21 Sept 2006other● Neutral
Administrative notice: MEC has moved its office to 14 View Street, North Perth, with new phone and fax numbers. No other substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
20 Sept 2006other● Neutral
Preliminary annual results for Grandbridge Ltd, not MEC itself, showing a $1.17 million profit. Grandbridge was named in MEC's prospectus as the source of a share distribution to its shareholders. Little direct bearing on MEC.
14 Sept 2006annual report● Neutral
Preliminary results for the year to 30 June 2006: loss of $106,981 on $21,735 interest revenue. Cash was $4.21 million after raising $5.06 million gross (about $732,000 in costs). Net assets were $4.23 million. Accounts were unaudited.
10 Aug 2006auditor change● Neutral
Auditor MGI Bridge Partners resigned, citing changes to the Corporations Act and reporting no circumstances for ASIC's attention. Rix Levy Fowler has been appointed as the new auditor.
29 Mar 2006capital raising announcement▲ GoodMajor
Supplementary prospectus: MEC has an option to invest in PEP 11, an offshore Sydney Basin permit, via a farm-in with Bounty Oil and Gas. The offer is a minimum 10,000,000 shares at 20 cents, with about $650,000 of applications received; listing is expected 9 May 2006.
What it means for a shareholder
10.0m new shares at A$0.200 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
29 Mar 2006capital raising announcement● NeutralMajor
MEC Resources' IPO prospectus offers shares in a Pooled Development Fund investing in energy and mineral explorers. The offer is not underwritten and is described as speculative. Terms are in the later supplementary prospectus.