20 Mar 2017price query● Neutral
ASX asked New Standard to explain a jump in its share price from $0.003 to an intraday high of $0.007 on 20 March 2017 on heavy volume. The reply is not in the text provided.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2017half year report● Neutral
Half-year to 31 December 2016: cash $973,129, no debt, after the $0.96m rights issue. EP481 and EP482 are kept as the most prospective permits, while the Canning permits lapsed. Full financial statements are not in the text provided.
14 Feb 2017other● Neutral
Administrative notice: 200,000 unlisted options (100,000 each at $0.519 and $0.581) expired unexercised on 13 February 2017. No cash raised.
24 Jan 2017quarterly activities report● Neutral
December quarter: cash rose to about $973,000 after the rights issue, plus roughly $468,000 of Sundance shares. EP450 and EP456 expired on 31 December unrenewed, leaving only EP481 and EP482. Work program talks with the DMP and the search for new opportunities continue.
23 Dec 2016capital raising announcement▲ GoodMajor
The rights issue closed 20 December, raising $955,224. Shareholders took up only $83,542 and the shortfall offer $72,664, so Huizhou underwrote $799,018, about 84%. 238.8m shares are to be issued on 29 December. Funds are for working capital and reviewing opportunities.
What it means for a shareholder
239m new shares at about A$0.004 to raise about A$955,224. That's 25% dilution: every existing holder's slice gets 25% smaller. If you held A$1,000 of shares (249,994 at the issue price), your slice goes from 0.0349% to 0.0262% of the company. To keep it you'd need 83,329 more shares - about A$333 at the issue price.
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2 Dec 2016capital raising announcement● Neutral
Letter to eligible shareholders on how to take up the rights issue at 0.4c per share, with offers closing 20 December 2016. It restates the terms and the shortfall offer; those who do nothing are diluted.
2 Dec 2016capital raising announcement● Neutral
Notice to shareholders with registered addresses outside Australia and New Zealand that they are ineligible for the rights issue. They need take no action and will be diluted.
1 Dec 2016capital raising announcement● Neutral
Letter to optionholders on the rights issue: options give no entitlement unless exercised before the 6 December record date. It states the underwriter's fee of 4% of funds raised and about 716.4m shares on issue after the offer.
30 Nov 2016capital raising announcement● Neutral
Prospectus for the $955,224 rights issue (1-for-2 at 0.4c), underwritten by Huizhou. It formalises the terms already announced. The text provided is truncated, so no further detail is available.
30 Nov 2016capital raising announcement● NeutralMajor
Launches a 1-for-2 non-renounceable rights issue at 0.4c per share to raise up to $955,224, fully underwritten by Huizhou, an entity controlled by Chairman Song. This is the long-delayed rights issue, now at a 25% discount to the 30-day VWAP; it issues 238.8m shares. Non-participants are diluted.
What it means for a shareholder
239m new shares at about A$0.004 to raise about A$955,224. That's 38% dilution: every existing holder's slice gets 38% smaller. If you held A$1,000 of shares (249,994 at the issue price), your slice goes from 0.0647% to 0.04% of the company. To keep it you'd need 154,591 more shares - about A$618 at the issue price.
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28 Nov 2016agm notice● Neutral
Results of annual general meeting: all six resolutions passed, including the election of directors Zhang, Song, Liu and Han and the 10% placement capacity. The remuneration report drew 880,838 votes against and 16.7m abstentions.
28 Oct 2016quarterly activities report▼ Bad
September quarter: cash fell to about $46,000, plus roughly $500,000 of Sundance shares. EP450 and EP456 are not expected to be renewed at 31 December expiry, and the four permit applications were withdrawn. The $1m rights issue is expected in November, pending Chinese approvals.
23 Sept 2016annual report● Neutral
2016 annual report says cash was dangerously low by November 2015 before Huizhou's $914,000 placement, and the rights issue (up to ~$1m) has not proceeded because of weak markets. Three permits dropped; other business opportunities are being reviewed. Financial statements are not in the text provided.
23 Sept 2016annual report● Neutral
Administrative filing: Appendix 4G says the corporate governance statement is in the 2016 annual report (pages 20-25) and on the company website. No new business information in the text provided.
23 Sept 2016director officer appointment● Neutral
Phil Thick, a director since 2012 and Managing Director from 2013 to July 2016, resigned as non-executive director with immediate effect, earlier than the 31 October 2016 date flagged in July. His final notice shows 1,799,096 shares plus 1,200,000 held via family fund.
16 Sept 2016other● Neutral
Administrative notice: 4,500,000 performance rights and 725,000 retention rights expired unexercised on 14 September 2016. No cash raised.
12 Sept 2016director officer appointment▼ BadMajor
Leadership turns over: Bruce Li Hua becomes Managing Director and Company Secretary, Zhang Dongbo joins the board, and Chairman Arthur Dixon and Thick resign. Song Hui (Huizhou) is chairman. Huizhou's review leads to EP481 and EP482 not being renewed. Rights issue approvals are still being finalised.
8 Aug 2016director officer appointment● Neutral
Executive director Sam Willis resigns after eight years, since the 2008 listing. Board is now five non-executive directors; the search for an executive to lead growth continues.
29 July 2016quarterly activities report● Neutral
June quarter: cash $248,000 plus Sundance shares worth ~$415,000. The rights issue is awaiting Chinese regulatory and government approvals. Thick's resignation noted and a replacement is being sought; four permits remain under DMP discussion.
6 July 2016director officer appointment● NeutralMajor
Managing Director Phil Thick resigns effective 31 July 2016 to pursue other business, staying as non-executive director until 31 October 2016. The board will search for a replacement to pursue growth opportunities in oil and gas and other areas.
28 Apr 2016quarterly activities report● Neutral
March quarter: cash $218,000, rising to $464,000 after a $246,000 R&D tax refund. The rights issue timing is still under discussion with Huizhou, given the oil price. 2.778m Sundance shares are worth about $540,000; the four permits are still under DMP discussion.
4 Apr 2016other● Neutral
Administrative notice: 2,000,000 unlisted options (1,000,000 each at $0.40 and $0.50) expired unexercised on 2 April 2016. No cash raised.
15 Mar 2016half year report● Neutral
Half-year report to 31 December 2015 restates the Sundance sale closing and the lapse of EP417, EP443 and EP450, leaving four permits under DMP discussion. Financial statements are not in the text provided.
27 Jan 2016quarterly activities report● NeutralMajor
December quarter: cash $634,000, no debt. Three Canning permits (EP417, EP443, EP450) were allowed to lapse; EPs 451, 456, 481 and 482 are kept, under DMP discussion. Rights issue timing is still being discussed and is now expected to raise up to $1m.
4 Jan 2016other● Neutral
New Standard let its OTCQX listing lapse and is now on the OTC Pink market in the US from 4 January 2016. The company links this to the sale of its US assets and its focus on Western Australia.
4 Jan 2016other● Neutral
Administrative notice: 750,000 performance rights and 500,000 retention rights expired unexercised on 31 December 2015. No cash raised.
16 Dec 2015director officer appointment● Neutral
Huizhou nominees Song Hui (its founding director) and Liu Xiaofeng (its chief geologist) join as non-executive directors, using the board rights from the placement. Huizhou's influence over the company grows.
14 Dec 2015other● Neutral
Administrative notice: 600,000 unlisted options (300,000 at $0.39 and 300,000 at $0.44) expired unexercised on 12 December 2015. No cash raised.
1 Dec 2015capital raising announcement▲ GoodMajor
Huizhou placement completed: 91,442,400 shares issued at 1c, raising about $914,000 and lifting shares on issue to 477.6m, with Huizhou at 19.15%. Huizhou can appoint up to two directors; six-month standstill applies. Resolves the 24 November agreement.
What it means for a shareholder
91.4m new shares at A$0.010 to raise about A$914,000. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0259% to 0.0209% of the company. To keep it you'd need 23,679 more shares - about A$237 at the issue price.
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25 Nov 2015investor presentation● Neutral
AGM presentation repeats the Huizhou plan: $914k placement plus a rights issue of up to ~$1.6m, with Huizhou helping find a farm-in partner. Says overheads were cut over 70% and staff over 90%; field work possible in 2016. No new transactions.