Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
12 May 2023capital raising announcement● NeutralMajor
Launched a partially underwritten entitlement offer of 4 new shares for every 11 held at A$0.035, raising up to A$10.65m; ILC Investments underwrites A$5m. Directors commit at least A$392,760. Target is first power in 2Q 2024. Follows the A$2m ILC loan.
12 May 2023admin correction● Neutral
Letter to shareholders outside Australia, NZ, UK and Botswana saying they cannot take part in the 4-for-11 A$0.035 entitlement offer unless the company decides otherwise. Restates the offer terms and timetable. Administrative.
2 May 2023debt financing● NeutralMajor
Received a A$2m unsecured three-year loan from ILC Investments, Tlou's largest shareholder, at 10% interest with no arrangement fee, repayable 30 April 2026 or earlier without penalty. For working capital and Botswana operations. Further capital still being sought.
13 Apr 2023drilling spud▲ GoodMajor
Lesedi 6 production pod spudded on 10 April 2023, at about 59m depth. One vertical well with two lateral wells, next to the existing Lesedi 4 pod. Dewatering and gas flow testing follow completion. Delivers the 1Q23 drilling plan, slightly late.
27 Mar 2023capital raising announcement● Neutral
Raised A$200,000 by placing 5,714,284 shares at A$0.035 to Australian sophisticated investors, a 5.4% discount to last close. Total shares become 836,429,994. A small top-up at the same price as the Campbell raisings.
What it means for a shareholder
5.7m new shares at A$0.035 to raise about A$200,000. That's 0.943% dilution: every existing holder's slice gets 0.943% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00472% of the company. To keep it you'd need 272 more shares - about A$10 at the issue price.
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15 Mar 2023drilling scheduled● Neutral
Core-hole C8-1X began (about 200m of ~550m planned) ahead of the Lesedi 6 pod, three wells with spud expected later in March. Transmission line now about 60% complete, targeted mid-year. Continues the 1Q23 drilling plan.
9 Mar 2023half year report● Neutral
Half-year to 31 December 2022: loss A$2.245m (A$1.271m a year earlier), no revenue yet. Transmission line about 50% complete at end February, finishing around 3Q23; substations expected late 2023 or early 2024. Operations facility due during 2023.
25 Jan 2023capital raising announcement▲ Good
After shareholder approvals on 18 January 2023, 87,653,278 shares were issued at A$0.035 under the December placement of about A$3.07m. Completes the raising announced on 15 December.
What it means for a shareholder
87.7m new shares at A$0.035 to raise about A$3.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00415% of the company. To keep it you'd need 4,173 more shares - about A$146 at the issue price.
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15 Dec 2022capital raising announcement● NeutralMajor
Firm commitments for about A$3.07m via 87,796,135 shares at A$0.035, a 12.5% discount to last close, mainly from Dr Campbell's entity (A$2.5m) plus directors and others. Subject to a January 2023 shareholder vote; would take Campbell to 25.79%. Expert calls it 'not fair but reasonable'. Funds are for gas production wells.
What it means for a shareholder
87.8m new shares at A$0.035 to raise about A$3.1m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00415% of the company. To keep it you'd need 4,179 more shares - about A$146 at the issue price.
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14 Nov 2022admin correction● Neutral
Section 708A cleansing notice for the 85,714,286 shares issued in the 11 November A$3m placement at A$0.035. Administrative.
11 Nov 2022capital raising announcement▲ GoodMajor
A second Campbell-entity placing raised A$3m via 85,714,286 shares at A$0.035, lifting his holding to 19.23% and total shares to 743.1m. He may nominate a director; a drilling campaign is planned for 2023. Follows the A$2m placing a week earlier.
What it means for a shareholder
85.7m new shares at A$0.035 to raise about A$3.0m. That's 12% dilution: every existing holder's slice gets 12% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00417% of the company. To keep it you'd need 4,080 more shares - about A$143 at the issue price.
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9 Nov 2022admin correction● Neutral
Section 708A cleansing notice confirming issue of the 57,142,857 shares from the 4 November A$2m placement at A$0.035. Administrative.
4 Nov 2022capital raising announcement▲ GoodMajor
Raised A$2m placing 57,142,857 shares at A$0.035 with a new strategic investor, Dr Ian Campbell (8.69% holding), at a 34.6% premium to the last close. Funds are for Lesedi development including substations; a further tranche is under negotiation. Addresses the funding gap.
What it means for a shareholder
57.1m new shares at A$0.035 to raise about A$2.0m. That's 8.7% dilution: every existing holder's slice gets 8.7% smaller. If you held A$1,000 of shares (28,571 at the issue price), your slice goes from 0.00476% to 0.00435% of the company. To keep it you'd need 2,720 more shares - about A$95 at the issue price.
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27 Oct 2022regulatory community update● Neutral
ASIC concluded its investigation into statements in the 'Carbon Neutrality' (Feb 2021) and 'Clean Energy For Botswana' (Oct 2021) announcements. Tlou paid A$53,200 in infringement notices without accepting a contravention; ASIC will take no further action. Resolves the September investigation.
18 Oct 2022investor presentation● Neutral
Managing Director's AGM presentation reuses the 'Power Generation in Botswana' deck, with the same disclaimers and the 2018 reserve estimates. Largely repeats known facts.
19 Sept 2022annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative, with no substance.
19 Sept 2022annual report● Neutral
Annual report for year to 30 June 2022. Chairman's letter repeats the 10MW BPC PPA, line construction with completion mid-2023, the US$5m BPOPF note, and 2P reserves of ~41 BCF. Financial statements truncated in the text.
19 Sept 2022annual report● Neutral
Final results release pointing to the 2022 annual report. It highlights the PPA, line construction start and the US$5m BPOPF note. MD says first revenue is 'firmly within our grasp'. No new figures.
15 Sept 2022investor presentation● Neutral
Notice that MD Tony Gilby will present at a ShareCafe small-cap webinar on 16 September 2022. Promotional, no new information.
15 Sept 2022investor presentation● Neutral
'Power Generation in Botswana' investor presentation for the webinar. It restates known Lesedi project facts and the 2018 reserve estimates, with no new reserve work stated. Largely repeats known facts.
13 Sept 2022joint venture update▼ Bad
Transmission line is 11% complete against a 17% target, a 6% slippage from supply delays and BPC-requested pole protection. Mid-2023 completion is still expected. The OptiPower substation contract awaits funding. Lesedi 3 is temporarily shut in, with Lesedi 4 continuing.
9 Sept 2022other▼ BadMajor
ASX paused trading in Tlou shares pending a further announcement. No reason is given in the notice itself; the ASIC announcement the same day follows.
9 Sept 2022regulatory community update▼ BadMajor
ASIC notified Tlou on 6 September 2022 that it is investigating suspected breaches of the Corporations Act and ASIC Act over statements in ASX announcements, including the Feb 2021 'Carbon Neutrality' and Oct 2021 'Clean Energy For Botswana' releases. The period covered is Feb 2020 to Mar 2022. Tlou is co-operating.
17 Aug 2022listing compliance notice▼ Bad
Tlou says it inadvertently breached ASX Listing Rule 7.1 by issuing 25,743,045 of its 115,772,900 convertible notes (24 March 2022) under the 7.1A capacity, which does not cover unquoted notes. It cannot issue under 7.1A until AGM approval is obtained.
23 May 2022joint venture update▲ Good
Transmission line construction has started: bush clearing is under way and the first wooden poles are due in June. Line completion is scheduled for mid-2023, substations in 2H23, with first revenue expected in late 2023.
15 Mar 2022contract award▲ GoodMajor
Contract signed with Zismo to build the 100 km, 66kV transmission line connecting Lesedi to the grid, expected to take about 15 months. The OptiPower substation contract is still to be signed. This moves the long-pending Zismo thread into construction.
3 Mar 2022half year report● Neutral
Interim results: Lesedi 3 and 4 produced 1,413 Mcf in January 2022 (~56 Mcf/day). The BPOPF note has a minimum conversion price of BWP 0.50 (~£0.032), up to 115,772,900 shares, and the funds have been received. First power is targeted for 2023.
3 Mar 2022half year report● Neutral
Half-year accounts to 31 December 2021: loss A$1.27m (prior period A$1.07m). Still no revenue. Repeats the 10MW PPA and the US$5m convertible note (7.75%, 5 years). Remaining financials truncated.
3 Mar 2022other● Neutral
Arden Partners plc appointed UK corporate broker with immediate effect. Replaces Shore Capital, which was the broker previously listed (inference: no replacement reason given). Administrative.
7 Feb 2022regulatory community update▲ GoodMajor
Tlou received a 15-year, 10MW generation licence from BERA, and transmission line work is set to start once final signatures are in. Lesedi 3, shut in about 18 months, is flowing gas again. First electricity sales to BPC are targeted for 2H23.
