Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Mar 2025regulatory community update▲ GoodMajor
By consent orders, the Federal Court suspended the PEP 11 refusal decision until further order and set a two-day hearing for 16–17 September 2025. The permit's status is held in place meanwhile, a positive procedural step for Advent's investee.
26 Feb 2025half year report▼ Bad
Half-year to 31 December 2024: loss of $385,510, versus $148,908 a year earlier. Revenue is about $27,590. Reinstatement and the capital raise fall within the period. No dividend.
13 Feb 2025regulatory community update● Neutral
Advent's subsidiary Asset has filed in the Federal Court for judicial review of the refusal of PEP 11 extension, seeking to quash it and send the applications back for reconsideration. This follows the January refusal and is the joint venture's challenge.
28 Jan 2025quarterly activities report● Neutral
Quarter to 31 December 2024: shares were reinstated on 2 December 2024 after suspension since January 2020. Offer results restated, with 17.96M shortfall shares placed after quarter end. Advent stake 37.95%; PEP 11 position restated. Mostly known facts.
24 Jan 2025capital raising announcement▼ Bad
Applications were received for only 17,958,772 shortfall shares at $0.005, with 8,979,386 free options, out of 333,411,363 shortfall shares left (about $1.67M). The shortfall offer was due to close on 25 January 2025.
20 Jan 2025regulatory community update▼ BadMajor
The Joint Authority refused the PEP 11 applications (lodged 2020 and 2021), notified 17 January 2025. The permit stays in force for two months. The joint venture, Advent 85% and Bounty 15%, is taking legal advice on review. This resolves the pending decision negatively for MEC's 37.95% investee Advent.
17 Jan 2025other● Neutral
ASX temporarily paused trading in MEC shares pending a further announcement. No reason is given in the text.
16 Jan 2025material agreement▲ GoodMajor
The 2020 settlement of writs with Advent and Asset is finalised. Shares and options issued to Advent on 21 November 2024 settled the $835,498 Advent debt in full, and Advent will withdraw the writs. This closes the long-running dispute.
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.
Create a free account to see this worked out for your own holding.
29 Nov 2024listing compliance notice▲ GoodMajor
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.
27 Nov 2024other● Neutral
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.
25 Nov 2024other● Neutral
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.
25 Nov 2024other● Neutral
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.
22 Nov 2024listing compliance notice▲ GoodMajor
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.
15 Nov 2024listing compliance notice▼ Bad
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.
11 Nov 2024capital raising announcement● Neutral
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.
4 Nov 2024listing compliance notice▼ Bad
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.
29 Oct 2024agm notice● Neutral
Letter advising the 2024 AGM will be held 27 November 2024 in South Perth, with materials online and proxies due 25 November. Administrative.
23 Oct 2024quarterly activities report● Neutral
Quarter to 30 September 2024: shares still suspended, offer closing 25 October with a $2M minimum. $316,925 came from July option exercises. Advent stake 37.95%; PEP 11 position repeated. Mostly known facts.
18 Oct 2024listing compliance notice● Neutral
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.
14 Oct 2024regulatory community update● Neutral
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.
11 Oct 2024capital raising announcement● Neutral
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.
2 Oct 2024capital raising announcement● Neutral
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.
2 Oct 2024capital raising announcement● Neutral
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.
23 Sept 2024capital raising announcement● NeutralMajor
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.
19 Sept 2024regulatory community update▼ BadMajor
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.
30 Aug 2024annual report● Neutral
Appendix 4G and corporate governance statement for FY2024, lodged with the annual report on 30 August 2024. Administrative compliance form with no new substance.
30 Aug 2024annual report▼ Bad
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.
19 Aug 2024annual report● Neutral
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.
