Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 June 2017regulatory community update▲ Good
The South African Competition Commission unconditionally approved CoAL's Uitkomst acquisition. Shareholder approval is still needed, sought at the general meeting on 15 June 2017, along with other conditions.
29 May 2017regulatory community update▲ GoodMajor
South Africa's Water Minister lifted the suspension of the Makhado water licence, which is now executable. This resolves the main open permitting hurdle. Appellants can still raise concerns through the Water Tribunal, and surface rights remain to be secured.
28 Apr 2017quarterly activities report● Neutral
March quarter report: cash US$5.1m. Highlights are the Uitkomst deal, the US$2m M&G placement, YBI loan conversion, the Holfontein sale closing to Taung Gold, and the IDC loan. Makhado construction awaits approvals, expected in calendar 2017; its water licence is still suspended. Mooiplaats sale interest has revived.
28 Apr 2017quarterly activities report▼ Bad
Appendix 5B for the March 2017 quarter: cash fell to US$5.1m from US$7.36m, with a US$2.0m operating outflow and US$2.4m of borrowings repaid. Estimated outflows next quarter are US$11.1m, including the Rio Tinto repayment. Holfontein interest shows as going from 100% to 0%.
5 Apr 2017asset acquisition disposition▲ GoodMajor
CoAL agreed to buy Pan African Resources' coal unit, holding 91% of the Uitkomst Colliery in KwaZulu-Natal, for R275m (US$20.5m): R125m cash, R25m deferred, and 261.3m new shares (about 9.3%). This is the cash-generating asset it has been pursuing. Funded partly by a US$13m placement at R0.52 per share to Summer Trees and M&G.
5 Apr 2017debt financing▲ GoodMajor
CoAL's Baobab subsidiary signed a loan of up to R240m (about US$17.6m) with the IDC to fund Makhado pre-project work, in two R120m tranches. Each is repayable after three years with a 16% real after-tax return. IDC gets warrants (2.5% of CoAL per tranche, R0.60 strike) and 5% of Baobab per tranche.
24 Mar 2017director officer appointment● Neutral
COO Michiel Brönn resigned following the Financial Services Board fine, resolving his earlier suspension. He forfeits all share-based incentive awards and any bonus for the year to June 2017. No replacement is named.
17 Mar 2017director officer appointment▼ Bad
Coal of Africa noted a South African Financial Services Board judgement and fine against Chief Operating Officer Michiel Brönn for breaching Section 78(1)(a) of the Financial Markets Act. He has been suspended while an internal review is completed. No fine amount is given.
14 Mar 2017half year report● Neutral
Half-year report to 31 December 2016: restates Vele's new stream-diversion EA, awaited water licence, and Makhado's suspended water licence. Directors' report notes Hengshun and Mooiplaats sale talks continue. Financial figures are cut off in the text.
14 Mar 2017half year report▼ BadMajor
Half-year result: loss narrowed to US$12.97m from US$14.3m. Makhado construction is now targeted for calendar 2018 (earlier guidance was 2017), subject to approvals, funding and board sign-off. The Hengshun MOU has not progressed while CoAL pursues a cash-generating acquisition and the June 2017 Rio Tinto payment.
10 Mar 2017other▼ Bad
S&P Dow Jones March 2017 index rebalance: Coal of Africa (CZA) is removed from the All Ordinaries index effective 20 March 2017. It had been added in March 2016.
20 Feb 2017admin correction● Neutral
CoAL retracted the cleansing notice for the YBI shares, saying it was lodged in error because there is excluded information. It says negotiations on acquiring a cash-generating asset are under way, but no binding agreement exists and none is guaranteed.
17 Feb 2017security holder rights change▲ GoodMajor
Yishun Brightrise (YBI) converted its US$10m interest-free loan into 245,037,980 shares at US$0.04081, removing a potential cash repayment. Of these, 240,042,603 issue now, lifting shares to 2,216,051,527. YBI will hold 19.28%. Rio Tinto is the one remaining settlement, due June 2017.
17 Feb 2017admin correction● Neutral
Cleansing notice for the 240,042,603 shares issued to YBI on loan conversion at 4.081 US cents. Administrative; it was later retracted.
2 Feb 2017admin correction● Neutral
Cleansing notice under the Corporations Act for the 49,007,596 M&G placement shares issued at 4.081 US cents. Administrative, no new substance.
1 Feb 2017capital raising announcement● NeutralMajor
CoAL placed 49,007,596 shares with M&G at 4.081 US cents each to raise US$2m for working capital. Shares on issue rise to 1,976,008,924. Follows cash falling to US$7.36m at December.
31 Jan 2017quarterly activities report● Neutral
December quarter report: cash fell to US$7.36m from US$11.9m. Makhado's water licence is still suspended, though the EA appeal was dismissed and Vele's stream diversion EA was granted. The company is evaluating cash-generating asset acquisitions and talking to funders.
31 Jan 2017quarterly activities report▼ Bad
Appendix 5B for the December 2016 quarter: cash fell to US$7.36m from US$11.9m, with US$2.4m operating outflow and US$2.2m of borrowings repaid. Estimated outflows next quarter are US$5.1m, including the Rio Tinto repayment.
30 Jan 2017regulatory community update▲ GoodMajor
The Department of Mineral Resources granted Vele's Environmental Authorisation for stream diversion. This resolves the pending approval; only a water use licence is still awaited, after which the board will decide on the plant modification, weighing coal price forecasts.
2 Nov 2016regulatory community update▲ GoodMajor
The Environmental Affairs Minister dismissed the August 2016 appeal against the Makhado Environmental Authorisation amendment, which moved it to Baobab and extended it five years. This resolves one challenge; the suspended water licence appeal remains open.
28 Oct 2016quarterly activities report▼ Bad
September quarter Appendix 5B: cash fell to US$11.9m from US$20.0m, after US$4.3m of borrowings repaid and US$4.0m operating outflow. The US$10m YBI loan stays drawn, interest-free, with potential conversion to equity after 31 December 2016.
28 Oct 2016quarterly activities report● Neutral
September quarter report: cash was US$11.9m, the Makhado water licence stays suspended pending ministerial talks, and Makhado construction is still expected to start once approvals are in place during CY2017. The board says it is progressing on finding a cash-generating asset.
24 Oct 2016other● Neutral
Appendix 4G governance checklist lodged with the annual report; the corporate governance statement is on pages 46 to 57. Administrative, no new substance.
24 Oct 2016agm notice● Neutral
Annual report and AGM notice posted to shareholders. The meeting is on 25 November 2016 at 10am London time. Administrative.
24 Oct 2016annual report● Neutral
2016 Integrated Report. The visible text says Vele remains on care and maintenance and Makhado construction is expected to start in H2 FY2017. The rest is cut off.
12 Oct 2016director officer appointment▲ GoodMajor
Shangren Ding joins the board as a non-executive director from 11 October 2016, representing Haohua Energy International, which the announcement calls CoAL's largest shareholder. He has over 30 years in coal mining.
30 Sept 2016annual report● Neutral
Audited FY2016 financial statements, with directors' report and governance statement. The visible text shows no director changes during the year; financial figures are cut off in the text provided.
30 Sept 2016investor presentation● Neutral
FY2016 results presentation by the CEO and CFO. The visible text is only the disclaimer; no content is shown beyond that.
30 Sept 2016annual report● Neutral
FY2016 audited results announcement. Restates the Makhado FEED (capital cut 31% to US$280m), the suspended water licence, and the non-binding Hengshun MOU. Says it is engaging investors for funding, with a construction decision expected in the second half of CY2017.
29 July 2016quarterly activities report▼ Bad
Appendix 5B for the June 2016 quarter: cash fell to US$20.0m from US$27.1m, with net operating outflow of US$4.8m. The US$10m Yishun loan remains fully drawn. Estimated outflows next quarter are US$4.6m.
