8 July 2015capital raising announcement● Neutral
Shares from the rights issue have been allotted and holding statements dispatched. Administrative confirmation of the $245,397 raise; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2015capital raising announcement● NeutralMajor
Rights issue closed raising $245,397, a 46% take-up of the 4-for-7 offer at $0.05. That is below the $534,871 sought. 4,907,938 shares are applied for, leaving a shortfall of 5,789,480 shares that directors have three months to place.
3 July 2015admin correction● Neutral
Issue date for rights issue shares moved from 6 July to 8 July 2015, with quotation on 9 July. Timetable change only.
18 June 2015capital raising announcement● Neutral
Confirms the rights issue prospectus and application form were sent to eligible shareholders on the 15 June record date register. Administrative notice only.
10 June 2015capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the rights issue. A broker will sell their shares and send any net proceeds, which may be nil. Administrative notice of the known offer.
10 June 2015capital raising announcement● Neutral
Letter to eligible shareholders on the 4-for-7 rights issue at $0.05, closing 29 June. Restates the known timetable and use of funds. Total shares would be about 29.4M if fully taken up. Administrative notice.
9 June 2015capital raising announcement● Neutral
Letter to optionholders on the 4-for-7 rights issue at $0.05. Options give no right to participate unless exercised before the 15 June record date; exercise paperwork is due by 14 June. Restates the known use of funds; no new terms.
5 June 2015capital raising announcement● NeutralMajor
Offers 4 new shares for every 7 held at $0.05 to raise up to $534,871 (10.7M shares), not underwritten. Funds go to Paynes Find exploration and working capital. Relisting requires funding for two quarters of operations.
28 Apr 2015quarterly activities report▼ Bad
March 2015 quarter, called disappointing: PNE could not raise the $7M minimum and withdrew from Canadian River. Shares were consolidated 1-for-50, leaving 18,220,482. Cash is $48,000. The company must raise funds before relisting, and has sent a Paynes Find gold project memorandum to potential joint venture parties.
31 Mar 2015material agreement termination▼ BadMajor
PNE failed to raise the $7M minimum, so it cannot exercise the option to buy Canadian River, which expires 31 March 2015. The board blames oil price instability. This ends the transaction approved on 30 January. Shares stay suspended; it will now seek working capital.
31 Mar 2015material agreement termination▼ Bad
Delecta confirms PNE could not fund the Canadian River purchase. Delecta cannot afford Stage 2 either, so that option has expired. Delecta keeps its 80% interest in the producing Wise 1-25 well and has begun receiving cash revenue.
20 Mar 2015capital raising announcement● Neutral
Supplementary prospectus notes the Stage 2 option extension to 31 March 2015. If the option lapses, no shares are issued and application money is refunded without interest. Applicants may withdraw before 20 April. Mr Holcomb is to be an executive director, not non-executive as earlier stated.
13 Mar 2015half year report● Neutral
Half year to 31 December 2014: loss of $285,705 (prior period $5,098,960). Net assets are $305,053, helped by $507,876 raised in the rights issue. Restates the Canadian River terms (30M shares at $0.10 after consolidation) and the minimum $7M raise needed.
4 Mar 2015material agreement● Neutral
Delecta says the Stage 2 option (four more wells, US$4.875M) has been extended from 28 February to 31 March 2015. PNE's option to buy Canadian River is conditional on PNE raising at least $7M, higher than the $4M cited on 2 February.
27 Feb 2015capital raising announcement● NeutralMajor
Re-compliance prospectus to raise up to $8M by issuing 80M shares at $0.10, after the 1-for-50 consolidation. The company is to be renamed Arkoma Energy. It is needed for ASX re-admission and to fund the Canadian River purchase. Text truncated; the minimum is not shown here.
What it means for a shareholder
80.0m new shares at $0.100 to raise about $8.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
16 Feb 2015production update▲ Good
Delecta reports Wise 1-25 flowing naturally at about 85 barrels of oil equivalent a day after 14 days from the secondary Viola zone. First sales revenue is expected by end of February. Delecta, not PNE, owns the well for now.
2 Feb 2015listing compliance notice● NeutralMajor
Shares suspended from quotation after the general meeting approved a change in the scale and nature of activities, which fits the Canadian River deal. They stay suspended until the company complies with ASX Chapters 1 and 2.
2 Feb 2015production update▲ Good
Delecta says the Wise 1-25 well in Oklahoma has started producing naturally from the Viola formation, and the water disposal well is permitted and operating. This clears the approval step PNE was waiting on. PNE's purchase still needs it to raise at least $4M.
15 Jan 2015quarterly activities report● Neutral
December 2014 quarter: Canadian River due diligence is complete and shareholders vote on the acquisition on 30 January 2015. Cash was $335,000, and $195,000 was raised by placing part of the shortfall at $0.001. Oil prices fell during the quarter.
24 Oct 2014quarterly activities report● Neutral
September 2014 quarter: Canadian River option signed, with shareholder approval sought around 15 December. The Delecta loan has been fully repaid and Delecta now holds 48.9%. The rights issue shortfall of 695,226,220 shares remains to be placed by end of October.
6 Oct 2014admin correction● Neutral
Share register moves from Computershare to Advanced Share Registry Services on 20 October 2014. Administrative notice only.
30 Sept 2014annual report▼ Bad
Year to 30 June 2014: net loss $4,922,983 (prior year $3,022,736), no dividend. Post-year-end events note the rights issue raising $312,650 and the Canadian River option from Delecta. Full financials were not in the excerpt.
25 Sept 2014material agreement● NeutralMajor
Signs a free option, open to 23 December 2014, to buy Delecta's Canadian River oil project in Oklahoma (80% working interest, 58% net revenue interest in a completed first well). Price is $3M of shares at 0.002 cents, options and $1M of revenue. It needs shareholder approval, a name change, a share consolidation, a $4-8M raise and ASX re-admission.
25 Sept 2014material agreement● Neutral
Delecta's own notice of the same Canadian River deal. It says it paid US$3M for Stage 1 and holds options on a four-well Stage 2 (US$4.875M) and seismic data. Delecta grants PNE the option to buy its interest. Largely repeats the PNE announcement.
1 Sept 2014asset acquisition disposition▲ GoodMajor
The sale of the seven western tenements has settled and the $300,000 balance has been received, resolving the overdue payment. Total sale proceeds are $350,000, and the annual exploration commitment falls by about $30,000.
28 Aug 2014capital raising announcement▼ BadMajor
Rights issue closed raising $312,650, a 31% take-up of the $1,007,877 sought, at $0.001 per share. 312,650,280 shares are issued, leaving a shortfall of 695,226,220 shares that directors have three months to place.
14 Aug 2014capital raising announcement● Neutral
Confirms the rights issue prospectus and application form were sent to eligible shareholders on the 11 August record date register. Administrative notice only.
1 Aug 2014capital raising announcement● Neutral
Letter to eligible shareholders repeating the 5-for-2 rights issue at $0.001, with the options for accepting, selling or ignoring entitlements. Offer closes 25 August 2014; doing nothing dilutes holders. No new terms.
1 Aug 2014capital raising announcement● Neutral
Letter to optionholders on the 5-for-2 rights issue at $0.001. Options carry no right to take part unless exercised and shares issued before the 11 August record date; exercise paperwork is due by 8 August. Adds no new terms.
1 Aug 2014capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the rights issue. A nominee will sell their rights and send any net proceeds, which may be nil. Administrative notice of the known offer.