Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
24 Jan 2024quarterly activities report▼ Bad
December quarter: the 100km transmission line is effectively complete, substations about 37% done, and Lesedi 4 and 6 are flaring gas with no sustained rate yet. Cash fell to A$730k, about 0.2 quarters of funding on the report's own measure. Energisation now expected around mid-2024.
24 Jan 2024quarterly activities report▼ Bad
Appendix 5B for December 2023 quarter: cash fell to A$730k from A$1.871m. Operating outflow A$488k, investing outflow A$4.465m, financing inflow A$3.501m. Estimated funding is 0.2 quarters. Related-party payments A$109k.
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.
31 Oct 2023agm notice● Neutral
All five AGM resolutions on 31 October 2023 were carried with about 99.7% of poll votes in favour, including the remuneration report and re-election of McIver and Swire. No strike. Administrative.
31 Oct 2023agm notice● Neutral
Chairman's AGM address: transmission line over 95% complete and due in coming months, Lesedi 6 drilled, Lesedi 4 laterals redrilled. 2P reserves stay at about 41 BCF. Repeats known facts; nothing new.
31 Oct 2023agm notice● Neutral
Proxy voting summary for the 31 October 2023 AGM: proxy votes were overwhelmingly in favour of all five resolutions. Administrative.
27 Oct 2023quarterly activities report▼ Bad
September quarter: Lesedi 6 pod and Lesedi 4 lateral redrill complete, transmission line ~94% done (completion around December 2023), substations ~36% done. Cash fell to A$1.871m from A$6.851m, about 0.4 quarters of funding on the report's own measure.
27 Oct 2023quarterly activities report▼ Bad
Appendix 5B for September 2023 quarter: cash fell to A$1.871m from A$6.851m. Operating outflow A$883k, investing A$3.773m, no financing inflow. Estimated funding is 0.4 quarters. Related-party payments A$267k.
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.
Create a free account to see this worked out for your own holding.
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.
11 Sept 2023agm notice● Neutral
Annual general meeting set for 31 October 2023 in Brisbane, with director nominations closing 19 September. Administrative notice.
25 July 2023quarterly activities report● Neutral
June quarter: Lesedi 6 pod drilling completed, transmission line about 79% complete (July target slipped on conductor supply, hard rock and unknown underground services), and cash about A$6.85m. Lesedi PL001 and PL003 renewals were lodged. A further core-hole near the proposed Lesedi 7 started.
25 July 2023quarterly activities report● Neutral
Appendix 5B for June 2023 quarter: cash rose to A$6.851m from A$3.540m, helped by A$8.477m financing inflow including the A$2m ILC loan. Operating outflow A$703k, investing A$4.211m. Funding estimated at 2.2 quarters. Related-party payments A$235k.
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.
