17 Jan 2020other● Neutral
ASX temporarily pauses trading in MEC pending a further announcement. Procedural notice; the reason is covered in the voluntary suspension request the same day.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
17 Jan 2020other● NeutralMajor
At MEC's request, trading is suspended from 17 January 2020 pending an announcement on potential investments under its expanded mandate. MEC expects suspension to last until 24 January 2020 or earlier release of the announcement.
16 Jan 2020regulatory community update▼ BadMajor
ASX has ruled MEC's widened investment mandate is a change in the nature of its activities, needing shareholder approval and re-compliance with Listing Rule Chapters 1 and 2. MEC bought 3.19% of Claratti for $100,000 in November 2019, has now divested it, and still plans to acquire at least 10%.
30 Dec 2019other● Neutral
MEC publishes its Corporate Governance Plan, effective 18 December 2019, covering board charter, codes of conduct, risk, trading and diversity policies. It says the board is too small to justify separate committees. Governance document only, no financial content.
27 Dec 2019annual report● Neutral
MEC lodges its Appendix 4G corporate governance checklist for the year to 30 June 2019, pointing to its website statement, current as at 31 August 2019. Administrative filing with no financial content.
27 Dec 2019other● Neutral
MEC publishes its Whistleblower Policy, dated 24 December 2019, setting out how misconduct can be reported and how whistleblowers are protected. Reports can go to the Chairman, Michael Sandy, if needed. A governance document with no financial content.
17 Dec 2019admin correction● Neutral
MEC changes its registered office to c/o Boardroom in Sydney, with a South Perth postal address and a new phone number. Administrative only.
16 Dec 2019admin correction● Neutral
Re-release of the Takeovers Panel decision with the date corrected to 16 December 2019. Content is otherwise identical: no declaration made, matter referred to ASIC.
16 Dec 2019regulatory community update▼ BadMajor
Takeovers Panel declines to declare unacceptable circumstances, finding insufficient evidence of a control effect from the rights issue. It refers the matter to ASIC, citing concerns about fundraising transparency, the placement agent's links to placees, and missing substantial holder notices. The release carries a wrong date.
10 Dec 2019other● Neutral
MEC calls an anonymous letter to some shareholders misleading for suggesting MEC will divest its oil and gas assets. It says it holds 53% of Advent but has no seat on Advent's board, and the only disposal contemplated is a possible in-specie distribution of its Advent shares.
25 Nov 2019agm notice● Neutral
MEC withdraws the AGM resolution to ratify 224.7M shortfall shares, saying it is redundant because the shares were issued under a Listing Rule 7.2 exception. Other resolutions are unaffected.
25 Nov 2019regulatory community update● Neutral
Takeovers Panel President declines interim orders on the shareholder application, saying any problem can be fixed by final orders. The 25 November AGM goes ahead as scheduled.
22 Nov 2019regulatory community update▼ BadMajor
Shareholders including the Anstey Super Fund apply to the Takeovers Panel over MEC's rights issue shortfall placements. They allege the placees are linked to the financial adviser and hold a collective 45% of MEC. They seek to adjourn the AGM and have the shares sold. The Panel makes no comment on the merits.
25 Oct 2019quarterly activities report● Neutral
September 2019 quarter: operating outflow $313K, share issue proceeds $929K, and cash up to $887K from $260K. Next-quarter outflows are estimated at $140K. No staff costs are forecast.
18 Sept 2019director officer appointment● Neutral
Robert Marusco, an accountant with over 30 years' experience, becomes Joint Company Secretary with immediate effect. This fills the secretary role vacated by Deborah Ambrosini's March resignation, though the text does not link them.
30 Aug 2019annual report● Neutral
FY19 loss was $1.34M, down from $9.83M in FY18, which included the PEP11 write-down. Net assets fell $877K to $9.68M. The year included the Advent stake rising to 53%, the new Pooled Development Fund investment scope, and the $363,558 rights issue.
14 Aug 2019capital raising announcement● Neutral
Shortfall placement period closed on 10 August 2019. A final 21.0M shortfall shares, worth $105,100 at $0.005, were applied for after the 6 August notice.
12 Aug 2019material agreement● NeutralMajor
MEC confirms settlement of all disputes with BPH, Grandbridge, Trandcorp and Breeze, ending litigation running since November 2016. MEC's Advent board seats go, the $3.6M Advent loan is limited to conversion into Advent shares at 80% of the 5-day VWAP before a PEP11 well, and MEC must back an in-specie distribution of Advent if asked.
12 Aug 2019listing compliance notice● Neutral
ASX lifts MEC's suspension after the company released its settlement with BPH. Trading resumes.
9 Aug 2019listing compliance notice● Neutral
ASX suspends MEC from quotation at the company's request pending an announcement. This follows the pause on 7 August.
9 Aug 2019material agreement● NeutralMajor
BPH reports a settlement ending the oppression case and other MEC disputes. Advent's board is replaced, MEC cannot interfere with it until July 2021, and MEC's $3.6M Advent loan becomes recoverable only as Advent shares before a PEP11 well. MEC can sell Advent shares only by in-specie distribution for one year.
9 Aug 2019listing compliance notice● Neutral
MEC's board asks for a trading suspension pending an announcement, which it expects before the market opens on Monday 12 August 2019.
7 Aug 2019capital raising announcement● Neutral
MEC places a further 43.7M shortfall shares at $0.005: 23.3M for $116,500 cash and 20.4M to creditors in lieu of $101,803 owed. Follows a 22 July placement. About 65.5M shortfall shares remain available.
7 Aug 2019listing compliance notice● Neutral
ASX pauses trading in MEC's securities pending a further announcement. No reason is given in the notice.
31 July 2019quarterly activities report● Neutral
June 2019 quarter cash flow: operating outflow $251K, with $364K raised from shares (the rights issue). Cash ended at $351K. Next-quarter outflows are estimated at $225K. Ambrosini is listed as former MD on a consulting contract.
27 May 2019other▼ Bad
BPH publishes the Statement of Claim in the defamation action first reported in March 2019, against MEC and six others. Claims are for damages, including aggravated damages, injunctions and costs, plus injunctions over use of the share register. No amount is stated.
24 May 2019regulatory community update▲ Good
Advent's subsidiary Onshore Energy wins a $200,000 WA government grant matching drilling spend 1:1 for a new EP386 well in the Waggon Creek area targeting a formation with live oil shows. The well must be finished before 30 June 2020.
14 May 2019admin correction● Neutral
A replacement announcement said the rights issue closed on 10 May 2019 with 65,592,243 entitlement shares taken up and applications for 7,118,087 shortfall shares, raising $363,551.65. A further 269,157,716 shortfall shares could be placed by the directors within three months.
14 May 2019capital raising announcement▼ BadMajor
Rights issue closed with only 65.6M entitlement shares taken up plus 7.1M shortfall applications, raising $363,552 against the up to $1.7M sought. A further 269.2M shortfall shares can be placed within three months. Funds go first to Advent, then new investments and working capital.
9 May 2019capital raising announcement● Neutral
Reminder that the 1-for-1 rights issue closes at 5pm AEST on 10 May 2019. Shareholders who have not applied are urged to do so. No new information.