Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
Create a free account to see this worked out for your own holding.
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.
31 July 2014quarterly activities report▼ Bad
June 2014 quarter: cash was just $2m plus $6.7m restricted. Vele construction slipped to Q4 CY2014, and Mooiplaats sale still awaits signed offers. Talks continue on a $30m payment to Rio Tinto and the Grindrod take-or-pay. Management says funds cover only the next quarter.
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.
30 Apr 2014quarterly activities report▲ Good
March 2014 quarter: cash was $8.9m. Woestalleen (R80m) and Opgoedenhoop sales were approved, Bushveld shares were sold for $1.8m, and a Makhado agreement was signed with seven communities. Vele FEED began in March, with construction targeted for July 2014 subject to offtake.
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.
31 Jan 2014quarterly activities report● Neutral
December 2013 quarter: run-of-mine output collapsed to 7,068t as operations scaled down. Cash was $4.2m. First R107.5m of the Investec facility was drawn. A R5m option fee was received on Holfontein (R55m sale price), and the ArcelorMittal coal trials were positive.
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.
31 Oct 2013quarterly activities report● Neutral
September 2013 quarter: run-of-mine output 202,910t, export sales down to 56,799t. Deutsche Bank was fully repaid and Mooiplaats went onto care and maintenance. Cash was $9.6m, down from $28.9m in June. Litigation with several parties was settled.
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.
15 Oct 2013production update● NeutralMajor
Board approved a R220m Vele expansion in August 2013. Vele stops production in October to prepare for construction; fundraising is due to finish by end March 2014, with full production by end 2015. 155 employees were retrenched and 138 redeployed.
9 Sept 2013regulatory community update▲ GoodMajor
Limpopo's environment department granted Environmental Authorisation for Makhado, effective 30 August 2013. This is a regulatory step toward approval for the project whose feasibility study was released in June; the mining right (NOMR) remains a separate pending item.
30 Aug 2013annual report● Neutral
FY13 results commentary: coal sales fell 25% to 2.544Mt after Vuna depleted and the Maputo rail derailment. Four of five non-core assets have sale agreements; Matola take-or-pay exposure cut 50%. Deutsche Bank's remaining $4.2m is due September 2013. Vele expansion approved, subject to offtake and funding. Text is truncated.
30 Aug 2013annual report● Neutral
Audited annual accounts for the year ended 30 June 2013. The readable text covers only the index and director biographies, confirming Brown as executive chairman and Meeser as CFO. Financial results are not shown, as the text is truncated.
