8 Jan 2015capital raising announcement● Neutral
The rights issue prospectus has been despatched to shareholders, per the updated timetable. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
12 Nov 2014agm notice● Neutral
The 2014 AGM is moved to 5 December 2014, to be held in Mauritius, with an updated notice of meeting issued. Administrative only.
31 Oct 2014quarterly activities report▼ Bad
September quarter: cash is A$0.55M (from A$0.817M). Funding needed for Ntendeka is estimated at A$3-8M, with debt and equity both being explored; API4 coal is US$65-70/t. An alternative market is identified, and Alleen talks with Buffalo Coal remain unfinalised.
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.
31 July 2014quarterly activities report▼ Bad
June quarter: cash is A$0.817M. Mine plan and product mix changes, aimed at low coal prices, reduced the initial capital needed but delayed the finance facility. Strategic options remain under review; the Alleen sale (buyer now Buffalo Coal) has lapsed but talks continue.
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.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash is A$1.529M (from A$1.979M). Financing with banks or off-take partners is said to be on track for mid-2014 production, with first coal 3-4 months after funding. Coal prices are about US$80/t; the Alleen sale is repeated.
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.
31 July 2013quarterly activities report▼ Bad
June quarter: cash is A$2.545M. Management is reviewing the best time to start production given low coal prices (about US$75/t versus US$125 in 2011). First coal would follow 3-4 months after financing. No finance facility has been finalised.
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.
30 Apr 2013quarterly activities report● Neutral
March quarter: cash is A$3.176M. With the water licence granted, the finance facility is the remaining milestone, with three lender term sheets for about ZAR200M under evaluation. Production target slips from Q2 to Q3 2013; local power-station coal supply is being explored.
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.