Past year: ▲ 35%(6.17 – 8.62 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
7 Dec 2022capital raising announcement▲ GoodMajor
Santos adopts a simplified capital framework of at least 40% of free cash flow returned annually, with gearing target 15-25% unchanged. It adds a further US$350m on-market buyback, bringing 2022's total to US$700m. The earlier US$350m is about 98% complete.
20 Apr 2022capital raising announcement▲ GoodMajor
Santos adopts a new capital management framework: 10-30% free cash flow payout up to US$65 Brent, at least 40% of incremental free cash flow above that, and 15-25% target gearing (26% at March). It starts an on-market buyback of up to US$250m from May, acting on the planned review.
23 Nov 2021capital raising announcement● Neutral
Tamboran, Santos's 25% partner in Beetaloo EP 161, raised about A$35m at A$0.37 per share, anchored by US investor Bryan Sheffield (A$20m, ~7.4%). Funds go to Tamboran's 2022 EP 136 work. Santos is not a party; flow-test results from EP 161 still due by end 2021.
6 Feb 2017capital raising announcement▲ GoodMajor
The Share Purchase Plan closed with about A$201m of applications, all accepted without scaleback at A$3.94 per share. With the December placement, total raised is about A$1,241m, short of the roughly A$500m SPP target. Shares issue 7 February 2017.
22 Dec 2016capital raising announcement● Neutral
The Share Purchase Plan opens, offering eligible shareholders up to A$15,000 of shares, aiming for about A$500m and open until 31 January 2017. Price is the lower of A$4.06 or the five-day average price less 2%. Shares to be issued 7 February 2017.
15 Dec 2016capital raising announcement● Neutral
The A$1,040m placement completed at A$4.06 per share, a 7.9% discount to the last close, and was described as significantly oversubscribed. 256m new shares are due to be issued on 21 December 2016. The SPP follows.
14 Dec 2016capital raising announcement● NeutralMajor
Santos launches a fully underwritten A$1,040m placement of about 256m shares at A$4.06, roughly 15% of issued capital, plus an ununderwritten Share Purchase Plan of up to A$500m. This follows the strategy day and lowers gearing to about 32% after the placement.
What it means for a shareholder
256m new shares at A$4.06 to raise about A$1.04bn. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (246 at the issue price), your slice goes from 0.0000139% to 0.0000121% of the company. To keep it you'd need 36 more shares - about A$146 at the issue price.
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3 Dec 2015capital raising announcement▲ GoodMajor
The retail shortfall bookbuild cleared at A$4.10, a 6.5% premium to the A$3.85 offer price. This completes the A$2.5bn entitlement offer, with new shares trading 11 December. Non-participating retail holders receive A$0.25 per entitlement around 14 December.
2 Dec 2015capital raising announcement▲ GoodMajor
The retail entitlement offer received valid acceptances for 201 million new shares (about A$775m), 57% of those available. About 152 million entitlements (about A$585m) go to the retail shortfall bookbuild on 3 December. New shares are issued 10 December.
18 Nov 2015capital raising announcement● Neutral
Santos has despatched the retail entitlement offer booklet and personalised forms to eligible shareholders. The retail offer closes 30 November. Administrative notice with no new terms.
13 Nov 2015capital raising announcement● Neutral
Retail offer booklet for the 1-for-1.7 entitlement offer at A$3.85, closing 30 November. The visible text is legal notices and disclaimers and adds no new figures beyond the already announced terms.
13 Nov 2015capital raising announcement● Neutral
Letter telling shareholders with registered addresses outside Australia and New Zealand they cannot take up the retail offer. Their entitlements will be sold in the 3 December bookbuild, with any premium paid around 14 December, though none is guaranteed.
12 Nov 2015capital raising announcement▲ GoodMajor
The institutional part of the entitlement offer raised about A$1.17bn, with 86% of entitlements taken up. The shortfall bookbuild cleared at A$4.60, A$0.75 above the A$3.85 offer price. The retail offer, expected to raise about A$1.35bn, opens 17 November.
10 Nov 2015capital raising announcement● Neutral
Letter to eligible retail shareholders on the A$2.5bn 1-for-1.7 entitlement offer at A$3.85, a 34.9% discount to the A$5.91 close. It repeats known terms and the Hony A$500m placement at A$6.80; about 728 million new shares would lift the total to roughly 1,766 million.
9 Nov 2015capital raising announcement▼ BadMajor
Santos completed its strategic review with A$3.5bn of net debt reduction: a A$2.5bn entitlement offer (1 for 1.7 at A$3.85), a A$500m Hony Capital placement at A$6.80, and the A$520m Kipper sale to Mitsui. This reverses the August stance of no current intention to raise equity.
9 Nov 2015capital raising announcement● Neutral
ASX notice setting out the timetable for Santos' 1 for 1.7 accelerated renounceable entitlement offer at A$3.85 to raise about A$2.5bn. Retail rights trade 12-23 November and retail new shares are issued 10 December. It repeats known terms.
30 Sept 2015capital raising announcement● NeutralMajor
Santos issued 9.65m DRP shares at A$4.4288 and 23.69m underwritten shares at A$4.5424 for the interim dividend. It says the strategic review is weighing asset sales, structured finance, restructurings and capital markets deals, with talks ongoing with several parties.
4 Dec 2014capital raising announcement▼ BadMajor
Santos deferred a possible European hybrid issue after the oil price fell following OPEC's decision to hold output. It has no current intention to raise equity, has about A$2bn liquidity, and expects to significantly cut 2015 capital and operating spending.
30 Mar 2012capital raising announcement● Neutral
Santos issued 4,689,506 shares at A$13.6693 to dividend reinvestment participants and 5,509,612 shares at A$14.0198 to the plan's underwriter, for the 2011 final dividend. Routine share issue notice, small relative to the share base.
What it means for a shareholder
4.7m new shares at A$13.67 to raise about A$64.1m. That's 0.49% dilution: every existing holder's slice gets 0.49% smaller. If you held A$1,000 of shares (73 at the issue price), your slice goes from 0.00000768% to 0.00000764% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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30 Sept 2011capital raising announcement● Neutral
Santos issued 4,962,955 shares at A$11.3241 to dividend reinvestment participants and 6,498,096 shares at A$11.6145 to the underwriter for the 15c interim dividend. Administrative close-out of the dividend reinvestment plan.
What it means for a shareholder
5.0m new shares at A$11.32 to raise about A$56.2m. That's 0.562% dilution: every existing holder's slice gets 0.562% smaller. If you held A$1,000 of shares (88 at the issue price), your slice goes from 0.0000101% to 0.00001% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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20 Dec 2010capital raising announcement▲ GoodMajor
Santos completes its heavily oversubscribed institutional placement: about 39.8m shares at A$12.55, roughly A$500m, completing equity funding of its GLNG share. Settlement is 23 December and the trading halt is lifted. This completes the raising announced on 17 December.
What it means for a shareholder
39.8m new shares at A$12.55 to raise about A$500m. That's 4.6% dilution: every existing holder's slice gets 4.6% smaller. If you held A$1,000 of shares (80 at the issue price), your slice goes from 0.00000955% to 0.00000912% of the company. To keep it you'd need 4 more shares - about A$50 at the issue price.
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15 Oct 2010capital raising announcement▲ GoodMajor
Santos prices a €300m (about A$420m) follow-on hybrid at an implied yield of about 8.05%, lifting total hybrid funding to €1bn (about A$1.4bn). S&P gives 100% equity credit. It further reduces potential equity need for GLNG, with FID planned before year end.
17 Sept 2010capital raising announcement▲ GoodMajor
Santos issues a €650m (about A$900m) hybrid at 8.25% fixed for 7 years, 60-year term, with 100% S&P equity credit and no conversion into shares. It reduces any future equity need dollar for dollar; GLNG FID on train 1 still expected by end 2010.
16 June 2009capital raising announcement▲ GoodMajor
Santos completed the retail part of its equity raising, taking the total to about A$3bn at A$12.50. Valid applications were about A$1.1bn; about 72m shares go to retail holders and about 25m to sub-underwriters. Trading begins 17 June.
15 May 2009capital raising announcement● Neutral
Santos told shareholders outside Australia and New Zealand, and US persons, that they cannot join the retail entitlement offer at A$12.50. Entitlements are non-renounceable, so they receive no payment or value. Administrative notice.
15 May 2009capital raising announcement● Neutral
Santos released the retail offer booklet for the 2-for-5 entitlement offer at A$12.50, closing 5 June. Funds go to PNG LNG, the A$600m FUELS redemption and BBB+ rating; new shares get the interim dividend, expected at 22c. Entitlements cannot be traded.
13 May 2009capital raising announcement▲ GoodMajor
The institutional part of the equity raising was completed, heavily oversubscribed, raising about A$1.75bn at A$12.50. The retail offer, now underwritten, adds about A$1.25bn, for roughly A$3.0bn total. Retail offer closes 5 June; new shares are issued 16 June.
11 May 2009capital raising announcement● NeutralMajor
Santos launched a 2-for-5 entitlement offer at A$12.50 a share, raising at least A$1.65bn from institutions and up to A$1.35bn more from retail holders. A$1.05bn funds PNG LNG, A$600m redeems FUELS. 2009 guidance and the 42c dividend intent are maintained.
21 Aug 2008capital raising announcement▲ GoodMajor
Santos announces a roughly A$300m off-market buy-back, funded from cash boosted by PETRONAS proceeds, at tender discounts of 8-14% to market price. It will also repay some debt, and the dividend reinvestment plan is underwritten for three dividends. This returns part of the GLNG proceeds to shareholders.
