12 May 2023other● Neutral
MinRes confirmed its Norwest takeover bid closed on 29 April 2023 and attached its own shareholder distribution schedule and top-20 holders list. Administrative filing with no new Norwest information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2023registration revoked● NeutralMajor
Norwest was removed from the ASX official list at close of trading on 12 May 2023 after MinRes compulsorily acquired the remaining shares. This ends Norwest's listed life.
9 May 2023listing compliance notice● Neutral
ASX suspended Norwest shares from quotation at close of trading on 9 May 2023 under Listing Rule 17.4, after MinRes despatched compulsory acquisition notices. A step towards delisting.
2 May 2023business combination● NeutralMajor
MinRes said it holds over 90% of Norwest and over 75% of shares it offered for, so it will compulsorily acquire the rest on the same terms: one MinRes share per 1,300 Norwest shares. ASX suspension and removal from the official list follow.
28 Apr 2023quarterly activities report● Neutral
March quarter report: MinRes held 89.11% of Norwest by 27 April, near the 90% compulsory-acquisition threshold. Lockyer-2 was water-saturated and the operator chose to plug and abandon it rather than suspend. Cash was $8.904M; NED-1 spud expected shortly.
20 Apr 2023business combination● Neutral
Norwest lodged its second supplementary target's statement for the MinRes bid, attaching the Chairman's 18 April letter and earlier announcements (Lockyer-2 results, board changes). Mostly a compilation of known material; offer still closes 29 April 2023.
18 Apr 2023business combination▼ BadMajor
Chairman Myers reaffirms advice to accept, noting Lockyer-2 cut the northern potential gas area to about 11 km2. Cash was about $8.9 million at 31 March 2023 after takeover costs, so non-accepting minorities may face dilution if more capital is needed. MinRes may compulsorily acquire at 90%.
17 Apr 2023business combination● NeutralMajor
MinRes now holds 81.46% of Norwest, satisfying the acceptance facility condition, so accepting holders may elect tax rollover relief. Offer stays open to 29 April 2023 and the terms are best and final. Follows the Lockyer-2 water result.
12 Apr 2023drilling result▼ Bad
MinRes, as operator's parent, reports the same Lockyer-2 outcome: excellent but water-saturated Kingia reservoir at higher pressure than expected. The well is suspended and the rig moves to North Erregulla Deep-1. Duplicate of Norwest's announcement, without the 11 km2 figure.
12 Apr 2023drilling result▼ BadMajor
Lockyer-2 found excellent Kingia Sandstone but it is water-saturated, with aquifer pressure higher than expected. The free water line is now about 4,007m and the potential gas area about 11 km2, down from 102 km2. Lockyer resource potential is materially downgraded; NED-1 is next.
6 Apr 2023business combination● Neutral
MinRes set up an acceptance facility letting Norwest holders signal intent to accept without being bound unless MinRes reaches 80% via acceptances plus indications. Aimed at securing scrip-for-scrip tax rollover; offer still closes 29 April 2023.
6 Apr 2023other● Neutral
ASX paused trading in Norwest shares pending a further announcement. No reason is given in the notice itself; it follows Lockyer-2 drilling and precedes the 12 April results.
30 Mar 2023business combination● Neutral
MinRes extended its offer to 29 April 2023 and plans an acceptance facility to help reach 80% so holders may claim tax rollover relief. Terms unchanged: 1 MinRes share per 1,300 Norwest shares, best and final.
16 Mar 2023business combination● Neutral
MinRes extended its offer from 16 to 30 March 2023, repeating that it is unconditional and best and final, and notes its appointed directors now form a majority of Norwest's board. Procedural extension.
15 Mar 2023director officer appointment● NeutralMajor
With MinRes holding a majority (72.84%), Norwest appointed MinRes executives Mark Wilson and Yenna Ong as directors. Managing Director Iain Smith and director Bruce Clement resigned and Smith's services agreement was terminated. Ernie Myers stays as chairman.
15 Mar 2023half year report● Neutral
Half-year to 31 December 2022: net loss of $928,056 (vs $926,512). Lockyer area above the free water line was revised to 102 km2. Rococo 3D finished in early March; processed data due Q4 2023. Largely recaps known operations.
15 Mar 2023drilling spud● NeutralMajor
Lockyer-2, the appraisal well to test the Lockyer Deep-1 discovery's northern segment, spudded 15 March 2023. It is a downdip step-out; planned depth 4,451m TVDSS, about 35 days to reach.
8 Mar 2023drilling progress report▲ Good
The 385 km2 Rococo 3D seismic survey is finished, earlier than the early Q2 target. Ensign Rig 970 is at the Lockyer-2 site, with spud expected within a week and about 35 days to the 4,451m TVDSS target depth.
6 Mar 2023business combination● Neutral
MinRes's third supplementary bidder's statement repeats that the offer is best and final and discloses a 72.16% relevant interest (5.015 billion shares) as at 3 March 2023. Offer closes 16 March 2023. No new terms.
3 Mar 2023business combination● NeutralMajor
MinRes declares its offer best and final: 1 share per 1,300 Norwest shares will not be raised. It holds about 70%. It warns of lower liquidity and possible delisting for holders who do not accept, and notes possible tax rollover if it reaches 80%.
2 Mar 2023business combination● Neutral
MinRes extended its unconditional offer from 2 March to 16 March 2023 and restates that it has control of Norwest. Procedural extension; terms unchanged at 1 MinRes share per 1,300 Norwest shares.
24 Feb 2023business combination● Neutral
MinRes says it holds about 63% of Norwest and has declared a $1.20 fully franked interim dividend, payable 30 March 2023. Norwest holders must accept by 27 February 2023 to be eligible. Promotional nudge to accept; no change to offer terms.
20 Feb 2023business combination● Neutral
Norwest confirms MinRes holds 53.86%, enough to control the board, and the directors repeat their recommendation to accept the 1-for-1,300 offer before it closes 2 March 2023, to avoid being a minority holder. Follows the 17 February control notice.
17 Feb 2023business combination● NeutralMajor
MinRes secured control of Norwest, with voting power reaching 53.86% on 16 February 2023. The offer is automatically extended to 2 March 2023. MinRes will seek to appoint a majority of Norwest's directors; non-accepting holders become minority shareholders.
17 Feb 2023business combination● Neutral
Formal notice that MinRes's voting power passed 50% in the last seven days of the offer, so the offer automatically extends from 20 February to 2 March 2023. Procedural follow-up to the control announcement.
10 Feb 2023business combination● Neutral
MinRes notice confirms the offer is wholly unconditional and that its voting power in Norwest is 31.58%, up from the 19.9% it held before the bid.
31 Jan 2023business combination● Neutral
Norwest lodged its first supplementary target's statement formalising the board's changed advice: ACCEPT the revised 1-for-1,300 MinRes offer absent a superior proposal. It says no superior proposal has emerged and sets out reasons for and against accepting.
31 Jan 2023quarterly activities report● Neutral
December quarter report recaps the MinRes bid and revised offer and the Ensign rig contract. Lockyer-2 targets a 22 km2 northern segment; NED-1 targets an 80 km2 southern segment with 74% estimated chance of success. Rococo seismic acquisition is expected to finish early Q2 2023.
27 Jan 2023business combination● Neutral
MinRes's second supplementary bidder's statement confirms the revised 1-for-1,300 offer, unconditional, closing 20 February 2023, and the board's recommendation to accept. Earlier acceptors get the improved terms without a new form. No new terms.
25 Jan 2023business combination● Neutral
MinRes lodged formal notices implementing the revised offer: ratio improved from 1,367 to 1,300 Norwest shares per MinRes share, close extended to 20 February 2023, and the offer declared wholly unconditional. Legal formalities of the 24 January deal.