Past year: ▼ 83%(0.30c – 1.80c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2020quarterly activities report● Neutral
June 2020 quarter report: interim 2MW PPA approvals are complete and signing awaits a BPC meeting. The BERA licence is confirmed. Lesedi 3 was shut in while Lesedi 4 keeps producing. The 10MW tender has no award timeline. Transmission line design has begun; project finance talks continue.
24 July 2020capital raising announcement▲ GoodMajor
The shortfall was placed: 6,350,000 shares at A$0.04 raised about A$0.25m, completing the full A$3.0m entitlement offer. Placees get one A$0.08 option per two shares, and the underwriter gets 10 million options. Share count rises to 513,277,061.
What it means for a shareholder
6.3m new shares at A$0.040 to raise about A$250,000. That's 1.4% dilution: every existing holder's slice gets 1.4% smaller. If you held A$1,000 of shares (25,000 at the issue price), your slice goes from 0.00555% to 0.00548% of the company. To keep it you'd need 353 more shares - about A$14 at the issue price.
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16 July 2020capital raising announcement▲ GoodMajor
Entitlement offer closed with about A$2.75m of applications at A$0.04, including about A$0.88m from sub-underwriters and directors. The remaining ~A$0.25m is to be placed. Funds go to detailed transmission line design and development finance. Directors' excess shares need shareholder approval.
6 July 2020capital raising announcement● Neutral
Reminder that the 1-for-6 entitlement offer at A$0.04 (about A$3.0m) is closing soon. CREST applications for AIM holders must settle by 11am Friday 10 July. No new information.
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.
16 Apr 2020quarterly activities report● Neutral
March 2020 quarter report: the interim 2MW PPA is agreed and a BERA generation licence approved, with detailed terms awaited. Costs are cut because of Covid-19, and a shut-in of the Lesedi pods was proposed. Funding for transmission lines is sought over the coming months.
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.
20 Jan 2020quarterly activities report● Neutral
December 2019 quarter report: Lesedi 3 and 4 flows still fluctuate, with no higher sustained rate announced against the 80-100 Mscfd target. Tlou has asked the government for an interim PPA to avoid further delay. BDC financing talks continue. The company says its funds are limited.
20 Jan 2020quarterly activities report▼ Bad
Appendix 5B for the December 2019 quarter: cash fell to A$2.96m from A$4.12m, with no debt and no capital raised. Operating outflow was A$506k and investing A$621k. The form's own calculation shows about three quarters of funding.
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 2019agm notice● Neutral
Proxy voting summary for the 17 October 2019 AGM. Proxy votes were overwhelmingly in favour on all five resolutions, including the remuneration report, Colm Cloonan's re-election and the 10% placement capacity. Administrative.
17 Oct 2019agm notice● Neutral
All AGM resolutions passed. The chairman's address notes Lesedi 3 and 4 now producing sustained gas, with Mamba exploration and central processing facility design under way. A Gaborone investor dinner and field visit are planned. No new results.
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.
16 Oct 2019quarterly activities report● Neutral
September 2019 quarter report: Lesedi 3 and 4 hold sustained flows of about 20 Mcfd each, and core-hole drilling began at Mamba. Power purchase agreement talks continue, with the next update expected after Botswana's election. Tlou targets finalising the PPA and BDC financing (10MW project estimated at US$30m) by year end.
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.
26 Aug 2019agm notice● Neutral
The annual general meeting is set for 17 October 2019 in Brisbane; the notice of meeting will follow. Administrative only.
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.
