Past year: ▲ 800%(0.30c – 10.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2011director officer appointment● NeutralMajor
Directors David Sutton, Alex Rose-Innes and Stephen Pearce resigned to simplify the board ahead of a North American listing. They agreed to take unpaid director's fees in shares, at a price set by the board from a 5-day VWAP within six months, subject to consents.
27 Apr 2011other● Neutral
Notice of a Boardroom Radio broadcast with the managing director on progress in Argentina. No new information in the notice.
21 Apr 2011joint venture update● Neutral
Progress update: SKM resource assessment is well advanced, engineering studies are due soon and an environmental study has begun at Copahue. JV talks continue for both Copahue and Djibouti, with Djibouti expected to take longer. TSXV listing is not assured.
14 Apr 2011other● Neutral
New York firm RB Milestone started research coverage of the company. It received fees for including the company on its network and for investor relations services, though it says the report itself was not paid for by Earth Heat.
14 Apr 2011investor presentation● Neutral
Updated investor presentation repeating the Copahue case. Share price 5.1c, 569m shares, $28.8m market cap, no debt. Adds an economic snapshot; Copahue funding still under discussion. Largely repeats earlier material.
5 Apr 2011listing compliance notice▲ GoodMajor
Company says arrangements are well in hand for a second listing on the TSX Venture Exchange, as foreshadowed in December. Documents are being prepared; no formal timetable, but completion is expected within about three months.
16 Mar 2011material agreement▲ Good
Memorandum of understanding signed with Drake & Scull Water and Power (UAE) to jointly explore, bid for and secure geothermal projects in the Middle East and Africa. It is a non-binding framework; no specific projects, funding or amounts stated.
16 Mar 2011other● Neutral
Drake & Scull's own press release on the same MOU with Earth Heat, covering joint geothermal opportunities in the Middle East and Africa. It repeats the company's announcement and adds background on Drake & Scull.
11 Mar 2011other● Neutral
Company announces North American investor briefings arranged through Socius and ABID, the New York firm that produced the earlier valuation report under a fee agreement with the company. It clarifies the paid relationship. No new project news.
8 Mar 2011contract award▲ Good
Engineering consultant SKM was engaged for independent resource certification and assessment at Copahue, ahead of the plant concept study. The company says certification matters for attracting debt funding. No cost stated.
23 Feb 2011investor presentation● Neutral
Managing director's AGM presentation, mostly repeating the investor deck: share price 6.8c, 569m shares, $38m market cap. It recaps the past year, including the $5m Socius funding. Copahue funding is still under discussion.
22 Feb 2011investor presentation● Neutral
Investor presentation repeating the Copahue story: Copahue farm-in funding still under discussion, 569m shares, 8.1c price, $44.5m market cap. It lists cash of $2,000,000 and no debt. Largely repeats earlier material.
15 Feb 2011director officer appointment▲ Good
Three senior managers were appointed in Argentina to progress the Copahue project: a regional manager, a project development manager and a regional finance manager. This builds the local team for the geothermal project the company can earn up to 82.5% of.
15 Feb 2011other● Neutral
Notice of a Boardroom Radio audio broadcast of a company update by Managing Director Torey Marshall. No new information in the notice.
14 Feb 2011capital raising announcement▲ GoodMajor
Socius CG II signed a $5m investment agreement, mainly to start Copahue feasibility work. The first $2m buys 25,316,456 shares at 7.9c plus 12,658,228 options at 7.9c. Two further tranches, $2m and $1m, can be called later at then-market prices.
What it means for a shareholder
25.3m new shares at A$0.079 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
9 Feb 2011other● Neutral
Re-release of a Boardroom Radio notice with a corrected link, now for an interview titled 'US investors interested in Earth Heat'. No new information in the notice.
9 Feb 2011other● Neutral
Notice of a Boardroom Radio audio broadcast of a company update by Managing Director Torey Marshall. No new information in the notice.
8 Feb 2011other● Neutral
An independent New York firm, Arrowhead (ABID), produced a valuation report on the company, giving a range of 36.4c to 96.4c per share. The company is promoting the report; it is not an audited or company valuation.
7 Jan 2011security holder rights change● Neutral
Notice that a voluntary restriction on 6,341,463 shares expires 22 January 2011, while the wider extension to January 2012 announced in December stands. Issued capital is 540,314,222 quoted shares plus 3,901,965 unquoted.
23 Dec 2010other● Neutral
Amended version of the directors and officers share trading policy. Administrative only; the visible text matches the earlier version and the changes are not identifiable.
17 Dec 2010annual report● Neutral
Annual report for the year to 30 September 2010. The chairman describes the year as one of change, with the shift to new energy and 180MW of potential projects, and says a possible Toronto Stock Exchange listing in 2011 has begun. Financial figures not in the readable text.
17 Dec 2010security holder rights change▲ Good
Major shareholders and the board agreed to extend voluntary escrow on their shares from 22 January 2011 to 22 January 2012. The extension ends if shareholders force more than one of three named directors off the board.
17 Dec 2010other● Neutral
Administrative release of the directors and officers share trading policy, setting trading windows and blackout periods. No business or financial substance.
6 Dec 2010other● NeutralMajor
Corporate update: the company is considering a secondary listing such as the TSX, as it says ASX investors are less focused on new energy. Confidentiality agreements are signed with potential cornerstone investors; financing of up to $70m is under discussion, but no arrangement has been agreed.
11 Nov 2010investor presentation● Neutral
Presentation promoting 180MW of operated projects (Fiale in Djibouti, Copahue in Argentina). Shows 534m shares, a 4.5c price, A$24.5m market cap and A$300,000 cash with no debt. Copahue funding is still under discussion. Largely repeats earlier material.
11 Nov 2010investor presentation● Neutral
Re-release of the same day's investor presentation to correct an error. The visible change is to the Fiale exploration history slide; content otherwise matches the earlier version.
28 Oct 2010other● Neutral
Notice that Managing Director Torey Marshall was interviewed by O Six Media about the Djibouti JV, with a podcast on the website. No new information beyond the 22 October announcement.
22 Oct 2010joint venture update▲ GoodMajor
Signed a binding term sheet for a JV with Djibouti's energy ministry and Electricite de Djibouti to develop the Fiale geothermal field, up to 150MW in three tranches, starting with 50MW. Also placed 10m shares at 2.5c. Power purchase agreement and funding are still to be finalised.
16 Aug 2010investor presentation● Neutral
Presentation adding Africa to the company's assets. It shows a 3.8 cent share price, A$19.77m market cap, A$400,000 cash and no debt, with 524m shares. Copahue funding is still under discussion.
3 Aug 2010asset acquisition disposition● NeutralMajor
Heads of Agreement to expand into Africa: apply for geothermal areas in Kenya, pursue Djibouti tenements, and take over Botswana coal bed methane applications. It will issue 9,125,000 escrowed shares, and Alex Rose-Innes joins as executive director.
