Past year: ▼ 5%(9.70c – 12.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2018business combination▲ Good
The UIL offers closed on 14 December with acceptances of 92.01% of ordinary shares and 71.15% of convertible preference shares. Consideration will be paid to accepting holders; compulsory acquisition of the remaining ordinary shares has begun.
14 Dec 2018agm notice● Neutral
AGM chairman's address and CEO presentation. Chairman says West Erregulla drilling is expected in the first quarter of 2019 and Jaws pilot testing continues. Largely repeats known facts; the presentation is dated 24 October 2018 and its text is truncated.
14 Dec 2018business combination▲ GoodMajor
Strike received acceptances for 92.01% of UIL ordinary shares, above the 90% needed for compulsory acquisition, which it is now starting for the rest. The preference share offer is now unconditional. This resolves the open 90% threshold.
7 Dec 2018business combination▲ Good
Notice that all conditions on the ordinary share offer are now freed. Strike West's voting power in UIL is 73.78%, up from about 66% days earlier. Strike has clear control of UIL; offer still closes 14 December.
7 Dec 2018business combination● Neutral
The preference share offer stays conditional on Strike reaching 90% of UIL ordinary shares by 14 December, otherwise preference acceptances are void. Acceptances are 52.41% of preference shares; Strike's voting power is 73.78%.
5 Dec 2018business combination● Neutral
UIL's supplementary target's statement repeats Strike's updated intentions: seek permit extensions and possibly delist UIL. Acceptances stand at 66.27%. UIL's remaining independent director, Stephen Bizzell, still recommends acceptance.
4 Dec 2018business combination● NeutralMajor
Supplementary bidder's statement: UIL acceptances about 64.69%, Strike now controls UIL day to day, Seaton is UIL chairman. Strike intends to seek extra time on UIL's 2019 permit work if funds fall short, with forfeiture risk, and to delist UIL if able. WA fracking moratorium to be lifted.
4 Dec 2018capital raising announcement● NeutralMajor
The Share Purchase Plan closed raising only about $1m (9,124,426 shares at $0.115), against a target of up to $5m. Together with the $13m placement it funds Jaws, West Erregulla-2 and, if funds allow, UIL's Perth Basin commitments.
What it means for a shareholder
9.1m new shares at A$0.115 to raise about A$1.0m. That's 0.732% dilution: every existing holder's slice gets 0.732% smaller. If you held A$1,000 of shares (8,696 at the issue price), your slice goes from 0.000703% to 0.000698% of the company. To keep it you'd need 64 more shares - about A$7 at the issue price.
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28 Nov 2018business combination▲ GoodMajor
With acceptances at about 56%, Strike declared its UIL share offer unconditional and will take control of the UIL board, with Andrew Seaton and Stuart Nicholls joining after UIL's 30 November AGM. UIL becomes a controlled subsidiary; offers close 14 December.
28 Nov 2018business combination● Neutral
UIL's own announcement confirms the share offer is unconditional at about 56% acceptances, and the board changes: Seaton and Nicholls join, other directors except Stephen Bizzell resign after the 30 November AGM. John de Stefani stays as CEO. Duplicates Strike's announcement.
22 Nov 2018business combination● Neutral
Strike extended the UIL offers to 14 December 2018 after acceptances rose to about 41%. UIL directors continue to recommend acceptance. Extends the earlier 30 November close.
19 Nov 2018farm in farm out agreement● Neutral
Petrel Energy and Warrego signed a non-binding term sheet for Petrel to acquire Warrego via reverse takeover, with an AIM listing sought. Warrego is Strike's 50% partner in West Erregulla; the release says drilling West Erregulla-2 is planned for first half 2019. Partner-level change; Strike not a party.
16 Nov 2018business combination▲ Good
UIL directors, holding about 25% of UIL shares, have accepted Strike's takeover offer, lifting total acceptances to about 31%. Offer still closes 30 November unless extended. Follows their stated intention to accept.
13 Nov 2018drilling progress report▲ Good
Jaws gas flows have moved from intermittent surges to continuous 25-50 mscf/d from both wells, with bursts to 100 mscf/d, after a brief late-October power outage. Commercial success not yet declared. SPP extended to 30 November; UIL directors to accept, taking acceptances above 30%.
7 Nov 2018business combination▲ Good
UIL's Target's Statement recommends shareholders accept Strike's offer of 0.485 Strike shares per UIL share, absent a superior proposal. The independent expert found the offers fair and reasonable, resolving the open question on its conclusion. Text is truncated.
31 Oct 2018capital raising announcement▲ Good
Settlement of the roughly $13 million placement has occurred, so the capital raising condition of the UIL takeover deed is satisfied. Strike urges UIL shareholders to accept; the offer runs to 30 November 2018 unless extended.
31 Oct 2018business combination● Neutral
Formal notice that the capital raising condition of the UIL Energy takeover offers was fulfilled on 31 October 2018. Administrative notice confirming the already reported settlement of the $13m placement; offers continue.
30 Oct 2018quarterly activities report● Neutral
September quarter: Jaws-1 has moved into gas desorption after about three months of dewatering, with water steady at 750-800 barrels a day and gas surges peaking at 100-200,000 scf/d. Sustained gas is too low to report. Quarter spend was $4m; cash was $1.9m at 30 September, before the $13m raise.
25 Oct 2018business combination● Neutral
UIL Energy's letter to its shareholders giving the timetable for Strike's bid: target's statement with the independent expert's report about 9 November, directors to accept by 15 November, offer closes 30 November unless extended. Administrative timetable only.
25 Oct 2018agm notice● Neutral
ASIC extended the deadline for Strike's AGM from 30 November 2018 to 30 January 2019. Strike sought it to cover matters arising from the capital raising and UIL bid, avoiding a separate shareholder meeting soon after.
25 Oct 2018business combination● Neutral
Law firm notice that the bidder's statement for the UIL takeover has been sent to UIL holders. Offers are dated 25 October and close 30 November 2018 unless extended. Administrative notice only.
24 Oct 2018investor presentation● Neutral
Revised version of the 24 October investor presentation on the Jaws update, capital raising and UIL acquisition. Repeats known facts; the text provided is truncated and the revisions cannot be identified.
24 Oct 2018investor presentation● Neutral
Notice of an investor conference call on 24 October on the UIL takeover offer and the proposed capital raising. No new information in itself.
24 Oct 2018capital raising announcement▲ GoodMajor
Strike raised $13 million through a placement of 113.04m shares at $0.115, plus a Share Purchase Plan of up to $5 million at the same price. Funds support West Erregulla-2 and Jaws testing. Settlement meets the UIL bid's capital raising condition. Follows the $3m raise in August.
What it means for a shareholder
113m new shares at A$0.115 to raise about A$13.0m. That's 9.1% dilution: every existing holder's slice gets 9.1% smaller. If you held A$1,000 of shares (8,696 at the issue price), your slice goes from 0.000774% to 0.000703% of the company. To keep it you'd need 875 more shares - about A$101 at the issue price.
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24 Oct 2018investor presentation● Neutral
Investor presentation accompanying the capital raising and UIL bid, restating Strike's strategy, its Cooper and Perth Basin holdings, and Jaws and West Erregulla catalysts. Repeats known facts; the text provided is truncated.
24 Oct 2018capital raising announcement● Neutral
Offer booklet for the Share Purchase Plan: eligible shareholders can apply for $2,500 to $15,000 of shares at $0.115, a 19.8% discount to the 5-day VWAP. Targets about $5 million, not underwritten, closes 16 November. Detail of the previously announced plan.
24 Oct 2018business combination● Neutral
Strike's formal bidder's statement for UIL Energy. Offers are 0.485 Strike shares per UIL ordinary share and 0.485 Strike Milestone Options per UIL preference share, dated 25 October. This is the formal document for the already announced bid; the text is truncated.
22 Oct 2018business combination▲ GoodMajor
Strike will make an off-market takeover bid for UIL Energy at 0.485 Strike shares per UIL share, a 43.4% premium on 30-day VWAPs. UIL's board unanimously recommends it, subject to the capital raising and an independent expert finding it reasonable. Adds Perth Basin acreage beyond West Erregulla.
22 Oct 2018business combination● Neutral
UIL Energy's release of the same Strike takeover offer: 0.485 Strike shares per UIL share, a 43.4% premium. UIL's directors, holding about 25% of UIL, intend to accept, subject to a superior proposal, the capital raising condition and the expert's view. Repeats Strike's announcement.
19 Oct 2018production update▲ GoodMajor
Jaws wells have entered gas desorption, with gas building in both well bores and regular flaring over the past fortnight. Water holds at 750-800 barrels a day, and continuous gas release to the separator is set up. No gas flow rates are reported.
