Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 May 2018capital raising announcement● Neutral
Letter to ineligible (non-Australia/NZ) shareholders repeats the 8 May rights offer: 1 for 2 at 1.8 cents with a free 4-cent option, up to ~$2.4M. Notes Asset's share of the PEP11 2D survey could cost $500-800K. No new terms.
9 May 2018capital raising announcement● Neutral
Letter to option holders repeats the 8 May rights offer: 1 for 2 at 1.8 cents with a free 4-cent option, up to ~$2.4M, not underwritten. Claymore has $100K irrevocable commitments. No new terms.
9 May 2018capital raising announcement● Neutral
Letter to eligible shareholders on the revised rights offer: 1 for 2 at 1.8 cents with a free 4-cent option valid two years. Prospectus to be sent 16 May. No new terms beyond the 8 May announcement.
8 May 2018capital raising announcement● NeutralMajor
MEC relaunched its rights offer under a prospectus: 1 for 2 at 1.8 cents, up to ~$2.4M, record date 11 May. The free option is now 4 cents, exercisable for two years, improved from 5 cents. Still not underwritten.
7 May 2018capital raising announcement● NeutralMajor
MEC withdrew its 13 April rights offer and will refund any application money received. A revised offer with improved option terms is promised within days.
2 May 2018capital raising announcement● Neutral
Rights offer closing date extended from 7 to 16 May 2018 because some shareholders had not received forms from Australia Post in time. Issue date moves to 23 May.
20 Apr 2018capital raising announcement● Neutral
MEC despatched the rights offer document: 1 for 2 at 1.8 cents with a free 5-cent option, closing 7 May 2018. Same terms as announced 13 April; no new substance.
16 Apr 2018capital raising announcement● Neutral
Letter to ineligible (non-Australia/NZ) shareholders repeats the rights offer terms: 1 for 2 at 1.8 cents, up to ~$2.4M. Contains no new information.
16 Apr 2018capital raising announcement● Neutral
Letter to option holders repeats the rights offer (1 for 2 at 1.8 cents) and gives the maximum raise as $2,447,512. No new terms.
16 Apr 2018capital raising announcement● Neutral
Letter to eligible shareholders repeats the 13 April rights offer: 1 new share for every 2 at 1.8 cents, with a free 5-cent option. Up to ~$2.4M, not underwritten; 271,945,731 shares on issue. No new terms.
13 Apr 2018capital raising announcement● NeutralMajor
MEC launches a non-renounceable rights offer to raise up to ~$2.4M: 1 new share for every 2 held at 1.8 cents, with a free option exercisable at 5 cents in August 2019. Funds mainly support Advent's EP386/RL1 well intervention and working capital. Not underwritten; $100,000 irrevocable commitments.
22 Jan 2018capital raising announcement● NeutralMajor
MEC raised $300,000 via a placement of 14,285,714 shares at 2.1 cents, about a 5% discount, managed by Panthea Capital. Funds mainly support Advent's EP386 and RL1 work, including well intervention.
What it means for a shareholder
14.3m new shares at A$0.021 to raise about A$300,000. That's 5.3% dilution: every existing holder's slice gets 5.3% smaller. If you held A$1,000 of shares (47,619 at the issue price), your slice goes from 0.0185% to 0.0175% of the company. To keep it you'd need 2,640 more shares - about A$55 at the issue price.
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10 Nov 2017capital raising announcement▲ Good
MEC issued 30,851,978 shares to share purchase plan participants at about 1.75 cents each, completing the $539,500 raise. This resolves the open SPP thread and adds to the share count.
7 Nov 2017capital raising announcement▲ GoodMajor
MEC's share purchase plan, which closed 6 November, raised $539,500. Funds mainly go to Advent's PEP11, EP386 and RL1 activities, plus working capital. Shares will be issued 9 November at a 20% discount to the five-day average price.
20 Oct 2017capital raising announcement● Neutral
The share purchase plan closing date is extended two weeks from 23 October to 6 November 2017. Shares are to be issued on 9 November and begin trading 13 November.
19 Sept 2017capital raising announcement● Neutral
Cover announcement for the share purchase plan, repeating its use of funds for Advent's PEP11, EP386 and RL1, working capital and $20,000 of costs. Updates the PEP11 seismic timing to late 2017 or early 2018, with the revised plan due by 15 October. EP386 has conditional approval for suspension and extension.
19 Sept 2017capital raising announcement● NeutralMajor
MEC offers eligible shareholders a share purchase plan at a 20% discount to the five-day VWAP, with expenses estimated at $20,000. Funds mainly go to Advent, including PEP11, plus working capital. The offer document also says the board wants to diversify its portfolio. No total raise size is given in the text provided.
3 May 2017capital raising announcement▼ BadMajor
The rights issue closed having raised only $638,081 at 2.8c (20.5M entitlement and 2.3M shortfall shares), against up to about $2.8M sought. Remaining shortfall may be placed by directors within three months. Breeze-linked parties did not take part.
26 Apr 2017capital raising announcement● Neutral
Reminder that the rights issue closes 5pm WST on Friday 28 April 2017. Shareholders who want to participate must return acceptance forms to the registry. No new terms.
6 Apr 2017capital raising announcement● Neutral
The rights issue closing date moves from 20 April to 28 April 2017 to allow for processing after the Easter holidays. Allotment is now expected 4 May. No change to price or terms.
23 Mar 2017capital raising announcement● Neutral
Offer document for the 1-for-2 rights issue at $0.028 has been sent to eligible shareholders. The offer closes 21 April 2017 unless extended, shareholders may apply for shortfall shares, and the document describes the shares as speculative.
15 Mar 2017capital raising announcement● Neutral
Letter to option holders: options carry no right to join the rights issue. To participate they must exercise vested options before the record date. Otherwise repeats the 14 March announcement.
15 Mar 2017capital raising announcement● Neutral
Letter to eligible shareholders restating the 1-for-2 rights issue at $0.028, up to about $2.8M and 100,017,316 new shares, with offer documents due 23 March. Nothing new beyond the 14 March announcement.
15 Mar 2017capital raising announcement● Neutral
Letter to shareholders outside Australia and New Zealand saying the rights issue is not offered to them because of compliance costs. Otherwise repeats the 14 March terms.
14 Mar 2017capital raising announcement● NeutralMajor
MEC launches a 1-for-2 non-renounceable rights issue at $0.028 to raise up to about $2.8M, not underwritten. Funds go mainly to Advent: $600K PEP11 2D seismic, $250K 3D planning, $1.2M EP386 well intervention. Directors intend to take up their entitlements.
24 May 2016capital raising announcement● NeutralMajor
The Share Purchase Plan closed with $576,497 raised in cash plus $30,000 from directors Breeze and Yap converting accrued fees. 16,391,773 shares were issued at $0.037, taking the total to 199,223,822. This is well below the 30% cap.
What it means for a shareholder
16.4m new shares at A$0.037 to raise about A$576,497. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (27,027 at the issue price), your slice goes from 0.0148% to 0.0136% of the company. To keep it you'd need 2,423 more shares - about A$90 at the issue price.
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2 May 2016capital raising announcement● Neutral
The Share Purchase Plan closing date is extended from 2 May to 23 May 2016, with shares to be issued 26 May. The announcement gives no reason for the extension.
24 Mar 2016capital raising announcement● Neutral
Formal offer document for the Share Purchase Plan announced 23 March: shares at $0.037 (about 19% discount), $499.98 to $14,999.99 per holder, capped at 54,849,615 shares (30%), not underwritten. Proceeds mainly fund PEP11 seismic preparation. Closes 2 May 2016.
23 Mar 2016capital raising announcement● NeutralMajor
MEC offers a Share Purchase Plan at about a 19% discount to the recent five-day average price, capped at $15,000 per holder and 30% of existing capital. Funds mainly go to PEP11 seismic preparation, plus working capital. Closes 2 May 2016.
23 Feb 2015capital raising announcement● NeutralMajor
Share Purchase Plan closed 20 February 2015, raising $605,000, a 57.78% take-up, with 27,008,899 new shares issued. This is below the maximum 30% offered and resolves the raising.
What it means for a shareholder
27.0m new shares at about A$0.0224 to raise about A$605,000. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (44,643 at the issue price), your slice goes from 0.0287% to 0.0244% of the company. To keep it you'd need 7,738 more shares - about A$173 at the issue price.
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