Past year: ▼ 7%(12.42 – 17.40 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
14 May 2024capital raising announcement▲ GoodMajor
The C$224 million Australian placement closed, the shares issued as CDIs and stated to be aimed at deepening the ASX listing's liquidity and market capitalisation rather than at a specific project cost.
30 Apr 2024capital raising announcement▲ GoodMajor
An upsized C$224 million placement into Australia: 20,161,290 shares at C$11.11 settled as CHESS Depositary Interests on the ASX, led by Aitken Mount Capital Partners with Canaccord Genuity. The price is two and a half times the C$4.50 bought deal of March 2021 and about four times what CEF Holdings paid in 2017.
What it means for a shareholder
20.2m new shares at C$11.11 to raise about C$224m. That's 3.7% dilution: every existing holder's slice gets 3.7% smaller. If you held C$1,000 of shares (90 at the issue price), your slice goes from 0.0000171% to 0.0000165% of the company. To keep it you'd need 3 more shares - about C$33 at the issue price.
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12 Dec 2023capital raising announcement● NeutralMajor
The at-the-market program is doubled to C$500 million and extended to January 2026, on the same terms with the same agents.
6 Jan 2023capital raising announcement● NeutralMajor
A C$250 million at-the-market equity program is established with Virtu as agent, running to January 2025, allowing shares to be sold into the market at prevailing prices whenever the company chooses. It is a standing licence to issue rather than a raise, and a very different instrument from the negotiated placements of 2017 and 2020.
11 Mar 2021capital raising announcement▲ GoodMajor
A C$150 million bought deal closed, 33,400,000 shares at C$4.50 through a nine-bank syndicate led by BMO Nesbitt Burns and Canaccord Genuity, seventeen days after the feasibility study. The price is two and a half times the C$1.80 Queen's Road Capital paid nine months earlier and two-thirds above the C$2.70 CEF Holdings paid in 2017.
What it means for a shareholder
33.4m new shares at C$4.50 to raise about C$150m. That's 8.0% dilution: every existing holder's slice gets 8.0% smaller. If you held C$1,000 of shares (222 at the issue price), your slice goes from 0.0000582% to 0.0000535% of the company. To keep it you'd need 19 more shares - about C$86 at the issue price.
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28 May 2020capital raising announcement● NeutralMajor
A US$30 million financing with Queen's Road Capital closed on the same structure CEF Holdings used in 2017: US$15 million of shares, 11,611,667 at C$1.80, and US$15 million of five-year 7.5% convertible debentures converting at C$2.34. The share price is a third below the C$2.70 CEF paid three years earlier, which is what raising money in May 2020 cost. Cash reserves stand at about C$78 million.
25 July 2017capital raising announcement▲ GoodMajor
A US$110 million financing with CEF Holdings closed: US$50 million of shares, 24,146,424 of them at C$2.70, and US$60 million of five-year unsecured convertible debentures at a 7.5% coupon converting at US$2.69, two-thirds of the interest payable in cash and one-third in shares. CEF's chairman Warren Gilman joins the board. It is a large cheque for a company that has not yet published an economic study on Arrow - that comes ten days later.
