Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
5 Aug 2016security holder rights change● Neutral
Revised consolidation notice: 25-to-1, taking shares from 5,968.6M to 238.7M. Last pre-consolidation trading day is 9 August 2016 and new shares are issued 19 August. This reschedules the deferred July timetable.
1 Aug 2016capital raising announcement● NeutralMajor
Sun plans a $1,193,724 rights issue at 1 cent per post-consolidation share, with a free 4-year 1c option, underwritten by Fast Lane Australia. It also plans a $23,000 option placement and a Fast Lane loan of up to $100,000. New board member and conventional oil focus flagged. Replaces stalled LUVV placement (inference).
29 July 2016quarterly activities report▼ Bad
June quarter report: net cash was A$136,064 and production fell to 1,108 barrels from 1,515. Shareholders approved the 25:1 consolidation on 12 July. Sun describes a strategic shift and is reviewing new Texas and Louisiana assets; land position shrank to about 4,063 net acres.
13 July 2016security holder rights change● Neutral
Formal ASX cancellation of the 27 June consolidation notice, because the timetable was deferred. A revised timetable is to be announced. Administrative; no change to the 25-to-1 ratio.
13 July 2016security holder rights change● Neutral
Sun said the share consolidation timetable announced on 27 June will be deferred, with a new timetable to follow. The 25-to-1 consolidation does not proceed on the July dates.
30 June 2016debt financing▲ GoodMajor
Sun extended the Winform (Hancock) convertible loan, now A$1,023,180 at 5%, from August 2016 to repayment by 18 February 2018. Conversion into shares needs shareholder approval. Security over the Badger leases continues, and the loan becomes non-current.
27 June 2016security holder rights change● NeutralMajor
Sun announced a 25-to-1 share consolidation, cutting shares from 5,968.6M to 238.7M, subject to a 12 July 2016 shareholder meeting. Options are consolidated too, with the 2.5c listed options becoming 62.5c.
8 June 2016listing compliance notice▼ Bad
ASX deemed Sun to have breached Listing Rule 10.11 by issuing 17,704,918 shares to settle fees owed to former directors Plimer and Martinick without shareholder approval. Sun will seek approval to cancel and re-issue them at a meeting before 26 August 2016.
2 May 2016quarterly activities report▼ Bad
March quarter report: other parties' new leases cover about 263 net acres, roughly a third of the Jack Howe #1H drilling unit, reducing Sun's and Amerril's interests proportionally. Sun's lawyers are reviewing. Production fell to 1,515 barrels from 1,734; second LUVV tranche still unsettled.
18 Apr 2016capital raising announcement▼ Bad
Sun says discussions to complete the $1.2 million placement at 0.1 cents to LUVV Capital Management Partners are continuing. No new terms given. The second 900M-share tranche, expected within two weeks of 21 March, is still not completed.
21 Mar 2016capital raising announcement● NeutralMajor
Sun announced a $1.2 million placement of 1,200M shares at 0.1 cents to LUVV Capital Management Partners. The first 300M shares ($300,000) were issued that day. The second 900M depend on documentation and agreement on board and management composition, which implies possible leadership change (inference).
What it means for a shareholder
1.20bn new shares at A$0.001 to raise about A$1.2m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.018% to 0.0148% of the company. To keep it you'd need 216,145 more shares - about A$216 at the issue price.
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21 Mar 2016other● Neutral
ASX lifted the suspension from the start of trading on 21 March 2016, following release of the capital raising announcement. Administrative notice with no new information.
18 Mar 2016other● Neutral
At its own request, Sun's shares were suspended from quotation pending an announcement. The company says it is undertaking a capital raising, following a trading halt requested on 16 March 2016, with an update expected on 21 March 2016.
16 Mar 2016half year report▼ Bad
Half-year report to 31 December 2015 shows a consolidated net loss of $7,580,175, against $44,948,672 a year earlier. It confirms the February board changes and the focus on Texas tight oil, with the Jack Howe #1H well funded 100% by Sun. Text is truncated.
14 Mar 2016director officer appointment● Neutral
Professor Ian Plimer retired from the board of Sun Resources effective 11 March 2016. Dr Poll thanked him for his contribution, including as Chairman, and said the board remained committed to its East Texas unconventional assets.
18 Feb 2016director officer appointment● NeutralMajor
Board reshuffle: Dr Jaap Poll becomes Chairman and Alex Parks joins, both former Otto Energy executives. Plimer steps down as Chairman, staying about three months, and Martinick retires. Hancock may nominate a replacement director. The board is refocused on US and international oil and gas.
1 Feb 2016quarterly activities report● Neutral
December quarter report: Jack Howe #1H frac still awaits funding, with a 40% service cost cut targeted against the roughly US$4m estimate. Seale #1H is producing about 20 barrels a day, giving 1,734 barrels for the quarter. Beeler remains for sale.
13 Jan 2016investor presentation● Neutral
General meeting presentation repeats known points. As at 6 January 2016 there are 5,444M shares at A$0.001, market cap A$5.4m and net cash A$0.45m. Hancock's holding is down to 11.4% and Amerril's to 6.0%.
9 Nov 2015admin correction● Neutral
Compliance disclosure on the November placement: 165,944,190 shares issued under the 7.1A capacity, 3.6% dilution, no underwriter and a 6% cash fee. No new information beyond the raising already announced.
5 Nov 2015agm notice● Neutral
All four resolutions passed at the 5 November 2015 AGM on a show of hands: the remuneration report, Dr Martinick's re-election, ratification of consultant share and option issues, and the 10% placement facility.
5 Nov 2015investor presentation● Neutral
AGM presentation repeats known points, with a capital snapshot before the 699M-share placement: 4,623M shares at A$0.001, market cap A$4.6m, net cash A$0.321m. Net cash is far below the A$3.3m shown in September. Hancock holds 13.4%, Amerril 7.1%.
2 Nov 2015capital raising announcement● NeutralMajor
Sun raised $699,000 through a placement of 699M shares at $0.001, with Bell Potter as lead manager. That is below the earlier $0.0016 raisings. Funds go to frac planning, geological review and working capital while it seeks a partner.
What it means for a shareholder
699m new shares at A$0.001 to raise about A$699,000. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (1,000,000 at the issue price), your slice goes from 0.0216% to 0.0188% of the company. To keep it you'd need 151,194 more shares - about A$151 at the issue price.
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30 Oct 2015quarterly activities report● Neutral
September quarter report: two parties are in due diligence to farm in, and the Jack Howe #1H frac target has slipped to December 2015, subject to a partner. The US$2m Amerril payment was missed. A Bell Potter placement of $699,000 followed after quarter end.
25 Sept 2015other● Neutral
Appendix 4G, the corporate governance checklist lodged with the annual report. The statement is on pages 27-37 of the report and on the website. Administrative filing with no new information.
24 Sept 2015annual report● Neutral
Release of the 2015 annual report for the year to 30 June 2015, with the AGM set for 5 November 2015. The extracts show highlights already known: the Amerril deal, the A$2.095m raised in 2015, the Hancock convertible loan and directors taking shares in lieu of fees.
14 Sept 2015security holder rights change● Neutral
5,000,000 unlisted options at 10.5 cents held by a former director lapsed on 12 September 2015. Routine updated Appendix 3B, with shares on issue unchanged at 4,623,198,720.
14 Sept 2015joint venture update▼ BadMajor
Sun could not pay Amerril the US$2m within the agreed four months, and Amerril did not assign its lease interests, so the two are seeking other solutions. Sun now states a 50% interest in Normangee, not 100%, and is still seeking a partner for the Jack Howe #1H frac.
2 Sept 2015investor presentation● Neutral
Good Oil Conference presentation repeats the investor briefing. Shares on issue are 4,623M at A$0.001, market capitalisation A$4.6m and net cash A$3.3m. Hancock holds 13.4% and Amerril 7.1%. Nothing materially new is visible in the text provided.
31 July 2015agm notice● Neutral
All six resolutions passed at the 31 July general meeting. They ratified 474M shares issued at 0.16 cents, approved an employee option plan and approved share issues in lieu of fees to Plimer, Battrick, Martinick and Kestel.
31 July 2015quarterly activities report● Neutral
June quarter report confirms the 100% Amerril deal and the $1,095,000 share purchase plan and $1m placement. The Jack Howe #1H frac has slipped again to September 2015, dependent on a new capital partner, with cost cuts of 25-30% expected.
