Past year: ▼ 77%(0.30c – 1.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Sept 2012capital raising announcement● NeutralMajor
MEO launched a non-underwritten share purchase plan at A$0.20 per share, up to A$15,000 per eligible holder, closing 12 October 2012. Proceeds go to working capital; all directors will participate. No total target is stated. First raising since the A$55m cash position reported.
28 Sept 2011capital raising announcement▲ GoodMajor
Board approved an on-market buy-back of up to 47.7m shares (10%) over 12 months from about 13 October 2011, costing about A$7.2m at 15c. Shares have recently traded below cash backing; cash was A$90.3m at 30 June 2011.
25 Nov 2010capital raising announcement▲ GoodMajor
MEO placed 62.8m shares at 52c to raise A$32.6m, a 13.2% increase, mostly to North American and UK institutions, just before the Artemis-1 result. Cash rises above A$100m, for growth including Tassie Shoal; no acquisition yet met its criteria.
19 Aug 2010capital raising announcement● Neutral
The trustee of MEO's treasury share scheme sold all its 10.1m shares, raising about A$3.4m for MEO as equity capital. No new shares are issued, so shares on issue stay at 477.2m. The scheme will not be renewed.
What it means for a shareholder
10.1m new shares at about A$0.3366 to raise about A$3.4m. That's 2.1% dilution: every existing holder's slice gets 2.1% smaller. If you held A$1,000 of shares (2,971 at the issue price), your slice goes from 0.000622% to 0.00061% of the company. To keep it you'd need 63 more shares - about A$21 at the issue price.
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18 Nov 2009capital raising announcement● NeutralMajor
MEO raises about A$27m by placing 59,898,385 shares at 45c (14.35% of capital) to institutions, to fund the WA-360-P well commitment due by 31 Dec 2009 while the farm-in is finalised. No share purchase plan offered to existing holders, who are diluted.
What it means for a shareholder
59.9m new shares at A$0.450 to raise about A$27.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (2,222 at the issue price), your slice goes from 0.000532% to 0.000466% of the company. To keep it you'd need 319 more shares - about A$144 at the issue price.
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12 Dec 2007capital raising announcement▲ GoodMajor
MEO placed 50 million shares at A$1.25 to raise A$62.5m before costs, heavily oversubscribed. Funds go to production testing, about 800 sq km of new NT/P68 3D seismic (March 2008), Northwest Shelf seismic, LNG and methanol project studies, and contingency. Earlier funds already covered dry-hole costs.
What it means for a shareholder
50.0m new shares at A$1.25 to raise about A$62.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (800 at the issue price), your slice goes from 0.000238% to 0.000207% of the company. To keep it you'd need 119 more shares - about A$149 at the issue price.
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2 Aug 2007capital raising announcement● Neutral
Offer letter for the second share purchase plan for buyers between 5 and 7 June who missed the first one: up to A$5,000 at A$1.00, closing 10 August 2007. Administrative follow-through of the ASIC relief.
17 July 2007capital raising announcement▲ Good
ASIC granted relief so MEO can offer a second share purchase plan, at A$1.00 for up to 5,000 shares, to buyers between 5 and 7 June who missed the first plan because trades did not settle in time. Fixes the problem raised on 4 July.
4 July 2007capital raising announcement▼ Bad
Some buyers of shares just before the 7 June cut-off missed the share purchase plan, because sellers failed to settle in time to be on the register by 13 June. MEO says this is a dispute between buyers and sellers and it will not intervene.
22 June 2007capital raising announcement● Neutral
Offer letter for the share purchase plan: eligible Australian and New Zealand holders at 13 June 2007 can buy up to A$5,000 of shares at A$1.00, closing 6 July. Funds go to working capital for the gas-to-liquids projects and NT/P68 appraisal. Terms of an already announced raise.
5 June 2007capital raising announcement● Neutral
Re-release of Petrofac's London announcement of its 10% NT/P68 farm-in, which is conditional on government approval of the assignment. Also reminds buyers they must acquire shares by 7 June 2007 to join the A$1.00 share purchase plan. Nothing new.
5 Dec 2006capital raising announcement▲ GoodMajor
Placed 25 million shares at 48c to raise A$12m before costs from institutions, managed by Tolhurst Noall and WH Ireland. Funds go to long-lead items for the three-well NT/P68 program in the second half of 2007. This dilutes existing holders.
What it means for a shareholder
25.0m new shares at A$0.480 to raise about A$12.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (2,083 at the issue price), your slice goes from 0.000937% to 0.000842% of the company. To keep it you'd need 234 more shares - about A$112 at the issue price.
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15 Sept 2006capital raising announcement● Neutral
The rights issue was undersubscribed: valid applications were for 4,437,901 of 38,651,278 shares offered. The remaining 34,213,377 shares fall to the underwriter, Tolhurst Noall. The raising is still funded because it was fully underwritten.
4 Aug 2006capital raising announcement● Neutral
Prospectus lodged for the 1-for-4 rights issue at 22.5c to raise $8,696,537, with a free 25c option attached to each new share, expiring 30 April 2007. Fully underwritten by Tolhurst Noall; closes 11 September 2006. Formalises the terms already announced.
3 Aug 2006capital raising announcement● Neutral
Letter to shareholders restates the Cambrian placement (14,055,010 shares at 22.5c, about $3.16m) and the 1-for-4 rights issue (about $8.7m). Total raising is about $13m for seismic over NT/P68. Post-issue capital is about 193.3m shares. No new terms beyond known details.
What it means for a shareholder
14.1m new shares at A$0.225 to raise about A$3.2m. That's 6.8% dilution: every existing holder's slice gets 6.8% smaller. If you held A$1,000 of shares (4,444 at the issue price), your slice goes from 0.0023% to 0.00214% of the company. To keep it you'd need 323 more shares - about A$73 at the issue price.
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28 July 2006capital raising announcement▲ Good
The 1-for-4 rights issue at 22.5 cents (about $8.7 million, with attaching 25-cent options) is now fully underwritten by Tolhurst Noall. Blackwood 2D seismic starts around 15 September 2006.
20 July 2006capital raising announcement▲ GoodMajor
MEO places 10% of its shares with Cambrian at 22.5 cents (about $3.16 million), plus a 1-for-4 rights issue at 22.5 cents (about $8.7 million), totalling about $13 million. It funds 3D seismic over Epenarra, and MEO keeps 100% of NT/P68 instead of farming out. Drilling is planned for late 2007.
1 Mar 2006capital raising announcement▲ GoodMajor
Share trustee sold 8 million shares via Patersons to raise $1.6 million for MEO as capital, with no new shares issued (still 140,450,105). Working capital rises to about $2.6 million while MEO pursues a farmout of NT/P68.
What it means for a shareholder
8.0m new shares at about A$0.200 to raise about A$1.6m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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