12 Apr 2024registration revoked● NeutralMajor
ASX removes 92 Energy from the official list at close of trading on 12 April 2024, following implementation of the scheme in which ATHA acquired all of the company's shares.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Apr 2024business combination● NeutralMajor
The ATHA scheme has been implemented. Record-date holders receive 0.5834 ATHA shares per 92E share, while foreign holders and electing sellers get cash from a sale agent. Chair Richard Pearce is to join the ATHA board, and delisting from ASX is expected 12 April.
28 Mar 2024listing compliance notice● Neutral
ASX notice that 92E securities are suspended from quotation at close of trading on 28 March 2024, following lodgement of the court orders approving the ATHA scheme. Administrative notice.
28 Mar 2024business combination● NeutralMajor
The court orders were lodged with ASIC and the Scheme is now legally effective. Shareholders on the 4 April record date will receive 0.5834 ATHA shares per 92E share. 92E shares are suspended from ASX trading after close today.
27 Mar 2024business combination▲ GoodMajor
The Federal Court approved the scheme under which ATHA will acquire all 92E shares. The Scheme becomes effective on lodgement with ASIC the next day, 28 March, with ASX suspension to follow. Removal from the ASX list is expected 12 April 2024.
25 Mar 2024business combination▲ GoodMajor
Shareholders approved the ATHA merger, with 99.65% of votes cast in favour. Court approval on 27 March is still needed, and implementation is expected about 11 April 2024.
15 Mar 2024business combination● Neutral
Notice that, if shareholders approve the Scheme on 25 March 2024, the second court hearing will be held at 10:15am AWST on 27 March in Perth. Shareholders may appear to oppose it. Procedural notice only.
4 Mar 2024business combination▲ Good
ATHA gained final approval to list on the TSX Venture Exchange, clearing the pending listing condition. Latitude's court order was also granted, with completion expected around 7 March. Holders with 171,409 92E shares or fewer can elect to sell their ATHA shares for cash.
28 Feb 2024business combination▲ Good
Latitude shareholders approved ATHA's acquisition of Latitude on 27 February, satisfying a condition of the 92E Scheme. Latitude's final court order is sought 29 February, with completion expected in early March 2024.
23 Feb 2024business combination● Neutral
The Scheme Booklet has been sent to shareholders. The announcement sets out the timetable: meeting 25 March, second court hearing 27 March, effective 28 March, and implementation 11 April 2024. Small holders can elect to sell their ATHA shares for cash.
21 Feb 2024business combination● Neutral
ASIC has registered the Scheme Booklet, which is attached. It repeats the expert's fair-and-reasonable conclusion, the directors' recommendation and the 25 March 2024 meeting already announced earlier the same day. No new terms.
21 Feb 2024business combination▲ GoodMajor
The independent expert (BDO Corporate Finance) finds the ATHA merger fair and reasonable and in shareholders' best interests, absent a superior proposal. The Federal Court has convened a Scheme Meeting for 25 March 2024; directors unanimously recommend voting in favour.
8 Feb 2024material agreement▲ Good
ATHA obtained written approval of the merger from holders of more than 50% of its shares, satisfying another condition of the Scheme. Latitude's shareholder meeting is set for 27 February 2024. The 92E Scheme is on timetable, with the vote expected late March.
1 Feb 2024investor presentation● Neutral
Updated corporate presentation for a Brisbane conference. Restates Gemini results and the ATHA merger terms, cites an approximate $60m market cap, and says 92E trades below the theoretical deal price. A next drilling program is being planned. No new results.
30 Jan 2024half year report● Neutral
Half-year to 31 December 2023: loss of $2.99m (down from $4.92m a year earlier), cash $5.0m (up from $2.84m at 30 June) and net assets $6.1m. Describes the ATHA merger deal and the July 2023 raising. No debt is mentioned in the excerpt.
29 Jan 2024material agreement● Neutral
The merger deed is amended so ATHA can apply to list on the TSX Venture Exchange and approve the deal by written shareholder resolution instead of a meeting. The 92E vote is expected late March 2024. The company now lists 61 claims in 10 projects.
29 Dec 2023material agreement▲ Good
Two conditions of the ATHA merger are met: ATHA completed its C$23.5m raising, and ATHA insiders holding about 32% signed voting support. Combined pro forma cash would be C$65m. The Scheme Booklet is expected mid-February; the deal still needs approvals.
8 Dec 2023investor presentation● Neutral
Transaction presentation for the ATHA, 92E and Latitude three-way merger, dated December 2023. It repeats the deal announced the same day; the excerpt shows only disclaimers and no new terms or figures.
8 Dec 2023business combination▲ GoodMajor
92E signs a Scheme Implementation Deed for ATHA Energy to acquire 100% of the company, as part of a three-way merger with Latitude Uranium. Shareholders would get 0.5834 ATHA shares per share, implying about A$0.651, a 78% premium to the A$0.365 close on 7 December. Needs shareholder and court approvals.
22 Nov 2023investor presentation● Neutral
Presentation by MD Siobhan Lancaster at the RIU Resurgence Conference in Perth. Restates Gemini results (43m at 0.62% U3O8, 9.66% assay, 250m x 290m zone), cites a $42m market cap, up from $34m in October, and says the company is fully funded for the next drill program. No new results.
7 Nov 2023drilling result▲ Good
Assays confirm the parallel zone 300m east: GEM23-075 had 1.5m at 0.2% U3O8 and 0.5m at 3.8% copper. A boulder 18km southwest assayed 0.39% U3O8. Ground geophysics is planned ahead of the next drilling.
9 Oct 2023investor presentation● Neutral
October presentation restating Gemini results, including the 9.66% U3O8 assay, the 250 x 290m zone and the new parallel structure. States a $34m market cap (down from $35m in July) and that next drilling is being prepared. No new results.
26 Sept 2023annual report● Neutral
Annual report for year to 30 June 2023. Letter cites 905 km2 of holdings, 72% of spending on exploration, the $2.2m and $5.5m raisings, and says the company is fully funded for a further program in the new calendar year. Financial figures not visible in excerpt.
26 Sept 2023annual report● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2023, dated 20 September 2023. Administrative; no operational or financial information in the excerpt.
13 Sept 2023drilling result▲ GoodMajor
Summer program finished at Gemini (3,659m). Hole GEM23-072A hit 17.6m at 0.43% eU3O8 in the main zone, now defined over 250m x 290m. Last hole GEM23-075 found a new parallel structure 300m east with 2.2m at 0.08% eU3O8.
14 Aug 2023drilling spud● Neutral
Drilling has started at Gemini with two rigs on the 4,000m program: one at the known mineralised zone, one on the untested western trend. Runs to end September. The company now lists 57 claims in 10 projects.
8 Aug 2023drilling spud● Neutral
Crews and two rigs are mobilising for a new 4,000m Gemini drilling program, running to end September, targeting extensions of the 9.66% U3O8 zone and the 280m-north uranium. Serdar Donmez, ex-Denison, replaces Kanan Sarioglu as VP Exploration.
25 July 2023capital raising announcement● Neutral
Prospectus lodged for the 12,305,171 flow-through shares from the July placement, priced at C$0.3657. It is a cleansing document to allow secondary trading of those shares; no new funds or information beyond the earlier raise.
20 July 2023investor presentation● Neutral
July investor presentation repeating known Gemini results (9.66% U3O8, open mineralisation) and an August drill start. States market cap of $35m, down from $40m in May's presentation. Adds a McClean Lake comparison; no new results.
20 July 2023capital raising announcement▲ GoodMajor
Raising about $5.5m: $5m via 12.3m flow-through shares at about $0.41 (an 18.8% premium to last close) plus $0.5m via 1.67m shares at $0.30. Funds a new Gemini drilling program from August. Flow-through spend is due by 31 December 2024.
What it means for a shareholder
1.7m new shares at A$0.300 to raise about A$500,000. That's 1.8% dilution: every existing holder's slice gets 1.8% smaller. If you held A$1,000 of shares (3,333 at the issue price), your slice goes from 0.0036% to 0.00353% of the company. To keep it you'd need 60 more shares - about A$18 at the issue price.
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