15 Feb 2011half year report● Neutral
Appendix 4D cover for the half-year to 31 December 2010; it repeats the interim report lodged the same day. Loss A$139.5k, interest income A$24.6k, net tangible assets 0.2 cents per share.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
15 Feb 2011half year report● Neutral
Half-year to 31 December 2010: loss A$139.5k, versus a A$8.92m profit a year earlier that came from the debt release. Net tangible assets 0.2 cents per share. Joseph Naemi added as a non-executive director; ethanol review of second-generation technologies continues.
7 Feb 2011investor presentation● Neutral
Update repeating the Triton option and Syria Block 9 details (two wells planned in 2011, 100+mmboe targets). Adds that Agri intends a share purchase plan and an unmarketable parcel buyback soon.
31 Jan 2011investor presentation● Neutral
Broker presentation on the Triton deal: 22.156 Agri shares per Triton share, 1,144,063,388 new shares, taking shares on issue from 417m to 1.56bn. Completion is targeted for April 2011 and Agri must re-comply with ASX listing rules. Repeats the deal announced in December.
28 Jan 2011quarterly activities report● Neutral
December 2010 quarter: net operating outflow A$49k, plus A$9k paid for the Triton acquisition. Cash fell to A$920k from A$978k. No financing in the quarter.
21 Dec 2010asset acquisition disposition▲ GoodMajor
Gets binding put and call options to buy 100% of Singapore-based Triton Petroleum, which holds 20% of Syria Block 9, with two wells targeting 100+mmboe planned for 2011. Agri pays A$500k working capital; Triton chairman Joseph Naemi joins the board. A shift from ethanol to oil and gas.
20 Dec 2010other● Neutral
Adopts a policy restricting directors and executives from trading company shares while holding inside information, and in the two weeks before results. Governance document only; no change to the business or finances.
19 Oct 2010quarterly activities report● Neutral
September 2010 quarter: net outflow A$85k, cash down to A$978k from A$1.063m. No financing or acquisitions; spending remains small.
15 Oct 2010other● Neutral
Initial BDIC study finds several second-generation technologies (green diesel, cellulosic ethanol, biomass-to-liquids) appear commercial-ready for the Condobolin, Oaklands and Coleambally projects. Board orders cost and returns models. Early-stage, no investment decision.
31 Aug 2010annual report● NeutralMajor
FY2010 results: profit A$8.77m, driven by A$9.07m gain from discontinued operations on the debt release, versus a A$59.25m loss in FY2009. Continuing operations lost A$304k. Capital raising of A$1.804m completed 18 Dec 2009 (400m shares, 100m options); shares relisted 1 Feb 2010.
31 Aug 2010annual report● Neutral
FY2010 annual report, the full version of the preliminary results lodged the same day. Profit A$8.77m from the debt release; A$1.804m raised 18 Dec 2009 and shares reinstated 1 Feb 2010. Adds no new information.
20 Aug 2010other● Neutral
Engages consultant BDIC Pty Ltd to review its ethanol projects (Condobolin, Oaklands, Coleambally, Murtoa) against second-generation biofuel technologies such as cellulosic ethanol. A review only; no spending or decision announced. Continues the strategy review from May.
22 July 2010quarterly activities report● Neutral
June 2010 quarter: net outflow A$64k, cash A$1.063m. No financing in the quarter. Spending remains low and no new project is reported.
11 May 2010other● Neutral
Industry report finds biofuels growing but investment stalled by uncertain federal excise policy, with ethanol grants phasing down 20% a year from July 2011. NSW mandates are positive. Company will keep reviewing its ethanol projects and also offer consulting services.
20 Apr 2010quarterly activities report● Neutral
March 2010 quarter: net operating outflow A$142k, cash down to A$1.127m from A$1.333m. Directors' fees and rent were A$66k. No new projects or financing reported.
9 Mar 2010other● Neutral
Commissions the Biofuels Association of Australia to report on the biofuels industry, due May 2010, to guide development of the ethanol business. Notes shares relisted 1 February 2010 and that no new energy or resources project has been decided.
26 Feb 2010half year report● Neutral
Half-year to 31 Dec 2009: net profit A$8.92m, from the gain on debt defeasance under the recapitalisation, against a continuing-operations loss of A$148k. Net tangible assets 0.2 cents per share. Confirms no residual creditor liabilities.
1 Feb 2010security holder rights change● Neutral
443,332 options exercisable at $6.75 expired on 29 January 2010. Administrative notice; the last of the old $6.75 options announced as expiring.
27 Jan 2010quarterly activities report● Neutral
December 2009 quarter: cash at quarter end A$1.333m after A$1.826m raised and A$403k paid under the DOCA. Operating spend was A$87k net. Shows the recapitalisation raise has been received, though the text gives no detail on its completion.
20 Jan 2010security holder rights change● Neutral
333,333 options exercisable at $6.75 expired on 19 January 2010. Administrative notice, continuing the clear-out of old pre-recapitalisation options seen on 1 December 2009.
11 Dec 2009annual report● Neutral
FY2009 annual report: loss of A$59.25m for the year ended 30 June 2009, the year of administration. Confirms the DOCA settled 1 Oct 2009, releasing all creditor claims, and that only the Australian Ethanol Business continues. Shares remain suspended pending the equity raise.
1 Dec 2009security holder rights change● Neutral
756,666 options exercisable at $6.75 expired on 30 November 2009. Administrative notice; the price suggests these options pre-date the recapitalisation, which is an inference.
24 Nov 2009capital raising announcement▲ GoodMajor
Prospectus seeks at least A$1.6m and up to A$2.2m via 320–440m shares at 0.5 cents, plus smaller offers and options. Company has only the Australian Ethanol Business left after administration, with creditor claims released. Aims to lift suspension and pursue energy and resources projects.
What it means for a shareholder
440m new shares at A$0.005 to raise about A$2.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
17 Nov 2009security holder rights change● Neutral
ASX grants a Listing Rule 14.7 waiver so the company can issue shares and options approved by shareholders on 1 Oct 2009 within three months. Includes up to 72m shares and 20m options each to Gary and David Steinepreis, options at $0.005 expiring 31 Dec 2013.
2 Oct 2009other● Neutral
Lodges the company's constitution, adopted by special resolution. Standard governance document with no figures or new commercial information in the readable text.
1 Oct 2009bankruptcy or receivership▲ GoodMajor
The Deed of Company Arrangement (executed 19 Dec 2008) is wholly effectuated and AAE leaves external administration on 1 Oct 2009. Recapitalisation approved by shareholders that day now proceeds. Ends the administration that began 12 Sept 2008.
1 Oct 2009admin correction● Neutral
Registered office moves to Level 1, 33 Ord Street, West Perth, signed by Gary Steinepreis. Notes the company is subject to a Deed of Company Arrangement. Administrative; shows a new Perth-based board is in place.
12 Sept 2008bankruptcy or receivership▼ BadMajor
Beatrice filed Chapter 7 on 11 Sept 2008 and directors appointed Ken Stout as voluntary administrator of AAE. Convertible noteholder Yorkville issued a default notice on 5 Sept, blocking US$200,000 of interim finance. The US$30m injection did not complete. Reverses the 1 Sept hopes.
1 Sept 2008capital raising announcement● NeutralMajor
Agrees a US$30m investor capital injection, with two initial payments received, and needs shareholder approval. Beatrice Biodiesel LLC filed Chapter 11 on 21 August 2008 for breathing room. Unaudited FY08 loss A$24.3m.
8 Aug 2008debt default or forbearance▼ BadMajor
Beatrice Biodiesel LLC receives a formal notice of default from the senior bank syndicate. The company is taking legal advice and still seeking funds to remedy the default. Follows the forbearance that expired 30 June.