Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Oct 2024annual report▼ BadMajor
FY2024 loss was US$14.6m (up 232%) on revenue of US$36.7m (down 18%). Year-end cash was US$0.2m against US$7.5m, and net assets fell 14% to US$75.4m. Going concern is flagged; Makhado funding is expected to conclude in H2 CY2024.
30 Sept 2024annual report● Neutral
Appendix 4G corporate governance checklist lodged with the annual report. Administrative filing with no new information.
30 Sept 2024annual report● Neutral
Annual financial statements for the year to 30 June 2024, listing the board changes during the year. The extract provided does not include the financial figures; the results announcement covers them.
25 Sept 2024security holder rights change● Neutral
Gomwe's 8,000,000 options lapsed because none of the exercise conditions were met within the extended period. They can no longer be exercised.
9 Sept 2024director officer appointment● Neutral
Dr Steele West joined as non-executive director, and Kinetic nominee Chris Huang joined after the first tranche completed. Douglas Abrahams steps down. The first Kinetic tranche is therefore confirmed as completed.
28 Aug 2024price query● Neutral
Responding to ASX, the company said it knew of no undisclosed information explaining the share fall from A$0.09 to A$0.037, and called the drop coincidental with the Kinetic talks. It suggested a market sale in an illiquid stock may have had an outsized impact.
28 Aug 2024capital raising announcement▲ GoodMajor
Hong Kong-listed Kinetic Development Group agreed to invest US$90m for 51% of MC Mining in two tranches. The first is 13.04% for US$12.97m (US$0.2089/share, by 4 Sept); the second, US$77.0m, needs shareholder and regulatory approval. Funds target Makhado.
28 Aug 2024listing compliance notice● Neutral
The company asked to extend the voluntary suspension to 29 August 2024, saying it was clarifying information in the subscription agreement announcement.
28 Aug 2024listing compliance notice● Neutral
ASX said trading would resume on 29 August 2024 following the Kinetic subscription announcement.
27 Aug 2024listing compliance notice● Neutral
At the company's request, ASX suspended the shares pending an announcement about a subscription agreement. The request also mentions a price query and board structure.
27 Aug 2024director officer appointment● Neutral
Company Secretary Bill Pavlovski was appointed a non-executive director, effective immediately. He remains involved as the company's contact for announcements.
23 Aug 2024other● Neutral
ASX paused trading in MC Mining shares pending a further announcement. No reason is given in the notice itself.
16 Aug 2024security holder rights change● Neutral
Gomwe's 8,000,000 options expired automatically on 30 July 2024 after his resignation. The board gave him a discretionary, conditional final window to exercise until 28 August 2024. This revises earlier statements that the options had vested.
2 Aug 2024regulatory community update▼ BadMajor
An employee died in a fall-of-ground incident at Uitkomst Colliery on 31 July 2024. The colliery halted operations until further notice while an investigation proceeds with the DMRE. Uitkomst is the company's only producing mine in the context given (inference).
25 July 2024debt financing● NeutralMajor
MC Mining secured an unsecured A$1.0m (US$0.7m) loan from Eagle Canyon, controlled by interim CEO Christine He. It runs to 30 June 2025 at the RBA business rate (6.25%) plus 3%, for working capital. It is a related-party loan.
2 July 2024director officer appointment● Neutral
Directors Andrew Mifflin (on the board since 2014) and Julian Hoskin resigned effective 30 June 2024. Chartered accountant Douglas Abrahams joined as a non-executive director on 1 July. The board is now reshaped around the Goldway consortium.
1 July 2024debt financing● NeutralMajor
MC Mining agreed an unsecured R20 million (US$1.1m) working-capital loan with Dendocept, a roughly 6.8% shareholder. It runs 12 months from first drawdown at Prime plus 3%. It adds to a thin cash position.
26 June 2024director officer appointment● Neutral
Terms disclosed: Gomwe gets ZAR4,213,617 (six months' notice plus four months) and no bonus. Christine He gets ZAR3.5m base pay with a bonus up to 200%, and six months' notice. The note gives her start as 1 June, versus 1 July in the earlier announcement.
25 June 2024director officer appointment● NeutralMajor
Non-executive director Christine He becomes interim MD and CEO from 1 July 2024, replacing Gomwe. She has over 25 years of senior management experience, including financing large mining projects. The focus is on early coal and Makhado funding.
24 June 2024director officer appointment● NeutralMajor
CEO Godfrey Gomwe resigned effective 30 June 2024, after the Goldway takeover that left it holding over 93%. His 8,000,000 options vested. Interim chairman Mathews Senosi says the company must still finalise funding for Makhado.
24 May 2024business combination● Neutral
MC Mining explains Goldway's buy-out offer at A$0.16, open to 25 June 2024. Holders who do not accept keep their shares as minority holders. Delisting from ASX and JSE has not formally started and would not happen before the buy-out ends.
22 May 2024security holder rights change● Neutral
The Goldway change of control vested 6,122,605 performance rights, issued as new shares to senior employees. Shares on issue rise to 414,013,349.
22 May 2024business combination● NeutralMajor
Goldway started a compulsory buy-out offer at A$0.16 per share (ZAR1.96068), on the same terms as the takeover. It closes 25 June 2024, with payment on 16-18 July. It applies only to shares issued before 8 April 2024.
21 May 2024admin correction● Neutral
The company changed its registered Australian address to Suite 324, 96 Elizabeth Street, Melbourne. Administrative notice only.
21 May 2024listing compliance notice▼ BadMajor
Goldway's offer closed 22 April and was completed 30 April, leaving its group with 93.05%. MC Mining will leave AIM on 19 June 2024 (last trade 18 June). ASX and JSE listings continue for now; liquidity may fall sharply.
17 May 2024director officer appointment● Neutral
Bill Pavlovski of Vision Corporate was appointed Company Secretary, replacing Tony Bevan, who resigned after twelve years. Administrative change.
30 Apr 2024director officer appointment● Neutral
Shareholder Dendocept, part of the Goldway consortium, gave notice of its intention to move a resolution to remove director Andrew Mifflin. It also plans to requisition a shareholder meeting for other resolutions. This continues the push to reshape the board.
26 Apr 2024director officer appointment● NeutralMajor
Chairman Nhlanhla Nene, chair since April 2022, stepped down as director and chairman effective 25 April 2024. He leaves after the Goldway offer closed, continuing the board turnover that followed Mosehla's exit.
19 Apr 2024director officer appointment● Neutral
Khomotso Mosehla, a director since late 2010 and chair of the Independent Board Committee and Audit & Risk Committee, resigned on 19 April 2024. This came days before Goldway's offer closed, as it moved toward board control.
18 Apr 2024business combination● Neutral
Goldway's sixth supplementary statement points to the independent committee's change of view and repeats that A$0.16 is best and final, closing 22 April. It reserves the right to buy shares on-market at or below A$0.16.
