Past year: ▲ 0%(0.60c – 1.60c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 July 2013asset acquisition disposition▲ GoodMajor
Aviva shareholders approved the sale, clearing the final condition for African Energy's A$3.5m purchase of the 1.3 billion tonne Mmamantswe project. Sentient subscribes the A$3.5m second tranche at A$0.12, ending near 17.4% as largest shareholder. Total Botswana coal 3.8Bt.
4 July 2013asset acquisition disposition▲ Good
Aviva's subsidiary now holds 100% of the Mmamantswe licence after Botswana ministerial approval, satisfying one of two remaining conditions. Only Aviva shareholder approval, set for 9 July, remains.
28 May 2013asset acquisition disposition▲ Good
African Energy signed the formal share sale deed for Mmamantswe (A$3.5m) and finished due diligence on 24 May. Shareholders ratified Sentient's first tranche, clearing the way for 29.16m second-tranche shares at A$0.12. Licence must be held 100% by 26 July.
28 May 2013asset acquisition disposition● Neutral
Aviva signed binding documents to sell Mmamantswe to African Energy for A$3.5m after African Energy's due diligence and fundraising. Still needs Botswana ministerial approval of the licence transfer and Aviva shareholder approval, expected in July.
2 May 2013investor presentation● Neutral
Notice of a 2 May webcast with the managing director on the Mmamantswe acquisition and the A$5m Sentient placement. No new information in the announcement itself.
30 Apr 2013admin correction● Neutral
Routine notice under the Corporations Act allowing on-sale of recently issued shares without a disclosure document. It states no new information; it presumably relates to the Sentient placement shares (inference).
30 Apr 2013quarterly activities report● Neutral
March quarter: Botswana called prequalification for a 300MW Morupule B expansion, with a greenfield tender due; the company will bid. Mmamantswe purchase (A$3.5m) and Sentient's A$5m received 30 April. Cash fell to US$2.4m from US$3.7m.
29 Apr 2013asset acquisition disposition▲ GoodMajor
Aviva Corporation announced a conditional deal to sell its Mmamantswe coal project to African Energy for A$3.5m. Conditions include Aviva shareholder approval, due diligence by 3 May, and African Energy raising funds. Aviva cites a 1.3 billion tonne resource.
29 Apr 2013capital raising announcement▲ GoodMajor
African Energy agreed to buy the 1.3 billion tonne Mmamantswe coal project for A$3.5m. Sentient will subscribe up to A$8.5m at A$0.12: A$5m now (41.67m shares), A$3.5m conditional. Sentient would hold about 17.5%, becoming largest shareholder.
5 Apr 2013investor presentation● Neutral
Notice of a 5 April webcast interview with the managing director on the previous day's March quarter update. The announcement itself contains no new information.
4 Apr 2013investor presentation● Neutral
March quarter update: advanced talks with five strategic groups to invest in Sese Power or the parent; 20 companies have signed confidentiality agreements. Visa delays slowed due diligence. Rail and port study finds 10-20Mtpa feasible on existing track, with Maputo as preferred port.
28 Mar 2013drilling result▲ GoodMajor
Washing and swelling tests on 19 samples from the first four of eight Sinazongwe holes show 17 with Free Swelling Index above 4.5 (max 8.5), indicating some potential for medium to hard coking coal. Follow-up on the Zambian coal project awaited in the open thread; more drilling and washing tests are needed.
22 Mar 2013investor presentation● Neutral
Hong Kong conference presentation pitching Sese to potential partners: 650Mt Measured, 1,720Mt Indicated, 150Mt Inferred, with Maputo as preferred export port. Largely repeats known facts; mentions rail and port study levels.
14 Mar 2013half year report● Neutral
Half-year accounts to 31 December 2012 with a BDO review. The supplied text carries no financial figures; directors state there are reasonable grounds to believe the company can pay its debts. Restates the 2.5 billion tonne Sese project.
12 Feb 2013regulatory community update▲ Good
Botswana National Museum approved the archaeological permit for the Sese coal mine and power station, with standard conditions. This clears a prerequisite for environmental approval; only dry-season air monitoring remains, due mid-2013. No schedule impact expected.
1 Feb 2013quarterly activities report● Neutral
December quarter: A$3.0m placement completed; Macquarie extended the US$5m loan 12 months to 31 Dec 2013 in return for 22,766,805 options at A$0.21. Sese West drilling paused after eight holes for the wet season. Cash US$3.7m.
16 Jan 2013investor presentation● Neutral
Update says ten companies have signed confidentiality agreements to consider investing in Sese Power or the parent, with conclusion targeted by end of March quarter. Uranium portfolio (over 11Mlb) still for sale. Power-offtaker talks continue, and water rights await ministerial signature.
14 Jan 2013price query● Neutral
ASX queried a rise in the share price from A$0.125 (7 Jan 2013) to an intra-day high of A$0.185 on 14 Jan. The company replied it knows of no unannounced information and has no explanation for the move.
16 Nov 2012investor presentation● Neutral
Notice of a 16 November webcast interview on the successful export rail trial. The announcement itself contains no new information.
15 Nov 2012investor presentation● Neutral
AGM presentation recaps the year's milestones and the two-project strategy, with export start targeted for Q1 2015. It also suggests Sese could reach 5-10 billion tonnes. Largely repeats known facts.
14 Nov 2012other▲ Good
First export trial train of Botswana coal, 34 wagons carrying about 1,600 tonnes from Sese and Morupule, reached Maputo in three days over 1,300km. It follows the April 25t trial. No income; handed to Vitol for sale.
7 Nov 2012regulatory community update▲ Good
Water Utilities Corporation board recommended approval of a Sese water allocation of up to 2.8 Gl a year from Shashe Dam, enough for the 300MW plant and 1.5Mtpa mine. Final ministerial approval is still pending.
6 Nov 2012listing compliance notice● Neutral
ASX reinstated the company's shares to quotation immediately after the funding announcement. This implies the shares had been suspended or in a trading halt beforehand; the text does not say why.
6 Nov 2012capital raising announcement● NeutralMajor
Placement of 21.43 million shares at A$0.14 to raise A$3.0m, to Asian and Australian investors via Blackswan Equities. Directors commit A$0.5m, subject to shareholder approval. Funds advance Sese. Price is below the A$0.18-0.235 seen in May.
What it means for a shareholder
21.4m new shares at A$0.140 to raise about A$3.0m. That's 6.1% dilution: every existing holder's slice gets 6.1% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.00216% to 0.00203% of the company. To keep it you'd need 463 more shares - about A$65 at the issue price.
Create a free account to see this worked out for your own holding.
1 Nov 2012quarterly activities report▼ Bad
September quarter: resource of 2,517Mt confirmed (651Mt Measured), licence extensions, and EPC MOU. Cash fell to US$3.15m from US$5.3m, with the US$5m Macquarie loan still due 31 December. 10 million performance rights were issued to directors and staff.
23 Oct 2012investor presentation▲ Good
Company update: pre-feasibility studies for the 300MW power project found no technical flaws and viability at current regional power prices. A six-month bankable study is next. The EIA scoping document is approved, and the water application is pending.
19 Oct 2012drilling scheduled▲ GoodMajor
Board approved 14 core holes at Sese West, starting within days and taking 6-8 weeks. An inferred resource is expected to be announced in Q1 2013, testing the 3-6 billion tonne Exploration Target.
18 Oct 2012material agreement▲ GoodMajor
Non-binding MOU signed with an unnamed international EPC contractor for the 300MW Sese power project. It contemplates two binding deals within months: help with the bankable feasibility study, and construction, which would depend on raising project finance.
15 Oct 2012annual report● Neutral
2012 Annual Report restates the year's progress: 650Mt Measured Resource, 15,000t bulk sample, Maputo rail trial, non-binding power MOU, and the split into power and export projects. Mostly repeats known facts; no new figures in the supplied text.
8 Oct 2012admin correction● Neutral
Amended re-release of the Sese West announcement; the only visible change is that the 3-6 billion tonne Exploration Target is now specified as 3,500-5,000 kcal/kg thermal coal. Otherwise the content is unchanged.
