Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
22 Oct 2014quarterly activities report● Neutral
September quarter: solar still stalled awaiting federal government's renewable target decision. $467k from ERM still owed on permit transfer registration. Cash fell to $534k. Krause appointed and Gillespie resigned on 21 October.
21 Oct 2014director officer appointment● NeutralMajor
Russell Krause, a capital markets and corporate advisory veteran, joins as non-executive director. Managing Director Rohan Gillespie resigns after five years; he held 180m shares indirectly via Energy Infrastructure & Resources. Leadership change for the company.
11 Sept 2014half year report▼ Bad
Half-year report to 30 June 2014: net loss $541,015 (versus $727,575 a year earlier). Repeats that Soleir and Dubbo are stalled over federal renewable policy; Clarence Moreton interests sold to ERM Power. No significant subsequent events.
28 July 2014quarterly activities report▼ Bad
June quarter: Soleir and the Dubbo solar project are stalled pending federal renewable energy policy clarity, so the mid-2014 build target is not being met. Cash fell to $571k after a $478k outflow. Still assessing onshore gas opportunities.
27 June 2014other● Neutral
Share registry Link Market Services moves to a new Perth address from 30 June 2014. Administrative notice only.
8 May 2014director officer appointment● NeutralMajor
Chairman Gerrit de Nys retires after the 8 May AGM and is succeeded by Guy Le Page, a director since February 2009. Managing director Rohan Gillespie remains.
24 Apr 2014quarterly activities report● Neutral
March quarter: ERM permit sale approved by shareholders on 6 March and $1m received; cash rose to $1.078m. The ATO ruling was issued. Company is reviewing several gas opportunities and has begun due diligence on one Australian project.
24 Mar 2014investor presentation● Neutral
Investor presentation pitches Soleir's tax-effective financing as cutting cost of capital 25-30%, with forecast developer fees of 0.3 cents per share in 2016. Cash about $800k; 1.68bn shares. Mostly repeats the known solar strategy, with a forecast added.
21 Mar 2014annual report● Neutral
Annual report for 2013. The chairman calls it a very challenging year, citing scarce capital and NSW regulatory uncertainty, and says the exits from ATP 946 and 840 and the Clarence Moreton sale were needed to survive. Shareholders approved the ERM sale on 6 March 2014.
12 Mar 2014regulatory community update▲ GoodMajor
The ATO issues a Product Ruling on the managed investment scheme for Dubbo, giving wholesale investors tax certainty over owning panels directly. Subsidiary Rhythm Section expects to open applications within two months. Resolves the long-delayed funding structure approval; investor commitments are still to be won.
7 Mar 2014director officer appointment● Neutral
Company Secretary Adrien Wing, a CPA with 20 years' experience, joins the board as a non-executive director, bringing it to four. The managing director links the move to the company's transition to a solar project developer.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash fell to $571k. ATP 840 relinquished and the ERM permit sale (about $1.6m) awaits shareholder approval. Dubbo funding structure approval still expected in the coming quarter; connection agreement expected early next quarter. Build target is now mid-2014.
8 Jan 2014asset acquisition disposition● NeutralMajor
Red Sky agrees to sell its 20% of PEL 457 and 479 to ERM Gas for $1.685m: $250k plus $217.5k from the permits account for each permit, and $750k upfront instead of the $1m due on PEL 479 renewal. Needs shareholder, ERM board and partner consent.
6 Dec 2013asset acquisition disposition● NeutralMajor
Red Sky withdraws from the ATP 840 Taroom Trough permit (18.75%), avoiding its share of an $8m deep well required next permit year. Ends the search for a farm-in partner; the interest goes to the other joint venture parties. Focus stays on solar.
25 Nov 2013investor presentation● NeutralMajor
Dubbo plan is scaled back: a 1MW first phase (about $2m, five months to build) will go ahead, with a 1.5MW second phase (about $3m) in FY2014/15. Returns of 9.8% pre-tax are claimed even if carbon tax and renewables scheme are cancelled. Regulatory approval now expected Q1 2014.
31 Oct 2013quarterly activities report● Neutral
September quarter: Dubbo solar feasibility updated after the proposed tax change, with no material change. Cash fell to $899k after a $401k outflow. ERM agreed Red Sky can withdraw $300k from the $735k permits account. Financial close still targeted late Nov/early Dec.
1 Oct 2013other▼ BadMajor
Dubbo solar timeline slips: proposed federal tax law changes force changes to the unitised funding structure and project design (about 2,200 1.1kW systems). Financial close now targeted late November/early December, versus an October start; construction still aimed for June 2014.
4 Sept 2013half year report▼ Bad
Half-year to 30 June 2013: net loss $727,575, versus $572,033 a year earlier. Activities are oil and gas exploration plus solar development. Mostly repeats earlier announcements; the remaining financial detail is not visible in the supplied text.
19 Aug 2013other▲ Good
Two small trial solar systems (18 panels each) are built at Dubbo, validating the design. They will be used to market the project to investors. Target to start the main project is now October, pending funding structure approval.
2 Aug 2013agm notice● Neutral
General meeting held 2 August with no business, as all resolutions including the share consolidation were withdrawn. Administrative.
29 July 2013agm notice● Neutral
All resolutions for the 2 August general meeting are withdrawn, including a proposed share consolidation. The company will reconsider consolidation and any incentive plan or director securities issues later.
24 July 2013quarterly activities report● Neutral
June quarter: received the $1m ERM payment for PEL 457 renewal; cash ended at $1.3m after $352k operating outflow. A further $1m for PEL 479 renewal is expected. ERM well timing is still undetermined.
15 July 2013material agreement▲ Good
SOLEIR accepts a non-binding Offer to Connect from Essential Energy for the 2.5MW Dubbo project. A binding connection agreement is expected within four weeks. Remains a step toward the first module, still said to be on schedule.
9 July 2013regulatory community update▲ Good
Red Sky subsidiary Rhythm Section Investment Management is granted an Australian Financial Services Licence, a needed step for the unitised ownership structure of the Dubbo project. Regulatory approval of the funding structure is still expected within two months.
27 June 2013asset acquisition disposition▲ Good
SOLEIR gets a three-year option to lease 100 hectares at Molong, NSW, for a possible 50MW solar project costing about $100m; 30-year lease. Second large site after Darlington Point. Dubbo first module and approvals now said to be due within two months.
17 May 2013farm in farm out completion▲ GoodMajor
NSW approves renewal of PEL 457, triggering the second ERM milestone: $1,000,000 payable to Red Sky, which keeps its 20% interest. A further $1m is due on PEL 479 renewal; ERM payments total up to $2.7m.
24 Apr 2013quarterly activities report● Neutral
March quarter report mostly repeats the Dubbo feasibility study (capital cost $4.4m, 2.5MW) and says first module is targeted by mid-year. Remaining financial detail is not visible in the supplied text.
11 Apr 2013asset acquisition disposition▲ GoodMajor
SOLEIR secures a three-year option to buy 269 hectares at Darlington Point, NSW, for a price under 1% of the estimated $200m cost of a possible 100MW solar project. Extends the solar strategy beyond Dubbo; approvals and a financier are still to be found.
4 Apr 2013other▲ GoodMajor
SOLEIR completes a feasibility study for the 2.5MW Dubbo solar project: capital cost $4.4m, 35-year life, SOLEIR internal rate of return 15% to 23%. Funding would sell 65% to individual investors. Still needs the grid connection agreement and funding structure; builds on the Feb 2013 approval.
28 Mar 2013annual report● Neutral
2012 annual report. The chairman calls the year tough, citing NSW approval delays and difficulty raising capital, but points to the ERM deal's cash and the SOLEIR solar acquisition. Largely repeats known events; financial detail not visible in the supplied text.
