28 Dec 2023registration revoked● Neutral
ASX removes Talon from the official list at the close of trading on 28 December 2023 following the Strike scheme. This formally ends Talon's listing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Dec 2023business combination● NeutralMajor
The Strike scheme was implemented: all Talon shares passed to a Strike subsidiary and 0.4828 Strike shares per Talon share were issued to eligible holders. Talon's four directors resigned and three new ones were appointed; delisting is expected 28 December. This ends the Strike takeover.
27 Dec 2023business combination● Neutral
Strike confirms it has implemented the Talon acquisition and now owns 100% of Talon's shares. Eligible holders were issued 0.4828 Strike shares per Talon share; the rest went to a sale nominee. Duplicates Talon's own implementation announcement.
22 Dec 2023asset acquisition disposition▲ Good
The in-specie distribution of TMK securities is complete: 1,001,017,238 TMK shares and 500,508,618 options went to Talon holders on the 15 December record date. That is about 1.511 shares and 0.755 options per Talon share, completing the Gurvantes sale distribution.
14 Dec 2023business combination● NeutralMajor
Talon lodged the court orders with ASIC, making the Strike scheme legally effective. Talon shares are suspended after trading on 14 December; holders on the 18 December record date get 0.4828 Strike shares each, with implementation expected 27 December.
14 Dec 2023listing compliance notice● Neutral
ASX suspends Talon shares from the close of trading on 14 December 2023 following the scheme becoming effective. Talon's request says it expects implementation on 27 December and removal from the ASX list on 28 December. Procedural.
14 Dec 2023business combination● Neutral
Strike says its acquisition of Talon is now effective, with 0.4828 Strike shares per Talon share for holders on the 18 December record date. Strike says it will hold 1,022 PJ of Perth Basin 2P reserves and 2C resources and 100% of Walyering free cash flow.
13 Dec 2023other● NeutralMajor
The Federal Court approved the Strike scheme, under which Strike acquires all Talon shares for 0.4828 new Strike shares each. Talon expects to lodge the orders on 14 December, last trading that day, and implementation on 27 December 2023.
8 Dec 2023asset acquisition disposition● NeutralMajor
TMK said it completed the purchase of Talon's 33% interest in Gurvantes XXXV, issuing Talon 1.092bn shares and 546m options. Talon paid A$600,000 cash, and the securities were slightly fewer than the up to 1.1bn shares and 550m options in the October agreement.
8 Dec 2023asset acquisition disposition● NeutralMajor
Talon completes the Gurvantes sale to TMK, receiving 1.092bn TMK shares and 546m options and paying A$600,000. About 1.001bn shares and 500.5m options go to Talon holders by 22 December (about A$0.016 per Talon share); the rest is retained. This resolves the October deal.
7 Dec 2023other▲ GoodMajor
Talon shareholders approved the Strike scheme, with 94.89% of votes cast in favour. Court approval is set for 13 December, with last Talon trading 14 December and implementation expected about 27 December 2023. Remaining conditions still apply.
7 Dec 2023agm notice● Neutral
Chair's script for the 7 December scheme meeting, chaired by independent lawyer Toby Hicks. It outlines voting by poll and the terms: 0.4828 Strike shares per Talon share, record date 18 December. No new information.
4 Dec 2023other● Neutral
Talon publishes its constitution, adopted by special resolution of members on 1 December 2023. Text shown is the full standard rule set; no commercial change is visible. Administrative.
23 Nov 2023farm in farm out completion● Neutral
NZ Oil & Gas says it has completed its farm-in to 25% of L7 and EP437, alongside Triangle (50%, operator) and Talon (25%). Drilling is still planned for 2024. This does not change Talon's own 25%.
7 Nov 2023other● Neutral
Talon says the scheme booklet and proxy forms were sent to shareholders today. It also explains the CGT declaration form for foreign residents. The scheme meeting is on 7 December 2023. Administrative.
6 Nov 2023admin correction● Neutral
Talon notes some readers had formatting problems with the scheme booklet on certain devices and points to its website for a full copy. No change to terms or content.
3 Nov 2023other● Neutral
The Federal Court ordered Talon to hold a shareholder meeting on the Strike scheme (0.4828 Strike shares per Talon share) and approved sending out the scheme booklet. The meeting is set for 7 December 2023. Procedural step toward the takeover.
3 Nov 2023other▲ GoodMajor
The Strike scheme booklet is registered with ASIC. The independent expert, BDO Corporate Finance, concludes the scheme is fair and reasonable and in shareholders' best interests, absent a superior proposal. Directors unanimously recommend a vote in favour at the 7 December meeting.
30 Oct 2023capital raising announcement● Neutral
Short-form prospectus allows the transfer of up to 1.009bn TMK shares and 504.5m TMK options to Talon holders in the in-specie distribution. It supports the Gurvantes sale, with the vote at a 1 December 2023 meeting. Mainly a procedural document.
25 Oct 2023quarterly activities report▲ Good
September quarter report: Walyering began gas sales on 25 September (firm 20 TJ/d from 1 October, ~200 bbl/d condensate), final gross cost about A$30m, Talon holds 45%. Board backs both the Strike scheme and the Gurvantes sale to TMK. Largely repeats known facts.
18 Oct 2023investor presentation● Neutral
Webinar slides present the benefits of the TMK Gurvantes divestment, such as realising value while keeping exposure via TMK shares. Visible text shows no new terms. Strike scheme details are excluded from this presentation.
13 Oct 2023investor presentation● Neutral
Talon announces an investor webinar on 18 October on the TMK transaction, with CEO Colby Hauser and TMK's CEO. Notice of an event only; no new information.
11 Oct 2023material agreement● Neutral
Talon confirms the amended Strike scheme deed signed 10 October to enable the TMK deal. Scheme consideration is unchanged. Directors still recommend it, subject to the independent expert. Separate TMK vote late November; scheme meeting December.
11 Oct 2023material agreement● Neutral
Strike confirms it signed an amended Strike scheme deed with Talon on 10 October to allow Talon's TMK transaction. Consideration and conditions are unchanged.
11 Oct 2023asset acquisition disposition● NeutralMajor
Talon agrees to give its 33% Gurvantes interest to TMK for up to 1.1bn TMK shares and 550m options, mostly distributed to Talon holders (about A$0.02 per share). Talon also commits up to A$850,000 cash. This replaces the spin-out idea; vote expected late November.
11 Oct 2023asset acquisition disposition● Neutral
TMK announces the binding deal to take Talon's 33% of Gurvantes for up to 1.1bn shares and 550m options, plus A$850,000 from Talon. Needs TMK and Talon shareholder approval in late November; completion is targeted for early December 2023.
9 Oct 2023production update▲ Good
Walyering firm sales began on 1 October 2023 at a stabilised 20 TJ/d, with condensate at about 200 bbl/d. Final gross development cost was A$30m, above forecast, and Strike gave Talon a comfort letter to lift its facility; Talon agreed to drill Walyering-7 in Q1 2024 to mature 33 PJe of resources.
9 Oct 2023drilling result▲ GoodMajor
TMK reports a 45 m thick gassy coal seam at the eastern Terra area, 100 km from the pilot wells, and expands the program by four more wells. Pilot wells continue producing gas continuously; Lucky Fox-3 needed pump cleanouts. Talon holds 33%.
9 Oct 2023joint venture update▲ Good
Operator Triangle says the L7/EP437 joint venture (Talon 25%) has ordered casing and wellheads for two wells and filed environmental applications. Rig talks continue. The regulator approved Talon's farm-in interest transfer, completing that farm-in. Booth well mid-case is 279 Bcf.
9 Oct 2023production update▲ GoodMajor
Strike reports firm Walyering sales began 1 October at a stable 20 TJ/d, condensate ~200 bbl/d. Final gross cost was A$30m, above forecast, and Strike expects payback in about two quarters. Strike gave Talon a comfort letter to increase its loan if needed.