1 Feb 2013other● Neutral
Appendix 3B for 150,666 existing unquoted shares moved from the Canadian register to quoted CDIs on the Australian register. No new money raised; administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2013other● Neutral
Rights issue shares (645.8m) and options were allotted, lifting quoted shares to 1,506,767,567. Top 20 holders listed. Administrative; share count roughly 1.75 times the pre-offer level.
16 Jan 2013capital raising announcement● NeutralMajor
Rights issue closed with 88.5% take-up (571.8m of 645.8m shares); the underwriter takes the 74.0m shortfall. A further 200m-share placement at the same 0.2c price raises $400,000, bringing the total raised to over $1.9m before costs.
What it means for a shareholder
646m new shares at about A$0.0029 to raise about A$1.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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3 Jan 2013other● NeutralMajor
Company starts a strategic review, expected to take about 3 months, to seek third-party interest in its current assets and other opportunities. It says over 30% of operating costs are cut, saving at least $1.7m a year. Review was prompted by major shareholders.
27 Dec 2012annual report▼ Bad
Annual report to 30 September 2012. Chairman says the market is abandoning pure geothermal plays, which could threaten the company's survival, so it must broaden into other energy, drawing on its North American oil and gas interests. DJ Carmichael is helping raise about $1.5m.
21 Dec 2012security holder rights change● Neutral
10m unquoted options (exercise price $0.06) expired and the Managing Director's 40m performance rights were cancelled because the board says their KPIs can no longer be met. Shares on issue stay at 861,010,038 before the rights issue.
14 Dec 2012security holder rights change● Neutral
Letter to shareholders outside Australia and New Zealand: they are not eligible for the rights issue, and DJ Carmichael is appointed nominee to sell their entitlements and pay over net proceeds. Administrative.
14 Dec 2012security holder rights change● Neutral
Letter to eligible Australian and New Zealand shareholders on the 3-for-4 rights issue at $0.002, up to about $1.29m, underwritten by DJ Carmichael. Sets out the timetable, with the offer closing 11 January 2013. Repeats known terms; administrative.
13 Dec 2012capital raising announcement● Neutral
Full prospectus for the rights issue: up to about $1.29m at $0.002 per share, 645.8m new shares on top of 861m on issue. Closing date is 11 January 2013. Repeats the announced terms in detail.
13 Dec 2012security holder rights change● Neutral
Sample letter telling option holders they must exercise options by the 21 December 2012 record date to take part in the rights issue. Funds are for Copahue, working capital and new ventures. Administrative.
13 Dec 2012capital raising announcement● NeutralMajor
Rights issue prospectus lodged: 3 new shares for every 4 held at 0.2c, with free options, fully underwritten by DJ Carmichael. The board says market interest in Australian geothermal is inadequate for a purely geothermal asset base, so it is broadening its energy mix.
3 Dec 2012other● Neutral
ASX lifts the suspension following receipt of the capital raising announcement. Administrative notice only.
3 Dec 2012capital raising announcement▼ BadMajor
Placement of 110m shares at 0.2c raises $220,000, plus a fully underwritten 3-for-4 rights issue at 0.2c raising $1.35m, underwritten by DJ Carmichael; total about $1.57m. This is a far lower price than the August 1c placement, and the company calls it a broadened direction.
What it means for a shareholder
110m new shares at A$0.002 to raise about A$220,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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29 Nov 2012other● Neutral
Suspension extended to 3 December. A $1.5m raising is being finalised with a stockbroker, who is awaiting firm commitments. Administrative.
26 Nov 2012other● Neutral
Suspension extended to 29 November. Company is finalising an integrated funding solution backed by a recognised Australian brokerage. Administrative.
22 Nov 2012other● Neutral
Suspension extended again to 26 November. Company is negotiating an underwriting agreement for a proposed capital raising and a new funding facility. Administrative.
19 Nov 2012other▼ BadMajor
Suspension extended. Review concluded that energy exposure should be broadened, so geothermal exposure is likely to shrink over 12 months. Company is negotiating a new funding facility to recapitalise the business.
15 Nov 2012other▼ BadMajor
Shares suspended at company request pending the result of a major review of operations and funding requirements. Announcement expected by 19 November 2012.
23 Oct 2012material agreement● Neutral
MidOil USA appointed as corporate advisor to help with growth plans and compete for investor funds. No fees, funding or terms disclosed. Follows the July hiring of a corporate finance group for a strategic review.
16 Oct 2012other● Neutral
Escrow on 10 million shares ends 26 October 2012. Issued capital will be 751,010,038 quoted shares, plus 48.2m unquoted options and 40m performance rights. Administrative notice.
12 Oct 2012regulatory community update▲ Good
Regional Manager met Argentina's federal infrastructure minister and mining secretary, who the company says expressed strong support for its geothermal projects. No permit, funding or contract resulted.
10 Oct 2012drilling scheduled● Neutral
Copahue gravity and magnetotelluric survey tenders have been received and are being assessed, with start targeted for end of 2012. Contractor and start date are promised by end of October. Continues the tender noted earlier.
5 Oct 2012material agreement▲ Good
Company says it is likely to sign a Letter of Intent for a 20MWe power purchase agreement in Argentina, with the buyer unnamed. This would lift announced demand to about 110MWe. Not yet signed, and non-binding.
2 Oct 2012material agreement▲ Good
Agreement with local company GeoEnergia Argentina to evaluate the Los Molles and Peteroa projects in Mendoza province, extending the company beyond Copahue. Copahue's geophysical survey is out to tender, due to start around year-end.
30 Aug 2012other● Neutral
Responds to an ABC report on Australian geothermal, agreeing it is not a short-term option here. It argues its Argentine strategy offers faster development, and restates the funding mandates and the 264MWe Copahue resource. No new information.
10 Aug 2012investor presentation● Neutral
Corporate presentation repeats known facts: 744m shares, 1.2c share price, about $8m market cap, $670,000 cash, no debt. It targets first geothermal power by end-2013, with the CIFI preference raising sought in Q4 2012.
7 Aug 2012other● Neutral
ASX lifts the suspension and shares resume trading after the capital raising announcement. Administrative notice only.
7 Aug 2012capital raising announcement▼ BadMajor
Placement raised $670,000 at 1c per share, with one 4c three-year option for every two shares. Directors will underwrite up to $73,000, subject to shareholder approval. An underwritten rights issue is being considered. The US$30m preference raising is said to be proceeding.
6 Aug 2012other● Neutral
Suspension extended another 24 hours. The company has commitments for the full placement amount but is waiting for all subscription forms before resuming trading. Administrative.
1 Aug 2012other● Neutral
Voluntary suspension extended a further 72 hours while the placement of up to 101m securities (15% of capital) is completed. Investors asked for more time to deliver funds and forms. Administrative extension.