Past year: ▼ 10%(10.76 – 12.38 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Dec 2023agm notice● Neutral
Chair's address and presentation for the resumed 4 December Scheme Meeting. It restates the ~$9.39 per share consideration, the expert's fair-and-reasonable view and the Board's recommendation; no Superior Proposal had emerged. Repeats known facts. Routine.
1 Dec 2023production update● Neutral
The stranded LNG vessel has left the Australia Pacific LNG terminal, and loading is expected to restart overnight. Origin will ramp gas production back up. In total three LNG cargoes could not be loaded, resolving the 28 November outage.
30 Nov 2023business combination● NeutralMajor
The Board rejected the consortium's revised proposal as incomplete, complex and highly conditional, and said it undervalues shareholders. The 4 December vote proceeds on the existing scheme, now worth about $9.39 a share, at the top of the expert's range. The Board still unanimously recommends it.
30 Nov 2023business combination● Neutral
Origin gave notice that, if shareholders approve the scheme on 4 December, the Second Court Hearing will be at 3pm on 7 December. Shareholders may appear and oppose. Procedural notice.
28 Nov 2023listing compliance notice● Neutral
Origin replied to an ASX query on how The Australian reported the revised proposal before Origin's 23 November announcement. It said it gave no statement to media, and that confirmed confidentiality obligations were in place. It noted that other press had foreshadowed the Government's scheme expansion. No finding is shown.
28 Nov 2023production update▼ Bad
A loaded LNG vessel lost power at the Australia Pacific LNG terminal on Curtis Island and could not leave, blocking other cargoes. Origin began turning down gas production, and two cargoes were already deferred from FY2024. More deferrals are expected; domestic customers are unaffected.
27 Nov 2023business combination● Neutral
Origin set the adjourned Scheme Meeting for 2pm on 4 December at a new venue, with proxies due 2 December. Second Court Hearing moves to 7 December and implementation to 31 January 2024 if approved. Procedural timetable update.
23 Nov 2023other● Neutral
ASX paused trading in Origin shares pending a further announcement, on the day of the scheme meeting. The text gives no reason, so the cause is not stated.
23 Nov 2023other● Neutral
Chair Scott Perkins opened and immediately adjourned the Scheme Meeting to 4 December, citing the consortium's revised proposal and the Federal Government's expanded Capacity Investment Scheme. No questions were taken. Repeats the adjournment announced earlier that day; no new figures.
23 Nov 2023business combination▼ BadMajor
Origin adjourned the 23 Nov scheme vote to 4 Dec after a non-binding revised proposal from the consortium arrived the night before. It said proxies suggested the scheme would likely have missed the 75% threshold. The Board called the alternative (a ~$12.3bn Energy Markets sale plus an EIG takeover, up to ~$9.08 a share) apparently inferior to the existing ~$9.43 scheme.
21 Nov 2023business combination● Neutral
Origin updated the implied cash payment to about $9.43 per share at an AUD/USD rate of 0.655, down from $9.53 because of the exchange rate, and at the top of the expert's $8.45-$9.48 range. The Board still recommends the scheme ahead of the 23 November vote.
20 Nov 2023business combination● Neutral
Origin gave notice that, if shareholders approve the scheme on 23 November, the Second Court Hearing to approve it will be held on 27 November 2023. Shareholders may appear and oppose. Procedural notice.
13 Nov 2023dividend declaration● Neutral
The Board will pay a fully franked 39c special dividend, conditional on the scheme becoming effective, expected 23 January 2024 to holders on the 15 January record date. It is deducted from the cash consideration, so the total stays about $9.53. A draft ATO class ruling was received.
6 Nov 2023business combination● Neutral
The court approved sending the Supplementary Scheme Booklet covering the raised ~$9.53 per share offer. Grant Samuel still finds the scheme fair and reasonable, and the Board still unanimously recommends it. The vote is set for 23 November. Largely procedural follow-through to the 2 November increase.
2 Nov 2023business combination▲ GoodMajor
The consortium lifted its offer by 69c per share (about $1,200m) to a 'best and final' roughly $9.53 cash, above the independent expert's $8.45-$9.48 range. The Scheme Meeting stays on 23 November, with implementation pushed to 31 January 2024.
31 Oct 2023quarterly activities report● Neutral
September quarter: APLNG production 174.9 PJ, steady on the prior quarter and 4% above a year earlier; revenue $2,345m, down 5% on the quarter. Eraring battery construction began and the Pacific LPG sale completed, closing that open thread. Routine update.
19 Oct 2023business combination● NeutralMajor
The court approved sending out the Scheme Booklet, and the independent expert, Grant Samuel, found the takeover fair and reasonable. Total cash is now about $8.81 per share, including a planned 39c special dividend, lower than the $8.912 implied at signing, with the Board unanimously recommending a yes vote.
18 Oct 2023agm notice● Neutral
Origin lodged its 18 October 2023 AGM addresses, presentation and proxy summary. The Chair points to a strong FY2023 recovery and expected growth in FY2024, and notes the Brookfield/MidOcean scheme is conditional. The excerpt shows no new figures. Routine.
10 Oct 2023regulatory community update▲ Good
Origin confirmed the ACCC granted authorisation for the Brookfield/MidOcean takeover, based on published undertakings. Approvals from FIRB, NOPTA and certain other foreign investment bodies are still outstanding; the Scheme Booklet is expected in coming weeks. Shareholders need take no action.
10 Oct 2023regulatory community update▲ GoodMajor
The ACCC (competition regulator) granted conditional authorisation for Brookfield and MidOcean's acquisition of Origin, finding public benefits from faster renewables build-out finely outweigh competition harms. This clears a key hurdle for the takeover agreed in March.
4 Oct 2023material agreement● Neutral
Blue Energy said it refreshed its non-binding heads of agreement with Origin for up to 300 PJ of gas over 10 years, 20-30 PJ a year from 2027, delivered at Wallumbilla. It renews the March 2021 deal on similar terms and depends on a Bowen Basin pipeline being built.
17 Aug 2023annual report● Neutral
Origin's 2023 Sustainability Report, lodged with the full-year results. The text provided is the cover and opening pages only (CEO message, contents), so no new financial or project figures can be drawn. Routine reporting.
17 Aug 2023annual report▲ Good
Full-year filing package: statutory profit $1,055m versus a $1,429m loss, revenue $16,481m (up 14%), final dividend 20c fully franked, paid 29 September 2023. Includes annual report, reserves report and governance statement. Headline figures are covered in the results release.
17 Aug 2023annual report▲ GoodMajor
FY2023 statutory profit was $1,055m (versus a $1,429m loss) and underlying profit $747m, up $340m. Final dividend 20c fully franked, with FY2024 Energy Markets earnings expected to grow. APLNG distributions to Origin were $1,489m net of hedging.
17 Aug 2023investor presentation● Neutral
Full-year results slides repeating known figures: underlying profit $747m, adjusted net debt $2.9bn, final dividend 20c. They note the consortium's ACCC and FIRB approval process is underway, and that the Canning and Cooper-Eromanga exits await regulatory approval.
17 Aug 2023director officer appointment● Neutral
CEO Frank Calabria's contract was amended so incentive pay can be delivered in cash or deferred cash or equity, because the Scheme Implementation Deed restricts new share issues. Other terms are unchanged. Administrative.
9 Aug 2023agm notice● Neutral
Origin set its 2023 AGM for 18 October 2023, with full-year results due 17 August. Administrative date notice only.
31 July 2023quarterly activities report▲ Good
June quarter: APLNG production rose 7% to 175.8 PJ after wet weather; FY23 revenue $11,186m, up 21%. Origin received $1,489m in APLNG distributions net of hedging. Also bought 5% of Allegro Energy and the Warrane wind site.
1 May 2023other▲ GoodMajor
Origin lifted FY2023 Energy Markets underlying EBITDA guidance to $950m-$1,200m, from the higher end of $600-730m. It cites stronger Octopus UK earnings, better domestic performance and cheaper coal supply. Bulb acquisition accounting leaves a wider-than-usual range.
28 Apr 2023quarterly activities report● Neutral
March quarter: APLNG production steady at 165.0 PJ, revenue down 13% on the prior quarter to $2,764m on lower oil prices. Eraring battery approval is noted and Kraken migration is due to finish within days. Routine update.
