10 Oct 2016capital raising announcement▲ Good
First tranche of the rights issue shortfall placed, raising $446,323 at 1c. The funds go toward Petrel's 51% share of the Uruguay four-well programme, with a new rig to be mobilised from the US.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2016capital raising announcement● NeutralMajor
Rights issue closed with $1.72m of valid applications; Patersons' underwriting takes up the rest to reach $3.0m, against a maximum of $5.3m. About $2.3m of shortfall remains to be placed by 30 November 2016.
26 Aug 2016capital raising announcement● Neutral
Reminder to eligible Australian and New Zealand shareholders that the 1c rights issue closes at 5pm AEST on 30 August 2016. Administrative reminder only; no new terms.
16 Aug 2016capital raising announcement● Neutral
Letter to shareholders outside Australia and New Zealand says they cannot take part in the 1c rights issue. Their entitlements go into the shortfall.
16 Aug 2016capital raising announcement● Neutral
Letter to eligible shareholders on the 1c rights issue: one new share per share held, up to 530.1m shares and 265.0m options, raising up to about $5.3m. Shares trade ex-entitlement from 16 August.
12 Aug 2016capital raising announcement● Neutral
Prospectus for the 1-for-1 rights issue at 1c, raising about $5.3m with no minimum, partially underwritten by Patersons. The offer opens 19 August and closes 30 August. Formal document of the already announced raise.
12 Aug 2016capital raising announcement● Neutral
Petrel confirms rights issue shares and options will be issued on 5 September 2016. Timing confirmation only.
11 Aug 2016capital raising announcement● Neutral
The rights issue timetable moves back by about a day. The prospectus is lodged on 12 August, the offer closes 30 August, and shares are issued 5 September. Terms are unchanged.
5 Aug 2016capital raising announcement● NeutralMajor
Petrel launches a renounceable 1-for-1 rights issue at 1c to raise up to $5.3m, with $3.0m underwritten by Patersons, plus a free 4c option per two shares. The company says the farm-out process may not have produced a partner, so it will fund Uruguay drilling itself.
5 Feb 2016capital raising announcement● Neutral
A $40,000 top-up placement of 2m shares at 2c, with the same 5c options, lifts the week's placement total to $750,000.
3 Feb 2016capital raising announcement● NeutralMajor
Petrel completes a $710,000 placement of 35.5m shares at 2c, with one 5c option per two shares expiring January 2018. Funds finalise the four-well Uruguay permitting and the farm-out. Price is below the 4.5c raise of July 2015. Casey's 1m shares need approval.
25 Aug 2015capital raising announcement● Neutral
The 4.5c share purchase plan closing date is extended from 27 August to 4 September 2015, with shares issued 11 September. The company gives the reason as more time for eligible shareholders to participate.
27 July 2015capital raising announcement● Neutral
Share purchase plan terms: eligible Australian and New Zealand holders can buy up to $15,000 of shares at 4.5c, targeting up to $1.2m. Opens 31 July, closes 27 August; scale-back possible. Details of the previously announced offer.
27 July 2015capital raising announcement● Neutral
Updated terms and conditions for the 4.5c share purchase plan: closing 27 August, issue 4 September 2015, first trading 7 September. Repeats the earlier offer terms.
27 July 2015capital raising announcement▼ BadMajor
Petrel completes a $1m placement of about 22.2m shares at 4.5c, a 10% discount, plus a planned share purchase plan of up to $1.2m. Far below the 11.5c raise in October 2014. Directors' shares need approval at the 8 November AGM.
20 Nov 2014capital raising announcement● Neutral
The closing date for the share purchase plan at 11.5c is extended from 27 November to 12 December 2014, with shares issued 18 December. The company says this gives shareholders more time to consider the offer.
28 Oct 2014capital raising announcement● Neutral
Details of the share purchase plan: eligible Australian and New Zealand shareholders can buy up to $15,000 of shares at 11.5c, aiming to raise up to $3m (max 26.1m shares). Not underwritten; opens 5 November, closes 27 November. Follows the $2m placement.
27 Oct 2014capital raising announcement● NeutralMajor
Petrel completed a $2m underwritten placement at 11.5c (about 17.4m shares), a 4.2% discount to the last close, plus a planned share purchase plan of up to $3m. This follows the $3m raised in December 2013 at 13.5c, at a lower price.
17 Dec 2013capital raising announcement● NeutralMajor
Petrel raised $3m by placing 22,222,222 shares at 13.5c, an 11.5% discount to the 10-day VWAP and 5.3% dilution. The money funds the Uruguay coring and seismic and strengthens its hand in the Spanish farm-out.
8 May 2013capital raising announcement▲ GoodMajor
Petrel completes a $10.65m raising at 8.5c: 90.0m placement shares ($7.65m) and 35.3m SPP shares ($3.0m). About two thirds of the SPP was taken up; the shortfall went to professional investors. Shareholders approved the placement on 7 May.
2 Apr 2013capital raising announcement● Neutral
Details of the share purchase plan: eligible Australian and NZ holders can buy up to $15,000 of shares at 8.5c, a 15% discount to the 26 March price. Capped at 35.3m shares ($3.0m); open 8 April, closes 3 May 2013.
2 Apr 2013capital raising announcement● NeutralMajor
Petrel launches a raising of up to $10.5m to fund the Cardium purchase and Uruguay work: a roughly $7.5m placement at 8.5c, plus a up to $3.0m share purchase plan at the same price. Placement needs shareholder approval at a 7 May 2013 meeting.
3 Dec 2007capital raising announcement● NeutralMajor
Prospectus lodged for Orion Petroleum's float (later Warrego Energy), an NSW oil and gas explorer planning to list on ASX as OIP, offering shares and listed options. Underwritten by Patersons and Commonwealth Securities; raise size and price not in the excerpt.