Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
26 Apr 2012production update▲ GoodMajor
Vele's first test train of about 1,500 tonnes of thermal coal left the Musina siding on 24 April 2012 for Maputo and Asian sale. It tests rail capacity ahead of weekly trains, following December 2011 extraction and February hot commissioning.
5 Apr 2012director officer appointment● Neutral
Non-executive director Stephen Bywater resigned from the board of GCM Resources plc, effective 31 March 2012. Routine AIM disclosure; no change to CoAL's board.
2 Apr 2012asset acquisition disposition▲ GoodMajor
The NiMag management buyout became effective on 31 March 2012 once conditions were met. CoAL receives R32.4m (60%) by 10 April; the remaining 40% is a vendor loan at prime less 0.5%, repaid in 12 quarterly instalments. This resolves the pending sale.
16 Mar 2012half year report▼ Bad
Headline loss per share for the half-year to December 2011 was 13.02 cents, versus 10.40 cents a year earlier. Headline loss was 72.8m (ZAR thousands per the table's units not stated). A JSE-required companion to the half-year report.
12 Mar 2012half year report● NeutralMajor
Half-year to December 2011: coal sales US$143.8m (US$88.3m prior period) and loss after tax about US$74.7m (headline loss per share 13.02 cents, per the next-day notice). Vele extraction started; Makhado DFS completed and product confirmed hard coking coal. Holfontein agreed sold for about US$12.7m.
29 Feb 2012asset acquisition disposition● Neutral
CoAL extended the NiMag management buyout's conditions deadline from 28 February to 30 April 2012, to allow South African Reserve Bank exchange control approval for the sale and vendor financing. The sale remains pending.
21 Feb 2012other● Neutral
M&G/Prudential substantial holder notice: holding unchanged at 119,670,000 shares, voting power 18.06% versus 18.07% previously. No trading; a rounding-level change.
14 Feb 2012security holder rights change● Neutral
CoAL issued 2,670,000 unlisted options to 28 employees at ZAR7.60, expiring 14 February 2017 and vesting over three years. They were recommended in September 2011 but delayed by a close period.
6 Feb 2012farm in farm out agreement▲ Good
CoAL signed agreements for a BEE group, Rothe (40% held by local communities), to take 26% of Keynote, the vehicle to hold Chapudi. CoAL funds the US$75m purchase. This enables the pending section 11 approval, due by 30 April 2012.
1 Feb 2012security holder rights change● Neutral
CoAL issued 200,000 shares to employees under a Remuneration Committee award; shares on issue become 662,484,573. Routine secondary trading notice with no new business information.
31 Jan 2012quarterly activities report▲ Good
December 2011 quarter: Vele mining began 20 December with about 3,200t stockpiled and plant commissioning underway. The US$106m placing completed and export sales rose to 520,812t. Cash and undrawn facilities US$101.2m, excluding the new US$40m facility.
23 Dec 2011asset acquisition disposition● NeutralMajor
CoAL agreed to sell the non-core NiMag Group to its management for ZAR54m (about US$6.6m), with 40% (ZAR21.6m) financed by a CoAL loan repayable over four years. Completion is targeted by 28 February 2012, subject to exchange control approval.
19 Dec 2011other● Neutral
M&G and Prudential entities report their holding rose to 119,670,000 shares, 18.07% voting power, from 14.37%. This follows their 40m-share take-up in the November placing (inference from the placing).
15 Dec 2011security holder rights change● Neutral
The remaining 50,323,963 conditional placing shares were issued after shareholders approved them on 14 December, completing the 130m-share placing at 51p. Shares on issue rise to 662,284,573. Routine secondary trading notice.
25 Nov 2011regulatory community update▲ GoodMajor
CoAL signed an MOU with the Save Mapungubwe Coalition, which agreed to stay its legal proceedings and appeals against Vele, including the water licence, if a formal agreement is signed by 31 January 2012. This addresses the opposition behind the pending Water Tribunal appeal.
23 Nov 2011investor presentation● Neutral
Notice that the CEO presented at the 23 November AGM in London. The presentation slides are not in the visible text, so no new information is shown here.
8 Nov 2011security holder rights change● Neutral
79,676,037 firm placing shares were issued and admitted to AIM on 8 November, the first tranche of the 130m-share, 51p placing. The remaining 50,323,963 shares await shareholder approval, expected about 14 December. Routine secondary trading notice.
4 Nov 2011capital raising announcement▲ GoodMajor
The placing priced at 51p (R6.50) for 130,000,000 shares, a 10.5% discount, raising about £66.3m (US$106m), roughly 24.4% of existing shares. M&G took 40m shares. 50,323,963 shares await shareholder approval around 14 December.
3 Nov 2011capital raising announcement● NeutralMajor
CoAL launched a placing to raise about US$100m from institutions, with 79,676,037 shares issued firm and the rest subject to a ~14 December shareholder vote. It also signed a 364-day US$40m JP Morgan facility, drawable only if at least US$75m is raised.
What it means for a shareholder
79.7m new shares at about US$1.26 to raise about US$100m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held US$1,000 of shares (797 at the issue price), your slice goes from 0.00015% to 0.00013% of the company. To keep it you'd need 119 more shares - about US$149 at the issue price.
Create a free account to see this worked out for your own holding.
2 Nov 2011other● Neutral
UK-approved registration document covering the group's assets, projects and three years of financials to 30 June 2011, plus a full mineral experts report. The visible text is mostly legal boilerplate; it is not an offer of shares.
1 Nov 2011quarterly activities report● Neutral
September 2011 quarter: ROM coal 1,199,902t (June qtr 1,256,825t); export sales fell to 277,499t from 492,781t on slower markets and delivery timing. Vele's water licence suspension lifted and full operations began 19 October. Cash and facilities US$28.9m.
19 Oct 2011regulatory community update▲ GoodMajor
The Minister lifted the suspension of Vele's water use licence pending the Water Tribunal appeal, resolving the late-July setback. CoAL can resume full operations and re-employ staff for about 500 jobs, targeting first coking coal in Q1 2012. The appeal itself is still pending.
18 Oct 2011security holder rights change● Neutral
144,912 shares issued at a deemed R7.2457 each under the employment agreement of the NiMag Group managing director, taking shares on issue to 532,284,573. Routine issue and secondary trading notice.
30 Sept 2011security holder rights change● Neutral
500,000 shares issued on exercise of Class A options at 50 cents, taking shares on issue to 532,139,661. Routine option conversion and secondary trading notice.
19 Sept 2011annual report▼ BadMajor
FY2011 (to 30 June): revenue US$261.4m, up 166%, but net loss US$219.0m (FY10: US$167.8m) after US$97.4m impairments and US$29.9m foreign exchange losses. Cash plus undrawn Deutsche Bank facility US$40.3m. Makhado feasibility study in its final stages. Text truncated.
9 Sept 2011security holder rights change● Neutral
500,000 shares issued on exercise of Class A options at 50 cents, taking shares on issue to 531,639,661. Routine option conversion and secondary trading notice.
2 Sept 2011material agreement▲ Good
CoAL, the environment department and SanParks signed a memorandum of agreement on the Mapungubwe World Heritage Site, required by the Vele environmental authorisation. It sets ten joint undertakings on conservation and community benefit. It is a declaration of intent, not a funding commitment.
15 Aug 2011asset acquisition disposition● Neutral
Vendor shareholders gave irrevocable undertakings for the Rio Tinto Chapudi purchase, but the deadline for conditions, including ministerial section 11 consent, was pushed from 12 August 2011 to 30 April 2012. Completion is delayed by about eight months.
4 Aug 2011regulatory community update▲ Good
Following the July environmental authorisation, initial re-opening work has started at Vele: inspecting and completing the wash plant and preparing to re-employ staff. Water-dependent activities remain suspended under the IWUL appeal.
2 Aug 2011asset acquisition disposition● Neutral
The deadline for conditions in the US$75m Rio Tinto Chapudi acquisition was extended from 1 August to 12 August 2011 to obtain shareholder approvals. The deal remains incomplete.
