Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 Aug 2008material agreement▲ GoodMajor
CoAL secured long-term port allocations: 1mtpa via Maputo's Matola terminal and ramping to 900,000tpa at Richards Bay by 2010, with rights to expand (Maputo possibly up to 7mtpa). Both are conditional and carry take-or-pay on 75% of tonnage. Rail allocations still to be secured.
6 Aug 2008other● Neutral
M&G/Prudential's holding is unchanged at 39,906,022 shares, but its stated voting power falls from 10.00% to 9.70%. The filing says this is due to an update to total shares on issue, not a sale. Routine notice.
5 Aug 2008other● Neutral
M&G/Prudential's holding in CoAL rose to 39,906,022 shares, now 10.00% (from 9.84%). The filing says it was triggered by an update to total shares on issue, not a trade. Routine substantial-holder notice.
4 Aug 2008capital raising announcement▲ Good
The second tranche of the BEE placement completes after FIRB approval: 12m shares at £1.30 raise £15.6m. Cash was over A$280m at 31 July. Shares on issue rise to 411,375,378, and CIL holds about 17.3%.
What it means for a shareholder
12.0m new shares at £1.30 to raise about £15.6m. That's 2.8% dilution: every existing holder's slice gets 2.8% smaller. If you held £1,000 of shares (769 at the issue price), your slice goes from 0.000187% to 0.000182% of the company. To keep it you'd need 22 more shares - about £29 at the issue price.
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22 July 2008resource reserve update▲ GoodMajor
Makhado (formerly Baobab) resource nearly doubled to 1.335 billion gross in situ tonnes from 713Mt, covering six farms (about 40% of the project area). 230Mt is Measured. Another upgrade is expected before year end; management calls Makhado its primary focus.
10 July 2008price query● Neutral
CoAL responded to a Financial Review report that ArcelorMittal would bid £2.35 a share, saying it has not been made aware of any proposed bid. This is a denial of knowledge, not a rejection or confirmation of an offer.
8 July 2008joint venture update▲ GoodMajor
CoAL signed a non-binding MOU with Rio Tinto/Kwezi-held Chapudi Coal to swap prospecting rights near Makhado and form a Limpopo exploration joint venture, with Chapudi as operator. It is subject to due diligence and ministerial approval. CoAL targets 5mtpa mining from June 2009.
24 June 2008director officer appointment▲ GoodMajor
Riaan van der Merwe joins as Chief Operating Officer from 1 August 2008. He spent 19 years in South African coal at Anglo American. The company says it is converting projects into operating mines.
18 June 2008resource reserve update▲ GoodMajor
Vele (formerly Thuli) resource upgraded to 441.47Mt gross in situ, up from 352Mt Inferred, with 133.84Mt Measured. Covers about 80% of the project area. A further 65-hole drilling program is planned, and a scoping study is expected within two months.
13 June 2008capital raising announcement▲ GoodMajor
CoAL agreed a BEE deal with Coal Investments Limited (Och-Ziff funds): 37.5m shares at £1.30 (up to £48.75m) plus 50m options at £1.80. With African Global Capital's holding, the group could reach about 26.4%. Options need shareholder approval and conversion of Makhado and Vele mining rights within 12 months.
5 June 2008capital raising announcement▲ GoodMajor
ArcelorMittal received FIRB approval, so the second tranche of 13,635,000 shares at £1.11 (£15.1m) will be issued. ArcelorMittal will hold about 17.8% of CoAL, completing the £66.7m placement announced in April.
What it means for a shareholder
13.6m new shares at £1.11 to raise about £15.1m. That's 3.5% dilution: every existing holder's slice gets 3.5% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000242% to 0.000233% of the company. To keep it you'd need 33 more shares - about £37 at the issue price.
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7 May 2008asset acquisition disposition● NeutralMajor
CoAL agreed to sell 100% of Holfontein to Lachlan Star for up to A$25m: A$15m on transfer (at least A$9m cash) plus milestone payments. Conditions include South African approvals and Lachlan shareholder approval. CoAL would become Lachlan's largest shareholder and focus on Mooiplaats and Limpopo.
7 May 2008asset acquisition disposition● Neutral
Lachlan Star (another ASX company, not CoAL) announced it will buy 100% of CoAL's Holfontein project for A$15m upfront plus milestone payments. Holfontein has a 60Mt Indicated resource. This is the buyer's side of CoAL's own sale announced the same day.
7 May 2008admin correction● Neutral
Lachlan Star corrected the competent-person attribution statement in its Holfontein acquisition announcement. No change to the deal or resource figures. Another company's administrative filing.
23 Apr 2008capital raising announcement▲ GoodMajor
First tranche of the ArcelorMittal placement is complete: 46,365,000 shares issued at £1.11, raising £51.5m. ArcelorMittal now holds 52,659,419 shares (14.9%); shares on issue are 353,438,917. The second tranche of 13,635,000 still awaits FIRB approval.
What it means for a shareholder
46.4m new shares at £1.11 to raise about £51.5m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000293% to 0.000255% of the company. To keep it you'd need 136 more shares - about £151 at the issue price.
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21 Apr 2008capital raising announcement▲ GoodMajor
ArcelorMittal will subscribe for up to 60m shares at £1.11 (£66.7m, about 16%) and sign an offtake for at least 2.5Mt a year of coking coal from Baobab and Thuli, with an option for 5Mt. It gets a board nomination. Second tranche needs FIRB approval.
What it means for a shareholder
60.0m new shares at £1.11 to raise about £66.7m. That's 16% dilution: every existing holder's slice gets 16% smaller. If you held £1,000 of shares (901 at the issue price), your slice goes from 0.000293% to 0.000245% of the company. To keep it you'd need 176 more shares - about £195 at the issue price.
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17 Mar 2008asset acquisition disposition● Neutral
Signet, through African Global Capital, exercised its option over 28,528,395 CoAL shares (9.59%) from the former directors' Motjoli sale. The shares are to be black-empowered in due course, with a structure still being negotiated.
14 Mar 2008half year report▼ Bad
Half-year to 31 December 2007: loss of A$2.24m, mainly from a A$2.98m foreign exchange loss on cash, versus a A$434k profit a year earlier. Cash was A$113.6m. Mooiplaats production is still targeted for the third quarter 2008.
20 Feb 2008material agreement▲ GoodMajor
CoAL signed a Cooperation Agreement with Transnet Freight Rail to help secure rail capacity for export coking coal from Thuli and Baobab, from 1–1.5Mt a year in 2009 to 10Mt in 2012. A rail pre-feasibility study is targeted by end-May 2008. Not yet binding freight rights.
18 Feb 2008farm in farm out completion▲ GoodMajor
Section 11 approval arrived, so CoAL completes its 70% of Mooiplaats with the final £10m and 4.44m shares. It also agreed to buy the other 30% for ZAR130m plus 4.75m shares (about A$26.2m), taking it to 100%; the share issue needs shareholder approval.
22 Jan 2008director officer appointment● NeutralMajor
Directors Nchakha Moloi and Nonkqubela Mazwai resigned after they and Motjoli sold their CoAL shares to Signet Mining: 5,282,117 shares (1.78%) now, plus an option over 28,528,395 (9.59%). This ends the Motjoli board presence created by the 2007 deal.
21 Dec 2007director officer appointment● Neutral
Non-executive director Graham Taggart resigned with immediate effect. No reason was given in the announcement.
14 Dec 2007director officer appointment● Neutral
Blair Sergeant, company secretary since 2000, becomes Finance Director from 1 January 2008 and moves to Johannesburg. The board says this supports bringing several coal projects into production together. Shannon Coates replaces him as company secretary. Subject to approval, he gets 1m options at $1.90.
6 Dec 2007other● Neutral
M&G/Prudential's holding rose to 37,722,300 shares, but its percentage fell from 13.05% to 12.70%, presumably diluted by the new share issues. Shareholder notice only, no company news.
3 Dec 2007other● Neutral
GVM's name changed to Coal of Africa Limited after the 28 November AGM vote, trading under ASX code CZA from 4 December 2007. The name reflects the shift to coal; the registered office is unchanged.
29 Nov 2007resource reserve update▲ GoodMajor
Baobab's Fripp and Tanga properties have an initial resource of 713.1Mt, including 156.4Mt potentially opencast (39.7Mt measured). Mooiplaats interim estimate is 103.3Mt in situ, 76.1Mt mineable. Rail cooperation with Transnet is being finalised. This delivers the Baobab resource expected by year-end.
28 Nov 2007capital raising announcement▲ GoodMajor
Following AGM approval, GVM placed 15,000,000 shares at A$1.50 to raise A$22.5m via Euroz Securities, mainly to Perth retail investors. It adds to the 65m-share London placing at 65p and funds Mooiplaats and Baobab development.
What it means for a shareholder
15.0m new shares at A$1.50 to raise about A$22.5m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (667 at the issue price), your slice goes from 0.000307% to 0.000288% of the company. To keep it you'd need 46 more shares - about A$69 at the issue price.
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21 Nov 2007capital raising announcement▲ GoodMajor
GVM raised £42.25m by placing 65,000,000 shares at 65p, about 23% of enlarged capital, to fund Mooiplaats and Baobab. It is conditional on shareholder approval at the 28 November AGM. This is far larger than the £24.7m raised earlier in 2007.
9 Nov 2007other● Neutral
M&G/Prudential raised its holding from 27,815,300 to 28,315,300 shares, lifting its stake from 12.82% to 13.05%. Shareholder notice only, no company news.
2 Nov 2007other● Neutral
M&G/Prudential's holding stays at 27,815,300 shares; its percentage falls from 13.38% to 12.82% only because the total shares on issue figure was updated. Shareholder notice, no company news.
