Rights issue closed with acceptances for only 4,319,979 of 80,474,259 new shares; the underwriters will take up the 76,154,280-share shortfall. Total raised is $6,035,569 before costs. Very little take-up by ordinary shareholders, so the underwriters supply nearly all the money.
What it means for a shareholder
80.5m new shares at about A$0.075 to raise about A$6.0m. That's 22% dilution: every existing holder's slice gets 22% smaller. If you held A$1,000 of shares (13,333 at the issue price), your slice goes from 0.00473% to 0.00368% of the company. To keep it you'd need 3,810 more shares - about A$286 at the issue price.
Reminder that the 2-for-5 rights issue at 7.5c closes at 5pm on 3 April 2013, with BPay available. Repeats known terms and use of funds; no new information.
4 Mar 2013capital raising announcement● NeutralMajor
Fully underwritten 2-for-5 rights issue at 7.5c to raise $6m, with a 4% underwriting fee. Funds are for the South Sumatra pilot ($5.5m of a $8m budget) and East Africa exploration. Underwriters are existing shareholders, RBS Morgans and Republic Investment Management. This is cheaper than the 9c issue of December 2011.
Formal offer document for the 2-for-5 rights issue at 7.5c to raise about $6.0m, fully underwritten, closing 3 April 2013. Rights are non-renounceable and cannot be traded. Repeats the terms announced the same day.
3 Feb 2012capital raising announcement● NeutralMajor
Rights issue closed with only 26.76m of 57.41m shares taken up (about 47%). The underwriters must place the 30.6m shortfall, so the full $5.17m is raised. Low take-up by existing holders means the underwriters absorb much of the new stock.
The $1.7m placement of 18,720,712 shares at 9c announced on 6 December is completed, with Calibre Investments as manager. This finishes the first half of the $6.9m raising; the rights issue is still open.
What it means for a shareholder
18.7m new shares at A$0.090 to raise about A$1.7m. That's 9.0% dilution: every existing holder's slice gets 9.0% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00536% of the company. To keep it you'd need 1,103 more shares - about A$99 at the issue price.
Prospectus for the rights issue announced 6 December: up to 57.4m new shares at 9c, 2 for 5, raising about $5.2m, fully underwritten. Offer closes 31 January 2012. Documents the already announced raising, with risk factors.
What it means for a shareholder
57.4m new shares at A$0.090 to raise about A$5.2m. That's 23% dilution: every existing holder's slice gets 23% smaller. If you held A$1,000 of shares (11,111 at the issue price), your slice goes from 0.00589% to 0.00452% of the company. To keep it you'd need 3,381 more shares - about A$304 at the issue price.
6 Dec 2011capital raising announcement● NeutralMajor
Raises $6.9m at 9c per share: a $1.7m placement of 18.7m shares plus a fully underwritten 2-for-5 rights issue for $5.2m. Priced well below the 51c raising of March 2011. Funds go to Sumatra drilling and Tanzania. Underwriters Aspac, Farjoy and Calibre.
Public offer price cut again, from 56c to 51c, so the same $9m now needs 17,647,059 shares. Ten million piggyback options were exercised at 20c, raising $2m. Total shares on completion would be 114,804,751.
Minimum subscription of $9m not met, so no shares issued. Offer close extended to 24 February 2011; the company intends to seek a further ASX waiver and to vary the Indon CBM sale agreement so completion occurs by 30 April 2011.
The $9m offer was not fully subscribed, so shares were not issued by the 31 December 2010 waiver deadline. The company is considering a further ASX waiver to complete the Indon CBM acquisition and the raise.
Supplementary prospectus extends the offers' close to 15 November 2010, with new shares trading from 25 November. Underwood keeps 3.75m options and 2.5m lapse. The 4-for-1 consolidation is done, leaving 47.2m shares; 103.2m after the offers.
Prospectus lodged for the $9m raise at 56 cents per share, cut from the 64 cents first intended because of prevailing market conditions. Offer closes 27 August; acquisition completion and trading restart are targeted for 7 and 9 September 2010.
13 Aug 2010capital raising announcement● NeutralMajor
Prospectus offers 16,071,428 new shares at 56 cents to raise $9m, plus 40m shares to Indon CBM vendors. Both offers depend on shareholder approval of the acquisition and consolidation, and ASX re-compliance. The price is below the 64 cents first flagged.
1 June 2010capital raising announcement● NeutralMajor
Confirms the $19.2m Indon CBM purchase for 160m shares (40m after a planned 4-for-1 consolidation). Plans a roughly $8m raise of 12.5m post-consolidation shares at 64 cents (16c pre-consolidation). Shares will be suspended after the approval meeting until ASX re-compliance.
24 Dec 2009capital raising announcement▲ GoodMajor
Transocean Securities has underwritten the full $5m General Offer of 50m shares at $0.10, approved by shareholders on 25 November, for a 6% commission plus underwriter options. Gives Indon CBM funding certainty. Indon CBM resource estimates are given: Rengat 1.2 TCF, Tarakan 0.7 TCF.
The convertible loan facility is fully raised at $3.5m, up from $2.25m committed in July. 66m shares issued at $0.05 now; the other 4m go to related parties and need approval at the AGM. Resolves the earlier fundraising thread.
27 July 2009capital raising announcement● NeutralMajor
Convertible loan commitments reach $2.25m, with up to $3.5m targeted, convertible at $0.05. A fully underwritten $5.05m offer is also proposed, of 50m shares at $0.10 and 50m options. Votes are at a 27 August 2009 meeting. Funds are for Indon CBM.
21 May 2009capital raising announcement● NeutralMajor
Company begins raising about $4m through convertible loans, convertible at $0.05 a share, up to 80m new shares if fully converted, subject to shareholder approval. Funds are for the Indon CBM projects. Indon CBM completion date is also extended to 30 September 2009.
24 Oct 2007capital raising announcement▲ GoodMajor
The shortfall under the entitlement issue closed, with 21,139,040 new shares and options to be issued. Total securities become 57,629,158 shares and 28,785,080 options. Resolves the open shortfall thread.
Supplementary prospectus: ASIC relief extends the entitlement offer's shortfall period, now closing 28 September 2007. Applications to date total $917,517 (229.4m pre-consolidation shares and options). Administrative extension of the existing raise.
15 June 2007capital raising announcement▼ BadMajor
The entitlement offer closed with acceptances for 227.7 million shares and options, raising $910,897, well short of the roughly $3.5m maximum. A shortfall offer is still open, with results to follow.
Prospectus for the entitlements issue: up to 865,300,136 new shares at 0.4 cents with a free option each, raising up to $3,461,200. Formal documentation of the already announced raise.
14 May 2007capital raising announcement● NeutralMajor
Shareholder letter on a 1-for-1 entitlement offer at 0.4 cents with a free option (0.66667c, expiring 1 June 2010) to raise up to about $3.5m, to seek oil and gas projects. A 1-for-30 share consolidation vote is set for 20 June 2007.
14 May 2007capital raising announcement● NeutralMajor
The company announces a non-renounceable 1-for-1 entitlement issue at 0.4 cents with a free attaching option, raising up to about $3.5m to evaluate oil and gas projects. Also flags a 1-for-30 consolidation meeting on 20 June 2007. Same terms as the shareholder letter.
27 July 2006capital raising announcement● NeutralMajor
The company agrees to place up to 50 million shares at 0.7 cents through Melbourne Capital to raise $350,000 for working capital, on a best-endeavours basis.
The share purchase plan closing date is extended to 31 March 2006, partly because shareholders had trouble reaching the company after its office address change. Other terms, including the $1.1 million target, are unchanged.
Offer booklet for the share purchase plan: parcels of $2,000 to $5,000 each, closing 17 March. It says the company is still awaiting the Indonesian letter of intent for the L Parigi gas project. Repeats the terms already announced.
16 Feb 2006capital raising announcement● NeutralMajor
The company offers a share purchase plan to all shareholders to raise up to $1.1 million, at the lesser of 1.1 cents or 80% of the post-close average price. Funds are for L Parigi offshore gas project costs and working capital.
