18 Oct 2022agm notice● Neutral
Chairman's AGM address repeats known points: the 10MW PPA, line construction, new operations facility and the US$5m BPOPF note. No new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Aug 2022agm notice● Neutral
Annual General Meeting set for 18 October 2022 in Brisbane. Director nominations close 6 September 2022. Notice of Meeting to follow in late September. Administrative.
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.
25 July 2022quarterly activities report● Neutral
Appendix 5B for June 2022 quarter: cash fell to A$7.896m from A$8.671m. Operating outflow A$667k; investing was a net inflow of A$139k. About 7 quarters of funding at current spend. No new financing.
25 July 2022quarterly activities report● Neutral
June 2022 quarter: transmission line 6% complete, on plan; Lesedi 3 and 4 still flowing gas; field camp under construction. PL 35/2000 relinquished. Synergen Met postponed its IPO. More funding is needed for substations, generators and wells. A small crypto-mining trial earned immaterial revenue.
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.
27 Apr 2022quarterly activities report● Neutral
Appendix 5B for March 2022 quarter: cash rose to A$8.671m from A$4.286m, helped by A$6.7m of financing inflow (the BPOPF note). Operating outflow A$643k, investing outflow A$2.04m. No debt facility is shown in the table; about 5 quarters of funding.
27 Apr 2022quarterly activities report▲ Good
March 2022 quarter: transmission line contractors engaged, Lesedi 3 back online, US$5m received from BPOPF, and cash up to A$8.67m. Lesedi 4 had a workover. Synergen Met plans an ASX IPO listing around 1 June 2022. Largely known news.
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.
24 Jan 2022quarterly activities report● Neutral
December 2021 quarter report: the 10MW PPA and BWP 50m BPOPF convertible note were signed, and Boomslang licence renewal was applied for in December (expires March 2022). Crypto mining talks with an unnamed group are being evaluated. Cash figure truncated; earlier 5B showed A$4.286m.
24 Jan 2022quarterly activities report▼ Bad
Appendix 5B for December 2021 quarter: cash fell to A$4.286m from A$5.537m. Operating outflow was A$640k and investing outflow A$627k, higher than the prior quarter. No debt drawn; about 3 quarters of funding at current spend.
1 Dec 2021debt financing▲ GoodMajor
Tlou signed a BWP 50m (~US$5m) five-year convertible note with BPOPF, its largest shareholder, at 7.75% interest, converting at a 10% discount to the 90-day VWAP. A further BWP 50m equity investment is agreed in preliminary terms for after 1 July 2022. Approvals are conditions to the note taking effect.
24 Nov 2021agm notice● Neutral
AGM proxy voting results: all six resolutions had large proxy majorities in favour, including the remuneration report, Gabaake Gabaake's re-election and performance rights for two directors. Administrative.
24 Nov 2021agm notice● Neutral
Chairman's AGM address recapping the year: sustained gas flows, the 10MW PPA, the generation licence, line and substation tenders and the hydrogen agreement with Synergen Met. Repeats known facts.
11 Nov 2021investor presentation▲ Good
Update on the hydrogen project with Synergen Met: prototype engineering is on schedule, with the unit going to Lesedi in 1H22 for trials. Tlou may take up to US$3m in Synergen Met's planned ASX IPO. Transmission line is expected to finish in 2023.
3 Nov 2021other● Neutral
Statutory notice on JobKeeper wage subsidy payments: A$18,000 received in FY20 and A$46,500 in FY21, for three individuals each year. None repaid. Administrative disclosure only.
25 Oct 2021quarterly activities report● Neutral
Appendix 5B for September 2021 quarter: cash fell to A$5.537m from A$6.385m. Operating outflow was A$388k and investing outflow A$382k, mostly capitalised exploration and evaluation (A$336k). No debt; about 8 quarters of funding at current spend.
25 Oct 2021quarterly activities report● Neutral
September 2021 quarter: terms including interest rate were agreed for a facility to fund Lesedi development, with legal agreements still being prepared. The 10MW PPA was signed after quarter end. Hydrogen prototype design has started. Largely repeats known news.