Past year: ▼ 67%(0.10c – 0.40c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2017half year report▼ Bad
Half-year to 31 December 2016: net loss A$3,095,531, versus A$7,580,175 a year earlier. Post-period events include a US$1m-plus Weatherford judgment against Amerril, with Sun's exposure limited to Sun Delta. A 2 March 2017 ruling returned Seale #1H leases to mineral owners.
16 Jan 2017other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2016, dated 27 September 2016, pointing to the governance statement in the annual report. Administrative with no new information.
18 Nov 2016capital raising announcement● Neutral
Compliance detail on the 14 November placement: 2,344,952 shares issued under the 7.1A capacity, diluting existing holders by 0.55%. No underwriter and no fee. Disclosure only, on part of the oversubscription already announced.
14 Nov 2016capital raising announcement▲ GoodMajor
The rights issue shortfall of 69.7M shares ($696,900) was fully placed, so the full $1,320,528 is raised. The shortfall was oversubscribed, and Sun will take up to a further $317,900 on the same terms using its placement capacity.
11 Nov 2016director officer appointment● NeutralMajor
Managing Director and CEO Matthew Battrick resigned at the end of his two-year contract, effective 10 November 2016. He had led Sun since November 2014 and earlier from 2008 to 2013. Text gives no reason beyond contract expiry.
25 Oct 2016director officer appointment● NeutralMajor
Ian McCubbing becomes Chairman and Bill Bloking joins as non-executive director; Dr Jaap Poll retires. Both previously worked together at Eureka Energy. This is the second chair change in 2016, following the February reshuffle. The new chair says the board is committed to revitalising Sun.
18 Oct 2016capital raising announcement● Neutral
Rights issue closed 12 October with shareholders taking up 62.4M of 132.1M shares ($623,628). The remaining 69.7M shares ($696,900) fall to the shortfall, which Fast Lane Australia underwrites. Fewer than half of entitlements were taken up by existing holders.
28 Sept 2016annual report● Neutral
2016 annual report for the year to 30 June 2016 released. It records the board changes of February 2016 and A$999,000 raised during the year. AGM set for 29 November 2016. Largely repeats previously reported facts.
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.
12 Sept 2016admin correction● Neutral
Revised rights issue timetable only: record date 16 September, offer opens 20 September, closes 12 October, new shares trade 20 October 2016. A general meeting is also scheduled. No new information on 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.
5 Aug 2016security holder rights change● Neutral
Cover letter restating the revised consolidation timetable: last pre-consolidation trading 9 August, deferred settlement from 10 August, completion 19 August 2016. Shares fall from 5,968.6M to 238.7M. Repeats the formal notice.
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).
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.
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.
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 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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