8 May 2018appendix 3b new issue● NeutralMajor
Buru Energy's 2017 non-renounceable entitlement issue and shortfall offer completed, issuing 68,000,662 shares under the entitlement offer plus a further 24,023,593 shares placed under the shortfall.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2018appendix 3b new issue● Neutral
Buru Energy issued 52,908 new ordinary shares, taking total shares on issue from 432,021,333 to 432,074,241.
11 Sept 2017capital raising announcement▲ GoodMajor
Buru confirmed the rights issue raised a final $13.8 million (including the top-up placement), with new shares allotted and no shortfall shares needed - alongside news of Buru's first oil export lifting from Wyndham and mobilisation of the drilling rig for the newly-funded Ungani development wells, tying the successful capital raise directly to on-the-ground progress.
7 Sept 2017capital raising announcement▲ GoodMajor
The rights issue raised $14.5 million in total - well above the original $10.2 million target - once a small top-up placement to sophisticated investors was included, fully funding Buru's Ungani development drilling program with room to spare.
4 Sept 2017capital raising announcement▲ GoodMajor
Buru's rights issue closed substantially oversubscribed, with applications already exceeding the $10.2 million target before final processing - a strong show of shareholder support.
1 Sept 2017capital raising announcement● Neutral
In a letter accompanying the rights issue prospectus, Executive Chairman Eric Streitberg told shareholders the raise was needed to fund two additional Ungani wells, made possible by Buru's recent asset swap with Mitsubishi that gave it full (100%) ownership of the Ungani oil field, and noted the company's two largest shareholders had already committed to take up their full entitlements.
25 Aug 2017capital raising announcement● Neutral
Buru sent a follow-up shareholder letter reminding eligible holders of the details and closing date of the ongoing rights issue.
16 Aug 2017capital raising announcement● Neutral
The BPAY payment error affecting some rights-issue applications was resolved by the responsible bank, clearing the way for affected shareholders to complete their payments.
15 Aug 2017capital raising announcement● Neutral
A third-party banking system error meant some shareholders had trouble making rights-issue payments via BPAY - a temporary glitch outside Buru's control, not a problem with the raise itself, and flagged for a same-week fix.
14 Aug 2017capital raising announcement▲ GoodMajor
Buru launched an Entitlement Issue to accelerate Ungani's development, citing independently certified resources (1C 2.08mmbbl/2C 6.6mmbbl/3C 18+mmbbl) and a target of 3,000 bopd by early-to-mid 2018 via a two-well drilling and workover program.
10 Aug 2017capital raising announcement● Neutral
Buru mailed the formal prospectus and application forms for its rights issue to eligible shareholders, opening the offer with a closing date of 1 September 2017 - a routine procedural step.
3 Aug 2017capital raising announcement● Neutral
A near-duplicate Entitlement Issue shareholder letter, re-confirming the same 1-for-5 offer terms.
3 Aug 2017capital raising announcement● Neutral
Buru sent shareholders the same 1-for-5 Entitlement Issue offer documentation (~$10.2M at $0.15/share).
1 Aug 2017capital raising announcement▲ GoodMajor
Buru announced a 1-for-5 rights issue (an offer letting every existing shareholder buy one new share for every five they already own) to raise about $10.2 million at $0.15 a share, a 22% discount to its recent trading price. The money was earmarked to speed up development of its wholly-owned Ungani oil field by drilling two more wells in 2017, and Buru's two largest shareholders had already committed to take up their entitlements.
1 Aug 2017capital raising announcement▲ GoodMajor
Buru notified option holders of its 1-for-5 non-renounceable Entitlement Issue at $0.15/share, aiming to raise ~$10.2 million.
1 Aug 2017appendix 3b new issue● NeutralMajor
Buru Energy announced a proposed non-renounceable entitlement offer of up to 67,999,416 new shares to raise further capital.
1 Aug 2017appendix 3b new issue● Neutral
Buru Energy issued 42,000 new ordinary shares (a minor option-exercise-scale issue).
31 May 2017appendix 3b new issue● Neutral
Buru Energy issued 92,024,255 new ordinary shares, taking total shares on issue from 339,997,078 to 432,021,333.
22 Oct 2014capital raising announcement● NeutralMajor
Buru's Share Purchase Plan closed, raising $3.0 million from 376 shareholders - completing (together with an equity placement announced 22 September 2014) a combined $31.1 million raise that Executive Chairman Eric Streitberg said left Buru fully funded through the end of 2015, though he noted difficult market conditions had limited retail take-up of the SPP.
13 Oct 2014capital raising announcement● Neutral
Buru reminded eligible shareholders that its Share Purchase Plan closed 17 October 2014.
26 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 37,504,998 new fully paid ordinary shares ranking equally with existing shares.
26 Sept 2014capital raising announcement● Neutral
Buru Energy dispatched Share Purchase Plan offer documents to shareholders, the follow-on retail component of its September 2014 Coogee Chemicals-backed placement.
22 Sept 2014appendix 3b new issue● Neutral
Buru Energy issued 41,491,548 new ordinary shares, taking total shares on issue from 298,505,530 to 339,997,078.
22 Sept 2014capital raising announcement▲ GoodMajor
Buru Energy raised $28 million via a placement of 12.5% of its equity at $0.75/share, with $20 million subscribed by Coogee Chemicals (via its holding company Chemco Pty Ltd), which became a new cornerstone substantial shareholder, fully funding Buru's 2014-2015 work program.
30 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 30,172 new ordinary shares, taking total shares on issue from 298,475,358 to 298,505,530.
24 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 82,714 new ordinary shares, taking total shares on issue from 298,392,644 to 298,475,358.
17 Dec 2013appendix 3b new issue● Neutral
Buru Energy issued 24,356,215 new ordinary shares, taking total shares on issue from 274,036,429 to 298,392,644.
11 Sept 2013capital raising announcement▲ Good
Buru's Share Purchase Plan closed heavily oversubscribed ($22.2M in applications against a $5M cap from 2,092 shareholders), scaling back applications pro-rata to issue 3,029,278 new shares at $1.65.
What it means for a shareholder
3.0m new shares at A$1.65 to raise about A$5.0m. That's 1.0% dilution: every existing holder's slice gets 1.0% smaller. If you held A$1,000 of shares (606 at the issue price), your slice goes from 0.000205% to 0.000203% of the company. To keep it you'd need 6 more shares - about A$10 at the issue price.
Create a free account to see this worked out for your own holding.
19 Aug 2013capital raising announcement● Neutral
Buru despatched Share Purchase Plan offer documents to eligible shareholders following its August 2013 SPP announcement.
9 Aug 2013capital raising announcement▲ GoodMajor
Buru raised $35 million via an oversubscribed institutional placement at $1.65/share (an 8.8% discount), fully funding its forward program.