Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Sept 2016capital raising announcement● Neutral
Notice letters to shareholders and optionholders on the rights issue: 1 new share per 2 held at 1 cent, with a free 1c four-year option, expected to raise $1,320,528. Proceeds: $200,000 for new US opportunities, $967,817 working capital. Repeats known terms.
9 Sept 2016capital raising announcement● NeutralMajor
Prospectus for a rights issue of one share per two held at 1 cent, raising about $1,320,528, with a free 4-year 1c option per share, plus a $23,000 placement of 230M options. Fully underwritten by Fast Lane Australia; closes 12 October 2016. Raise size is larger than the $1,193,724 announced.
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).
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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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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24 June 2015capital raising announcement● NeutralMajor
Sun raised a further $1,000,000 through a placement of 625M shares at $0.0016, the same price as the earlier share purchase plan. Bell Potter was lead manager. Funds are for Jack Howe frac planning, exploration review and working capital while it seeks a partner.
What it means for a shareholder
625m new shares at A$0.0016 to raise about A$1.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (625,000 at the issue price), your slice goes from 0.0162% to 0.014% of the company. To keep it you'd need 101,554 more shares - about A$162 at the issue price.
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4 May 2015capital raising announcement● NeutralMajor
The share purchase plan raised $927,500, topped up by Patersons' shortfall to the $1m underwritten amount, plus a $95,000 placement, totalling $1,095,000. About 684.4M new shares are issued at $0.0016. Funds go to frac planning, exploration review and working capital.
What it means for a shareholder
684m new shares at A$0.0016 to raise about A$1.1m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (625,000 at the issue price), your slice goes from 0.0171% to 0.0144% of the company. To keep it you'd need 117,114 more shares - about A$187 at the issue price.
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9 Apr 2015capital raising announcement● Neutral
Offer document for the $1m underwritten share purchase plan, with applications of $1,000 to $15,000 at a 20% discount to the five-day average price. Nothing new beyond the 2 April announcement; note the text gives conflicting closing dates (24 April and 24 May).
2 Apr 2015capital raising announcement● NeutralMajor
Sun will offer a $1m share purchase plan, fully underwritten by Patersons, at a 20% discount to the five-day average price. Eligible holders can apply for up to $15,000. Funds are for frac planning, exploration review and working capital. Directors will each take $15,000.
7 Oct 2014capital raising announcement▼ BadMajor
Rights issue closed with only 118.4M of 608.7M shares taken up ($1.18m); placement plus rights raised $5.1m versus about $10m targeted. Underwriting was terminated by a breached termination event, so up to $4.9m shortfall is at directors' discretion until 3 Jan 2015. Sun is also discussing bringing in a joint venture partner for the frac.
What it means for a shareholder
609m new shares at about A$0.0084 to raise about A$5.1m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (119,353 at the issue price), your slice goes from 0.00327% to 0.0028% of the company. To keep it you'd need 19,891 more shares - about A$167 at the issue price.
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18 Sept 2014capital raising announcement● Neutral
Rights issue closing date extended by 8 business days to 3 October 2014; shares to be issued 9 October. Terms unchanged at 1.0c. Inference: the extension gives holders more time to take up entitlements.
1 Sept 2014capital raising announcement● Neutral
Letter to shareholders restating the rights issue terms (1-for-5 at 1.0c, about $6.09m). Funds: Jack Howe #1H frac $2.0m, lease bonuses $2.0m, joint venture working capital $1.0m, corporate overheads $1.09m. Foreign holders are excluded; a nominee sells their entitlements.
29 Aug 2014capital raising announcement● Neutral
Prospectus lodged for the 1-for-5 renounceable rights issue at 1.0c to raise about $6.09m, with free 1-for-2 options at 2.5c (3-year). Patersons partially underwrites up to $5.25m. Follows the 28 August placement announcement; 608.7M new shares offered.
What it means for a shareholder
609m new shares at about A$0.010 to raise about A$6.1m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (99,951 at the issue price), your slice goes from 0.00378% to 0.00307% of the company. To keep it you'd need 23,002 more shares - about A$230 at the issue price.
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28 Aug 2014capital raising announcement● NeutralMajor
Sun is raising $10m: a $4.0m placement of 398 million shares at 1.0 cent and a 1-for-5 rights issue for up to ~$6m, underwritten to $5.25m. Each has a free 1-for-2 option at 2.5c. Hancock will keep ~19.5%. Funds the Jack Howe lateral and frac, leases and Amerril matters.
What it means for a shareholder
398m new shares at A$0.010 to raise about A$4.0m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.00378% to 0.00329% of the company. To keep it you'd need 15,048 more shares - about A$150 at the issue price.
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6 Nov 2013capital raising announcement● NeutralMajor
Sun will raise about $6.3M by placement at 3 cents to fully fund the three-well programme, with Hartleys and Bell Potter as managers. Hancock takes $2M, and Amerril converts US$1M owed to it into 35M shares. This comes only three months after the $13.5M raise.
9 Aug 2013capital raising announcement▲ GoodMajor
Sun raised $13.5M from a Hancock Prospecting subsidiary: 450M shares at 3 cents, giving Hancock 18.48% of the company. Proceeds go to proving up the Texas Woodbine acreage. This addresses the funding need flagged as cash fell to $5.3M.
What it means for a shareholder
450m new shares at A$0.030 to raise about A$13.5m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held A$1,000 of shares (33,333 at the issue price), your slice goes from 0.00137% to 0.00116% of the company. To keep it you'd need 6,160 more shares - about A$185 at the issue price.
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9 Aug 2013capital raising announcement● Neutral
Formal notice that the 450M-share placement to Winform Nominees (Hancock) at 3 cents, $13.5M, is complete. Shares used the 15% and additional 10% placement capacity; 5% of funds raised was paid in advisory fees. Repeats ref 1 with compliance detail.
31 July 2012capital raising announcement▲ GoodMajor
Sun is raising up to $20M through a share placement via Hartleys, with directors taking $580,000 subject to approval. Funds go to the remaining 1,653 Delta acres, Beeler #1H and possibly two more wells. Up to 167M shares come first, then up to 233M after the meeting around 11 September.
10 Oct 2011capital raising announcement▲ GoodMajor
The roughly 48.4M-share entitlement shortfall has been placed, so the entitlement offer raises about $1.9M. Together with the placement, Sun raises about $10.8M in total. The tranche-two placement still needs shareholder approval.
7 Oct 2011capital raising announcement● Neutral
The entitlement offer closed with $1,065,770 subscribed, short of the $1,888,571 target. Shareholders also asked for shares beyond their entitlements, and remaining allocations and the shortfall will be finalised shortly.
14 Sept 2011capital raising announcement● Neutral
Sun says entitlement documents were posted on 14 September. The offer opens 16 September and closes 4 October, raising up to about $1.9M. Administrative notice.
1 Sept 2011capital raising announcement● Neutral
Offer document for the non-renounceable entitlement issue: 111,092,433 new shares at 1.7 cents, 1 for 4, raising up to $1,888,571. Not underwritten. Details already announced on 31 August.
What it means for a shareholder
111m new shares at A$0.017 to raise about A$1.9m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (58,824 at the issue price), your slice goes from 0.0106% to 0.00883% of the company. To keep it you'd need 11,765 more shares - about A$200 at the issue price.
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1 Sept 2011capital raising announcement● Neutral
Letter to shareholders repeating the raising terms. It adds that 1.7 cents is a 22.7% discount to the pre-announcement price, and the entitlement proceeds will fund exploration and working capital. Shares would rise from 444.4M to 555.5M if fully taken up.
31 Aug 2011capital raising announcement▲ GoodMajor
Sun will raise up to about $10.8M at 1.7 cents a share: an $8.9M placement plus a $1.9M 1-for-4 entitlement offer. Proceeds settle the Delta Oil acquisition and repay Dr Farrell's loan. Tranche two ($7.8M) needs shareholder approval.
7 Dec 2010capital raising announcement▲ GoodMajor
The share purchase plan closed fully subscribed, raising A$2M. Sun says cash is over A$8M, which it states fully funds the up-to-four-well Thailand and NW Europe programme. This completes the November raising; new shares are allotted around 9 December.
12 Nov 2010capital raising announcement● Neutral
Share purchase plan documents sent to eligible shareholders: up to A$15,000 each at 6.7c, a 19.1% discount to the recent average price. It closes 1 December 2010 and raises a maximum of A$2M (29.85M shares). Administrative follow-up to the 10 November raising.
10 Nov 2010capital raising announcement● NeutralMajor
Sun is raising up to A$5.025M through a placement of up to 75M shares at 6.7c, plus up to A$2M from a share purchase plan at the same price. The money funds the Thailand drilling and the proposed NW Europe gas farm-in. The second 25M-share tranche needs shareholder approval around 13 Dec 2010.
What it means for a shareholder
75.0m new shares at A$0.067 to raise about A$5.0m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (14,925 at the issue price), your slice goes from 0.0044% to 0.0036% of the company. To keep it you'd need 3,300 more shares - about A$221 at the issue price.
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25 July 2008capital raising announcement● Neutral
Sun confirms allotment of 7,272,800 convertible notes raising A$4,000,040, with listing under code SURG. This completes the June note raising, funds earmarked mainly for its 50% of Thailand block L20/50. Top-20 noteholder list attached.
19 June 2008capital raising announcement● Neutral
Sun lodges a prospectus for 3,000 convertible notes at $0.55 ($1,650), a technical step to allow the notes to be listed and freely traded. Together with the 6 June placement, total raised is A$4,000,040, mainly for L20/50 and South Texas.
