Vintage Energy Ltd (ASX:VEN): announcements explained, share price and valuation

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

17 Sept 2020capital raising announcement● NeutralMajor

Vintage raised $3.1m through a placement of 51.6m shares at $0.06 and launched a 1-for-2 entitlement offer at $0.06 targeting up to ~$12.1m, partly underwritten to $5.2m. The price was a 14.3% discount to the last close, and the funds go to the Vali pipeline connection, two more Vali wells, the Odin prospect and Nangwarry testing.

What it means for a shareholder

51.6m new shares at A$0.060 to raise about A$3.1m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00753% to 0.00611% of the company. To keep it you'd need 3,887 more shares - about A$233 at the issue price.

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6 July 2020capital raising announcement● Neutral

Application for quotation of shares issued under the 30 April placement notice, with no further issues to complete it. The text is truncated and the share number is not shown. Administrative, likely linked to the directors' placement shares approved at the general meeting.

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26 May 2020capital raising announcement▲ GoodMajor

The share purchase plan closed heavily oversubscribed, so $3.0m is raised in total ($2.25m placement plus $0.75m SPP). Applications will be scaled back, with shares issued 2 June. Cement bond logging on Vali-1 ST1 was completed 21 May; stimulation is due early July.

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13 May 2020capital raising announcement▲ Good

Over 75% of the $0.75m share purchase plan is already taken up, following the oversubscribed $2.25m placement at $0.036. Vali-1 ST1 stimulation is on track for early July. Funds go to Vali stimulation, flow testing and tie-in design.

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1 May 2020capital raising announcement● Neutral

Offer documents for the share purchase plan open: eligible shareholders can apply for up to $30,000 of shares at $0.036, targeting up to $0.75m. It closes 22 May, with shares issued 2 June. Implements the April raising and adds no new figures.

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30 Apr 2020capital raising announcement● NeutralMajor

Vintage completes an oversubscribed $2.25m placement at $0.036 per share (62.5m shares, a 10% discount to last close), plus a planned share purchase plan of up to $0.75m. Funds go to Vali stimulation and flow testing and tie-in design. Directors and management commit $667,000; discretionary exploration is deferred.

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14 Sept 2018capital raising announcement● Neutral

IPO prospectus dated 2 August 2018 offering 150,000,000 shares at $0.20 to raise $30 million, with RBC Capital Markets and Taylor Collison as joint lead managers. Lists the board led by chairman Reg Nelson and managing director Neil Gibbins. Text shown is only the opening pages.

What it means for a shareholder

150m new shares at A$0.200 to raise about A$30.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.

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