12 June 2015other● Neutral
Computershare's Perth office moves to 172 St Georges Terrace from 15 June 2015. Administrative notice with no company substance.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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 2015quarterly activities report● Neutral
March 2015 quarter: Makhado empowerment deal submitted to the mining department; mining right now expected H1 CY2015. Cash fell to US$13.5m; Rio Tinto balance US$22.5m. An appeal against Vele's amended EA was lodged in April. Mooiplaats buyer has until 30 April; other buyers approached.
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.
30 Jan 2015quarterly activities report● Neutral
December 2014 quarter: Stages 1 and 2 raised US$46m net; Grindrod US$10m paid; Rio Tinto paid US$6.2m, leaving US$23.5m. Cash US$20.6m. Sedgman FEED completed. Mooiplaats buyer lost its funding partner; proof-of-funding deadline extended to 30 April 2015.
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.
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.
Create a free account to see this worked out for your own holding.
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.
23 Oct 2014quarterly activities report● Neutral
September 2014 quarter: cash was only $1.3m plus $3.9m restricted. Vele approvals progressing, offtake agreements expected in CY2015, FEED due Q4 CY2014. Management says cash preservation measures are needed if placement approvals do not arrive by late October or early November.
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.