29 June 2012listing compliance notice▲ GoodMajor
ASX will reinstate Paynes Find shares to quotation from 2 July 2012, ending the suspension that began with the 11 October 2011 trading halt.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 June 2012capital raising announcement▲ Good
Request to ASX to resume trading after the raising. Company reports it is debt free with $3.7M cash; planned use includes $1.8M for Phase 2 drilling and $1.86M working capital.
28 June 2012capital raising announcement▲ GoodMajor
The $4M rights issue is completed along with a $1M placement on the same terms, approved at the 15 June meeting. Company says it is debt free; director loans were repaid in shares. Re-quotation requested.
21 June 2012capital raising announcement● Neutral
Delecta says it has been allocated its full $2M sub-underwritten shortfall, expecting 100M shares and 50M options around 26 June 2012. Delecta becomes the largest shareholder as a result (inference from the share numbers).
20 June 2012capital raising announcement● NeutralMajor
Shareholders took up only about 28% of the rights issue ($1.12M, 56.2M shares). The $2.89M shortfall goes to underwriter Patersons, including a $2M priority portion for Delecta. Allotment due 26 June 2012.
1 June 2012capital raising announcement● Neutral
Prospectus and supplementary prospectus dispatched for the roughly $4M underwritten rights issue. Acceptances close 5pm WST on 18 June 2012. Administrative.
1 June 2012admin correction● Neutral
Supplementary prospectus withdraws historic 1985 and 1987 'resource' wording from the geologist's report. The figures (e.g. 1.0-1.35Mt at 5.9g/t) are now described as conceptual, not a JORC resource. No resource exists, consistent with earlier context.
24 May 2012capital raising announcement● Neutral
Cover letter to shareholders restating the rights issue timetable already announced: 2-for-1 at 2c with an attaching 3c option, about $4M, underwritten by Patersons. Meeting 15 June, close 18 June, allotment 26 June 2012. No new information.
21 May 2012capital raising announcement● Neutral
Letter to option holders on the rights issue: 2 new shares per share held at 2c with an attaching option, aiming for about $4M, with Patersons as underwriter. Options must be exercised by 5pm on 30 May 2012 to take part.
18 May 2012capital raising announcement● Neutral
Timetable for the $4M underwritten rights issue: prospectus lodged 21 May, record date 30 May, shareholder meeting 15 June, acceptances close 18 June, shares allotted 26 June 2012.
30 Apr 2012quarterly activities report● Neutral
March 2012 quarter: Stage 2 is now about 5,000m of RC plus 2,000m of diamond drilling, down from the earlier 8,000-10,000m RC plan, and not yet started. Shares remain suspended; trading is expected to resume around end June or early July. Cash $448k.
26 Mar 2012admin correction● Neutral
Share registry changed from Advanced Share Registry to Computershare, effective 26 March 2012. ASX codes are unchanged. Administrative.
15 Mar 2012half year report▼ Bad
Half-year to 31 December 2011: loss of $1,388,579 and net assets down to $4,015,406. Shares remain suspended since the October 2011 trading halt. Stage 2 drilling is still only planned.
17 Feb 2012bankruptcy or receivership▲ GoodMajor
The court granted the application to discontinue the winding-up proceedings. The company says it can now focus on exploration and getting its shares back to trading, with Stage 2 drilling targeted for Q2/Q3 2012.
10 Feb 2012debt financing● NeutralMajor
Delecta Limited disclosed its $900,000 loan to the company at 12%, secured over all assets and tenements, due by 1 May 2012. It will sub-underwrite $2M of the rights issue for a 3% fee, may be topped up to 19.9%, and can nominate a director.
10 Feb 2012capital raising announcement▲ GoodMajor
Old note holders were paid $1,078,278 and winding-up proceedings are being discontinued. A $4M rights issue at 2c, underwritten by Patersons, proceeds, supported by $900k from Delecta Limited (secured, 12%) and $700k of director loans.
11 Jan 2012debt financing▼ BadMajor
The company admits breaching ASX placement limits with its $750k August and $400k October 2011 convertible notes, and refinances with $1.2M of 12% director-linked loans due 1 May 2012. Plans an underwritten $4M rights issue at 2c; Peter Landau becomes chairman.
5 Jan 2012bankruptcy or receivership▼ BadMajor
Troca Enterprises, a holder of $350k in convertible notes, served a Federal Court application on 22 December 2011 to wind up the company. The company says a refinancing and underwritten rights issue will repay the Troca debt.
5 Jan 2012director officer appointment● NeutralMajor
Carl Popal was appointed non-executive director and company secretary after Paul Berresford resigned as chairman and secretary on 15 December 2011. Berresford had led the company since March 2010.
30 Nov 2011director officer appointment● Neutral
John Hatherley, a former BP and Glencore energy trader, joined as non-executive director, adding to the rebuilt board.
14 Nov 2011director officer appointment● Neutral
Doug Taylor was appointed non-executive director with immediate effect. He was one of the three nominees in the October shareholder request to call a meeting, so the push for board change is taking effect.
14 Nov 2011director officer appointment● Neutral
Adam Bennett was re-appointed as non-executive director with immediate effect, days after shareholders voted down his re-election at the AGM.
8 Nov 2011agm notice▼ BadMajor
At the 4 November AGM, re-election bids for Salter, Matich, Caminschi and Leedman were withdrawn and Adam Bennett's re-election was voted down (33.1M for, 41.0M against). The meeting adjourned to 11 November, leaving chairman Berresford as sole remaining director, to appoint at least two more.
3 Nov 2011agm notice● Neutral
Chairman was told Peter Salter will not seek re-election at the 4 November 2011 AGM. Administrative, but part of a wider board turnover.
1 Nov 2011quarterly activities report▼ Bad
September 2011 quarter: Stage 2 drilling (8,000m to 60m depth) is still only in preparation, with cash at $300k, down from $581k. 100,452,503 shares on issue. Rights issue cancelled; $750k notes and $162k placement received.
31 Oct 2011annual report▼ Bad
Annual report for the year to 30 June 2011, repeating the audited accounts released on 30 September: net loss of $5,253,656 versus $117,880 the year before.
26 Oct 2011director officer appointment● Neutral
Brian Leedman resigned as a director effective 26 October 2011, ending his board involvement after stepping down as interim Managing Director on 9 October.
13 Oct 2011security holder rights change● NeutralMajor
The company received a shareholder request under section 249D to call a general meeting to appoint Carlos Popal, Doug Taylor and Ray Musket as directors. This is a push to change the board.
11 Oct 2011material agreement▼ Bad
The company has not paid the $150,000 fee to extend its option over tenements ML 59/503, 504 and 405 (expired 1 August 2011, extendable to 2012) because the vendor could not show clear title. Talks to resolve it are ongoing.
11 Oct 2011director officer appointment▼ BadMajor
Brian Leedman resigned as interim Managing Director effective 9 October 2011, three weeks after taking the role, but stays on the board as a non-executive director. No permanent managing director has been named.