Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
19 Nov 2015regulatory community update▲ GoodMajor
The Environmental Affairs Minister dismissed the appeal against the Vele Environmental Authorisation amendment granted January 2015. This resolves the appeal thread. The Vele water licence is still expected H2 CY2015, but the stream diversion approval is not expected until H2 CY2016.
27 Oct 2015annual report● Neutral
2015 Integrated Report for the year to 30 June 2015, covering the five-point turnaround strategy. Visible text says Vele stays on care and maintenance pending approvals and better coal prices, and Makhado construction is expected to start H2 CY2016. Largely repeats the earlier FY2015 results.
27 Oct 2015other● Neutral
Standard Appendix 4G governance checklist accompanying the annual report, dated 26 October 2015. It points to the corporate governance statement at pages 42 to 53. Administrative, no new company substance.
21 Sept 2015capital raising announcement▲ GoodMajor
Yishun placement completed: 183,231,261 shares issued at 5.15p, raising £9.44m (US$14.5m). Yishun also advanced the US$10m interest-free loan, repayable only in limited circumstances. Talks continue on a Makhado equity stake, shareholder loan and EPC contract.
11 Sept 2015annual report● Neutral
Audited FY2015 statutory accounts lodged. Readable text covers only the index and directors' profiles, including Schutte's 22 June 2015 appointment and Mifflin and Mosololi joining in December 2014. No financial figures visible in the text provided.
11 Sept 2015annual report▲ Good
FY2015 (June): loss fell to US$6.7m from US$84.1m, with no revenue and operations on care and maintenance. First unmodified going-concern opinion since FY2011. US$65m three-stage raise completed. Makhado DFS: 344.8m mineable tonnes, 16-year life. Vele decision on plant modification expected around June 2016.
11 Sept 2015investor presentation● Neutral
Presentation of FY2015 (June year) results by the CEO and CFO. The visible text is only the cover and legal disclaimer, so no new figures or facts can be taken from it.
5 Aug 2015capital raising announcement▲ GoodMajor
Singapore's Yishun Brightrise will subscribe GBP9.4m (US$14.7m) for up to 183m shares (~9.5%) at 5.15p, subject to shareholder vote, plus lend US$10m interest-free. Yishun intends to seek a Makhado stake and the EPC contract. Funds go to pre-construction and working capital. Starts a possible strategic-partner thread.
2 July 2015asset acquisition disposition▼ BadMajor
The Blackspear SPA for Mooiplaats (R250m) will not be extended and has lapsed. CoAL is still talking to several parties, including Blackspear, which is still seeking funding. Setback to the planned sale.
22 June 2015director officer appointment● NeutralMajor
De Wet Schutte appointed CFO and executive director from 22 June 2015, filling the gap left by Meeser. Formerly of Macquarie and Atlatsa. Base ZAR3.6m, 100% bonus potential, 6.6m options subject to shareholder approval. He will lead funding and the search for a Makhado partner.
15 June 2015other● Neutral
Peel Hunt LLP appointed Nominated Adviser and Joint Broker with immediate effect, replacing Investec Bank plc in the adviser listing. Investec Bank Limited stays as JSE sponsor.
12 June 2015other● Neutral
Computershare's Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative notice with no company substance.
3 June 2015security holder rights change● Neutral
Routine Corporations Act notice for the 144m Stage 3 shares issued to Haohua, TMM and M&G. It states 1,743,568,613 shares in issue, differing from the 1,743,368,613 in the 2 June release.
3 June 2015capital raising announcement▲ GoodMajor
Stage 3 completed: 144m shares at 5.5 pence raised GBP7.92m (US$12.39m), finishing the placement at GBP38.225m (US$59.1m). Shares on issue rise to 1,743,368,613. TMM also received 40m options at ZAR0.30, exercisable for 12 months.
1 June 2015capital raising announcement● Neutral
Brief update: Stage 3 of the equity raise is still progressing as planned, with the market to be told when formalities are complete. No new facts.
18 May 2015regulatory community update▲ GoodMajor
The mining department granted the Makhado New Order Mining Right and approved transfer to subsidiary Baobab. Planned output is 2.3 Mtpa hard coking coal plus 3.2 Mtpa thermal coal over 16 years. Construction is expected to start H1 CY2016; the water licence is still awaited. Resolves the long-pending permit.
12 May 2015material agreement▲ GoodMajor
Rio Tinto deferred consideration for the Chapudi assets restructured: US$22m remaining, minimum US$100,000 monthly, 4% interest, full settlement 15 June 2017. Mandatory payments are tied to Stage 3, the Mooiplaats sale and other disposals. CoAL pledged its MbeuYashu shares. CEO calls it the last historic liability.
5 May 2015asset acquisition disposition▼ Bad
The Mooiplaats sale to Blackspear (R250m) was extended again, non-exclusively, to 30 June 2015 for proof of funding. The company cites commodity market conditions and says other interested parties are in due diligence. The sale remains unfunded.
30 Apr 2015capital raising announcement● Neutral
Stage 3 of the placement, 144m shares at GBP0.055 (GBP7.92m gross), will complete by 29 May 2015, later than planned. It ends a raise totalling GBP38.225m. Shares will be issued without a new shareholder vote, as the 2014 approval will have expired.
23 Apr 2015director officer appointment● Neutral
Non-executive director Thabo Mosololi disclosed that Evraz Highveld Steel and Vanadium, where he is also a director, began voluntary business rescue proceedings. A required AIM disclosure; no stated effect on CoAL.
13 Mar 2015material agreement▲ GoodMajor
CoAL signed agreements for black-empowerment partners to take 26% of Makhado: a community trust 20% and Yoright 6%, leaving CoAL 74%. Subject to Department of Mineral Resources approval; buyers have two years to raise funding, price to be negotiated. Satisfies one of the last requirements for the mining right.
13 Mar 2015half year report● Neutral
Half-year accounts to 31 December 2014 were lodged. Readable text covers the directors' report: no lost-time injuries, Vele biodiversity agreement (R55m over 25 years), EA amendment approved. Meeser's resignation is noted. No financial figures visible in the text provided.
13 Mar 2015half year report● Neutral
Interim results: Vele construction delayed pending approvals, and an intention to object to the amended EA was lodged. An interim court interdict against Makhado was issued, but CoAL does not expect it to affect commercial production in CY2019.
13 Mar 2015investor presentation● Neutral
Interim results presentation by the CEO and CFO. Only the legal disclaimer is readable, so no new facts can be drawn from it.
6 Mar 2015security holder rights change● Neutral
CoAL issued 200,000 shares to three long-term employees under a 2011 remuneration committee award, bringing shares on issue to 1,599,568,613. Routine issue and cleansing notice.
6 Mar 2015other▼ Bad
S&P Dow Jones Indices' March 2015 quarterly rebalance list includes Coal of Africa among the removals from the All Ordinaries index, effective after close on 20 March 2015. Index housekeeping, not a company announcement.
13 Feb 2015director officer appointment▼ Bad
CFO and executive director Michael Meeser resigned to pursue other interests, staying until the end of April 2015 for handover. The company has begun the search for a successor.
27 Jan 2015regulatory community update▲ Good
The environment department granted an amendment to Vele's Environmental Authorisation for the plant modifications, the first of several approvals needed before construction. Water licence renewal is expected end of Q2 CY2015; the company says it will wait for all approvals before starting the plant modification.
22 Dec 2014capital raising announcement▲ GoodMajor
Stage 2 of the placement completed and funds received: 300m shares at GBP0.055 raised GBP16.5m (US$25.9m). Stages 1 and 2 total 551m shares, GBP30.3m (US$47.8m). Stage 3 of 144m shares is still due around 29 April 2015.
19 Dec 2014security holder rights change● Neutral
CoAL issued the 300m Stage 2 placement shares, taking shares on issue to 1,599,368,613. This is a routine cleansing notice under the Corporations Act confirming the issue announced earlier.
