Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 May 2016business combination● Neutral
Universal confirms the Cooperation Agreement deadline is extended to 20 May 2016 to match the new offer closing date, giving CoAL time to satisfy remaining conditions. Universal's independent directors still recommend acceptance. Administrative; no change to terms.
2 May 2016business combination● Neutral
CoAL's own notice that the Cooperation Agreement deadline moves to 20 May 2016, in line with the extended offer close. Duplicates Universal's announcement of the same day; no change to offer terms.
22 Apr 2016business combination● Neutral
Fourth notice of variation extends the Universal offer's closing date to 20 May 2016. It confirms the US$15m Yishun subscription is to be replaced by a US$15m Yishun loan, repayable after the Loan Notes. The text is truncated before the rationale.
18 Apr 2016business combination● Neutral
CoAL and Universal extended their Cooperation Agreement's effective date deadline to 29 April 2016, matching the extended offer closing date. Administrative; no change to offer terms.
8 Apr 2016business combination● Neutral
Third extension of the Universal offer, to 29 April 2016. It also says the cash component, originally funded by cash reserves and the US$18m Yishun (US$15m) and M&G (US$3m) subscriptions, is now to be funded differently. The text is truncated before the details.
14 Mar 2016half year report● Neutral
Half-year financial report to 31 December 2015. Text is truncated, so no financial figures are visible. The operations review repeats known points: Vele licence renewed, Makhado at 74% with a 26-month build expected from H2 CY2016.
14 Mar 2016investor presentation● Neutral
Presentation of interim results for the six months to December 2015. The visible text is only the cover and disclaimer, so no new information can be read.
14 Mar 2016half year report● Neutral
Announcement of results for the six months to December 2015, repeating known points: Vele and Makhado licences granted, DRA FEED due May 2016, Makhado construction late H2 CY2016, and the non-binding Hengshun MOU. No new figures are visible in the truncated text.
11 Mar 2016business combination▲ Good
Investec consent to the Universal offer is received, and loan note elections cover 36.77% of Universal shares. Another 3.95% acceptance is treated as invalid on a procedural issue. Offer now open to 15 April 2016; CoAL says the Rio Tinto dispute is not expected to affect it.
11 Mar 2016other● Neutral
S&P Dow Jones index rebalance notice. Coal of Africa (CZA) is listed as an addition to the All Ordinaries index after close on 18 March 2016. No company announcement or business change.
8 Mar 2016debt default or forbearance▼ BadMajor
Rio Tinto and Kwezi allege CoAL breached an obligation under the Chapudi agreements and say all amounts owed are now due. CoAL disputes the notice and says the US$19m balance of the US$75m price (US$56m paid) is not due until 15 June 2017.
4 Mar 2016business combination● Neutral
Second extension of the Universal offer, to 15 April 2016, to allow more acceptances and for remaining conditions to be satisfied. It pushes back the earlier 11 March close; the text is truncated so the outstanding conditions are not visible.
18 Feb 2016business combination● Neutral
Formal notice of variation extending the Universal offer to 11 March 2016, with CDI holders' acceptance deadline moved to 7 March 2016. Gives no new commercial terms; it formalises the extension announced the same day.
18 Feb 2016business combination● Neutral
CoAL has received acceptances for about 41.3% of Universal shares (209,308,522 shares) and extended the Universal offer's closing date to 11 March 2016. Settlement is now expected on or before 21 March 2016, with AIM readmission around the same time.
2 Feb 2016business combination● Neutral
AIM admission document for the Universal acquisition, a reverse takeover under AIM rules. It covers up to 304,011,268 consideration shares and up to 413,793,017 subscription shares. General meeting is 3 March 2016, with AIM dealings expected from 8 March. Text is truncated.
1 Feb 2016resource reserve update● NeutralMajor
Resources restated under JORC 2012 for the admission document. Makhado: 796Mt resource and 188Mt probable reserve, identical to 2013 figures. Vele: 794Mt resource, 24Mt proven and 301Mt probable reserves. Greater Soutpansberg: 7,161Mt resource, unchanged since 2012.
18 Jan 2016contract award▲ GoodMajor
DRA Projects SA won the Makhado optimisation study and front-end engineering and design package. CoAL plans site work in the second half of 2016, then a 26-month build, with first coal in 2019. This continues the engineering path behind the Hengshun EPC plan.
14 Jan 2016regulatory community update▲ GoodMajor
Makhado's Integrated Water Use Licence was granted for 20 years, resolving the open licence thread. It is a key approval for the project (2.3Mtpa coking plus 3.2Mtpa thermal). CoAL says it still needs funding to start construction in H2 2016.
14 Jan 2016regulatory community update▲ GoodMajor
Vele's water use licence was renewed for 20 years (the original 5-year licence was granted in 2011) and amended for the plant modification project. This resolves the licence thread. Stream diversion approval is still expected H2 2016, before the board decides on the plant modification.
11 Jan 2016capital raising announcement● Neutral
CoAL responds to a Chinese exchange notice that Haohua Energy International intends to subscribe US$5.0m at US$0.0435 per share. No binding agreement exists, and discussions remain incomplete. Any deal needs shareholder, Chinese and FIRB approvals.
21 Dec 2015business combination▲ GoodMajor
CoAL lodged the Universal offer document with ASIC. Irrevocable undertakings cover 43.37% of Universal, and CoAL holders with 62.63% intend to vote in favour. Competition approval and Mountain Rush consent are satisfied. The offer is open until 3 March 2016.
21 Dec 2015business combination● Neutral
Formal offer document for the Universal Coal offer, dated 21 December 2015. Terms are unchanged from 26 November. Acceptances close 3 March 2016 (CDI holders 26 February), unless extended. Text is truncated, so no new figures are visible.
17 Dec 2015regulatory community update▲ Good
South Africa's Competition Commission unconditionally approved CoAL's acquisition of Universal Coal. This clears one regulatory condition of the 26 November offer and moves the merger closer to completion.
10 Dec 2015regulatory community update● NeutralMajor
Court set aside the condition forcing CoAL to do a Strategic Regional Impact Assessment for Makhado, but the interim interdict against the Environmental Authorisation stays pending review. CoAL says its H2 2016 construction timeline is not expected to be delayed.
7 Dec 2015capital raising announcement▲ GoodMajor
M&G agrees to subscribe US$3m of new CoAL shares at US$0.0435 (about A$0.061). This is the final piece of funding for the Universal offer, which is now fully secured. It needs shareholder approval and the offer going unconditional, by 30 June 2016.
2 Dec 2015director officer appointment● Neutral
Following approval at the 27 November 2015 AGM, CEO Brown and CFO Schutte receive 9.71m and 5.45m performance rights. Five non-executive directors receive 1m options each at £0.055. Routine remuneration grants, no change to leadership.
2 Dec 2015material agreement▲ GoodMajor
Non-binding MOU with Hengshun to buy up to 34% of Makhado owner Baobab for an indicative US$113.94m, implying at least US$335m project value. Conditional on Hengshun winning the ~US$400m EPC contract. Yishun will not be the Makhado partner. Terms targeted H1 CY2016.
30 Nov 2015regulatory community update● Neutral
ASIC granted relief allowing CoAL to extend the Universal offer period, improve the consideration or free the offer of conditions. Procedural step; CoAL is still preparing the offer document.
26 Nov 2015business combination● NeutralMajor
CoAL agrees a recommended offer for Universal Coal Plc: A$0.20 cash plus one new CoAL share, or a secured A$0.25 loan note, per share. Values Universal at about A$126.4m (US$91m). Intended to give CoAL immediate coal production and cash flow, a shift from its care-and-maintenance position.
26 Nov 2015business combination● Neutral
Universal Coal's own release of the same recommended CoAL offer: A$0.20 cash plus one CoAL share, or a A$0.25 loan note, per share. Independent Universal directors intend to accept for their 3.25% holding. Re-release of the 26 November terms.
