30 Oct 2007other● Neutral
M&G Investment Funds (Prudential group) increased its substantial holding in GVM from 12.55% to 13.38% (27,815,300 shares). Shareholder notice only, no company news.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 Oct 2007farm in farm out completion▲ GoodMajor
First stage of the Coal of Africa acquisition completed: after £21.5m paid, GVM holds 46.6% of CoAL and issued 8,888,888 shares. Final stage (to 70%) needs £10m cash and 4,444,445 shares once conditions are met. Development decision expected by year-end.
29 Oct 2007other● Neutral
Cleansing notice for the 8,888,888 shares issued for the Coal of Africa acquisition; shares on issue become 216,839,409. Administrative, no new information.
18 Oct 2007asset acquisition disposition▲ GoodMajor
GVM bought Exxaro's historical Baobab database (about 1,200 boreholes) for ZAR20m (A$3.3m), and agreed to buy 552 ha at Wildebeesfontein next to Holfontein, enlarging holdings by a third. Management says Baobab mining could begin in 2009; initial resource expected by year-end.
1 Oct 2007annual report● Neutral
Annual financial report for the year to 30 June 2007. Only the corporate directory and directors' report are readable; the board now includes Mazwai, Moloi, Bywater and Taggart, as previously announced. No financial figures are visible in the text provided.
26 Sept 2007asset acquisition disposition▲ GoodMajor
GVM signed a Heads of Agreement to buy 60% of Tshikunda Mining, holding a 32,583 ha coal property next to Baobab and Exxaro's Tshikondeni mine, for ZAR20m (about A$3.5m). It also commits up to ZAR50m to explore. Conditional on approvals.
10 Sept 2007resource reserve update▲ GoodMajor
Mooiplaats: 43Mt measured resource defined in the B upper seam, plus 240Mt inferred, and Coal of Africa was granted a Mining Right over 940 ha. Only ministerial and competition consents remain before GVM completes its 70%. Production targeted for third quarter 2008.
14 June 2007capital raising announcement● Neutral
GVM issued 11,250,000 shares as the first share payment for 70% of Coal of Africa, plus reimbursement of due diligence and legal costs. Shares on issue rise to 207,768,703.
7 June 2007director officer appointment● Neutral
Nchakha Moloi, executive chairman of Motjoli Resources and former Director General of the Department of Minerals and Energy, joined as non-executive director. This fulfils the earlier plan for Motjoli nominees to join the board after its deal.
7 June 2007other▲ Good
Broker Mirabaud raised its 12-month valuation of GVM to 103.4p from 69.0p (17 May), citing a trading update that flagged potential doubling of the Mooiplaats coal project. This is a broker opinion, not a company result.
7 June 2007director officer appointment● Neutral
Nonkqubela Mazwai, former CEO of Motjoli Resources, was appointed executive director and deputy managing director. Managing director Simon Farrell said the company's asset base and future are centred in South Africa. Completes the Motjoli board arrangement.
24 May 2007other● Neutral
Confirms 45,686,274 shares have been issued under the February and April placings, raising about £15.2m gross. Includes the standard secondary trading notice; no new information beyond completion of the raisings.
10 Apr 2007capital raising announcement▲ GoodMajor
GVM completed a placing of up to 37,350,000 shares at 34p to raise up to £12.7m, to fund Kelso if it elects to buy 70% of CoAL. It needs shareholder approval; Baobab received ministerial approval, clearing the Motjoli deal.
12 Mar 2007half year report▲ Good
Half-year to 31 December 2006: profit after tax A$912,368 versus a A$141,447 loss a year earlier; cash A$10.7m. Restates known events, including the JSE listing, Nimag now 100%, and pending Kelso and £2.5m placement meetings.
20 Feb 2007capital raising announcement● NeutralMajor
GVM agreed a further placement of 8,333,333 shares at 30p to raise £2.5m from London investors, to fund the Baobab 50% purchase. It exceeds the company's placement capacity, so needs shareholder approval.
8 Feb 2007director officer appointment● Neutral
Steve Bywater and Graham Taggart, formerly of Rio Tinto Coal Australia, were appointed non-executive directors following the Asia Energy placement (now Global Coal Management plc). This completes the board invitation made in December.
7 Feb 2007asset acquisition disposition● NeutralMajor
GVM agreed terms to buy Kelso Mining, which holds a right to acquire 70% of Coal of Africa (Mooiplaats coal project near Ermelo). Maximum consideration is about £10m; exercising the CoAL option would cost a further £30m. It is conditional on a resource over 450Mt.
3 Jan 2007other● Neutral
Cleansing notice under the Corporations Act confirming the 12.2 million shares placed with Asia Energy have been issued. Administrative, no new information.
21 Dec 2006capital raising announcement▲ GoodMajor
GVM placed 12.2 million shares at 20 pence (A$0.50) with Asia Energy plc to raise £2.44m (A$6.1m) for South African coal development. Asia Energy's CEO and CFO, Steve Bywater and Graham Taggart, were invited to join the board.
20 Dec 2006asset acquisition disposition▲ GoodMajor
GVM agreed to buy Baobab Mining and Exploration, which holds the other 50% of the Baobab coal JV, from Petmin for £2.5m cash. Together with the Motjoli deal this gives 100% of Baobab; the tonnage (500Mt-1bn) is conceptual only.
30 Nov 2006other● Neutral
Cleansing notice under the Corporations Act for 25,433,057 shares issued in November 2006: 4,620,557 on 27 November and 20,812,500 on 30 November. Administrative, no new information.
30 Nov 2006asset acquisition disposition▲ GoodMajor
GVM listed on the Johannesburg Stock Exchange, satisfying the last condition for the 74% Limpopo Coal acquisition, and issued the 20,812,500 shares to vendors. It targets Holfontein production in first half 2008 and Limpopo the following year.
11 Oct 2006listing compliance notice● Neutral
ASX granted a waiver of Listing Rule 14.7 allowing GVM to issue up to 20,812,500 shares for the 74% Limpopo Coal interest, approved by shareholders on 28 June, by 30 November 2006. This is an administrative extension.
20 Sept 2006annual report● Neutral
Annual report for year to 30 June 2006. It says GVM's primary focus is expanding South African coal interests, though nickel-magnesium alloy manufacture remains the main trading activity. It confirms the pending Motjoli merger and talks on a further Limpopo interest.
22 Aug 2006asset acquisition disposition▲ GoodMajor
GVM agreed to buy Motjoli's 51% of Holfontein (taking GVM to 100%), plus its 50% of the Baobab JV and three Limpopo licences, for 34,863,226 shares plus 3,417,964 more on a Richards Bay export allocation. Conditions include JSE listing and shareholder approval.
21 July 2006capital raising announcement▲ Good
The £3.2 million UK placing of 24,615,384 shares at 13p was completed; shares were allotted on 12 July and admitted to AIM on 13 July 2006.
11 July 2006capital raising announcement▲ GoodMajor
GVM proposed a UK placing of 24,615,384 shares at 13p to raise £3.2 million, a 3.7% discount to the AIM price. Proceeds fund the Holfontein purchase balance and development, Limpopo drilling and working capital. The Limpopo acquisition was approved by shareholders on 28 June.
5 July 2006asset acquisition disposition● NeutralMajor
GVM sold 15,000,000 Samroc shares at 2 cents for about A$56,800 and gave the buyer an option over its remaining 98,000,000 shares at 2 cents (about A$371,000). This continues GVM's exit from Samroc, at well below the earlier A$750,000 expectation.
26 Apr 2006asset acquisition disposition▲ GoodMajor
GVM agreed to acquire a 74% interest in a Limpopo coal prospecting right, paying 20,812,500 shares (total on issue then 52,123,387). Inferred resource is 352 million tonnes; subject to ministerial consent and shareholder approval.
20 Apr 2006price query● Neutral
Noting a recent rise in its share price, GVM said it is negotiating to acquire an additional South African coal property, subject to due diligence. No terms were given.