower placements at 20c (37.5m shares), the A$1.5m loan conversion, and the KRX and AMI acquisitions. Also 1,835,041 shares for cancelling 88.1m old options.
23 Dec 2013other● Neutral
Director Russell Brimage's holding fell to 3,527,634 shares and 2,104,167 options on the 1-for-8 consolidation, with nothing bought or sold. Routine director interest notice.
23 Dec 2013security holder rights change● Neutral
After the 1-for-8 consolidation, Lion has 16,001,016 shares and 11,345,047 options at 24c, expiring 31 December 2013. Holders who accepted the option cancellation offer cannot exercise. Holding statements go out 31 December.
12 Dec 2013listing compliance notice● NeutralMajor
At Lion's request, its shares and options were suspended from 12 December 2013 pending the general meeting on the change of activities. They stay suspended until Lion completes the transactions and re-complies with ASX Chapters 1 and 2.
12 Dec 2013agm notice▲ GoodMajor
All 14 resolutions at the 12 December general meeting passed on a show of hands, with proxy votes heavily in favour. This clears the 8-to-1 consolidation and the Risco, Tower and KRX transactions, resolving the main open thread.
28 Nov 2013admin correction● Neutral
Clarifies the consolidation timetable from the notice of meeting: record date 20 December 2013, despatch 31 December. No change to the substance of the transactions.
18 Nov 2013security holder rights change● Neutral
Notice to holders that the 3c listed options expire 31 December 2013 unless exercised. Last share price was 2.5c, below the 3c exercise price. Quotation of the options ends 20 December. Ties to the option cancellation offer of 1 share per 48 options.
6 Nov 2013capital raising announcement● Neutral
Replacement prospectus reissued 6 November to move detail out of Section 3 into later sections. Terms unchanged: 10m shares at 20c to raise A$2m, plus up to 1,890,831 shares for cancelling listed options. Conditional on the 12 December meeting approving the 8-to-1 consolidation.
6 Nov 2013capital raising announcement● Neutral
Replacement application form for the A$2m public offer at 20c per share. Closing date is now 16 December 2013, extended from 27 November. Form only; no new substantive information.
5 Nov 2013agm notice● NeutralMajor
Notice of general meeting on 12 December 2013 to approve the Risco/Tower/KRX transactions and the consolidation. The independent expert finds the Resolution 3 transaction fair and reasonable, and Resolutions 5, 7 and 9 not fair but reasonable. Trading reinstatement targeted 22 January 2014.
23 Oct 2013capital raising announcement● NeutralMajor
Lion's re-compliance prospectus offers 10m shares at 20c to raise A$2m, plus up to 1,890,831 shares for cancelling listed options (1 per 48). Conditional on a general meeting around 2 December 2013 approving the 8-for-1 consolidation and the Risco deal.
23 Oct 2013capital raising announcement● Neutral
Application form for the A$2m public offer of shares at 20c, closing 27 November 2013. Minimum application is 10,000 shares (A$2,000). A form only; no new facts beyond the 22 October prospectus.
1 Oct 2013other● Neutral
Lion lodged a revised policy on trading in company securities. Administrative notice with no bearing on the company's operations or deals.
25 Sept 2013investor presentation● Neutral
Investor presentation titled 'Recapitalised, Reskilled & Repositioned' pitching Lion's Indonesian unconventional strategy. A prospectus is expected around 8 October 2013. Repeats the 25 September transaction terms; no new facts in the text provided.
25 Sept 2013material agreement▲ GoodMajor
Lion signed formal agreements for the Risco/Tower deal, restated post a 1-for-8 share consolidation: A$7.5m placements at 20c (Risco A$6m, Tower A$1.5m), A$2m public offer, KRX buyout for 11.6m shares, and the A$1.5m convertible loan. Replaces the June pre-consolidation terms.
25 Sept 2013investor presentation● Neutral
Notice that proposed MD/CEO Kim Morrison will present at the Proactive Investors forum in Sydney on 2 October 2013. Promotional only, no new information.
17 Sept 2013annual report▼ Bad
Annual report for year to 30 June 2013: loss A$2,760,313 (2012: A$2,606,910), no dividend. Recaps Lofin-1 results and the KRX funding. The text provided does not cover the June 2013 Risco deal beyond the directors' report excerpt.
19 July 2013material agreement● NeutralMajor
Lion updates the June Risco deal: ASX requires re-compliance with listing rules Chapters 1 and 2. Added terms: A$260,000 of loans/fees converting to 10.4m shares, a listed-option buyback, Risco's 6-month right to negotiate buying Lion's Seram interest, Tower AMI purchase for 34.2m shares, and board changes.
18 June 2013joint venture update▲ Good
Peak Oil & Gas, which controls South Block A operator RENCO Elang, says KRX has secured fresh funding through Risco's proposed investment in Lion. Repeats Lion's 17 June deal: Risco to hold about 48% of Lion and Lion to own 100% of KRX.
17 June 2013capital raising announcement● NeutralMajor
Lion signed binding deals with KRX and Risco: a A$1.5m convertible loan, a A$2.5m placement of 100m shares to Risco (2.5c each), up to 80m shares to investors, and 39.9m shares for Risco's AMI interest. Lion also plans to buy the rest of KRX for 93m shares. Risco could reach about 48%. The earlier terms sheet lapsed.
12 June 2013production update▲ Good
A 300,744-barrel Seram lifting was completed on 30 May 2013, with about US$650,000 expected to Lion in early July. Monthly output rose to 2,570 bopd in May; the operator projects above 3,000 bopd by end-2013.
7 Mar 2013half year report● Neutral
Half-year to 31 December 2012: operating loss after tax A$1,051,586. Recaps Lofin-1 gas test results and KRX funding; 1,572,520 shares were issued for US$50,000, offset against a capital raising mobilisation fee. Lofin-1 was suspended in January 2013.
28 Feb 2013director officer appointment● Neutral
Director change notice: Chairman Russell Brimage exercised 5,666,667 options at 3c (A$170,000), lifting his shares to 28,221,067. He holds 16,833,333 options remaining. Routine director interest filing.
22 Jan 2013business combination● NeutralMajor
Lion signed a non-binding terms sheet to buy the rest of KRX, which it part-owns at 30.77%, for 75,000,300 new Lion shares, plus a placement of at least A$1m. KRX holders would rise from 20.13% to up to 45.58%. Lion would lend KRX up to A$2m.
7 Jan 2013drilling result● NeutralMajor
Lofin-1 was suspended with four cement plugs after a stuck testing packer could not be recovered; Sproule is to deliver a reserve evaluation in February 2013. The well's final test was 15.7 MMscfD gas plus 171 bpd condensate. The rig moves to Oseil-1ST, a development well. Lion holds 2.5%.