Past year: ▼ 71%(2.00c – 7.00c USD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2013capital raising announcement▼ BadMajor
Far East Energy raised $60 million by selling senior secured notes of its Bermuda subsidiary plus warrants, at 13% cash interest or 14.5% if paid in more notes, maturing January 2016. It cleared the immediate bank problem, but committed a company with no revenue to a hard three-year deadline at a punishing rate. Those notes are the largest claim in its 2015 liquidation.
14 Mar 2011capital raising announcement▼ BadMajor
Arrow's $10 million exchangeable note - now held by Dart Energy after Arrow was broken up - fell due and could not be repaid; the maturity was pushed to September 2011, with Dart free to convert into shares at any time. The 2009 rescue had become a debt the company had to keep rolling.
16 Mar 2009capital raising announcement▲ GoodMajor
Far East Energy brought in Australian coalbed methane producer Arrow Energy as a partner: Arrow paid $10 million for an exchangeable note issued by the Bermuda subsidiary plus warrants over 7.4 million shares, and was to receive 75.25% of the company's rights in the Qinnan block. Cash and a credible operating partner at the depth of the financial crisis - but it handed away three quarters of one of its three blocks.
7 July 2006capital raising announcement● NeutralMajor
Far East Energy raised $8.94 million selling 6.6 million shares privately at about $1.35, paying 6.75% in fees. Another year, another placement, with no revenue yet in sight.
What it means for a shareholder
6.6m new shares at about $1.35 to raise about $8.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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20 Oct 2005capital raising announcement▲ Good
Warrant holders exercised at $1.00, bringing in $4.4 million of cash during October alone. Cheap warrants issued in earlier placements were now the company's most reliable funding source.
12 Oct 2005capital raising announcement▼ Bad
A further 2.78 million shares were sold at $0.90 for $2.5 million under the December 2004 subscription agreement - a fraction of the $2.50 warrant price set a year earlier, showing how far the shares had fallen.
What it means for a shareholder
2.8m new shares at $0.900 to raise about $2.5m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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26 Sept 2005capital raising announcement▲ GoodMajor
Far East Energy raised $10.9 million selling 12.1 million shares privately, promising to register the shares within 60 days and to get its stock onto the American Stock Exchange within 180 days.
What it means for a shareholder
12.1m new shares at about $0.9008 to raise about $10.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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6 Jan 2005capital raising announcement● Neutral
Another $1.8 million of unit subscriptions were accepted, with investors choosing between five shares plus a $1.50 warrant or two shares plus a $2.50 warrant - a menu of terms that shows how hard the money was becoming to raise.
28 Dec 2004capital raising announcement● Neutral
Chief executive Michael McElwrath and finance chief Bruce Huff had their employment terms rewritten - base salaries of $236,250 and $168,000 - and options at $2.00 were granted to four executives and an employee, days after the $10.25 million raise closed.
27 Dec 2004capital raising announcement▲ GoodMajor
Overseas investors subscribed $10.25 million for 6.4 million units of two shares plus a warrant exercisable at $2.50, with $820,000 of commissions and 1.5 million agent warrants on top. The money was earmarked for horizontal coalbed methane drilling in China in 2005.
21 Dec 2004capital raising announcement● Neutral
Far East Energy sold $250,000 of stock to a single investor and launched a wider unit placement through Bathgate Capital, the start of an almost unbroken decade of equity raising to fund drilling it could not fund from cash flow.
