6 June 2023registration revoked● NeutralMajor
ASX removed Octanex from the official list at close of trading on 6 June 2023, at the company's request, after the Albers scheme became effective. Octanex is no longer listed, ending its ASX history.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
6 June 2023business combination● NeutralMajor
The Supreme Court of Victoria approved the scheme and the orders were lodged with ASIC, making it legally effective. Albers and associates acquire 100% of Octanex. Non-associated holders are due $0.002 per share on 14 June 2023; delisting follows.
23 May 2023business combination● NeutralMajor
Shareholders approved the Albers scheme, with 96.13% of votes cast in favour; Albers and associates did not vote. Court approval is set for 5 June, and the board will seek delisting from the effective date. Payment of $0.002 per share is expected 14 June 2023.
19 Apr 2023business combination● Neutral
Scheme booklet, proxy forms and payment-by-EFT instructions were mailed to shareholders after court orders and ASIC registration. Proxies are due by 10am on 21 May 2023 for the 23 May meeting on Albers' $0.002-per-share buyout. Procedural step; no new terms.
17 Apr 2023business combination● NeutralMajor
Supreme Court of Victoria ordered a scheme meeting for 23 May 2023. The independent expert found the $0.002-per-share scheme fair and reasonable. Court approval is targeted for 5 June, with payment on about 14 June 2023.
28 Mar 2023director officer appointment● Neutral
Director Rae Clark became company secretary, replacing Rob Wright, who had been secretary and CFO. Administrative change.
16 Mar 2023security holder rights change● Neutral
Notice that 7.5 million unlisted options (exercise price 7.5 cents) expire 30 April 2023, with exercise by 28 April. The last share price was 0.6 cents, so the options are far out of the money (inference). Shares were suspended on 16 March.
16 Mar 2023listing compliance notice▼ BadMajor
ASX suspended Octanex shares from 16 March 2023 pending compliance with Listing Rule 19.11A(b), relating to a disclaimer conclusion by the auditor in its review of the half-year report. Shareholders cannot trade until resolved.
15 Mar 2023half year report▼ Bad
Half-year to 31 December 2022: loss of $679,294 versus $5,382,277 a year earlier. All tenements were relinquished and no shares or options were issued. The Albers scheme is described as a subsequent event. The auditor's review conclusion is not shown in the text.
20 Jan 2023business combination▼ BadMajor
Albers proposes a scheme of arrangement paying non-associated shareholders $0.002 cash per share (about $207,000 total). Independent directors recommend it subject to an independent expert; Sabah (15.7%) intends to vote in favour. Meeting expected late April 2023; company has a shareholder funds deficiency of about $682,000.
6 Dec 2022other● Neutral
ASX temporarily paused trading in Octanex pending a further announcement. The reason is not stated; a company update was released the same day.
6 Dec 2022business combination▼ BadMajor
Chairman Geoff Albers, whose group holds about 60.02%, intends to propose privatising Octanex by buying out other shareholders; price not yet set. Octanex has no exploration assets and owes $760,069 to the Albers Group and employees, with more borrowing expected.
25 Nov 2022asset acquisition disposition▼ BadMajor
After reviewing the conceptual targets, Octanex decided to relinquish all its remaining East Yilgarn tenements. This reverses the July 2022 plan to keep five licences and ends the company's gold exploration effort.
15 Nov 2022admin correction● Neutral
Octanex re-lodged its FY2022 Appendix 4G on 15 November 2022, marking the website URL as the location of its corporate governance statement. The statement was still stated as accurate as at 24 October 2022; the filing was administrative with no operational content.
24 Oct 2022annual report▼ Bad
Annual report for year to 30 June 2022. The chairman says no aircore/RAB targets were defined, about 70% of tenements were relinquished, funds are limited and the company is 'considering all options for shareholders'. Five tenements (~1,245 km2) were still held at 13 Oct 2022.
24 Oct 2022admin correction● Neutral
Appendix 4G corporate governance checklist for FY2022, pointing to the website governance statement. Administrative filing with no operational or financial information.
29 Sept 2022annual report● Neutral
Annual report for the year to 30 June 2022 repeats the East Yilgarn review: four lag sampling programs peaked at 5 ppb gold, about 70% of tenure is being relinquished, and WA-407-P (Ascalon) ended during the year. Financial figures are not visible in the readable text.
26 July 2022asset acquisition disposition▼ BadMajor
A strategic review downgraded earlier 'major structures' and anomalous gold results and found no support for rare earth or lithium prospectivity. Octanex will relinquish about 70% of its ~3,900 km2 tenements, keeping five totalling ~1,245 km2. This contradicts the earlier optimistic Sefton story, and the planned 2022 drilling is not mentioned.
29 Apr 2022director officer appointment● Neutral
Datuk Kevin How Kow, the Sabah International Petroleum representative on the board since 2014, resigned on 29 April 2022. The board is now Albers, Clark and Willis. The company says it has moved wholly away from oil and gas.
28 Apr 2022quarterly activities report● NeutralMajor
Quarter to 31 March 2022: Ascalon permit WA-407-P expired on 18 February 2022 because Octanex did not seek renewal, citing high technical and economic risks and its minerals focus. This closes the Ascalon gas thread; the company now works on integrated data review at Sefton.
11 Mar 2022half year report▼ Bad
Half-year to 31 December 2021: consolidated loss of $5,382,277 versus $119,579 a year earlier. The text shown does not explain the jump. Sefton 80% and Hope Campbell 100% are unchanged, and the board is unchanged.
16 Nov 2021other● Neutral
JobKeeper disclosure notice: Octanex received $49,500 for three individuals in FY2021 and nothing in FY2020, and has made no repayments. Administrative notice with no operational impact.
8 Oct 2021other● Neutral
Appendix 4G corporate governance statement for the year to 30 June 2021, pointing to the company website. Administrative filing with no new operational or financial information.
29 Sept 2021annual report● Neutral
Annual report for year to 30 June 2021. The chairman says the company has shifted from offshore petroleum to gold and base metals, citing negative sentiment toward carbon fuels. Five Sefton licences (2,105 km2) are granted and Octanex is earning 80%. Financial figures not visible in the readable text.
15 Sept 2021drilling progress report● Neutral
A third lag sampling campaign has begun at Sefton, expected to take about three weeks, covering unsampled areas and infill around known anomalies. Results will help design aircore/RAB drilling. No new results.
12 Aug 2021drilling result▲ GoodMajor
Second-round lag sampling at Sefton found peak gold of 5 ppb, 31 samples above 1 ppb and ten above 1.5 ppb, extending anomalism along about 10 km of strike. Octanex is planning shallow aircore/RAB drilling in 2022. These are low-level surface anomalies, not a discovery.
7 July 2021farm in farm out completion▲ GoodMajor
Octanex has earned its 65% of Sefton by funding $500,000 and elected to earn a further 15% (80% total) by spending $225,000 and issuing 1,153,846 shares to Reindler. This advances the Reindler agreement; further lag results are due August 2021.
1 June 2021regulatory community update▲ Good
Two more Sefton licences (E38/3417 and 3418) were granted, so five licences now cover about 2,105 km2, with 480 km2 still under application. Octanex also applied for three licences (1,357 km2) called Hope Campbell, southeast of Sefton.
18 May 2021drilling progress report● Neutral
A second lag sampling program began at Sefton, expected to take about three weeks. It covers untested ground and infill around the six known gold anomalies. No new results yet.
5 May 2021capital raising announcement▲ GoodMajor
Octanex raised $750,000 from a placement of 15M shares at 5 cents, with one free option for every two shares (7.5c, expiring April 2023). Funds go to Sefton exploration. Shares on issue rise to 257.8M, following the cash of $311k at March.
What it means for a shareholder
15.0m new shares at A$0.050 to raise about A$750,000. That's 5.2% dilution: every existing holder's slice gets 5.2% smaller. If you held A$1,000 of shares (20,000 at the issue price), your slice goes from 0.00733% to 0.00695% of the company. To keep it you'd need 1,100 more shares - about A$55 at the issue price.
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