Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Dec 2014asset acquisition disposition▼ Bad
The Mooiplaats sale is delayed because the buyer's funding partner has not finished due diligence. CoAL extended the deadline for conditions to 31 Jan 2015, with completion now expected in Q1 2015. Price and payment terms are unchanged.
17 Dec 2014capital raising announcement▲ GoodMajor
The remaining placement is restructured: Stage 2 is now 300m shares at GBP0.055 (GBP16.5m), due 18 Dec 2014, and a new Stage 3 of 144m shares follows around 29 April 2015. This removes the TMM funding condition; total raised is unchanged.
12 Dec 2014director officer appointment● Neutral
Andrew Mifflin (coal mining engineer) and Thabo Mosololi (chartered accountant) joined the board as non-executive directors. David Murray resigned after four years.
13 Nov 2014capital raising announcement▲ GoodMajor
CoAL confirmed receipt of Stage 1 placement funds on 11 Nov 2014: 251m shares for GBP13.8m (US$21.8m). This is the first cash from the placement, though Stage 2 is still outstanding.
12 Nov 2014security holder rights change● Neutral
CoAL issued the 251m Stage 1 placement shares, bringing shares on issue to 1,299,368,613. This is a routine cleansing notice under the Corporations Act, confirming the issue announced earlier.
6 Nov 2014capital raising announcement▲ GoodMajor
All regulatory approvals for Haohua's participation were granted, satisfying the conditions for Stage 1 of the placement: 251m shares for US$23.4m, issue expected around 10 Nov. Stage 2 (US$41.5m) still depends on TMM securing its funds. Mooiplaats buyer Blackspear has agreed terms with a funding partner.
What it means for a shareholder
251m new shares at about US$0.0932 to raise about US$23.4m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held US$1,000 of shares (10,726 at the issue price), your slice goes from 0.00102% to 0.000826% of the company. To keep it you'd need 2,568 more shares - about US$239 at the issue price.
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27 Oct 2014annual report● Neutral
2014 Integrated Report published, covering strategy, operations, reserves and resources, governance and the audited accounts. Readable text is only the front matter and company overview; no new figures can be drawn from it.
30 Sept 2014annual report● Neutral
FY2014 results: no fatalities; Mooiplaats SPA (ZAR250m) signed, Grindrod US$10m settlement, shareholders approved the placement on 25 Sept. Stage 1 (251m shares, ~US$23.4m) awaits only Chinese approvals. Vele plant construction now expected Q3 CY2015, ramp-up early CY2016.
30 Sept 2014annual report● Neutral
Audited accounts for the year to 30 June 2014 were lodged. Readable text is only the directors' report and board biographies, with no financial figures visible. Notes no directors were appointed or resigned in the year.
30 Sept 2014investor presentation● Neutral
FY14 results presentation by the CEO and CFO. Only the legal disclaimer is readable, so no new facts can be drawn from it.
22 Sept 2014asset acquisition disposition▲ GoodMajor
CoAL signed a sale agreement for its 74% Mooiplaats colliery with Blackspear for ZAR250m (US$23.47m) cash: ZAR150m expected Q1 CY2015, ZAR100m by 30 Nov 2015 at the latest. Blackspear must show funding by 31 Oct 2014. Completes the non-core disposals.
27 Aug 2014material agreement▲ GoodMajor
CoAL settled its Grindrod/Matola port take-or-pay liabilities, past and future to end December 2016, for US$10m: US$6m by end October 2014 and US$4m after the Stage 2 placement or by end December 2014. This resolves the long-running take-or-pay exposure.
26 Aug 2014investor presentation● Neutral
August 2014 investor presentation accompanying the placement. Only the legal disclaimer is readable, so no new facts can be taken from it.
26 Aug 2014capital raising announcement▲ GoodMajor
CoAL agreed a conditional placement of up to 695m shares at GBP0.055, raising about GBP38.2m (US$64.9m), a stated premium of about 101.5% to the 22 August close. Investors include Haohua, M&G, Investec AM and new holder TMM. Proceeds cover the US$30m Greater Soutpansberg payment, US$25m Vele works, US$10m Grindrod and US$6m Investec repayment.
What it means for a shareholder
695m new shares at about US$0.0432 to raise about US$30.0m. That's 40% dilution: every existing holder's slice gets 40% smaller. If you held US$1,000 of shares (23,167 at the issue price), your slice goes from 0.00221% to 0.00133% of the company. To keep it you'd need 15,358 more shares - about US$663 at the issue price.
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26 Aug 2014director officer appointment● Neutral
Non-executive director Peter Cordin was appointed a director of unlisted Sweatpea Petroleum from 25 August 2014. This is a disclosure of an outside role only; no change to CoAL's board.
20 Aug 2014price query● Neutral
CoAL responds to Haohua's plan to buy up to 215m shares at up to 5.5 pence. It restates that its going-concern status depends on new funding, and says it is in talks on a conditional capital raising, with no binding agreements yet.
8 May 2014other▲ Good
CoAL settled its business interruption insurance claim for the February 2013 Maputo corridor rail derailment at R15.96m (US$1.52m), and the full amount has been received. This resolves the open insurance claim thread.
27 Mar 2014asset acquisition disposition▲ Good
The DMR granted Section 11 approval for the sale of the Opgoedenhoop mineral right for R20.4m. A R5m deposit is received, with the balance due within 12 months. This resolves the pending approval from the earlier Blue Falcon sale package.
10 Mar 2014half year report● Neutral
Interim results commentary calls the period a transition to a project development company. Vele coal passed ArcelorMittal tests with a letter of intent; Makhado BEE consortium for 26% is being finalised; Sedgman FEED under way. Makhado NPV is put above ZAR6.9bn; construction is 26 months from CY2015.
10 Mar 2014investor presentation● Neutral
Presentation of the six-month results to 31 December 2013 by the CEO and CFO. Readable text is only the legal disclaimer, so no new information can be drawn from it.
10 Mar 2014half year report● Neutral
Half-year report to 31 December 2013 restates known events: Woestalleen sale approved with funds due March 2014, Opgoedenhoop approval expected Q1 CY2014, Mooiplaats sale in CY2014, Holfontein option (R50m price stated here). Text is truncated, so no financial figures are visible.
20 Feb 2014contract award▲ GoodMajor
Sedgman South Africa is appointed for a three-month front-end engineering design of the Vele plant modification, targeting 2.7Mtpa run-of-mine capacity. Construction is expected to finish in the first half of 2015. Offtake agreements and project finance are still being finalised.
20 Feb 2014director officer appointment● Neutral
Non-executive director Peter Cordin has been appointed a non-executive director of Aurora Minerals (ASX: ARM), effective 20 February 2014. This is a disclosure of his outside role only; no change to CoAL's board.
10 Feb 2014director officer appointment● Neutral
Non-executive director Peter Cordin resigned as chairman and director of Dragon Mining. This is a disclosure of his outside role only; no change to CoAL's board.
5 Feb 2014asset acquisition disposition▲ GoodMajor
The DMR granted Section 11 approval, effective 31 January 2014, for the sale of the Woestalleen Complex (NuCoal). The R80m (US$7.2m) price is now payable to CoAL, completing that disposal.
4 Feb 2014director officer appointment● NeutralMajor
David Brown, interim CEO since June 2013, is made permanent CEO from 1 February 2014 on ZAR5.5m base pay. This resolves the CEO search. Bernard Pryor becomes interim chairman while a chairman is sought.
4 Dec 2013security holder rights change● Neutral
CoAL issued 8,057,928 unlisted options for nil consideration: 3,932,928 to 38 employees at ZAR1.75, and 4,125,000 to CFO Michael Meeser at ZAR2.00, as approved at the 22 November 2013 AGM.
3 Dec 2013asset acquisition disposition▲ GoodMajor
Woestalleen is sold to Blue Falcon 212 for R80m cash and Opgoedenhoop is sold too, together R100.8m (US$9.95m), awaiting DMR approval. CoAL's Lemur stake has been exchanged for 19.5m Bushveld shares, which it is exploring options to monetise.
30 Oct 2013debt financing▲ GoodMajor
CoAL finalised an 18-month R210m (about US$21.4m) working capital facility from Investec at 500 basis points margin, plus 20m options at R1.32. It follows the August term sheet; half is available now, and asset sales are forecast to repay it.
18 Oct 2013annual report● Neutral
2013 Integrated Report for the year to 30 June 2013. Readable text covers only the contents page and scope, describing a repositioned coking coal focus. No financial figures are shown, as the text is truncated.
