Each one in plain English, with the numbers worked through for a shareholder.
16 June 2010capital raising announcement● NeutralMajor
CoAL launches a placing of up to 50m shares (~10.4% of capital) to raise up to about £55m; price to be set by bookbuild. Proceeds fund the Makhado bulk sample and feasibility study, acquisitions, and repaying the US$20m JP Morgan facility.
What it means for a shareholder
50.0m new shares at about £1.10 to raise about £55.0m. That's 9.4% dilution: every existing holder's slice gets 9.4% smaller. If you held £1,000 of shares (909 at the issue price), your slice goes from 0.000189% to 0.000171% of the company. To keep it you'd need 95 more shares - about £105 at the issue price.
Trading update: Vele plant 60% built, production targeted August 2010, but its water licence is still awaited. Makhado feasibility study results due early 2011. CoAL is weighing funding options including asset sales, and may delist from ASX after a London Main Market move.
24 May 2010director officer appointment▲ GoodMajor
John Wallington, former CEO of Anglo Coal, becomes CEO from 15 June 2010. MD Simon Farrell moves to Executive Deputy Chairman. Several senior hires made. Makhado mining right application is expected next quarter, subject to the Rio Tinto farm swap approval.
In response to shareholder queries, CoAL says it has no operating projects in Australia and expects no extra tax from the proposed Australian Resource Super Profit Tax. Clarification only.
The Vele mining right was executed and development starts immediately, with first coking coal targeted for Q3 2010 and ~1Mtpa by end 2010. Phase 1 capex rises from ZAR350m to ZAR450m (ZAR260m spent), citing delay costs. ArcelorMittal offtake still being negotiated.
ASX granted a waiver letting the Firefly (BEE partner) issue of up to 50m shares be made more than three months after shareholder approval, no later than 5 November 2014. A shareholder notice of meeting will follow.
Half-year to December 2009: loss of A$35.2m, including an A$8.7m Holfontein impairment and a A$5m Zimbabwe investment write-down. Cash was A$94.0m with no debt. Notes the company intends to move from AIM and the ASX to the London Main Market.
Approval received for a bulk sample at Makhado (100%): 19,100t of coal to give ~4,400t product for ArcelorMittal coking-oven testing, needed to finalise offtake terms. The Makhado mining right application cannot be lodged until the Rio Tinto farm swap gets regulatory approval.
25 Feb 2010asset acquisition disposition▲ GoodMajor
With the Vele mining right granted, CoAL issued 5,625,750 shares to Tranter for the remaining 20% of Limpopo Coal, taking Vele to 100%. It also issued 350,000 shares for logistics services and 912,500 employee options. Shares on issue rise to 480,514,663.
3 Feb 2010asset acquisition disposition▲ GoodMajor
The Vele coking coal project (80% held) received an unconditional mining right, which CoAL calls one of the biggest milestones in its history. Holfontein got a conditional right. This resolves the long-awaited Vele approval; both rights are to be executed by end February.
27 Jan 2010asset acquisition disposition▲ GoodMajor
NuCoal acquisition completed, adding the Woestalleen Colliery (2.5Mtpa saleable coal) near Mooiplaats. After a 10% retention (ZAR65m) and working capital adjustments, the price is ZAR467m, below the ZAR650m announced. Funded from the October placing; economic interest from 1 Jan 2010.
11 Dec 2009security holder rights change▲ GoodMajor
Formal BEE agreements signed with Firefly, following the 30 Sept deal: options over 50m CoAL shares at 60 pence, exercisable 1 Nov 2010 to 1 Nov 2014 (~9.53% diluted). Firefly may nominate two directors; AGC/CIL (15.03%) cede voting rights. FIRB approval still required.
M&G Investment Funds and related entities (Prudential plc group) disclosed a rise in their holding from 41.18m shares (10.01%) to 53.15m (11.21%). The notice says it was required due to the placing of new shares.
The 59,867,731 placing shares were issued at 95 pence, taking shares on issue to 474,242,606. Confirms completion of the 30 October placing; secondary trading notice only.
In-principle contract renewals to 31 Dec 2012: MD Simon Farrell at $550,000 a year and Finance Director Blair Sergeant at $375,000, each with up to 50% bonus. They are offered 3m and 2m options at A$2.74, subject to approval at the 30 Nov AGM and vesting tied to the Vele and Makhado mining rights.
30 Oct 2009capital raising announcement▲ GoodMajor
The placing was completed: 59,867,731 shares at 95 pence, raising about £56.9m gross (~14.52% of existing shares). Proceeds fund the ZAR650m NuCoal purchase, with the rest for rail wagons, Vele and Makhado spending, and working capital.
29 Oct 2009capital raising announcement▲ GoodMajor
CoAL proposes a placing of up to 59.87m shares (~14.52%) to raise about £59.6m, mainly to fund the ZAR650m purchase of NuCoal, a thermal coal producer near Mooiplaats (Woestalleen Colliery, 2.5Mtpa). It also plans to move to the London Main Market in H1 2010.
What it means for a shareholder
59.9m new shares at about £0.9955 to raise about £59.6m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held £1,000 of shares (1,005 at the issue price), your slice goes from 0.000242% to 0.000212% of the company. To keep it you'd need 145 more shares - about £144 at the issue price.
Title says CoAL has formalised the Rio Tinto farm swap agreement, but the text is unreadable. Text not readable. (Inference from the title only: this follows the pending Rio Tinto/Chapudi swap needed for Makhado; later notices cite Makhado at 1.3bn tonnes including the swap.)
CoAL issued 1,990,000 shares (deemed 34 pence) to complete the 6% Limpopo Coal purchase, lifting its Vele interest from 74% to 80%. The 20% still needs reserve bank approval by 31 Oct and a Vele mining right by 31 Dec 2009.
465,239 Class E options (exercisable at £0.65) were converted to shares, taking shares on issue to 412,384,875. Routine option exercise and a standard secondary trading notice; negligible dilution.
Annual financial report for the year to 30 June 2009. The excerpt shows only the directory, contents and chairman's letter, which cites a steadily recovering share price, a new Polokwane coal laboratory and BEE compliance focus. Financial figures are not in the text provided.
30 Sept 2009security holder rights change▲ GoodMajor
BEE deal finalised: 50m options at 60 pence, five-year term, 12-month lock-in (about 10.85% of issued capital), go to Firefly Investments, replacing the 2008 CIL option. Firefly can nominate two directors, and AGC/CIL (17.33%) cede their voting rights to it. Needs FIRB consent.
CoAL confirms it is progressing a public private partnership with Transnet Freight Rail for Maputo corridor rail capacity, to match its port capacity. Terms are not final. Matola capacity is 1mtpa, expected to rise to 3mtpa by late 2010. CoAL has invested US$35m in Matola, per a press report.
First sale and loading of mid-volatile lean coal from Mooiplaats: trucking began 8 September, and two trains went to the Matola terminal in Maputo. Management calls it the transition to a mining company. Export-quality coal still expected November 2009 at earliest or Q1 2010.
Kobus Verster, an ArcelorMittal South Africa finance executive, joins as ArcelorMittal's nominee non-executive director; Pierre Leonard steps down. Reflects ArcelorMittal South Africa's 16.3% holding bought in April.
BEE transfer by CIL, AGC and affiliates still not completed at 31 July 2009 because some approvals are outside their control. Deadline extended a further time, to 30 September 2009. The empowerment compliance issue remains unresolved.
