Subsequent Events |
12 Months Ended |
|---|---|
Jun. 30, 2015 | |
| Subsequent Events [Abstract] | |
| Subsequent Events |
Note 18 - Subsequent Events
Reverse Stock Split. On July 10, 2015, pursuant to the Company's definitive proxy statement filed on June 8, 2015, the Company held a Special Meeting of Stockholders to approve an amendment to its Restated Certificate of Incorporation to effect a reverse stock split of its common stock at a ratio to be determined by the Board of Directors within a specific range set forth in the proxy statement, without reducing the number of authorized shares. The Company's shareholders approved the proposed amendment to the Restated Certificate of Incorporation, and the Board of Directors selected a reverse split ratio of one-for-eight (1:8). As a result of the reverse stock split, as of the close of business on July 10, 2015, each eight shares of common stock were converted into one share of common stock with any fractional shares being settled in cash. Immediately preceding the reverse stock split there were 55,313,647 shares of common stock issued, including 9,675,114 treasury shares. The number of shares of Series A Preferred Stock did not change as a result of the split; however, following the reverse stock split the conversion price was adjusted to reflect the split from $1.22149381 to $9.77586545. After the reverse stock split there were 6,911,921 shares of common stock issued, including 1,209,389 treasury shares.
Stock Based Compensation. On July 1, 2015, upon the vesting of 12,500 shares of restricted stock previously granted to executives of the Company and pursuant to the tax withholding provisions of the Company's restricted stock award agreements, the Company withheld on a cashless basis 2,822 shares to settle withholding taxes. The withheld shares were immediately cancelled.
On July 3, 2015, the Special Committee determined that the directors' annual stock award under the compensation policy for non-employee directors and the 2012 Stock Incentive Plan would be deferred and revisited in a few months after the strategic alternative review process has advanced further and liquidity issues have been addressed.
On September 30, 2015, 33,333 stock options expired without exercise.
Based on the activity related to our outstanding stock options and restricted stock after June 30, 2015, as of October 9, 2015, the Company had 202,786 shares, including forfeited shares, available for future issuance under the 2012 Stock Incentive Plan.
Partial Sale of Central Investment. Beginning in July 2015, the Company began selling some of its 39.5 million shares of Central on the open market as a source of liquidity. As of October 9, 2015, the Company has sold shares of Central in the open market and generated approximately AUD $1.3 million of proceeds. As of October 9, 2015, the Company continues to own approximately 27.4 million shares of Central, which at the share price as of October 9, 2015 of AUD $0.155 and foreign exchange rate of 0.72, represented approximately $3.1 million of potential liquidity.
Engagement of RFC Ambrian as financial advisor for farmout of NT/P82. In July 2015, the Company engaged RFC Ambrian as its financial advisor to run a formal bid process for the farm-out of its 100% operating interest in the NT/P82 permit in the Bonaparte basin, offshore Australia, to fund future exploration costs and recover back-costs incurred. The terms of the engagement include cash payments of $20 thousand and $80 thousand for the two initial stages of the engagement through a written offer, and a success fee upon completion of a legally binding agreement ranging from $250 thousand to 5% of the farm-out value of the agreement to the Company.
One Stone Standstill Extended to December 31, 2015. On August 3, 2015, the Company and One Stone agreed to amend and extend the standstill provisions of the Series A Purchase Agreement to December 31, 2015 via the Series A First Amendment. In addition to extending the terms of the prior standstill, One Stone agreed to be prohibited from i) depositing any securities of the Company in trust or subjecting them to any voting agreement or arrangement and ii) requesting the Company to modify or waive any provision of the standstill covenants. Certain definitions were also updated in the Series A First Amendment.
Celtique Litigation. In August 2015, pursuant to the terms of the PEDLs and as a result of the litigation initiated by Celtique discussed in Note 14 - Commitments and Contingencies - Celtique Litigation, the Company paid its share of license fees related to the three Central Weald licenses in the amount of £50,000.
Incentive Agreements with Chief Financial Officer. On October 12, 2015, the Company entered into a series of new incentive agreements with its Chief Financial Officer. For further information, please refer to Note 16 - Employee Retention and Severance Costs.
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