Hey Dukey....thought the same thing but have a read of the first page (or so) of the prospectus....this is for an issue of 10K shares at 0.68. As I read it relates to the previous placement & is a way for them to avoid getting shareholder approval...Dont stress! (Though not certain they havent changed SPP details (at 0.69) originally announced...call might be needed to be certain)
Dukey...I think the highlighted section below shows this doesnt relate to the promised SPP at 0.69, but rather to the recent placement @0.68. Designed to allow those shares to be freed up for sale I think...
SHORT FORM PROSPECTUS
For an offer of 10,000 Shares at an issue price of 68 cents each to raise up to $6,800.
This Prospectus has been prepared for the purpose of Section 708A(11) of the
Corporations Act to remove any restrictions on the sale of securities recently issued by
the Company.Important Notice
This Prospectus is a short form prospectus issued in accordance with Section 712 of the
Corporations Act. This Prospectus does not of itself contain all the information that is
generally required to be set out in a document of this type but refers to other documents
the information of which is deemed to be incorporated in this Prospectus.
Dear Earl
The short form prospectus lodged by the Company on the 22 June 2007 is
pertaining to the equity capital raising ( share placement) recently
announced by Pure. It does not concern the SPP also announced by the
Company. It is a compliant document which involves an arbitrary amount of
shares to be specified i.e. up to 10,000 shares at 68 cents pursuant to the
short form prospectus.
The prospectus has been prepared in accordance with section 712 of the
Corp[orations Act, and was prepared for the purposes of section 708A(11) of
the Act to remove any restrictions on the sale of shares issued per the
placement above.
The SPP timetable is in accordance with the announcement dated 14 June 2007,
as follows:
INDICITIVE DATES
Record Date of participants in the SPP
28 June 2007
SPP Materials dispatched to shareholders
(on or before)
5 July 2007
Closing time and date for acceptances together with payment in full
26 July 2007
Allotment and dispatch of holder statements
2 August 2007
There seems to be a bit of "movement at the station" on this one at the moment.
Matthews Capital Partners just increasing their stake from 7.76% to 14.72%. (also increased their stake in Arrow to 10.41%)
Arrow Energy owning 12.75%
MC = $41 million
I rang the Company secretary and discussed recent gas content on drills. Don't really quite understand it all, but I'm trying to learn. Seems as though it has heaps of potential IMO. I mentioned that Richard Cottee expects "some consolidation in the industry" (QGC MD), and he said I think there will be some consolidation.....did you notice Arrow Energy on our register he replied........mmm, well, takeover potential......and Matthews has just taken a blocking stake.....mmm, interesting. All looked too good to me and I took a position in this......
Would appreciate other's opinion on gas content of recent drill (gas flow free on recent drill).
Just loving the entire CSG sector at the moment.
Grace, thanks for shining a light on PES back in February via the QGC thread. I was tossing up what else in the sector looked good and you pointed out the amount of land holding PES had and its location. Thank you.
That is one very large potential resource that PES have their hands on. Can only hope that they prove up a lot of it before they receive a buy out offer which is a matter of time given the consolidation that is happening and will continue to for some time yet.
Looking good and there are a few other lesser known CSG'ers still to run as hard however it is happening.
Looking at the size of the PES acreage and the preliminary data on the resource these guys will potentially be valued at around 65-70 % of QGC using the potential resource as the yardstick criteria. This will require other items to come into line such as management decisions, exposure, staffing etc and require that little bit of luck to go their way.
PES are a way behind QGC in proving the resource etc however are riding the wave of CSG sentiment so the hard yards have been done for them and the sector now has credibility. This will smooth the pathway for evolution to producer from explorer.
Dr Robert William Day
BSc (Hons), PhD, Grad.Dip.Bus.Admin, MAusIMM
Non Executive Chairman
Dr Robert Day was recently appointed a Director of Pure and was a Director of Arrow Energy NL (Arrow) since 1998 shortly after the Company was formed until 15 August 2006.
Dr Day contributed significantly to Arrow’s successful transition from explorer to Coal Seam Gas producer.
He was the Director General of the Queensland Department of Mines and Energy and Chairman of the Queensland Coal Board from 1996 to 1998. Prior to those appointments, Dr Day was the Director of the Geological Survey of Queensland. He is the senior author of “Queensland Geology” the standard text on Queensland’s Geology, Mineral and Petroleum Resources and has extensive experience in the assessment of the oil and gas prospectivity of Australia sedimentary basis.
Early in his career, he gained valuable experience as a petroleum geologist with Esso Australia. As Director-General he oversaw the substantial restructuring of Queensland’s electrical industry and ensured the regulatory reform that greatly enhanced the future for gas in Queensland’s energy market Dr Day is experienced in technical work, project generation and general corporate developments and is the former president of the Australian Geoscience Council.
Dr Day was appointed a director on 2 June 2006.
but I think Arrow will take it over eventually. Perhaps Arrow will be taken out too though.
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