Past year: ▼ 30%(44.5c – 1.70 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Jan 2015capital raising announcement▲ GoodMajor
Rights issue closed with acceptances for 335.8M shares raising A$2.015M, about half the maximum. The remaining 341.7M shortfall shares go to underwriter Azure Projects, which is how the full A$4.065M is expected to be met.
8 Jan 2015capital raising announcement● Neutral
The rights issue prospectus has been despatched to shareholders, per the updated timetable. Administrative notice only.
24 Dec 2014capital raising announcement● Neutral
Updated rights issue timetable: record date 2 January 2015, closing 16 January 2015, new shares quoted 27 January 2015. Administrative; offer terms unchanged.
24 Dec 2014capital raising announcement● Neutral
Supplementary prospectus formally replaces the rights issue timetable with the revised dates (closing 16 January 2015). Administrative; no change to the A$0.006 price or A$4.065M maximum.
23 Dec 2014capital raising announcement● Neutral
The rights issue timetable will be extended by 1-2 business days pending new ISINs for the shares and rights. Other terms unchanged. Administrative.
22 Dec 2014capital raising announcement● Neutral
Prospectus for the 2-for-1 rights issue at A$0.006 to raise up to A$4.065M, underwritten by Azure Projects. It describes the shares as highly speculative. Repeats the offer already announced; no new figures in the visible text.
22 Dec 2014capital raising announcement● NeutralMajor
First capital raising since the A$30M IPO: a 2-for-1 renounceable rights issue at A$0.006 per share, up to 667.5M shares to raise up to A$4.065M, fully underwritten by Azure Projects. Funds go to working capital and an initial box cut at Ntendeka to start mining run-of-mine coal.
5 Dec 2014investor presentation● Neutral
December 2014 AGM presentation. The visible text is only disclaimers and forward-looking statements (including that production depends on raising debt funding); no new results or figures are readable.
31 Oct 2014annual report▼ Bad
Annual report for the year to 30 June 2014. The chairman calls it a difficult year: Ntendeka start-up is delayed until coal markets stabilise, overheads were cut, and mine plans redesigned. Ntendeka (70%) targets about 1.25Mtpa saleable coal; toll washing of third-party coal is being reviewed.
25 Sept 2014annual report● Neutral
Statutory accounts for the year to 30 June 2014. Visible text covers only the contents and director details (Pile Executive Chairman; Neuling appointed; Hewetson resigned; Rees deceased); no financial figures are readable in the truncated text.
8 July 2014asset acquisition disposition▼ Bad
The Alleen No. 2 sale agreement with Forbes Coal lapsed on 30 June 2014 because ministerial consent was not received in time. Both parties say they remain interested in a transaction, with details to come.
30 June 2014director officer appointment● NeutralMajor
Chairman Simon Hewetson resigns effective 27 June 2014 to focus on other business interests; MD David Pile becomes Executive Chairman, and company secretary Alex Neuling joins the board. A new non-executive director is planned. Follows the death of Roger Rees.
19 June 2014director officer appointment▼ Bad
Non-executive director Roger Rees, on the board since 2011, has died. The announcement gives no detail on a replacement.
30 Apr 2014asset acquisition disposition● Neutral
The closing date for the Alleen No. 2 sale to Forbes Coal is extended from 30 April to 30 June 2014 while the parties still await the Minister's written consent. A short administrative delay, not a change to the deal terms.
30 Apr 2014quarterly activities report▼ BadMajor
March quarter: cash is A$1.149M. The finance facility is progressing, but the company is now reviewing strategic options, including asset or corporate-level transactions, though bringing Ntendeka into production remains the preferred path. Production target is now 'during 2014'.
14 Mar 2014half year report▼ Bad
Half-year to 31 December 2013: net loss A$524,148 (versus A$467,328) and cash A$1.529M. Costs were cut to a minimum to preserve cash. The ZAR200M debt facility remains the key requirement to start Ntendeka; the wash plant is dry commissioned.
21 Jan 2014asset acquisition disposition▲ GoodMajor
Ikwezi agrees to sell part of its Alleen No. 2 mining right, near Dundee, to Forbes Coal's subsidiary for ZAR8M (A$0.84M), plus ZAR10/t above a production threshold. Needs ministerial consent by 30 April 2014; Ntendeka reserves and resources are unaffected.
29 Nov 2013investor presentation● Neutral
November 2013 AGM presentation. The visible text is only disclaimers and forward-looking statements (including that production depends on raising debt funding); no new results or figures are readable.
31 Oct 2013annual report● Neutral
2013 annual report largely repeats known facts: Ntendeka 70% held, 294Mt resource, licences in place, wash plant built, about 1.25 Mtpa saleable coal expected. Staff and contractor numbers were cut during the year; the report also mentions environmental approval received after year-end.
31 Oct 2013quarterly activities report▼ BadMajor
September quarter: cash is A$1.979M. Production is now targeted for early to mid-2014, subject to financing with banks or off-take partners and stable coal markets, pushing back the earlier Q3 2013 target. Coal prices have recovered to about US$85/t from lows near US$70.
23 Sept 2013annual report● Neutral
Statutory accounts for the year to 30 June 2013. Visible text covers only the contents, directors' biographies and the principal activity of coal exploration and development; no financial figures are readable in the truncated text.
4 July 2013security holder rights change● Neutral
169,950,000 shares held at the July 2011 IPO will be released from escrow on 19 July 2013. Administrative notice; no funds raised, though it could affect trading in the shares (inference).
17 May 2013resource reserve update▲ GoodMajor
Ntendeka resources rise from 221Mt to 294Mt and reserves from 14Mt to 16Mt, after drilling of 470 boreholes in total. Reserves were optimised for current low export prices, with a significant portion removed that could be reinstated if prices improve.
25 Mar 2013regulatory community update▲ GoodMajor
Ntendeka Colliery is granted its Integrated Water Use Licence, resolving the long-pending approval that blocked construction and mining. Remaining construction and mining start now depend on finalising the finance facility, which the company says is progressing well.
15 Mar 2013half year report● Neutral
Half-year to 31 December 2012: net loss A$467,328 and cash A$4.454M. Two lenders have issued indicative term sheets for the ZAR200M debt facility. The water and environmental permissions are still awaited; no new events beyond those already announced.
23 Jan 2013material agreement▲ GoodMajor
Ikwezi signs a three-year off-take deal with Vitol to sell 3.96Mt of coal, the full scheduled first-stage Ntendeka output, at fixed and API4-linked prices. It is conditional on Ikwezi arranging a funding facility within three months.
22 Jan 2013regulatory community update▲ Good
The Department of Mineral Resources has executed the Assegai prospecting right (3,998 ha, Ermelo), following the October 2012 grant announcement. The conceptual 150Mt target and Q3 2013 exploration plan are unchanged.
22 Jan 2013asset acquisition disposition▼ BadMajor
The Waterberg acquisition agreement (70% of 5,714 ha, agreed September 2011) has lapsed because the Section 11 approval was never received. The company may revive it or look elsewhere, and says its focus is KwaZulu-Natal, Gauteng and Mpumalanga projects.
15 Jan 2013security holder rights change● Neutral
The 5,000,000 unlisted options at A$0.30 expired unexercised on 31 December 2012. Administrative notice with no new funds raised.
30 Nov 2012investor presentation● Neutral
November 2012 AGM presentation. Visible text is only disclaimers describing the projects as pre-feasibility stage; the rest is truncated, so no new information can be reported.
