Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2009capital raising announcement▲ GoodMajor
The placing was completed: 59,867,731 shares at 95 pence, raising about £56.9m gross (~14.52% of existing shares). Proceeds fund the ZAR650m NuCoal purchase, with the rest for rail wagons, Vele and Makhado spending, and working capital.
29 Oct 2009capital raising announcement▲ GoodMajor
CoAL proposes a placing of up to 59.87m shares (~14.52%) to raise about £59.6m, mainly to fund the ZAR650m purchase of NuCoal, a thermal coal producer near Mooiplaats (Woestalleen Colliery, 2.5Mtpa). It also plans to move to the London Main Market in H1 2010.
What it means for a shareholder
59.9m new shares at about £0.9955 to raise about £59.6m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held £1,000 of shares (1,005 at the issue price), your slice goes from 0.000242% to 0.000212% of the company. To keep it you'd need 145 more shares - about £144 at the issue price.
Create a free account to see this worked out for your own holding.
29 Oct 2009farm in farm out completion● Neutral
Title says CoAL has formalised the Rio Tinto farm swap agreement, but the text is unreadable. Text not readable. (Inference from the title only: this follows the pending Rio Tinto/Chapudi swap needed for Makhado; later notices cite Makhado at 1.3bn tonnes including the swap.)
26 Oct 2009quarterly activities report● Neutral
September 2009 quarter: first Mooiplaats coal railed and sold; Traxys agreed to take 35% of export coal, with another trader agreed for 35%. Cash A$47m, no debt. Export-grade coal now expected by end 2009; Vele mining right expected before end 2009. Two contractor employees died in July.
23 Oct 2009asset acquisition disposition▲ Good
CoAL issued 1,990,000 shares (deemed 34 pence) to complete the 6% Limpopo Coal purchase, lifting its Vele interest from 74% to 80%. The 20% still needs reserve bank approval by 31 Oct and a Vele mining right by 31 Dec 2009.
1 Oct 2009other● Neutral
465,239 Class E options (exercisable at £0.65) were converted to shares, taking shares on issue to 412,384,875. Routine option exercise and a standard secondary trading notice; negligible dilution.
30 Sept 2009annual report● Neutral
Annual financial report for the year to 30 June 2009. The excerpt shows only the directory, contents and chairman's letter, which cites a steadily recovering share price, a new Polokwane coal laboratory and BEE compliance focus. Financial figures are not in the text provided.
30 Sept 2009security holder rights change▲ GoodMajor
BEE deal finalised: 50m options at 60 pence, five-year term, 12-month lock-in (about 10.85% of issued capital), go to Firefly Investments, replacing the 2008 CIL option. Firefly can nominate two directors, and AGC/CIL (17.33%) cede their voting rights to it. Needs FIRB consent.
28 Sept 2009price query● Neutral
CoAL responds to media speculation of an offer for the whole company, stating it has not received any takeover approach from any third party.
24 Sept 2009material agreement● Neutral
CoAL confirms it is progressing a public private partnership with Transnet Freight Rail for Maputo corridor rail capacity, to match its port capacity. Terms are not final. Matola capacity is 1mtpa, expected to rise to 3mtpa by late 2010. CoAL has invested US$35m in Matola, per a press report.
15 Sept 2009production update▲ GoodMajor
First sale and loading of mid-volatile lean coal from Mooiplaats: trucking began 8 September, and two trains went to the Matola terminal in Maputo. Management calls it the transition to a mining company. Export-quality coal still expected November 2009 at earliest or Q1 2010.
27 Aug 2009director officer appointment● Neutral
Kobus Verster, an ArcelorMittal South Africa finance executive, joins as ArcelorMittal's nominee non-executive director; Pierre Leonard steps down. Reflects ArcelorMittal South Africa's 16.3% holding bought in April.
3 Aug 2009security holder rights change▼ Bad
BEE transfer by CIL, AGC and affiliates still not completed at 31 July 2009 because some approvals are outside their control. Deadline extended a further time, to 30 September 2009. The empowerment compliance issue remains unresolved.
23 July 2009quarterly activities report● Neutral
June 2009 quarter: cash A$87m, no debt. Mooiplaats wash plant commissioned and revised mine layout finalised; about 49,500t coal cut to date. Vele environmental assessment submitted and 26% minority buyout agreed. MCC mining contract and formal Mooiplaats offtake deals expected early next quarter.
14 July 2009asset acquisition disposition▲ GoodMajor
CoAL signed two binding agreements to buy the remaining 26% of Limpopo Coal (owner of Vele) for 5,625,750 shares (20%) and 1,990,000 shares (6%), lifting its interest from 74% to 100%. Completion needs shareholder, reserve bank and (for the 20%) mining right approvals.
13 July 2009production update● NeutralMajor
Mooiplaats revised mine plan finalised: export-quality thermal coal now expected November 2009 at earliest, Q1 2010 at latest, with no change to tonnage or mine life. Vele Phase 1 (~1Mtpa coking coal, R350m) launches on mining right, expected by end Q3. Makhado application awaits Rio Tinto farm swap approval.
30 June 2009capital raising announcement● Neutral
50,000 Class A options exercisable at $0.50 converted to shares, taking shares on issue to 411,919,636. Negligible dilution.
9 June 2009production update▼ BadMajor
Mooiplaats wash plant commissioned (110,000t/month ROM capacity), under budget, but adverse geology now delays bituminous coal to Q1 2010. Cash is US$82.7m, enough for Mooiplaats and Vele Phase 1. In-principle offtake for at least 70% of export coal; Vele mining right decision expected Q3.
9 June 2009capital raising announcement● Neutral
297,570 shares issued to Blue Oar on exercise of options at 65 pence, taking shares on issue to 411,869,636. Negligible dilution.
20 May 2009investor presentation● Neutral
Presentation for the London Minesite Conference and a May-June roadshow. It targets Mooiplaats first revenue mid-2009 and Vele coking coal production in the last quarter of 2009, subject to the mining right. It repeats previously announced milestones.
20 May 2009regulatory community update▲ Good
The Vele environmental impact assessment and management programme (2,000 pages) was lodged with the mining department on 15 May 2009 as part of the mining right application. A 60-day public comment period follows. CoAL commits R500m over thirty years to environmental and social performance.
20 May 2009admin correction● Neutral
Adds the Competent Person statement for the resource estimates that was omitted from the company presentation released earlier the same day. Administrative only; no new information.
6 May 2009capital raising announcement● Neutral
196,688 shares issued to Blue Oar on exercise of options at 34 pence each, taking shares on issue to 411,572,066. A tiny issue with negligible dilution.
30 Apr 2009security holder rights change▼ Bad
BEE transfer by CIL, AGC and affiliates was not completed by 30 April 2009 and depends on approvals partly outside their control. Deadline extended again, to 31 July 2009. The compliance issue remains unresolved.
23 Apr 2009quarterly activities report● NeutralMajor
March 2009 quarter: cash fell to A$122m, no debt. Two miners produced 16,900t of coal at Mooiplaats. Exxaro was granted an option over up to 30% of Makhado at NPV less 20%. Also reports Matola rail and port expansion, MCC chosen for Vele mining, and a stake in a Zimbabwe coal JV. Vele mining right hoped by September.
8 Apr 2009asset acquisition disposition▲ GoodMajor
ArcelorMittal South Africa bought ArcelorMittal Group's 16.3% stake in CoAL for R404.5m cash and holds an option for a 2.5mtpa coking coal offtake. It becomes CoAL's second-largest holder. This moves the ArcelorMittal relationship to its South African arm; it is a secondary trade, not new money for CoAL.
11 Mar 2009half year report● Neutral
Half-year to 31 December 2008: loss of A$1.3m after about A$4m of investment and nickel write-downs, versus a A$2.2m loss a year earlier. Cash A$204m, no debt. Export thermal coal sales are expected early in the next financial year.
12 Feb 2009contract award▲ GoodMajor
MCC Contracts (Eqstra) selected as preferred partner for opencast mining at Vele (74% owned). Mining is anticipated from Q3 2009 at 1-1.5mtpa, ramping to 5mtpa. Formal agreements are still to be negotiated, and the mining right is still pending.
6 Feb 2009director officer appointment● Neutral
Professor Ntshengedzeni Alfred Nevhutanda joins the board as an executive director with immediate effect. The announcement describes his background as former Limpopo provincial legislator and BEE commentator; no role or pay terms are given.
28 Jan 2009material agreement▲ GoodMajor
Transnet rail allocation of 1mtpa secured to Matola terminal, Maputo, matching the port allocation for coking coal. CoAL will loan funds to expand Matola, lifting its port allocation to 3mtpa from an anticipated 1 August 2010. A further 2mtpa of rail is still being negotiated.
