4 Apr 2022registration revoked● NeutralMajor
ASX removes Senex from the official list at close of trading on 4 April 2022, following implementation of the POSCO scheme. This completes the delisting flagged in the 1 April announcement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Apr 2022business combination▲ GoodMajor
The POSCO scheme is implemented: shareholders on the 25 March record date are sent A$4.60 cash per share. All prior directors and the company secretary David Pegg resign, replaced by K-A Energy nominees. Senex intends to apply for delisting from 4 April.
18 Mar 2022listing compliance notice● Neutral
ASX confirms Senex shares are suspended from quotation at close of trading on 18 March 2022, following lodgement of the court orders approving the POSCO scheme. Administrative notice with no new information.
18 Mar 2022business combination▲ Good
Court orders are lodged with ASIC and the scheme is now legally effective. Shares are suspended from close of trading today; holders on the 25 March record date will receive A$4.60 cash, expected 1 April 2022.
18 Mar 2022business combination▲ GoodMajor
The Federal Court approves the scheme under which POSCO's nominee K-A Energy 1 will buy 100% of Senex at A$4.60 cash per share. Record date is 25 March and payment is expected 1 April 2022, following the 15 March shareholder vote.
15 Mar 2022other● Neutral
Chairman's address and slides for the 15 March 2022 scheme meeting, released ahead of the vote on POSCO's A$4.60 offer. The text shown is meeting procedure and logistics; no new information.
15 Mar 2022business combination▲ GoodMajor
Shareholders approve the POSCO scheme, with 93.77% of votes cast in favour and 75.89% of shareholders voting. Court approval is due 18 March, when trading is expected to be suspended; the A$4.60 cash is expected to be paid 1 April 2022.
21 Feb 2022half year report▲ Good
Half-year results: production up 29% to 10.2 PJ, revenue $74.1m, underlying EBITDA $30.3m, net debt $12.2m. A 5c interim dividend is confirmed. The scheme meeting is 15 March, with completion now expected 1 April 2022.
21 Feb 2022half year report● Neutral
Appendix 4D and half-year report for the six months to 31 December 2021: revenue $74.1m (up 65%), statutory profit $0.6m, underlying profit $2.1m. A 5c unfranked interim dividend is payable 10 March 2022, with the dividend reinvestment plan suspended.
18 Feb 2022other▲ Good
The Foreign Investment Review Board has no objection to POSCO's acquisition of Senex, satisfying another scheme condition. The board continues to recommend the scheme for the 15 March 2022 vote, absent a superior proposal.
7 Feb 2022business combination▲ GoodMajor
The Federal Court approves sending out the Scheme Booklet and calling the 15 March 2022 shareholder meeting. The independent expert values shares at $4.17–$4.92 and finds the $4.60 offer fair and reasonable. The buyer is K-A Energy 1, 50.1% POSCO and 49.9% Hancock.
3 Feb 2022other▲ Good
POSCO International has received Korean foreign exchange approval, satisfying one condition of the scheme implementation agreement. Other conditions, including FIRB approval and the shareholder vote, remain outstanding.
17 Jan 2022asset acquisition disposition▲ GoodMajor
Senex completes the $80m purchase of undeveloped gas fields PL 209 and PL 445 from Australia Pacific LNG, next to Atlas. This satisfies one condition of the POSCO scheme; other conditions remain.
13 Dec 2021business combination▲ GoodMajor
Senex signs a binding agreement for POSCO International to buy 100% of shares at A$4.60 cash, a 25% premium to 30-day VWAP, plus an intended dividend of up to 5c. The board unanimously recommends it; completion is expected late March 2022, subject to conditions including shareholder and FIRB approval.
13 Dec 2021contract award▲ Good
Senex signs a four-year deal from 2022 to supply about 8 PJ of gas to Shell Energy Australia at Wallumbilla at a fixed price in line with current market levels. Adds to the roughly 80 PJ of sales agreements signed since 2019.
29 Nov 2021business combination● Neutral
Senex extends POSCO International's exclusivity by two weeks to 10 December 2021, at POSCO's request for internal and board approvals. POSCO reconfirmed A$4.60 per share and says due diligence is complete. No binding agreement yet.
26 Nov 2021director officer appointment● Neutral
General Counsel Tara Hogan, who joined Senex on 1 November 2021, is appointed an additional company secretary and ASX communications contact. Administrative; she sits alongside Company Secretary David Pegg.
25 Nov 2021other● Neutral
AGM addresses recap POSCO International's rise from A$4.00 to A$4.60 per share, plus a permitted dividend of up to 5c (A$4.65 total). A scheme vote is likely in Q1 2022, and the board still unanimously intends to recommend. Nothing new beyond known facts.
19 Nov 2021regulatory community update● Neutral
Statutory notice that Senex received JobKeeper payments of $1,369,500 in FY20 and $1,615,500 in FY21, with no voluntary repayments. Administrative disclosure only.
8 Nov 2021business combination▲ GoodMajor
POSCO International lifts its non-binding cash proposal to A$4.60 per share via a scheme of arrangement, and the board intends to unanimously recommend it, subject to conditions. Exclusivity runs to 26 November; a dividend of up to 5c is intended. Builds on the earlier approach.
8 Nov 2021asset acquisition disposition▲ GoodMajor
Senex agrees to buy undeveloped gas fields PL 209 and PL 445 next to Atlas from Australia Pacific LNG for $80m ($50m upfront, $30m on environmental approvals). It plans to lift Atlas to 30 PJ/year in 2024; completion is expected early 2022.
1 Nov 2021other● Neutral
Senex releases its first standalone Sustainability Report for FY21, citing zero recordable injuries and over $16m spent with local businesses. It follows the Decarbonisation Action Plan and adds no new financial information.
18 Oct 2021business combination▲ GoodMajor
Senex discloses takeover talks with Korea's POSCO International, whose non-binding proposals rose from A$4.00 to A$4.40 per share in cash. Exclusivity is extended to 5 November for a further proposal above A$4.40; no binding agreement yet.
11 Oct 2021other● NeutralMajor
Senex releases a Decarbonisation Action Plan targeting net zero operational emissions by 2040, with emissions-intensity cuts of 30% by FY25 and 75% by FY30 versus FY21. It restates the 60 PJe/year production target for end-FY25.
24 Sept 2021contract award▲ Good
Senex signs a three-year deal from 1 January 2022 to supply ~2.5 PJ of gas to 29Metals' Capricorn Copper mine at a fixed price, with terms to extend two years (up to ~4 PJ). Second North West Minerals Province deal; ~80 PJ signed in total.
23 Sept 2021annual report● Neutral
Senex's 2021 Annual Report covers FY21, the year it exited the Cooper Basin oil business and expanded Surat Basin gas. It repeats results and reserves already reported in August; the AGM is set for 25 November 2021.
23 Sept 2021annual report● Neutral
FY21 Corporate Governance Statement, approved 18 August 2021, says the board believes Senex complied with all ASX governance guidelines. It recaps FY21 board changes (McLoughlin and Kennedy joined, Goodin retired); no new business information.
23 Sept 2021other● Neutral
Appendix 4G, a compliance form signed by the Company Secretary, pointing to where governance disclosures sit in the annual report and on the website. No new business information.
9 Sept 2021contract award▲ Good
Senex signs a three-year deal to supply ~7 PJ of gas from January 2022 to New Century Resources' Century zinc mine, plus ~1 PJ more at the customer's election. Total agreements signed since 2019 now exceed 75 PJ.
2 Sept 2021contract award▲ Good
Senex signs a gas deal with packaging company Opal: ~8 PJ over four years from January 2023, plus agreed terms for up to 4 PJ more over two years. Its first NSW industrial customer; roughly 70 PJ of agreements signed since 2019.