Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2011financial restatement● Neutral
Restated 2010 annual report (covering 2008-2010) filed for the Canadian listing. The chairman's statement recounts the shift to 'New Energy' and the Copahue and Fiale projects. The extract shows no new results.
30 Dec 2011financial restatement● Neutral
Restated 2008 financial statements filed to meet Canadian listing requirements, supporting the TSXV listing plan. The extract shows no new figures.
30 Dec 2011annual report● Neutral
Annual report for the year to 30 September 2011, audited by Grant Thornton. The chairman lists the year's milestones: IDB mandate, offtake letters, resource upgrade above 150% and board reduction. Describes it as a year of consolidation.
22 Dec 2011debt financing▲ Good
IDB's US$86m syndication is in due diligence, with bookbuild expected early 2012 and close in first half 2012. A further roughly US$60m 'hybrid' facility is being marketed, and strategic placements at a premium are possible. Nothing is committed.
14 Dec 2011security holder rights change● Neutral
10,000,000 unquoted options issued under an employment agreement lapsed and were cancelled. Quoted CDIs are 576,218,676. Minor housekeeping that slightly reduces potential dilution.
14 Dec 2011auditor change● Neutral
Auditor KS Black & Co resigned and Grant Thornton was appointed from the 30 September 2011 audit, because the planned TSXV listing needs a CPAB-registered auditor. Shareholders will be asked to ratify at the February 2012 AGM.
12 Dec 2011capital raising announcement● NeutralMajor
Placement of 20m shares at 3c to raise $600,000, with one free 6c option (12 months) for every two shares, mostly to Australian institutions. Funds overheads and projects. IDB senior debt syndication has begun with strong response reported.
1 Dec 2011admin correction● Neutral
Re-release of the Boardroom Radio notice, correcting the title from 'ADI' to 'IDB'. No new information.
1 Dec 2011other● Neutral
Notice of a Boardroom Radio broadcast with the managing director on the IDB mandate. The title says 'ADI' where the mandate is with IDB. No new information.
25 Nov 2011debt financing▲ GoodMajor
Mandated the Inter-American Development Bank to raise up to US$134m for the 30MWe Copahue project: IDB invests up to US$48m directly and arranges syndication of US$86m. It is conditional on a Bankable Feasibility Study, due diligence and IDB board approval; it builds on the October lender support letters.
8 Nov 2011investor presentation● Neutral
Investor presentation repeating the Copahue and portfolio case. Shows 579m shares and a 2.8c share price, giving a $16m market cap, down from 5.1c and $28.8m in April. Copahue still described as a heads-of-agreement farm-in.
27 Oct 2011debt financing▲ Good
Letters of support and expressions of interest received for Copahue stage 1 and 2 funding. Groups individually are interested in providing up to 25% of costs directly; none is named and nothing is committed. An insurance product is also being developed.
19 Oct 2011other● Neutral
Notice of a Boardroom Radio broadcast on the 30MWe offtake letter of intent. No new information.
18 Oct 2011material agreement▲ GoodMajor
Second letter of intent, with Electrometalurgica Andina, for 30MWe of power from an Argentine geothermal project. It is non-binding pending conditions and a binding power purchase agreement. It adds to the 10MW Loma Negra deal and mentions possible direct investment by Andina.
12 Oct 2011investor presentation● Neutral
Managing director's presentation to the EGM, largely repeating known material: Copahue resource of 19MWe measured plus inferred 55MWe and 190MWe, 150% above historical. Notes Djibouti review in early 2012 and Kenya award hoped by end of 2011.
11 Oct 2011other● Neutral
Notice of a Boardroom Radio broadcast with the managing director. No new information.
10 Oct 2011investor presentation● Neutral
Corporate update: Copahue concession contract framework agreed, with formal signing now expected in November. The company expects further offtake deals, debt support letters and a debt syndication mandate soon. Djibouti JV talks continue with no certain outcome; Fiale resource review due February 2012.
6 Oct 2011other● Neutral
Notice of a Boardroom Radio broadcast on the Loma Negra letter of intent. No new information.
5 Oct 2011material agreement▲ GoodMajor
Letter of intent and heads of agreement signed with cement maker Loma Negra for 10MW of power from an Argentine geothermal project. It is non-binding until conditions are met and a binding power purchase agreement follows. First offtake step for Copahue financing.
29 July 2011other● Neutral
Notice of a Boardroom Radio broadcast with the managing director on the concept study. No new information.
28 July 2011other▲ GoodMajor
Draft SKM concept study for Copahue stage 1 received. Two production wells could deliver 15MWe net, using an air-cooled binary plant and the existing 33kV line. Costs are indicated at $3m-$6m per MWe; the next-stage parameters are under internal review.
11 July 2011admin correction● Neutral
Re-release of the 7 July EIA announcement to correct the first paragraph: the assessment was done by Estudios y Servicios Ambientales, not SKM. Otherwise unchanged.
11 July 2011other● Neutral
Company welcomes the Federal Government's carbon tax announcement as a benefit to clean energy. It repeats that the Copahue concept study final report is expected within two weeks. No new project results.
7 July 2011regulatory community update▲ Good
Stage 1 environmental impact assessment for Copahue has been completed and submitted to Argentine authorities. This completes the study flagged in April. The SKM concept study final report is expected in 2-3 weeks.
14 June 2011half year report● Neutral
Half-year report to 31 March 2011 for Earth Heat. The visible text is only the contents, director details and board changes (three directors resigned 11 May 2011); financial figures are truncated and not stated here.
23 May 2011other● Neutral
Notice of a Boardroom Radio broadcast discussing the concept study. No new information in the notice.
20 May 2011other▲ GoodMajor
Board approved a faster plan: a first-stage 15MW Copahue plant, rather than the 30MW stage previously discussed. SKM began a two-phase concept and feasibility study; the first phase is due within two months. Three or four new wells would be needed. Funding for development is not yet secured.
19 May 2011other● Neutral
Notice of a Boardroom Radio broadcast of a company update by the managing director. No new information in the notice.
18 May 2011resource reserve update▲ GoodMajor
SKM's independent review of Copahue gives Canadian-code resources of 19MWe measured, 55MWe inferred in the vapour zone and 190MWe inferred in the deep liquid zone. The company says this is over 150% above historical estimates.
16 May 2011security holder rights change● Neutral
20,000,000 unquoted options issued under an employment agreement lapsed under its terms. Unquoted options remaining: 12,658,228 at 7.9c expiring February 2016, plus 22,000,000 with various terms. Quoted securities unchanged at 566,218,676.
