Each one in plain English, with the numbers worked through for a shareholder.
10 Aug 2022capital raising announcement▲ GoodMajor
Placement raises A$4.5m at A$0.055 per share (81.8m shares), overbid, to fund Podere Maiar construction. A$600k from director-related parties needs shareholder approval. Lead manager gets 7.5m options at A$0.10 expiring June 2024. Funds also cover Teodorico sale/JV options and 3D seismic planning.
What it means for a shareholder
81.8m new shares at about A$0.055 to raise about A$4.5m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (18,178 at the issue price), your slice goes from 0.00281% to 0.00249% of the company. To keep it you'd need 2,297 more shares - about A$126 at the issue price.
13 July 2021capital raising announcement▲ GoodMajor
Retail offer closed with A$2.6m raised (about 57.4% take-up), completing the A$10.1m raise. Cash is A$4.5m, A$1.75m of convertible notes remain, and the company says Selva is fully funded for first gas in Q2 2022. The shortfall of about A$0.8m goes to sub-underwriters.
Retail offer booklet dispatched; the retail offer opens 24 June and closes 9 July at A$0.028, 1 new share for every 2 held. Administrative step in the A$10.1m raise.
21 June 2021capital raising announcement▲ GoodMajor
The placement and institutional offer closed, raising about A$7.5m at A$0.028. Institutional take-up was about 62%, including about A$3.35m of loan and interest conversion to shares, with Henslow covering the A$1.6m balance. The retail offer follows.
18 June 2021capital raising announcement● NeutralMajor
Po Valley launches a A$10.1m raise at A$0.028 a share: a A$1m placement plus a fully underwritten 1-for-2 entitlement offer (A$9.1m, underwriter Henslow). Funds go to Selva development, shareholder loan and convertible note repayment. This is the larger raise the company had planned. Offer price is a 17.6% discount to the last close.
31 July 2019capital raising announcement● NeutralMajor
PVE raised A$1.4m by placing 25.45m shares at 5.5c, up from the 4.2c placement in December 2018. 14.5m shares issue in August; 10.9m to directors need a September general meeting. Funds go to Selva, Teodorico and working capital.
What it means for a shareholder
25.4m new shares at A$0.055 to raise about A$1.4m. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.00292% to 0.00281% of the company. To keep it you'd need 744 more shares - about A$41 at the issue price.
19 Dec 2018capital raising announcement● NeutralMajor
PVE raised A$1.2m through a placement of 28.6m shares at 4.2c. Of these, 18.5m shares are issued now and 10.1m go to directors and associates, subject to a general meeting in early February 2019. Funds go to Selva, Teodorico and working capital.
What it means for a shareholder
28.6m new shares at A$0.042 to raise about A$1.2m. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (23,810 at the issue price), your slice goes from 0.00401% to 0.00383% of the company. To keep it you'd need 1,148 more shares - about A$48 at the issue price.
The A$2.5m convertible note raise announced in April is complete, after AGM approval of the directors' notes (Bailey A$700k, Masterman A$300k). Notes are 3-year, 8% and convert at 4.2c. This resolves the open approval thread.
PVE raises A$2.5m via 3-year convertible notes, 8% coupon, converting at 4.2c, to fund Selva concession, Teodorico final decision and Torre del Moro seismic. Directors Bailey (A$700k) and Masterman (A$300k) plan to join, subject to approval at the 30 May AGM.
Saffron Energy raised £1.25m (A$2.16m) in a placing, cutting PVE's stake from 65% to 54%. Funds are for acquisition opportunities and raising Sillaro and Bezzecca output. PVE is diluted but retains control.
Second tranche of the A$1.18m placement completed after shareholders approved it at the 31 May AGM. 28,355,071 shares went to directors and related parties, bringing total shares to 593,260,128. Closes the placement thread.
Placing to raise A$1.18m via 42.88m shares at A$0.0275, above the A$0.02 of the last raise. Funds go to Selva and Teodorico, about A$480k repayment of shareholder loans, and working capital. Directors' 28.4m shares await approval at the 31 May AGM.
What it means for a shareholder
42.9m new shares at A$0.0275 to raise about A$1.2m. That's 7.2% dilution: every existing holder's slice gets 7.2% smaller. If you held A$1,000 of shares (36,364 at the issue price), your slice goes from 0.00661% to 0.00613% of the company. To keep it you'd need 2,833 more shares - about A$78 at the issue price.
16 Feb 2017capital raising announcement▲ GoodMajor
Saffron Energy will list on AIM around 24 February, raising up to GBP2.5m (A$4.1m) at a GBP5m pre-money value. PVE keeps about 65%, locked in for 12 months, and may later consider distributing shares to its shareholders. Proceeds fund Bezzecca, Sant'Alberto and bridging debt.
Statutory notice that 35,727,003 second-tranche placement shares were issued to directors at A$0.02 on 31 October 2016, after shareholder approval. Administrative.
Private placement raising A$900,000 via 45m shares at A$0.02, four times the A$0.005 rights issue price. Directors' portion (35.7m shares) needs shareholder approval. Funds go to Bezzecca development and working capital.
What it means for a shareholder
45.0m new shares at A$0.020 to raise about A$900,000. That's 8.2% dilution: every existing holder's slice gets 8.2% smaller. If you held A$1,000 of shares (50,000 at the issue price), your slice goes from 0.00989% to 0.00908% of the company. To keep it you'd need 4,452 more shares - about A$89 at the issue price.
Rights issue closed, raising A$1.61m from shareholders, with underwriters taking 27.6m shortfall shares. Total A$1.752m before costs at A$0.005, so the full target was reached, partly with underwriter support.
Cover notice sending shareholders letters on the rights issue. Up to about 350.4m new shares would lift shares on issue to about 490.5m. Underwriting covers up to about A$820,000. Shareholders who ignore the rights are diluted.
Offer document for the rights issue: 2.5 new shares per share at A$0.005, opening 30 March and closing 13 April 2016. Underwriters are entities linked to directors Masterman and Pirola, plus Fuiloro and Supervised Investments. Repeats the terms already announced.
Launches a 2.5-for-1 renounceable rights issue at A$0.005 to raise about A$1.75m, partly underwritten by two directors and two shareholders. Funds go to the Sillaro rework, Selva approval, debt repayment and working capital. The price is far below the A$0.07 raise of June 2015.
Sets a six-step recapitalisation: a ~A$1.75m rights issue, possible sale of Sant'Alberto and Bezzecca, and Nedbank refinancing. Expects a 2015 net loss from impairments and the La Prospera sale loss. Draws €150,000 of a €300,000 bridging loan from director Pirola's entity. Sillaro is ~10,000 scm/day.
A further A$242,000 raised at 7 cents from new sophisticated and institutional investors, 3,457,143 shares. Together with the 15 May placement, the total is A$1,242,000, for working capital and asset development.
15 May 2015capital raising announcement● NeutralMajor
Placement raises A$1.0m at 7 cents a share from an existing non-director shareholder, 14,285,714 new shares, settling around 31 May 2015. Funds are for working capital and asset development. First equity issue after a period with no new shares, against cash of only €0.54m.
What it means for a shareholder
14.3m new shares at about A$0.070 to raise about A$1.0m. That's 10% dilution: every existing holder's slice gets 10% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.0117% to 0.0105% of the company. To keep it you'd need 1,667 more shares - about A$117 at the issue price.
3 Dec 2012capital raising announcement● NeutralMajor
Raises A$1.35m by placing 11,266,667 shares at A$0.12 with institutions and sophisticated investors. Proceeds fund the Sillaro gas plant upgrade and working capital. Directors' shares (3.85m) need shareholder approval at a meeting in late January. Follows the AGM-flagged capital-raising options.
What it means for a shareholder
11.3m new shares at A$0.120 to raise about A$1.4m. That's 9.2% dilution: every existing holder's slice gets 9.2% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0075% to 0.00681% of the company. To keep it you'd need 845 more shares - about A$101 at the issue price.
Share purchase plan completed, raising A$1.99m from 179 applications for 1,283,768 shares at A$1.55. With the placement, about A$10.5m raised. Shares on issue rise to 110,179,926.
What it means for a shareholder
1.3m new shares at A$1.55 to raise about A$2.0m. That's 1.2% dilution: every existing holder's slice gets 1.2% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000592% to 0.000586% of the company. To keep it you'd need 8 more shares - about A$12 at the issue price.
Dispatch of the share purchase plan booklet and application forms to eligible holders. Offer at A$1.55 closes 12 November. No new substance beyond the 14 October announcement.
Share purchase plan details: eligible Australian and NZ holders can buy A$5,000, A$10,000 or A$15,000 of shares at A$1.55. Aims to raise up to A$2m, closing 12 November. Follows the September placement.
Oversubscribed placement of 5.5m shares at A$1.55 (3% discount) raising A$8.52m via Petra Capital, lifting shares on issue to 108.9m. A share purchase plan at the same price is planned. Described as strengthening working capital ahead of Castello commissioning.
What it means for a shareholder
5.5m new shares at A$1.55 to raise about A$8.5m. That's 5.1% dilution: every existing holder's slice gets 5.1% smaller. If you held A$1,000 of shares (645 at the issue price), your slice goes from 0.000624% to 0.000592% of the company. To keep it you'd need 34 more shares - about A$53 at the issue price.
