Past year: ▼ 30%(44.5c – 1.70 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2020asset acquisition disposition● Neutral
The 70%-owned subsidiary bought, for R3.77M (about A$313,000), the crushing and screening equipment it had been renting from associated company Zarbon Zimele. The company says owning it should lower operating costs over time.
30 Sept 2020regulatory community update● NeutralMajor
Arbitration with former contractor Stefanutti Stocks is under way, with a hearing expected in Q1 2021. Ikwezi claims about A$10.6M for under-delivery; Stefanutti counterclaims about A$3.3M over the performance guarantee call. This follows the earlier claim lodged.
7 Sept 2020director officer appointment● NeutralMajor
Nitin Agrawal appointed Chairman. Auditor Charter Financial Services resigned and Eyesure Financial Services was appointed for the year ended 30 June 2020, to be confirmed at the AGM.
3 July 2020director officer appointment● Neutral
Capt. Sanjay Goel (shipping and logistics, 30+ years) and Blair Sergeant (executive at Bowen Coking Coal) were added as directors, building on the board rebuilt after the late-May resignations.
15 June 2020admin correction● Neutral
Corrects the 4 June ASX reply: former company secretary Neuling says he is not and never was an associate of the former majority shareholder. He had worked with the former directors for a long time and resigned alongside them.
15 June 2020production update▲ GoodMajor
Mining restarted at the Central Mini Pit after a pause, using a new mining contractor. Stefanutti Stocks is still in contractual process over missing the planned production schedule. This continues the contractor problems flagged in earlier quarterlies.
4 June 2020director officer appointment● Neutral
Graeme Smith appointed company secretary from 4 June 2020, replacing Alexander Neuling, who resigned on 28 May. He holds secretary roles at several other ASX-listed companies.
4 June 2020listing compliance notice▲ Good
ASX lifted the trading suspension immediately on 4 June 2020, after the company appointed enough directors and answered the ASX query. This resolves the 29 May suspension, so shares can trade again.
4 June 2020listing compliance notice● Neutral
Reply to ASX query on the 28 May board resignations: outgoing directors were representatives of the former majority shareholder and left to pursue other interests. A$10,956 is owed to the former company secretary. Graeme Smith is named as ASX contact, and the company says it complies with the Listing Rules.
1 June 2020director officer appointment● Neutral
Nitin Agrawal and Harjinder Singh Kapila joined the board on 29 May 2020, replacing the departed directors. Nitin Agrawal is said to have helped start mining at the South African subsidiary. The announcement does not mention the suspension being lifted.
29 May 2020listing compliance notice▼ BadMajor
ASX suspended Ikwezi's shares on 29 May 2020 until it appoints enough directors to meet the Corporations Act minimum. This follows the board resignations the day before.
28 May 2020director officer appointment● Neutral
Final director interest notices for Joshi, Anthony and Pile. Joshi and Anthony hold no securities; Pile holds 3.19M shares directly plus a minority indirect interest in Belvedere's 932.4M shares. Administrative follow-up to the resignations.
28 May 2020director officer appointment▼ BadMajor
Chairman David Pile and directors Ranaldo Anthony and Alok Joshi resigned on 28 May 2020 to focus on other business interests, and company secretary Alexander Neuling also resigned. Tushar Agrawal is the only remaining named director; replacements are to be announced.
1 May 2020quarterly activities report▼ BadMajor
March 2020 quarter: receipts collapsed to A$0.568M (from A$4.36M) and cash fell to A$0.091M, with about 180,000 tons of unsold coal. Related party Zarbon Coal (formerly Osho) advanced about US$1.66M under a US$4.3M facility at 5%, repayable by 31 Dec 2020. API4 fell to about US$50.
7 Apr 2020regulatory community update▼ Bad
Mining at Ntendeka colliery suspended under South Africa's nation-wide COVID-19 lockdown from late March 2020. The company intends to restart as soon as possible. No financial impact is quantified.
16 Mar 2020half year report▼ Bad
Half-year to 31 Dec 2019: net loss A$915,298 (prior A$479,175), which the report blames largely on the mining contractor's underperformance against the roughly 70,000 tons a month plan. A claim has been lodged against the contractor. Cash A$643,385. API4 has since fallen.
1 Nov 2019annual report● Neutral
2019 annual report: 181,299 tons of run-of-mine coal produced in the year as Kliprand started up; API4 fell from about US$104 to US$63. Stefanutti Stocks appointed on a 5-year contract. Wash plant is built and dry commissioned but not yet operating.
1 Nov 2019other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2019, lodged with the annual report. Administrative only, no new business information.
30 Sept 2019annual report▲ Good
Full-year accounts to 30 June 2019 show a net profit of A$1,151,333 (prior-year loss A$223,361), with operating cash outflow of A$707,009. The text provided is truncated, so the source of the profit is not stated here. Board unchanged through the year.
31 July 2019contract award▼ BadMajor
Mining contractor CML Melger, engaged in April 2018, terminated its contract at its own request effective 31 July 2019. Stefanutti Stocks Mining Services takes over mining at the Central Mini Pit from 1 August 2019.
1 May 2019quarterly activities report● NeutralMajor
March 2019 quarter: coal sales began, with receipts of A$1.688M. Osho loans were repaid in full (A$4.352M) from the raising proceeds, resolving that thread. Cash fell to A$0.46M and API4 slid to about US$71. Freddie Strydom appointed COO of the South African subsidiary.
15 Mar 2019half year report● Neutral
Half-year to 31 Dec 2018: net loss A$479,175 (prior A$161,470), cash A$2.303M after financing inflows of A$5.33M. Coal sales were still expected in the second half. Forward API4 now around US$80, down from the quarterly report's US$90-92.
11 Jan 2019other● Neutral
Director interest notices for Agrawal and Pile after the rights issue. Finevest, in which Agrawal holds a minority beneficial interest, got 2.007bn underwriter shares. Belvedere rose to 932.4M shares, and its voting arrangement over Azure ceased.
12 Dec 2018capital raising announcement▲ GoodMajor
Entitlement issue closed with acceptances for 1.04bn shares raising A$2.083M. The remaining 2.007bn shares (about A$4.01M) fall to underwriter Finevest to take up, so the full A$6.1M is expected.
29 Nov 2018capital raising announcement● Neutral
Confirms the entitlement issue prospectus was posted to shareholders; offer closes 10 December 2018. Administrative only.
21 Nov 2018capital raising announcement● Neutral
Letter to eligible shareholders on the 3-for-1 issue at A$0.002 (about 3.05bn new shares, ~4.065bn total after). Underwriting fee A$30,000. Funds go to mining setup, overheads and repaying short-term loans. Closing 10 December. Notice only, no new terms.
21 Nov 2018capital raising announcement● Neutral
Letter telling shareholders outside Australia, NZ, Bermuda, Cayman and Turks and Caicos they cannot take part in the entitlement issue; a nominee will sell their entitlements. Administrative notice.
21 Nov 2018capital raising announcement● NeutralMajor
Prospectus for a 3-for-1 renounceable entitlement issue at A$0.002 per share, raising up to A$6,097,500. Fully underwritten by Finevest Investments. This is the long-planned ~A$6M raising, now launched at a very low price.
1 Nov 2018other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2018, pointing to the website statement. Administrative only.
1 Nov 2018annual report● Neutral
2018 annual report. Says the mine should operate profitably at current API4 prices, and initial sales will be crushed, unwashed run-of-mine coal. Wash plant still needs water supply, discard footprint and pollution dams. Company holds 70% of the Newcastle Project.
