Past year: ▼ 30%(44.5c – 1.70 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Jan 2021security holder rights change● Neutral
The 100-to-1 share consolidation, approved at the 7 January 2021 AGM, is complete, leaving 40,649,974 shares. Normal trading begins 20 January, and new holding statements have been sent to shareholders.
15 Jan 2021security holder rights change● Neutral
Update confirming shareholders approved the 100-for-1 consolidation on 7 January 2021. Actual shares on issue after consolidation are 40,649,974, against the estimated 40.65M. Timetable is unchanged.
30 Dec 2020security holder rights change● NeutralMajor
Ikwezi plans a 100-for-1 share consolidation, cutting about 4.065bn shares to about 40.65M, subject to shareholder approval on 7 January 2021. Post-consolidation trading begins 11 January on a deferred settlement basis.
16 Dec 2020listing compliance notice▼ Bad
ASX paused trading in Ikwezi shares on 16 December 2020 pending a further announcement. No reason is given in the notice.
16 Dec 2020price query● Neutral
Responding to ASX's price and volume query (shares moved A$0.005 to A$0.008), Ikwezi says it knows of no unannounced information or other explanation for the trading, and confirms it is complying with the continuous disclosure rules. This follows the trading pause earlier that day.
2 Nov 2020annual report● Neutral
2020 annual report: Kliprand produced 353,435 tonnes of run-of-mine coal in the year, and the contractor was changed twice for under-performance. A new open pit is expected to operate in 2021, and the wash plant is due to be commissioned in the last quarter of 2020.
2 Nov 2020other● Neutral
Corporate governance statement for FY2020: five directors, two considered independent, with all directors sitting on the audit, risk and remuneration committees. Routine disclosure with no new business information.
2 Nov 2020other● Neutral
Appendix 4G corporate governance checklist for the year to 30 June 2020, lodged with the annual report. Administrative only, no new business information.
29 Oct 2020quarterly activities report▲ Good
September 2020 quarter: record 179,144 tonnes produced under the new contractor, with receipts A$3.93M. Cash fell to A$0.114M, with A$6M of undrawn facilities. Wash plant commissioning is now expected next quarter.
30 Sept 2020annual report▲ Good
Full-year accounts to 30 June 2020: net profit A$2,668,439 (prior A$1,151,333) and operating cash inflow A$3.11M, against an outflow the year before. API4 ended the year at about US$55 after dipping below US$50 in April.
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.
30 July 2020quarterly activities report▲ Good
June 2020 quarter: 31,381 tonnes mined as COVID lockdown cut output; the Stefanutti contract was terminated end April and a new contractor began 15 June. Receipts jumped to A$15.75M and cash to A$2.548M (from A$0.091M). Wash plant commissioning now targeted for late 2020.
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.
3 Feb 2020quarterly activities report● Neutral
December 2019 quarter: 116,207 tons produced (up 35%) and 159,367 tons sold, with receipts of A$4.36M and cash A$0.64M. Contractor Stefanutti Stocks is still behind the mine plan. Company says it is also looking at minerals outside coal.
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.
