Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
28 Apr 2023quarterly activities report● Neutral
March quarter: transmission line about 64% complete, mid-2023 completion expected; substation construction about to start, finishing early 2024. Lesedi 6 drilling began after quarter end. Tlou's Orapa gas supply proposal was unsuccessful. Cash about A$3.54m.
28 Apr 2023quarterly activities report▼ Bad
Appendix 5B for March 2023 quarter: cash fell to A$3.54m from A$6.156m, with A$855k operating and A$3.864m investing outflows against A$3.263m financing inflow. Funding is estimated at 1.4 quarters. Related-party payments A$339k.
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.
27 Jan 2023quarterly activities report● Neutral
Appendix 5B for the December 2022 quarter: cash rose to A$6.156m from A$5.883m, with A$4.994m of financing inflow offsetting A$953k operating and A$3.601m investing outflows. Related-party payments were A$154k.
27 Jan 2023quarterly activities report▲ Good
December quarter report: transmission line 33% complete (16% at September), mid-2023 completion still targeted. The Lesedi 6 production pod drilling is expected to start in 1Q23. Operations facility is nearing completion, cash ~A$6.1m, and PL 037/2000 renewal is verbally confirmed.
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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18 Jan 2023agm notice● Neutral
Chairman's script for the 18 January 2023 general meeting on 11 resolutions, covering ratification of the Campbell placements and approval of the new share issues. The script indicates all would pass on proxy votes. Procedural, with no new company information.
18 Jan 2023agm notice● Neutral
Proxy results for the 18 January 2023 general meeting on 11 resolutions, including the Campbell share issues and director placements and a constitution amendment. Proxies in favour were well ahead of those against on every resolution. Administrative.
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.
26 Oct 2022quarterly activities report● Neutral
September quarter report: transmission line 16% complete (the 17% target was missed in September; mid-2023 completion still expected), Lesedi 3 shut in, Lesedi 4 producing, cash ~A$5.9m. Additional wells are still needed for the 10MW project. PL 037/2000 renewal application is submitted.
26 Oct 2022quarterly activities report● Neutral
Appendix 5B for the September 2022 quarter: cash fell from A$7.875m to A$5.883m, with A$508k operating outflow and A$1.799m investing outflow (mainly A$1.379m exploration and evaluation). Related-party payments were A$157k.
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.
18 Oct 2022agm notice● Neutral
Prepared script for the 18 October 2022 AGM covering four resolutions. Proxy votes indicate all resolutions will pass. Procedural, with no new company information.
18 Oct 2022agm notice● Neutral
Proxy vote summary for the 18 October 2022 AGM, showing proxies in favour on all four resolutions, including the remuneration report, Cloonan's re-election, the convertible note ratification and the 10% placement capacity. Administrative.
18 Oct 2022agm notice▲ Good
All four AGM resolutions carried: remuneration report, Cloonan's re-election, ratification of the convertible note issue, and the 10% placement capacity. Placement capacity passed with 98.93% of votes cast in favour. This resolves the capacity issue flagged in August.
