Each one in plain English, with the numbers worked through for a shareholder.
9 May 2016bankruptcy or receivership▼ BadMajor
On May 8, 2016 Legend filed a voluntary Chapter 11 bankruptcy petition in Delaware and says it will keep running the business as a debtor-in-possession. The filing links this to a March 29, 2016 demand of AUD$25,027,207.99 from IFFCO and its Dubai subsidiary Kisan International Trading, followed by an IFFCO application to wind Legend up under Australian law, and failed settlement talks. IFFCO was the 2009 strategic investor with a Shareholders Agreement and options, so this is a breakdown of that relationship. The filing does not say what happens to shareholders' stock.
S.S. of Renika Pty. Ltd. I.R.S. Employ, S.S. of Joseph I. Gutnick I.R.S. Emplo, S.S. of Stera M. Gutnick I.R.S. Employ, S.S. of Chabad House of Caulfield Pty, S.S. of Perfectus Management Ltd. I.R reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 75,926,726 shares (16.80% of votes) in a periodic institutional filing.
Regals Fund LP, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 115,345,195 shares (39.20% of votes) in a periodic institutional filing.
Effective February 18, 2013 the company sold 45,000,000 new shares at US$0.05 each to one accredited investor, raising US$2,250,000, in a private placement. The price is half the US$0.10 paid in the June 2012 placement, so existing holders are diluted more per dollar raised. The filing does not name the investor or state how the money will be used. The attached agreement also contains an inconsistency (its offering clause says US$0.10 while the subscription is at US$0.05).
What it means for a shareholder
45.0m new shares at US$0.050 to raise about US$2.3m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held US$1,000 of shares (20,000 at the issue price), your slice goes from 0.00803% to 0.0068% of the company. To keep it you'd need 3,614 more shares - about US$181 at the issue price.
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS reported no remaining LEGEND INTERNATIONAL HOLDINGS INC shareholding in its periodic institutional filing.
6 July 2012capital raising announcement● NeutralMajor
Effective June 29, 2012 the company sold 22,640,725 new shares at US$0.10 each to one accredited investor, raising US$2,264,072.50, in a private placement. This adds new shares for existing holders; the filing does not name the investor or say how the money will be used (the use is in a term sheet not included). Inference: the timing and size are close to Regals Fund's June 2012 rise to 18.80%, but the filing does not link them.
What it means for a shareholder
22.6m new shares at US$0.100 to raise about US$2.3m. That's 8.3% dilution: every existing holder's slice gets 8.3% smaller. If you held US$1,000 of shares (10,000 at the issue price), your slice goes from 0.00402% to 0.00368% of the company. To keep it you'd need 909 more shares - about US$91 at the issue price.
Regals Fund LP, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 46,914,015 shares (18.80% of votes) in a periodic institutional filing.
Regals Fund LP, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 24,273,290 shares (10.70% of votes) in a periodic institutional filing.
Regals Management LP, Regals Fund LP, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 22,543,531 shares (9.97% of votes) in a periodic institutional filing.
Attara Capital LP, Attara Fund, Ltd, David M. Slager reported no remaining LEGEND INTERNATIONAL HOLDINGS INC shareholding in its periodic institutional filing.
Effective February 7, 2012 the company agreed to transfer its phosphate tenements and related rights into a new wholly-owned subsidiary, Paradise Phosphate Pty Ltd, as required for up to $7.5 million of convertible notes from two Australian investment funds. The notes are due in 12 months at a nominal 15% interest and are secured by mortgages and charges over the two mining leases (ML 90190 and ML 90191), Paradise's assets and the Paradise shares. They convert into Paradise shares if Paradise lists on the ASX after raising about $20-30 million within 12 months; otherwise, or on a sale of the assets or of Paradise shares, the lenders are to be paid out. The filing says Legend's other assets are not available to the lenders. This is the first financing in the record, and it comes without the Wengfu or Nomura partnership flagged in 2010-11.
Attara Capital LP, Attara Fund, Ltd, David M. Slager reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 24,037,431 shares (10.60% of votes) in a periodic institutional filing.
SOROS FUND MANAGEMENT LLC, GEORGE SOROS, ROBERT SOROS, JONATHAN SOROS reported a LEGEND INTERNATIONAL HOLDINGS INC shareholding of 23,431,180 shares (10.35% of votes) in a periodic institutional filing.
On April 12, 2011 Queensland approved the grant of the Paradise North mining lease ML90191, which was awaiting grant. The filing says it is the second mining lease for the project after D-Tree North's ML90190 (granted August 2010), and that Paradise North will be the first mining site. This resolves the open thread on mining lease grants.
