Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2016quarterly activities report● Neutral
June quarter report: Makhado FEED is complete, cutting upfront capital 31% to US$280m (mostly from the weaker rand). The water licence stays suspended, Hengshun due diligence slowed, and construction is expected in CY2017. Cash was US$20.0m.
25 July 2016regulatory community update▲ GoodMajor
Government departments approved moving the Makhado Environmental Authorisation from CoAL to Baobab, the project-owning subsidiary, and extended the start deadline by five years. Any appeal would suspend it immediately, as already happened to the water licence.
18 July 2016business combination▼ BadMajor
The Universal offer lapsed on 15 July 2016 with conditions unmet, despite 95.72% acceptances. CoAL's directors could not give the working capital statement needed for AIM readmission. CoAL may consider another offer and says it will keep restructuring its balance sheet.
18 July 2016business combination● Neutral
Universal's account of the lapse: the offer failed because condition (d), the working capital statement, could not be met. Universal will start underground mining at New Clydesdale and will evaluate any new CoAL offer on its merits.
8 July 2016business combination▼ BadMajor
Universal says CoAL has told it the offer cannot be extended past 15 July 2016. CoAL has not confirmed extra funding, and the Eskom coal supply agreement for New Clydesdale is unsigned, so CoAL's directors cannot give the working capital statement needed for AIM readmission.
28 June 2016business combination● Neutral
The Cooperation Agreement has expired on 24 June, though the offer stays open to 15 July 2016. Acceptances are 94.46% of Universal shares, with Loan Note elections at 50.39%. Universal's two largest shareholders have accepted.
17 June 2016business combination● Neutral
Sixth extension of the Universal offer, to 15 July 2016. The notice restates the US$15m Hengshun and Summer Trees subscriptions at US$0.0435; the text is truncated before the rest.
7 June 2016business combination● Neutral
Universal's version of the Cooperation Agreement extension to 24 June 2016. Its independent directors still recommend acceptance. Duplicates CoAL's announcement; no new terms.
7 June 2016business combination● Neutral
Cooperation Agreement deadline extended again, to 24 June 2016, matching the offer's closing date. Administrative; no change to offer terms.
31 May 2016capital raising announcement▲ GoodMajor
CoAL signs two subscriptions with Hengshun Zhongsheng (229,885,058 shares) and Summer Trees (114,942,529 shares) at US$0.0435, raising US$15m. They replace the terminated Yishun agreement and are conditional on the Universal offer going unconditional.
What it means for a shareholder
230m new shares at US$0.0435 to raise about US$15.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (22,989 at the issue price), your slice goes from 0.00119% to 0.00107% of the company. To keep it you'd need 2,742 more shares - about US$119 at the issue price.
Create a free account to see this worked out for your own holding.
24 May 2016business combination● Neutral
Universal's version of the Cooperation Agreement extension to 3 June 2016. Its independent directors still recommend acceptance. Duplicates CoAL's announcement; no new terms.
24 May 2016business combination● Neutral
Cooperation Agreement deadline extended to 3 June 2016 to allow more time to satisfy the Universal offer conditions, ahead of the 24 June 2016 offer close. Administrative; no change to terms.
13 May 2016business combination● Neutral
Fifth extension of the Universal offer, to 24 June 2016, to allow time to complete new funding agreements with Hengshun Zhongsheng and Summer Trees. Text is truncated before the funding terms.
4 May 2016material agreement▲ GoodMajor
Settles the Rio Tinto/Kwezi dispute by amending the Chapudi deferred payments: minimum monthly payments rise from US$100,000 to US$650,000, with final settlement still 15 June 2017. US$18.8m remains owing, secured by a pledge over MbeuYashu shares. Resolves the March acceleration claim.
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.
29 Apr 2016quarterly activities report▼ Bad
March 2016 quarter: cash US$27.1m (down from US$31.1m at December) plus US$1.02m restricted. Universal acceptances reached 93.2%. The Makhado water licence granted in January has been suspended after an appeal; Makhado construction is now expected from H1 CY2017, later than the earlier late-2016 timing.
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.
