Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Sept 2010production update▼ BadMajor
CoAL has complied with environmental and water directives at Vele and is applying for rectification. It cut 596 Vele jobs, and production is now likely to restart in Q4 2010, slipping from the August target. Vele timing is no longer confirmed.
16 Aug 2010director officer appointment● Neutral
Kobus Verster, ArcelorMittal's nominee non-executive director, resigned from the board effective 13 August 2010, following his resignation from ArcelorMittal SA. A replacement nominee will be announced later.
12 Aug 2010regulatory community update▼ BadMajor
After meeting the Department of Environmental Affairs, CoAL said it is complying with the Compliance Notice and has ceased certain Vele activities, while maintaining it acted within its mining right. The water licence is still not received, and mining and processing cannot start without it.
9 Aug 2010regulatory community update● Neutral
CoAL met the Environmental Affairs Department on 2 August, which formally listed activities it says lack authority at Vele. A further meeting was set for 10 August. CoAL says it is confident the matters can be resolved.
5 Aug 2010regulatory community update▼ BadMajor
Environmental groups served a High Court interdict application seeking to stop Vele mining, earth moving and plant construction until appeals and the water licence are resolved. Separate appeals against the mining right are pending. CoAL says they have no merit and will oppose them.
2 Aug 2010regulatory community update▼ BadMajor
CoAL responded to a South African minister's reported 'illegal activities' claim at Vele, saying it works within its mining right. It confirmed the Environmental Affairs Department refused an access road and fuel storage in April (under appeal) and that the water licence is still awaited. This is a new threat to Vele's timeline.
28 July 2010quarterly activities report● Neutral
June 2010 quarter: ROM coal 1,093,444t, cash A$101m after the £55m placing. Revised resource statements released (Mooiplaats 79.4Mt, up from 74.5Mt). A three-week rail strike disrupted deliveries; Vele first sales still expected next quarter.
9 July 2010price query● Neutral
ASX queried a rise in the share price from A$1.74 to A$1.935. CoAL said it knew of no unannounced information explaining the move and confirmed it was complying with the disclosure rules.
22 June 2010admin correction● Neutral
The 50m placing shares at 110p were issued, lifting shares on issue to 530,514,663. The notice is the standard Corporations Act on-sale clearance and adds no new information.
17 June 2010capital raising announcement▲ GoodMajor
The placing completed: 50m new shares at 110p (A$1.88), a 0.2% discount to the AIM close, raising about £55m (A$94m gross). This resolves the 16 June launch; the shares are about 10.4% of prior capital.
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.
Create a free account to see this worked out for your own holding.
15 June 2010investor presentation● NeutralMajor
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.
7 May 2010other● Neutral
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.
28 Apr 2010quarterly activities report● Neutral
March 2010 quarter: first Mooiplaats coal exports (132,315t exported) and Woestalleen produced 543,882t of processed product. Vele reached 100% with its mining right executed. Cash fell to A$41.6m; a US$20m JP Morgan working capital facility was secured.
22 Mar 2010production update● NeutralMajor
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.
17 Mar 2010security holder rights change● Neutral
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.
16 Mar 2010half year report▼ Bad
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.
11 Mar 2010regulatory community update▲ Good
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.
29 Jan 2010quarterly activities report● Neutral
December 2009 quarter: cash A$94m, no debt, after the £56.9m placing. Rio Tinto farm swap and BEE agreements were signed, and the remaining 20% of Vele was extended to a 31 March 2010 NOMR deadline. Export-grade Mooiplaats coal now expected Q1 2010; Vele Phase 1 capex ZAR350m.
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.
19 Jan 2010other● Neutral
125,002 Class A options exercised at 50 cents, taking shares on issue to 474,538,913. Routine option exercise and secondary trading notice.
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.
26 Nov 2009other● Neutral
91,817 Class E options exercised at 65 pence, taking shares on issue to 474,413,911. Routine option exercise and secondary trading notice.
13 Nov 2009other● Neutral
79,488 Class E options exercised at 65 pence, taking shares on issue to 474,322,094. Routine option exercise and secondary trading notice.
6 Nov 2009other● Neutral
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.
3 Nov 2009capital raising announcement● Neutral
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.
2 Nov 2009director officer appointment● Neutral
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.
