Past year: ▼ 60%(0.20c – 0.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Jan 2015capital raising announcement● Neutral
Offer documents for the Share Purchase Plan: issue price $0.022 per share, up to 46,743,945 new shares (30%), not underwritten, closing 20 February 2015. Sets the price for the plan announced on 23 January.
23 Jan 2015capital raising announcement● NeutralMajor
MEC announces a Share Purchase Plan for existing shareholders at a 20% discount, $500-$15,000 each, capped at 30% of shares. Funds go to Advent's PEP11 seismic (planned Q2 2015), a further EP386 well and working capital.
15 Dec 2010capital raising announcement▲ GoodMajor
Advent closed its bookbuild, placing 11,920,000 shares at A$1.25 (about A$14.9M) to BPH Energy and an Asian-based hydrocarbons group. It resolves the open Advent raising; MEC's resulting stake is not stated.
What it means for a shareholder
11.9m new shares at A$1.25 to raise about A$14.9m. That's 7.1% dilution: every existing holder's slice gets 7.1% smaller. If you held A$1,000 of shares (800 at the issue price), your slice goes from 0.000516% to 0.000479% of the company. To keep it you'd need 61 more shares - about A$76 at the issue price.
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14 Oct 2010capital raising announcement▲ GoodMajor
The entitlement offer was allotted: 12,035,762 shares (including 5,454,920 shortfall shares) issued at 50c, raising $6,017,881. Shares on issue rise to 147,704,924, with Bob Healy the largest holder at 9.90%.
13 Oct 2010capital raising announcement▲ GoodMajor
MEC's 50c entitlement offer closed oversubscribed including shortfall applications. Shareholders took up 55% of entitlements (6,580,842 shares) and $6,339,251 was received in total. Allotment is expected on 14 October.
8 Oct 2010capital raising announcement● Neutral
MEC agreed a funding deal with Bluehawk Capital: 500,000 shares at 55c (about $275k) on receipt of final payment, under Listing Rule 7.1. Proceeds are for managing investments and working capital.
What it means for a shareholder
500,000 new shares at A$0.550 to raise about A$275,000. That's 0.367% dilution: every existing holder's slice gets 0.367% smaller. If you held A$1,000 of shares (1,818 at the issue price), your slice goes from 0.00134% to 0.00134% of the company. To keep it you'd need 7 more shares - about A$4 at the issue price.
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15 Sept 2010capital raising announcement▲ Good
The Bob Healy and Associates funding completed: 12,857,143 shares issued for $4.5M (35c), as agreed in June. A further 424,286 shares were issued for $148,500 of consulting fees. Shares on issue rise to about 133.6M.
8 Sept 2010capital raising announcement● NeutralMajor
MEC announced a non-renounceable one-for-ten entitlement offer of about 12.04M shares at 50c to raise up to about $6.02M. The record date was 20 September 2010.
What it means for a shareholder
12.0m new shares at A$0.500 to raise about A$6.0m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.00166% to 0.00151% of the company. To keep it you'd need 200 more shares - about A$100 at the issue price.
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8 Sept 2010capital raising announcement● Neutral
Letter to shareholders restating the 50c one-for-ten entitlement issue (about $6.02M) and its timetable. Proceeds go to Advent, to fund PEP 11 drilling and its permit portfolio, and to working capital. Options must be exercised before the record date to take part.
8 Sept 2010capital raising announcement● Neutral
Prospectus for MEC's one-for-ten, 50c entitlement issue to raise about $6.02M, closing 8 October with allotment 14 October. It flags the shares as speculative and lists risks, including that Advent is unlisted and its shares may be hard to sell.
29 June 2010capital raising announcement▲ GoodMajor
MEC agreed a $4.5M funding deal with Bob Healy and Associates, which will receive 12,857,143 shares at 35c once final payment arrives. Proceeds go to managing investments and working capital. This adds about 11% to the 117.5M shares on issue.
What it means for a shareholder
12.9m new shares at A$0.350 to raise about A$4.5m. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (2,857 at the issue price), your slice goes from 0.00242% to 0.00218% of the company. To keep it you'd need 311 more shares - about A$109 at the issue price.
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12 Apr 2010capital raising announcement▲ GoodMajor
Advent says all conditions of the Talbot Group agreement are met and it has issued 14M shares for the $7M received, at 50c each. This completes the commitment first announced in November 2008 and funds the PEP 11 project.
What it means for a shareholder
14.0m new shares at A$0.500 to raise about A$7.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (2,000 at the issue price), your slice goes from 0.0017% to 0.00152% of the company. To keep it you'd need 238 more shares - about A$119 at the issue price.
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7 Apr 2010capital raising announcement▲ GoodMajor
Advent received a further $5.8M from BPH Corporate under its option, taking BPH's total to $12.8M. BPH can invest up to $14M. This is funding progress on the BPH option, with the PEP 11 well funding to be met.
10 Feb 2010capital raising announcement● Neutral
MEC raised $200,000 by placing 666,667 shares to a sophisticated investor (about 30c each, calculated), for working capital. Shares on issue rise to 117,450,877. A small top-up after October's $2.7M share purchase plan.
What it means for a shareholder
666,667 new shares at about A$0.300 to raise about A$200,000. That's 0.568% dilution: every existing holder's slice gets 0.568% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.00285% to 0.00284% of the company. To keep it you'd need 19 more shares - about A$6 at the issue price.
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6 Oct 2009capital raising announcement▲ GoodMajor
MEC's share purchase plan closed 2 October, raising $2,708,000 at $0.3812 a share, with 7,104,102 shares issued. This is well under the 32.4M shares offered, so the offer was far from fully taken up. Funds go to Advent, including PEP 11 drilling.
28 Sept 2009capital raising announcement● Neutral
MEC extends its share purchase plan closing date to Friday 2 October 2009 because of the 28 September Western Australian public holiday. No change to the offer terms is stated.
1 Sept 2009capital raising announcement● Neutral
Offer documents for MEC's share purchase plan go to holders registered on 28 August. Up to 32,426,889 shares are offered at a 10% discount to the 5-day average price, which would lift shares on issue to 140,516,519. It closes 28 September; any shortfall may be placed with third parties.
19 Aug 2009capital raising announcement● NeutralMajor
MEC announces a share purchase plan for existing holders at a 10% discount to the 5-day average price, $1,000 to $15,000 each, capped at 30% of capital. Proceeds go to Advent's assets, including PEP 11 drilling. Closing is expected 28 September.
14 Aug 2009capital raising announcement▲ GoodMajor
Advent has appointed Norway's Pareto Securities as lead broker to source its capital needs, mainly for PEP 11 drilling. This is the first named broker for the funding sought since the $7M conditional commitment. No raise size or price is given.
5 June 2009capital raising announcement● Neutral
MEC took up its full entitlement in Central Petroleum's rights issue, and Advent also exercised its rights, with 7,512,000 shares bought in total. This follows Advent's sale of its 6.25M Central shares on 22 May. Cost not stated.
11 Nov 2008capital raising announcement▲ GoodMajor
Advent has a funding agreement to raise A$7 million by issuing 14 million shares at 50 cents, subject to conditions. Money is for PEP 11, where Advent is also discussing farm-ins and rig supply, with news expected by end of 2008.
7 Aug 2008capital raising announcement● Neutral
MEC allots 34,825,125 shares and 52,237,697 free options from the rights issue, raising $1,741,256. Slightly below the earlier reported take-up. Total shares on issue are 105,897,963, with Breeze and Grandbridge the largest holders.
What it means for a shareholder
34.8m new shares at about A$0.050 to raise about A$1.7m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0281% to 0.0189% of the company. To keep it you'd need 9,800 more shares - about A$490 at the issue price.
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4 Aug 2008capital raising announcement● NeutralMajor
The rights issue closed 30 July with eligible holders taking up 49%: 34,979,525 shares at 5 cents, raising $1,748,976, well short of the $3.55M maximum. Directors may place the shortfall within three months.
What it means for a shareholder
35.0m new shares at A$0.050 to raise about A$1.7m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0281% to 0.0189% of the company. To keep it you'd need 9,843 more shares - about A$492 at the issue price.
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30 June 2008capital raising announcement● Neutral
MEC lodges the offer document for its one-for-one rights issue: up to 71,072,838 shares at 5 cents to raise up to $3,553,642, with three free 20c options per two shares. Funds go to Advent and securing a PEP 11 rig. Mailing to holders 16 July.
What it means for a shareholder
71.1m new shares at A$0.050 to raise about A$3.6m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0294% to 0.0144% of the company. To keep it you'd need 20,912 more shares - about A$1,046 at the issue price.
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27 June 2008capital raising announcement● NeutralMajor
MEC announces a non-renounceable rights issue of about 71.07M shares at 5 cents, one for one, to raise up to $3,553,642, with three free options per two shares (20c, expiring 4 July 2013). Funds are for Advent and securing a rig for PEP 11.
What it means for a shareholder
71.1m new shares at A$0.050 to raise about A$3.6m. That's 51% dilution: every existing holder's slice gets 51% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.0294% to 0.0144% of the company. To keep it you'd need 20,911 more shares - about A$1,046 at the issue price.
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4 Sept 2007capital raising announcement▲ GoodMajor
The share purchase plan closed having raised $1,503,000 from 15,030,000 shares at 10 cents, 96% of the $1,567,800 maximum. Resolves the open plan; funds go to resources investments.
What it means for a shareholder
15.0m new shares at A$0.100 to raise about A$1.5m. That's 27% dilution: every existing holder's slice gets 27% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.0241% to 0.0177% of the company. To keep it you'd need 3,620 more shares - about A$362 at the issue price.
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17 Aug 2007capital raising announcement● Neutral
MEC extends the closing date of its share purchase plan from 17 August to 27 August 2007, citing shareholder requests. No change to price or terms.
31 July 2007capital raising announcement● Neutral
Offer letter for the share purchase plan: 10 cents a share, $1,000-$5,000 each, up to 15,678,000 shares, closing 17 August 2007. Full take-up would lift shares on issue to 67,938,942. Recaps Rivoli, Central and the senior appointments.
23 July 2007capital raising announcement● NeutralMajor
MEC launches a share purchase plan at 10 cents, a 19.3% discount, with $1,000-$5,000 per shareholder and a $1,567,800 maximum. Funds go to resources investments, and MEC intends to seek an IPO for Advent Energy soon.
17 Apr 2007capital raising announcement● Neutral
4,635,000 shortfall options placed for $46,350 with non-related parties, which the company says will play a key role in its expansion strategies. Other shortfall applicants will be refunded with interest. This completes the option issue.
