Each one in plain English, with the numbers worked through for a shareholder.
15 June 2012capital raising announcement● NeutralMajor
Share Purchase Plan offers eligible shareholders up to $15,000 each at 5c, to raise up to $5m (100m shares), closing 13 July. Funds go to exploration and working capital. Follows the November 2011 raising at 3c.
What it means for a shareholder
100m new shares at about A$0.050 to raise about A$5.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00229% to 0.00205% of the company. To keep it you'd need 2,288 more shares - about A$114 at the issue price.
The frac equipment is delayed again to mid-July by Cooper Basin weather. The CEO says this exposes Norwest to cost overruns and cost it the expected $10m from the 10c options expiring 30 June, hence the 5c, $5m share plan. Directors will take up their entitlements.
Rights issue completed with 97.13m shares allotted, bringing shares on issue to about 874.2m. Completes the November raising of about A$4.18m at 3c. Top 20 holders own 19.7%.
What it means for a shareholder
97.1m new shares at about A$0.043 to raise about A$4.2m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (23,237 at the issue price), your slice goes from 0.00266% to 0.00239% of the company. To keep it you'd need 2,582 more shares - about A$111 at the issue price.
The entitlement issue closed with only 30.58m shares taken up by shareholders. The 66.54m-share shortfall (about 69% of the offer) falls to underwriter Patersons, so the A$2.9m is still raised.
Formal offer of the 1-for-8 entitlement at 3c, raising up to about A$2.91m, fully underwritten by Patersons. Funds go to Arrowsmith-2 stimulation, North Erregulla 3D, UK Wessex 2D seismic and SPA-0013 over four months; about 70% of proceeds are earmarked. Text truncated.
Cleansing notice confirming the 42.5m-share placement at 3c to Patersons clients was completed, raising A$1.275m. Administrative follow-up to the 9 Nov raising.
Appendix 3B for the 42.5m-share placement at 3c, to fund exploration and working capital. Shares on issue rise to about 775.1m. Administrative paperwork for the previously announced placement; text truncated.
Letter details the 1-for-8 entitlement at 3c to raise up to A$2.91m, underwritten by Patersons (5% fee plus A$60k). Confirms the A$1.275m placement and 1.85m shares issued for services. Closes 9 Dec; about 777m shares on issue before the offer.
Cleansing notice for 1,854,455 shares issued at 3c, which the 10 Nov letter says pay for services rather than raising cash. Part of the November 2011 raising; administrative.
9 Nov 2011capital raising announcement● NeutralMajor
Norwest is raising about A$4.18m at 3c a share: a A$1.275m placement of 42.5m shares plus a Patersons-underwritten 1-for-8 entitlement issue of about 97.1m shares. Directors will sub-underwrite up to A$300,000. Priced below the 4.4c raising of December 2010.
Options issue closed: 48,130,291 options, the shortfall, were taken up by the directors' underwriters, who therefore took roughly 46% of the 104,587,252 offered. The issue raised A$784,404, completing the funding announced on 29 December.
Notice to existing optionholders that they must exercise options by 18 January 2011 to join the options issue. Administrative; terms and dates match earlier announcements.
Prospectus for the underwritten 1-for-7 options issue: 104,587,252 options at 0.75c to raise up to A$784,404. Options exercisable at 10c to 30 June 2012; exercising by 30 September 2011 brings a free 20c option to 2013. Formal document for the 29 Dec raise.
Notice to overseas shareholders that the options issue is not extended to them; it is open only in Australia and New Zealand. Administrative, no new business information.
Letter to shareholders on the options issue: record date 19 January, offer closes 11 February, allotment 21 February. Shares on issue 732,110,761. Funds go to working capital. Administrative restatement of known terms.
29 Dec 2010capital raising announcement● NeutralMajor
A$2m raising: placement of 28.4m shares at 4.4c for A$1.25m (36% below the 6c close), plus about 104.5m options at 0.75c (1 for 7), underwritten by directors, for about A$784k. Options exercisable at 10c to June 2012. Funds Australian and UK exploration and working capital.
What it means for a shareholder
28.4m new shares at A$0.044 to raise about A$1.3m. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held A$1,000 of shares (22,727 at the issue price), your slice goes from 0.00323% to 0.0031% of the company. To keep it you'd need 917 more shares - about A$40 at the issue price.
The Share Purchase Plan closed with 114.4m shares taken up at 2.6c, raising A$2.975m, below the A$4.58m maximum. Bharat farm-in documents are expected to be signed in Perth in mid-September.
What it means for a shareholder
114m new shares at A$0.026 to raise about A$3.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00548% to 0.00471% of the company. To keep it you'd need 6,270 more shares - about A$163 at the issue price.
The unnamed farminee has cleared its internal approvals, but documents are not expected to be signed for at least two to three weeks. The Share Purchase Plan closing date moves from 20 August to 3 September 2010.
Covering letter inviting eligible shareholders to buy A$5,000-15,000 of shares at 2.6c under the Share Purchase Plan, closing 20 August 2010. Repeats the announced terms; no new information.
28 July 2010capital raising announcement● NeutralMajor
Norwest offers a Share Purchase Plan of up to 176m shares at 2.6c (up to A$4.58m), a 9.1% discount, for UK and Australian exploration and bridging funding of TP/15 and EP413. This follows the earlier 2.3c placement. Farm-out talks remain advanced but unsigned.
What it means for a shareholder
176m new shares at A$0.026 to raise about A$4.6m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (38,462 at the issue price), your slice goes from 0.00655% to 0.00504% of the company. To keep it you'd need 11,526 more shares - about A$300 at the issue price.
Standard terms and conditions of the Share Purchase Plan: 2.6c per share, A$5,000-15,000 per holder, maximum 176,183,575 shares, non-renounceable. Administrative document with no new information.
15 Feb 2010capital raising announcement● NeutralMajor
Norwest plans a placement of up to 56.575m shares at 2.3c to raise up to A$1.3m, managed by Patersons. Funds will pay for the Victoria Petroleum assets, Perth Basin and Wessex Basin exploration and working capital.
What it means for a shareholder
56.6m new shares at A$0.023 to raise about A$1.3m. That's 9.6% dilution: every existing holder's slice gets 9.6% smaller. If you held A$1,000 of shares (43,478 at the issue price), your slice goes from 0.00819% to 0.0074% of the company. To keep it you'd need 4,635 more shares - about A$107 at the issue price.
The rights issue closed 3 September with eligible shareholders taking only 92.9m shares. The underwriter took up the 117.8m-share shortfall, so the full A$2.63m at 1.25c is secured. This completes the raising launched on 31 July.
Prospectus for the underwritten rights issue: 2 new shares for every 3 held at 1.25c, up to 210.7m shares and A$2,633,768, with Patersons as lead manager and underwriter. Formal document for the 31 July announcement; no new terms in the readable text.
31 July 2009capital raising announcement▲ GoodMajor
Norwest announced a fully underwritten 2-for-3 rights issue at 1.25c, up to 210.7m shares raising A$2,633,768, underwritten by Patersons. Funds go to exploration in Australia and the UK plus working capital. It closes 3 September 2009.
What it means for a shareholder
211m new shares at about A$0.0125 to raise about A$2.6m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held A$1,000 of shares (79,999 at the issue price), your slice goes from 0.0253% to 0.0152% of the company. To keep it you'd need 53,333 more shares - about A$667 at the issue price.
Norwest confirms the A$911,689 share purchase plan is finalised, heavily oversubscribed, with refunds to be sent on 26 May 2009. Administrative confirmation of the earlier closing notice.
The share purchase plan (up to A$911,689 at 1.25c) closed heavily oversubscribed, so applications will be scaled back proportionately and refunds sent. Refunds are delayed by a registry BPAY problem. This resolves the open SPP thread.
Share purchase plan offers existing shareholders up to A$5,000 each at 1.25c per share, raising up to A$911,689 from 72.9m shares. Closes 1 May 2009. The price is about 17% below the last close of 1.5c.
What it means for a shareholder
72.9m new shares at about A$0.0125 to raise about A$911,689. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (79,961 at the issue price), your slice goes from 0.0329% to 0.0253% of the company. To keep it you'd need 23,977 more shares - about A$300 at the issue price.
Terms and conditions for the share purchase plan: 1.25c per share, minimum A$1,000 (80,000 shares) and maximum A$5,000 (400,000 shares), capped at A$911,689 with scale-back if oversubscribed. Terms only; no new information.
