Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Oct 2024other● NeutralMajor
Proposes cancelling the AIM listing (admitted 2015), subject to a 75% shareholder vote at the 26 November AGM; effective date 31 December 2024. Reasons given: weak UK support for explorers and high costs. ASX and BSE listings remain, with a free swap into ASX shares.
26 Sept 2024annual report● Neutral
Annual report for year to 30 June 2024. The chairman cites the 100km line, a substation over 75% complete and first power sales coming within reach. Only the front section was provided, so financial results are not shown here.
23 Aug 2024capital raising announcement● NeutralMajor
Raised A$995,787 by placing 28.45m shares at A$0.035, from directors, family and sophisticated investors. 12.25m director shares need shareholder approval at a meeting around 25 September. Gilby, Swire and Cloonan are subscribing. Funds go to Lesedi.
What it means for a shareholder
28.4m new shares at A$0.035 to raise about A$995,787. That's 4.5% dilution: every existing holder's slice gets 4.5% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00454% of the company. To keep it you'd need 1,354 more shares - about A$47 at the issue price.
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31 July 2024debt financing● NeutralMajor
Signed a non-binding term sheet with a Botswana investment firm for a BWP76.5m (~A$8.5m) mezzanine loan: five years, 15% coupon, interest may be capitalised for 24 months. It would fund generators and the substation, but is subject to due diligence and approvals.
29 Apr 2024capital raising announcement● NeutralMajor
A second shortfall placement raised A$560,000 (16m shares at A$0.035), taking the total entitlement offer to about A$7.9m. The company will place no further shortfall, leaving 153.5m shares unplaced. Shares on issue rise to 1,270,133,251.
What it means for a shareholder
16.0m new shares at A$0.035 to raise about A$560,000. That's 2.6% dilution: every existing holder's slice gets 2.6% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00464% of the company. To keep it you'd need 762 more shares - about A$27 at the issue price.
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26 Mar 2024capital raising announcement▲ GoodMajor
Placed 177.6m shortfall shares at A$0.035 for about A$6.2m. Botswana Public Officers Pension Fund took 161.3m (BWP50m) and now holds 16.63%. Another 169.5m shares can be placed before 30 April 2024. Funds go toward first power at Lesedi.
8 Mar 2024half year report● Neutral
Interim results release: line complete and grid-connected, substation ~38% done, power sales targeted later in 2024. Starts at ~2MW, then 10MW at roughly A$10m a year. Remaining funding still being sought from strategic parties after the A$1.14m offer take-up.
8 Mar 2024half year report● Neutral
Half-year accounts to 31 December 2023: loss A$1.82m (A$2.25m a year earlier), no revenue yet. Transmission line complete, energisation expected mid-2024; renewal of PL001/003 now expected in March 2024.
23 Feb 2024joint venture update▲ GoodMajor
The 66kV line is complete and connected to the Serowe substation, ending Lesedi's isolation from the grid. The Lesedi substation is ~38% complete. Line energisation is expected mid-year, subject to funding; the company aims to secure remaining funds this quarter.
5 Feb 2024capital raising announcement▼ BadMajor
The A$13.3m entitlement offer was heavily undersubscribed: only A$1.14m (32.6m shares) taken up, leaving a ~A$12.1m shortfall. Directors took A$673k; largest holder ILC did not participate, preferring debt support. Directors are talking to Botswana and UK investors about placing the shortfall.
8 Jan 2024capital raising announcement● Neutral
Closing date of the A$13.3m, A$0.035 entitlement offer extended from 12 January to 31 January 2024 to give holders more time. Funds are mainly for Lesedi grid connection.
15 Dec 2023investor presentation● Neutral
Investor presentation for the 15 December 2023 entitlement offer. Only the disclaimer text was provided, so no new information can be drawn from it.
15 Dec 2023capital raising announcement● NeutralMajor
Launched a non-renounceable entitlement offer of 4 new shares for every 11 held at A$0.035 to raise up to about A$13.3m, for ASX and BSE holders only. Directors commit at least A$613,308. Funds target Lesedi grid connection and working capital.
15 Dec 2023capital raising announcement● Neutral
Letter telling shareholders outside Australia, New Zealand and Botswana they cannot join the 4-for-11 A$0.035 offer (about A$13.3m). Administrative; no new terms. Full take-up would lift shares to 1,423,612,305.
15 Dec 2023capital raising announcement● Neutral
Offer booklet for the 4-for-11 A$0.035 entitlement offer (up to about A$13.3m). Offer closes 12 January 2024 (ASX). Booklet follows the launch announcement of the same date; no new terms provided in the text shown.
27 Nov 2023flow test result▲ GoodMajor
First gas reached surface and was flared at the new Lesedi 6 pod, the fastest from dewatering start (late October) to gas in the field. No flow rate yet; Lesedi 4 is dewatering as expected. A positive first sign after the redrilling.
6 Nov 2023debt financing● NeutralMajor
Secured a new A$1m unsecured loan from ILC-related ILC BC and an extra A$2m on the existing ILC loan, all at 10%, repayable at the earlier of 3 years or 60 days after first electricity. Loans total A$5m and are convertible at 3.5c, subject to shareholder approval.
1 Nov 2023other● Neutral
Appendix 4G confirming where the corporate governance statement for the year to 30 June 2023 can be found. Administrative filing with no new information.
31 Oct 2023investor presentation● Neutral
AGM presentation on Tlou's Botswana power generation plans. Only the disclaimer text was provided, so no new information can be drawn from it.
6 Oct 2023capital raising announcement▲ GoodMajor
Raised A$678,977 through a placement of 19.4m new shares at A$0.035 from Australian and UK sophisticated investors, for Lesedi development. Price was a 25% premium to the A$0.028 close. Shares on issue rise to 1,043,982,357. A small top-up after the June offer.
What it means for a shareholder
19.4m new shares at A$0.035 to raise about A$678,977. That's 3.1% dilution: every existing holder's slice gets 3.1% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00461% of the company. To keep it you'd need 924 more shares - about A$32 at the issue price.
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29 Sept 2023annual report● Neutral
Annual report for year to 30 June 2023: about A$14.8m equity and A$2.0m loan raised in the year, ILC holds 34.86%, transmission line over 90% complete, 4,000-hectare farm acquired for the processing facility. 2P reserves remain about 41 BCF.
29 Sept 2023annual report● Neutral
Announcement that 2023 results are available. Transmission line 90% complete, Lesedi 6 drilled and Lesedi 4 laterals redrilled, 4,000 hectares of land acquired, ILC at 34.86%. The MD says significant challenges remain.
11 Sept 2023drilling result▲ Good
Lesedi 4 laterals have been redrilled, and Lesedi 6 laterals earlier intersected their vertical well. Dewatering ahead of gas production can now start on both pods. Transmission line about 90% complete, finishing later this year. No gas rates yet.
20 June 2023capital raising announcement● NeutralMajor
Entitlement offer raised about A$6.58m of a possible A$10.65m: A$1.58m from shareholders (14.8% take-up) plus A$5m from underwriter ILC. ILC rises to about 34.85%, with 1,025,583,022 shares after issue. Resolves the open offer; shortfall of roughly A$9.06m.
14 June 2023drilling progress report● Neutral
Lesedi 6 vertical well reached 589m, intersecting 6m of target coal; lateral top-holes are cased and the core-hole finished at 535m. Transmission line is 73% complete (3Q23 finish), substations now due 2Q24, a quarter later than before.
13 June 2023admin correction● Neutral
Second supplementary prospectus, issued after ASIC feedback, adds disclosure. Needs about A$10m more to reach first power on existing wells if only the underwritten amount is raised. Lesedi 6 and 4 flow rates are expected to be disclosed in October 2023. The power purchase agreement carries no penalty for late power.
5 June 2023capital raising announcement● Neutral
The entitlement offer closing date was extended from 8 June to 15 June 2023 (ASX), with results now due 20 June and new shares trading 23 June. Offer terms and the A$0.035 price are unchanged. A timetable change only.
23 May 2023capital raising announcement● Neutral
Offer documents for the 4-for-11 A$0.035 entitlement offer (up to A$10.65m) were posted to eligible shareholders in the UK, Botswana, Australia and NZ. Closing date stays 8 June. Administrative step in the offer launched 12 May.
12 May 2023admin correction● Neutral
Re-issued ineligible shareholder letter with an updated timetable, moving the ex-date to 17 May 2023. Other offer terms are unchanged, including closing on 8 June. Administrative.
12 May 2023admin correction● Neutral
Supplementary prospectus amending only the entitlement offer timetable (ex-date now 17 May 2023), alongside the main prospectus for up to A$10,645,473 at A$0.035. Offer closes 8 June. No new company information.
