Past year: ▼ 84%(0.10c – 0.63c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2015material agreement● NeutralMajor
Definitive agreement signed for 50% of Cache, but terms change: vendors now get 1.29bn shares at 0.1c, plus a raising of $600k to $1.5m at 0.1c, with top-up shares to the vendors if less is raised. Vendors nominate three directors; Adrien Wing to step down.
2 Feb 2015director officer appointment● Neutral
Non-executive director Guy Le Page, chairman since May 2014, resigns with immediate effect. No reason is given in the announcement.
13 Jan 2015director officer appointment● Neutral
Clinton Carey, who specialises in reverse takeovers, is appointed a director. His related entity Cyprus Investments holds 86.6m shares.
14 Nov 2014capital raising announcement● NeutralMajor
Red Sky completes the $300k loan for Cache and the first tranche of a placement: about 420m shares at 0.08c to raise about $336k. A second tranche of about $274k needs shareholder approval. A further $2.4m raising at 0.2c is planned with the acquisition.
14 Nov 2014admin correction● Neutral
Cleansing notice for the 420,229,122 placement shares issued 14 November, a 25% dilution under the placement limits. Halcyon Corporate gets a 6% fee plus a $176,000 corporate fee. Administrative disclosure of known placement.
4 Nov 2014asset acquisition disposition● NeutralMajor
Red Sky signs a binding term sheet to acquire 50% of the Cache oilfield in Colorado, a new direction after solar stalled. The field makes about 12 barrels a day from one well. It needs about $2.4m of raisings, a $300k first-stage loan, and shareholder approval.
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.
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 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.
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.
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.
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.
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.
20 Feb 2013regulatory community update▲ Good
Dubbo City Council granted updated development approval for an expanded 2.5MW SOLEIR solar project on a five-hectare part of the 24.9ha leased site. First phase still targeted for operation by 30 June 2013.
13 Feb 2013other● Neutral
Update on the SOLEIR Dubbo solar project: feasibility study due mid-March 2013, target cost $2.15/Watt (about $4.3m for 2MW), first phase to be operating by 30 June 2013. Progress report; no new approvals or funding.
17 Jan 2013capital raising announcement● Neutral
Notice for issue of 40m shares on 17 January 2013 at 0.2c, about $80k by calculation. Likely linked to the ATP 946 settlement shares to Resolve Geo (inference); the notice does not say.
What it means for a shareholder
40.0m new shares at A$0.002 to raise about A$80,000. That's 2.3% dilution: every existing holder's slice gets 2.3% smaller. If you held A$1,000 of shares (500,000 at the issue price), your slice goes from 0.0297% to 0.0291% of the company. To keep it you'd need 11,898 more shares - about A$24 at the issue price.
Create a free account to see this worked out for your own holding.
