Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2024capital raising announcement▲ GoodMajor
Raise completed: $3,063,907 before costs from the offer and shortfall, with 729,162,436 shares issued 21 November at $0.005. Shares on issue now 1,831,807,078. Pro forma cash is about $3.36M, and MEC says it is funded for at least two years.
What it means for a shareholder
729m new shares at A$0.005 to raise about A$3.4m. That's 52% dilution: every existing holder's slice gets 52% smaller. If you held A$1,000 of shares (200,000 at the issue price), your slice goes from 0.0292% to 0.0141% of the company. To keep it you'd need 213,064 more shares - about A$1,065 at the issue price.
ASX says MEC's suspension is expected to lift from the start of trading on 2 December 2024. This ends the suspension that began 17 January 2020, nearly five years.
AGM chairman's address: reinstatement awaits conditions; PEP 11 is framed using ACCC gas-shortfall warnings. Asset responded to Husic's preliminary views on 15 November. Company says it holds about $3.36M after costs. Largely repeats known facts.
Holding distribution at 21 November 2024: 2,850 shareholders on 1,831,807,078 shares, and 352 option holders. Administrative reinstatement filing with no new substance.
Top 20 holder lists at 21 November 2024. Total shares are 1,831,807,078. Advent holds 10.3% of MEC shares, and the top 20 hold 49.4%. Administrative disclosure for reinstatement.
ASX has confirmed in writing (letter dated 20 November) that MEC will be reinstated once conditions are met. The conditions are not listed in the text, though the company says several are already complete.
ASX is still reviewing MEC's reinstatement information; expected reinstatement date slips again, to about 22 November 2024. Another delay, with no ASX decision yet.
All reinstatement information is with ASX for review; reinstatement now expected about 14 November. Updated figures show about $2.86M of applications, with a further $1.45M of shortfall still to be placed.
Reinstatement information to go to ASX by 5 November; share issue slips to 6 November. Reinstatement now expected around 8 November 2024, subject to ASX approval. Another delay to the 31 October target.
30 Oct 2024capital raising announcement● NeutralMajor
The entitlement offer closed 25 October 2024 having raised about $2.65M of the $4.89M sought. Shareholders took up only $816,627 (17%); Sixty-Two Capital placed $1.83M of shortfall. About $1.67M of shortfall remains, and the $2M reinstatement minimum is exceeded.
ASX's generic list of long-term suspended entities with 1- and 2-year removal deadlines. The excerpt does not reach MEC's entry, so its deadlines cannot be confirmed from the text.
Husic's preliminary-refusal response deadline for PEP 11 extended to 15 November 2024; the Federal Court case is adjourned to on or after 7 February 2025. NOPTA had recommended approving the second (COVID) application. Decision still pending.
Supplementary prospectus extends the offer close to 25 October 2024 and pushes expected reinstatement to 4 November. It also restates the shortfall process: unclaimed shares at $0.005 can be placed within three months, capped at 19.99% voting power.
MEC's 1-for-1 entitlement offer at $0.005 (up to $4,894,864, one free option per two shares) is now open and the prospectus has been posted. It closes 18 October 2024, with reinstatement targeted for 28 October, at ASX's discretion.
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot join the entitlement offer. Funds are intended for Advent, new investments and working capital. Full take-up would give about 1.96 billion shares.
MEC lodged its reinstatement prospectus: a 1-for-1 non-renounceable entitlement offer at $0.005 to raise up to $4,894,864, with one free option per two shares. Issue is conditional on meeting ASX conditions; not underwritten. Shares called highly speculative.
Minister Husic has told the PEP 11 joint venture he has formed a preliminary view that the extension and variation applications should be refused. Asset is consulting its lawyers. A refusal would threaten the permit underpinning MEC's Advent investment; not yet final.
Appendix 4G and corporate governance statement for FY2024, lodged with the annual report on 30 August 2024. Administrative compliance form with no new substance.
FY2024 annual report: no revenue and a net loss of $492,526, down 11.81% from $558,503. The auditor again flags going-concern uncertainty and, per the excerpt, the carrying value of the loan to and investment in Advent.
Advent Energy's 30 June 2024 annual report, lodged via MEC. The chairman's letter stresses east coast gas shortfall warnings from the ACCC as support for PEP 11. Excerpt shows no financial figures; Advent is MEC's main investment.
Appendix 4E summaries for FY2023 and FY2022, filed late. They show no revenue and net losses of $558,503 (FY23) and $715,322 (FY22), matching figures already known. No new information.
6 Aug 2024regulatory community update● NeutralMajor
PEP 11 operator Asset Energy filed for Federal Court judicial review, seeking an order that the Joint Authority decide the pending extension applications within 45 days. The first application was accepted 1,656 days earlier, so the delay has become a legal fight.
11 July 2024capital raising announcement▲ GoodMajor
MEC made a further reinstatement submission to ASX on 27 June 2024 and plans a 1-for-1 entitlement offer at $0.005 to raise about $5.26M, with free options. Prospectus targeted mid-August, reinstatement by 31 October 2024. About $1.65M is earmarked for Advent.
ASX's generic list of long-term suspended entities, carrying 1- and 2-year deadlines for removal from the official list. The excerpt shown does not reach MEC's entry, so MEC's deadlines cannot be confirmed from the text.
Peter Richards joins the MEC board as a non-executive director; Steve James resigns, citing the next phase of capital raising and ASX reinstatement. Richards holds about 1.1M shares directly and about 29.6M via his super fund.
Asset has engaged Klarite to start environmental approvals work for the Seablue-1 well, ahead of a decision on the PEP 11 extension. Drilling still depends on that approval, regulatory approvals and rig availability.
MEC raised $157,300 in a placement at $0.0044 per share, with a free option ($0.0055, two years) per share. Funds go to compliance and reinstatement work. Shares on issue rise to 1,045,021,916, and the placement shares are locked until a prospectus.
Advent says that if the NSW seabed mining bill becomes law, PEP 11 titleholders may challenge it under section 109 of the Constitution, arguing PEP 11 lies beyond NSW's 3-mile jurisdiction. Extension applications remain pending; no change to the permit.
Update says Clean Hydrogen, in which Advent holds 3.9%, has moved from proof of concept to production, and will next scale its carbon composite and hydrogen output. No revenue, volumes or financial figures are given.
MEC forwarded Bounty's and BPH's response to the NSW government's 6 February 2024 offshore drilling ban proposal. They say PEP 11, about 26 km offshore, is beyond NSW's 3-nautical-mile jurisdiction and under Commonwealth control. Extension still pending.
