Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2020capital raising announcement● Neutral
Entitlement offer booklet and personalised forms were posted to eligible shareholders for the 1-for-6 offer announced 15 June. Administrative despatch, with CREST identifiers; no new terms or figures.
25 June 2020capital raising announcement● Neutral
Offer booklet for the entitlement offer announced 15 June: up to 75,030,031 shares at A$0.04, one option per two shares. Opens 25 June, closes 13 July 2020; new shares expected to trade 21 July. Documentation of known terms.
What it means for a shareholder
75.0m new shares at A$0.040 to raise about A$3.0m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.00555% to 0.00476% of the company. To keep it you'd need 4,167 more shares - about A$167 at the issue price.
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18 June 2020regulatory community update▲ GoodMajor
Tlou receives its electricity generation licence from BERA: 15 years, for 2MW of CBM gas and solar generation at Lesedi, selling to BPC at the approved tariff. This resolves the open generation licence thread for the 2MW interim project.
15 June 2020investor presentation● Neutral
Investor presentation titled 'Emerging Power Producer', released alongside the entitlement offer. Text provided is only the disclaimer; no new information visible.
15 June 2020capital raising announcement● NeutralMajor
Partially underwritten entitlement offer of 1 share for every 6 at A$0.04 to raise up to about A$3.0m, with a free option (A$0.08, two years) per two shares. Melbourne Capital underwrites A$2.0m; directors commit A$750k. Funds go to 66kV line design and funding due diligence. Offer price is well below the 2019 raisings at A$0.10.
30 Apr 2020investor presentation● Neutral
Gas and solar presentation repeating known information: environmental approvals for 20MW gas, 20MW solar and a 66kV line. No new announcements visible in the provided text.
6 Apr 2020material agreement▲ GoodMajor
An interim 2MW CBM pilot power purchase agreement is agreed with Botswana Power Corporation, now in final regulatory formalities; terms are confidential. This delivers the temporary PPA sought since February and a route to grid connection and first revenue. The separate 10MW proposal is still under assessment.
6 Apr 2020admin correction● Neutral
Notice that 10,000,000 restricted ordinary shares were due for release from escrow on 6 April 2020, with quotation to be applied for. Administrative only.
24 Mar 2020other▼ BadMajor
Covid-19 and market conditions prompt cost cuts: the managing director takes 50% of contracted pay from 1 January 2020, then 25% from 1 April; other senior staff take 50%. Lesedi pods may be shut in, and higher sustained gas rates are expected to take considerable time without extra wells.
25 Feb 2020half year report● Neutral
Half-year report to 31 Dec 2019: Lesedi 3 and 4 can flow gas at sustained rates, but dewatering is taking longer than expected, so higher rates need more time or more wells. PPA process is moving slower than expected; ministry agreed to discuss a temporary PPA.
20 Feb 2020material agreement▲ GoodMajor
Botswana's ministry confirmed in writing its commitment to negotiating the PPA and agreed to discuss a temporary PPA for pilot supply while the full PPA is negotiated. This matches Tlou's interim-PPA request. Nothing is signed; BPC leads the talks, subject to approvals.
26 Nov 2019production update● Neutral
Lesedi 3 and 4 have had short-term gas rates above the earlier ~20 Mscfd, but the target is a sustained 80-100 Mscfd per pod and timing cannot be predicted. The PPA awaits government feedback. BDC is discussing up to US$30m, with US$10m the minimum to connect 2MW.
30 Oct 2019investor presentation● Neutral
Corporate presentation for a Gaborone stakeholder event, repeating known information. It cites the February 2018 reserve and resource estimates; no new announcements are visible in the provided text.
17 Oct 2019investor presentation● Neutral
AGM corporate presentation repeating known information. It relies on the February 2018 reserve and resource estimates; no new announcements are visible in the provided text.
13 Sept 2019annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report for the year to 30 June 2019. It points to the governance statement in the annual report (pages 56-68) and on the website. Administrative only; no new business information.
13 Sept 2019annual report● Neutral
Full 2019 annual report lodged, following the 27 Aug release. The chairman cites preferred-bidder status, 20MW environmental approval and Lesedi 3 and 4 producing gas. Managing director names commercial gas flow and finalising the power purchase agreement as the main remaining risks.
30 Aug 2019investor presentation● Neutral
Corporate presentation repeating known information; it relies on the February 2018 reserve and resource estimates, with no new announcements visible in the provided text.
27 Aug 2019annual report● Neutral
Annual report for the year to 30 June 2019. The chairman highlights preferred-bidder status in the gas-power tender, environmental approval for 20MW, and the Lesedi 3 and 4 wells now producing gas. Botswana's pension fund is now the largest shareholder. Financial figures are not visible in the provided text.
22 Aug 2019production update▲ GoodMajor
Lesedi 3 and 4 each reached a sustained gas flow of about 20 Mcfd, with rates expected to rise toward a commercial peak. Tlou targets a power purchase agreement and Botswana financing in late 2019, and first electricity sales potentially in Q4 2020.
10 July 2019flow test result▲ Good
Lesedi 4 has also reached critical desorption pressure, and a short gas flow test at Lesedi 3 gave what Tlou calls a positive result. No flow rate is disclosed, and a commercial rate has still to be shown.
19 June 2019well test result▲ Good
Lesedi 3 has reached critical desorption pressure, meaning gas is starting to come out of the coal after dewatering. Lesedi 4 is still being dewatered. No flow rate is given yet; the aim remains a commercial rate.
21 May 2019contract award▲ GoodMajor
Tlou has written confirmation from Botswana's government that it is a preferred bidder in the 100MW gas-power tender, resolving the pending decision; project agreements are still to be finalised. It cites the most competitive cost of energy, and cash of about A$6.5m with no debt.
15 May 2019regulatory community update● Neutral
A Botswana procurement board decision published 14 May approved government negotiations with both Tlou and rival Sekaname on the 100MW tender. Tlou will seek official clarity; no preferred bidder or award is yet confirmed.
1 May 2019regulatory community update▲ GoodMajor
Botswana's environmental department approved the downstream environmental statement for up to 20MW of gas power, a 66kV line to Serowe and a solar farm of up to 20MW, valid 30 years. Tlou calls it the final environmental approval needed; this closes the open EIA thread.
16 Apr 2019capital raising announcement▲ GoodMajor
Tlou raised BWP21.8m (~A$2.9m) from Botswana investors, issuing 29,066,650 shares at BWP0.75 (~A$0.10). The Botswana Public Officers Pension Fund took 28m shares, lifting it to 10.49%. Total shares rise to 450,180,185.
11 Apr 2019capital raising announcement● Neutral
Administrative notice for the 8 April placement: 12,000,000 shares issued at A$0.10 under the 7.1A capacity, diluting existing holders by about 2.85%. No new information beyond the placement already announced.
What it means for a shareholder
12.0m new shares at A$0.100 to raise about A$1.2m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00237% to 0.00231% of the company. To keep it you'd need 285 more shares - about A$29 at the issue price.
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8 Apr 2019capital raising announcement▲ GoodMajor
Tlou raised about A$1.2m via 12,000,000 shares at A$0.10 (about a 5% premium to the last close) from two existing shareholders, escrowed 12 months. Management says it removes near-term funding pressure. The tender outcome is expected in coming weeks.
What it means for a shareholder
12.0m new shares at A$0.100 to raise about A$1.2m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.00244% to 0.00237% of the company. To keep it you'd need 293 more shares - about A$29 at the issue price.
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1 Apr 2019regulatory community update▲ GoodMajor
Tlou was awarded a new ~1,000 km2 prospecting licence, Boomslang (PL011/2019), for an initial three years, adjacent to Lesedi. Total licence area rises to ~9,300 km2.
18 Mar 2019drilling result▲ GoodMajor
All six wells for pods Lesedi 3 and 4 are drilled, on time and in line with budget, and are dewatering. Strong gas was seen bubbling when laterals met the vertical wells, especially Lesedi 4P. Controlled gas pressure indications are expected in Q2 2019.
13 Mar 2019material agreement▲ GoodMajor
Tlou passed the technical stage of the 100MW gas-to-power tender, scoring 89.8% against rival Sekaname's 86.4%. The procurement board approved opening both financial proposals, the final stage. This advances the October 2018 re-tender response, though no award has been made.
