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.
24 Apr 2023quarterly activities report▼ Bad
Quarter to 31 March 2023: no exploration and no tenements held. Operating cash outflow was $146k; related-party payments about $35,000. Octanex says it will be delisted whether or not the Albers scheme proceeds, as it lacks adequate operations and financial condition.
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.
30 Jan 2023quarterly activities report▼ Bad
Quarter to 31 December 2022: all five tenements were surrendered, leaving no tenements. Restates the Albers privatisation proposal at $0.002 per share. Operating outflow was $114k, funded by $75k of borrowings; related-party payments about $32,000.
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.
27 Oct 2022quarterly activities report● Neutral
Quarter to 30 September 2022: work continues reviewing conceptual targets on the remaining five tenements. Operating cash outflow was $159k, offset by $200k of financing inflow. Related-party payments were about $201,000.
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.
29 July 2022quarterly activities report● Neutral
Quarter to 30 June 2022: repeats the strategic review and the relinquishment of about 70% of the tenements, leaving five (about 1,245 km2). Tenement table shows surrenders and withdrawn applications. Related-party payments were about $7,000. Cash figures are not visible in the 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.
31 Jan 2022quarterly activities report● Neutral
Quarter to 31 December 2021: two Hope Campbell licences were granted and reconnaissance lag sampling across Sefton is complete, with a peak of 5 ppb gold. WorldView-3 imagery arrived; data review is under way, including rare earth and lithium potential. Ascalon permit year 6 ends February 2022.
26 Nov 2021agm notice● Neutral
AGM results: all three resolutions carried, including the 10% placement capacity (99.8% for) and Willis's re-election. The remuneration report passed with about 20.9% of votes against. The director options vote is not mentioned in the text.
22 Nov 2021agm notice● Neutral
Virtual meeting guide for the 26 November 2021 AGM, held online only because of COVID restrictions, with proxy deadline 24 November. No company presentation; administrative only.
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.
29 Oct 2021quarterly activities report▼ Bad
Appendix 5B for September 2021 quarter: cash fell from $700k to $384k, with $258k spent on exploration and no financing. The company reports about 1.3 quarters of funding and says spending should fall now the field season is finished.