Past year: ▲ 65%(36.5c – 1.34 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 June 2023annual report● Neutral
Short-form audited results: revenue up 381% to R12.7m, loss per share 19.86 cents versus 27.73. BDO gave an unmodified opinion. Warns ASX trading would be suspended on 1 June because the auditors' accounts were delayed.
1 June 2023annual report● Neutral
Audited FY2023 statutory accounts lodged for the year to 28 February 2023, with BDO as auditor. Lodgement lifts the ASX suspension. The visible text shows the board stating a going-concern basis and listing the new directors; the figures repeat the earlier results.
1 May 2023annual report● Neutral
Preliminary results for the year to 28 February 2023: revenue R12.7m (from R2.6m) on LNG sales since September 2022; loss R26.7m, 21% smaller, or 19.86 cents per share. Total assets R1.9bn, helped by R573.9m raised in the year. Unaudited.
27 Apr 2023other● Neutral
JSE trading statement: loss per share for the year to 28 February 2023 expected at 17.1–22.6 cents, 18–38% smaller than last year's 27.73 cents. Unaudited, and a narrower loss, not a profit.
31 Mar 2023quarterly activities report▲ Good
Quarter to 28 February 2023: new Jabba well struck gas at 1.6% helium, costing R3m; surveys suggest larger reservoirs than first thought. First liquid helium was produced. Phase 2 lender due diligence with the US DFC and Standard Bank is complete, with credit submissions being finalised.
8 Mar 2023investor presentation▲ GoodMajor
Phase 2 guidance: a target of R5.7bn–R6.2bn annual EBITDA once both plants are at full production, not before FY2027. Phase 2 would make about 34,400 GJ/day LNG and 4,200 kg/day helium. Funding options: US$750m debt, CEF's R1bn for 10% of Tetra4, a possible IPO. It is an unaudited target.
2 Mar 2023admin correction● Neutral
Renergen clarified that a share consolidation notice shown on its JSE feed belonged to another company, Resource Generation, and was wrongly published under Renergen's code. Shareholders should disregard it. No company news.
14 Feb 2023admin correction● Neutral
Routine cleansing notice under the Corporations Act for the 4.6m shares issued in the February placement, stating the raise as about $9.0m (the currency is not specified). Adds no new information.
8 Feb 2023capital raising announcement● Neutral
Renergen launched an accelerated bookbuild to place 4.6m new shares (about 3.2% of shares) with South African institutions, using its existing 2022 AGM authority. Proceeds fund Phase 2 capital spending. Price to be set at book close.
8 Feb 2023capital raising announcement● NeutralMajor
Renergen placed 4.6m new shares at R24.00, a 6.5% discount to the R25.68 prior close (about R110m), with the book comfortably oversubscribed. Settlement was due 10 February 2023, and 12,879,180 shares had then been issued under the general authority.
6 Feb 2023director officer appointment● NeutralMajor
Non-executive directors Alex Pickard (Ivanhoe's nominee) and Francois Olivier stepped down, and Bane Maleke retired. Thembisa Skweyiya and Dumisa Hlatshwayo joined as independent directors. The board said production of LNG and liquid helium had begun, so it was reshaping leadership.
1 Feb 2023capital raising announcement● NeutralMajor
Renergen is preparing a possible US IPO of ADSs on Nasdaq in 2023, having confidentially filed a draft Form F-1, and will seek shareholder approval to issue shares for cash for Phase 2. Size and price are undetermined; it may not proceed.
23 Jan 2023production update▲ GoodMajor
First liquid helium produced at Virginia, making Renergen a liquid helium producer and completing all Phase 1 plant components. The helium module is operational and being optimised. This resolves the long-delayed helium start-up; no volumes are given.
30 Dec 2022quarterly activities report▲ Good
Quarter to 30 November 2022: LNG at steady state with 133 tons delivered to Ceramic Industries and Ardagh. Helium nearly ready, slowed by a vacuum-pipe leak now fixed. Virginia gained Strategic Integrated Project status; surveys show further gas structures.
23 Nov 2022capital raising announcement● NeutralMajor
Placement of 4,365,670 shares raised R107.6m: CDIs at A$2.14 and ordinary shares at R24.64, a 10% discount to 30-day VWAP. Funds go to working capital, Phase 2 studies and helium start-up. Settles 28 November 2022; follows the March Ivanhoe placement.
15 Nov 2022production update▲ GoodMajor
The LNG plant is back in production after the conduction oil system repair, with commercial deliveries to both customers starting later that week. The helium liquefaction module is next; helium separation recovery exceeds design. This resolves the October shutdown for LNG only.
15 Nov 2022half year report● Neutral
BDO's review report on the half-year financial statements to 31 August 2022, with an unmodified conclusion. A limited-assurance review, not an audit. Repeats information already reported.
8 Nov 2022other● Neutral
ASX paused trading in Renergen securities pending a further announcement. No reason is given in the notice. It likely precedes the 22 November capital raise (inference).
1 Nov 2022other● Neutral
Prescribed officer Leonard Eiser bought 9,374 shares on market on 31 October 2022 at about R26.21, roughly R246k. Minor dealing disclosure.
31 Oct 2022half year report● Neutral
Half year to 31 August 2022: revenue R1.2m, loss R24.5m (19.31 cents per share versus 21.05). BDO gave an unmodified review. Net tangible assets R412.7m on 135.1m shares. New subsidiary Cryovation formed for Cryovac. Reports pre-production results.
26 Oct 2022production update▼ BadMajor
The plant was shut shortly before producing liquid helium because a wrongly installed conduction oil system heated unreliably. It is now repaired, and extra wells were connected while off. LNG restarts first, helium after. This is a setback to the helium timeline.
30 Sept 2022quarterly activities report▲ Good
Quarter to 31 August 2022: LNG production began 5 September at ~1,000 GJ/day, targeting 2,500 GJ/day by Q1 next year. CEF due diligence done; Han (~80,000 scf/d) and Don Vito (~75,000 scf/d) wells being completed; surveys show more targets. Helium still to start.
5 Sept 2022production update▲ GoodMajor
The Virginia Gas Project is operational, producing liquid hydrocarbons and filling bulk storage tanks ahead of customer deliveries, making it South Africa's first commercial LNG plant. Helium liquid is to follow 'in due course'. This ends the long Phase 1 commissioning wait.
18 Aug 2022auditor change● Neutral
BDO South Africa (partner Jacques Barradas) appointed external auditor with immediate effect after a tender, replacing Mazars. Renergen initiated the change, citing BDO's international footprint. Shareholders vote at the 2023 AGM.
11 Aug 2022material agreement▲ GoodMajor
CEF completed due diligence on its R1bn (~A$86m) investment for 10% of the Virginia project (Tetra4). Both sides now seek stakeholder approvals and final agreements. The CEO called plant start-up delays immaterial and said there is no intention of rushing.
18 July 2022business combination▼ BadMajor
The 120-day period for Ivanhoe's strategic agreement ended without conditions being met, so the Second Subscription (to 25%) and Third Subscription (to 55%) have lapsed. Ivanhoe stays a 4.35% holder; the CEO says Phase 2 equity is only needed in 2023.
15 July 2022admin correction● Neutral
Renergen corrects a 27 May 2022 Appendix 2A: 37,431 option-exercise shares were wrongly added to ASX-listed CDIs and were actually issued on the JSE. Issued capital stated as 23,896,204 CDIs and 105,912,019 ordinary shares. Administrative only.
13 July 2022quarterly activities report● Neutral
Revised quarterly report for the quarter to 31 May 2022, adding disclosure items. It repeats the DFC US$500m retainer, US$600m lender interest, Gandalf strike (completion early August, R3.2m) and Balrog deepening. No new substance.
11 July 2022production update▲ GoodMajor
Natural gas was introduced to the Phase 1 plant on 8 July 2022, verifying safety and flare systems. Commercial operation is expected towards end of July 2022, once customer sites are ready. This follows the delays flagged in June, though the date is the company's expectation only.
30 June 2022quarterly activities report● Neutral
Appendix 5B for quarter to 31 May 2022: cash at quarter end R127.9m, up from R95.1m, helped by R202.4m of equity proceeds (the Ivanhoe placement). Operating outflow R48.2m, investing R111.0m. First DFC repayments (~US$1.1m quarterly) start 1 August 2022.
