11 May 2015capital raising announcement▼ BadMajor
A $500,000 two-year convertible note at $0.08 was Sky's last real financing, and on this evidence the company was worth less each time it asked. Its regular reporting stops shortly after this.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 May 2014capital raising announcement● Neutral
Sky corrected a typo in its earlier report of a private placement: 8,000,000 units at $0.05 each raised $400,000, each unit being one share plus a warrant to buy another share at $0.10 until 29 May 2016. The warrants would bring in $800,000 if exercised. Two non-US investors took part, including OceanRidge Investments, controlled by a director and former CEO, so insider money again funded the company, continuing the pattern of small, low-priced raises.
What it means for a shareholder
8.0m new shares at US$0.050 to raise about US$400,000. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.0294% to 0.0263% of the company. To keep it you'd need 2,348 more shares - about US$117 at the issue price.
Create a free account to see this worked out for your own holding.
30 May 2014capital raising announcement▼ BadMajor
Sky raised $400,000 at $0.05 a unit, again with its former chief executive's vehicle OceanRidge taking part. The price was a fifth of the 2012 placements and a twentieth of the $1.00 raised in 2005 - the Albanian licences were not attracting outside capital.
25 Jan 2013capital raising announcement▼ BadMajor
Unable to place stock, Sky borrowed $150,000 from its own director Mark Rachovides on an 8% note convertible at $0.25. Small money, and from the boardroom - the same insider-funding pattern as the 2012 placements.
16 May 2012capital raising announcement▼ BadMajor
A further $500,000 came in on the same terms, again from an insider: OceanRidge Investments, controlled by a director and former chief executive. Sky was now essentially being funded by its own board.
20 Jan 2012capital raising announcement▼ BadMajor
Only $1 million of the $2 million sought was placed, at $0.25 with warrants, and one of the buyers was Sky's own former chief executive - outside money was getting hard to find.
18 Oct 2011capital raising announcement▼ BadMajor
Sky went back to the market for $2 million at $0.25 a unit with warrants attached - a quarter of the $1.00 price of its 2005 raise, showing what six years and one dead field had done to the stock.
8 Dec 2010capital raising announcement▲ GoodMajor
Albania's cabinet approved the production sharing contract, making the licences real, and Sky paid Orsett its finder's fee in stock - 3.86 million preferred and 1.5 million common shares. These are the shares Sky would later try to freeze when the relationship soured.
20 Dec 2005capital raising announcement▲ GoodMajor
Sky issued 16,013,120 unregistered common shares at $1.00 each for gross proceeds of about $16 million, placed mostly with non-U.S. investors with agents paid 10%. The price was above the $0.80 paid in the earlier placement, and Sky promised to file a resale registration statement by February 15, 2006.
29 Sept 2005capital raising announcement● Neutral
Michael Noonan's appointment as VP corporate was formalised with 600,000 options at $1.29, vesting over three years - the strike price shows how far the stock had run since the $0.50 placement in April.
22 Sept 2005capital raising announcement▲ GoodMajor
An $11 million preferred share placement at $3.60 (convertible into four common shares each) closed with a single offshore investor, who also gets to appoint a director. Combined with the August raise this cleared all of Sky's outstanding debt, ending the demand-loan scramble that had funded the Mubarek payments since June.
21 July 2005capital raising announcement▼ BadMajor
A further $2.45 million of demand loans plus $1.37 million of shares sold at $0.80 kept the Mubarek payments current. Sky was funding a $25 million obligation hand-to-mouth.
25 May 2005capital raising announcement▲ GoodMajor
Sky bought its way into the oil business: subsidiary Sastaro agreed to fund $25 million of drilling on two wells in the Mubarek field offshore the UAE, operated by Buttes Gas and Oil International, a Crescent Petroleum company. Note what Sky did not get - no interest in the concession itself, only a share of whatever those wells produce.
12 May 2005capital raising announcement▲ Good
The $2.5 million subscribed in April was actually received, giving Sky the cash it had promised investors it would deploy.
8 Apr 2005capital raising announcement▲ GoodMajor
Six days after the name change, four offshore investors signed up for 5 million shares at $0.50 to put $2.5 million into the newly renamed company - the first real money behind Meyer's plan to buy into oil and gas.
What it means for a shareholder
5.0m new shares at US$0.500 to raise about US$2.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.