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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
27 Apr 2007quarterly activities report▲ Good
March 2007 quarter: profit before interest and tax A$1.8m, cash A$10.1m. Nimag again ahead of budget (EBIT A$2.1m). Holfontein initial drilling finished and infill drilling started; Sale of Shares Agreement for 70% of Coal of Africa (Mooiplaats) signed in March; feasibility study starts June quarter.
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.
30 Jan 2007quarterly activities report▲ Good
December 2006 quarter: cash A$10.7m, half-year profit before interest and tax A$2m. Limpopo acquisition completed and the 26% of Nimag bought for 4,620,557 shares plus A$75,000, giving 100%. Holfontein drilling continues; feasibility study hoped by end March 2007.
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.
30 Oct 2006quarterly activities report▲ Good
September 2006 quarter: group profit before interest and tax A$1.6m, cash A$6.6m after the July UK placing. Binding Motjoli agreement for Holfontein and Baobab signed; Holfontein bankable feasibility study now due end March 2007, later than the earlier end-2007 timing.
26 Oct 2006agm notice● Neutral
Notice of the 22 November 2006 AGM in Perth. Resolutions include approving 4,620,557 shares at 40 cents to acquire the remaining 26% of Nimag, and 250,000 options each (50 cents, expiring 2011) to Stephen Rowse and Ian Ball.
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.
31 July 2006quarterly activities report▲ Good
June 2006 quarter: record Nimag profit before interest and tax of A$1.52 million, full-year group A$1.6 million, and about $1.488 million of debt repaid. Limpopo acquisition approved 28 June; Holfontein data work done and drill contractor signed.
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.
28 Apr 2006quarterly activities report● Neutral
March 2006 quarter: Holfontein prospecting right agreement signed, drilling to start by end of May and feasibility study due before end of August. Kanowna West gold follow-up drilling confirmed two mineralised zones, including 5m at 1.38 g/t Au.
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.
9 Mar 2006regulatory community update▲ GoodMajor
A prospecting right was granted for the Holfontein coal project (GVM 49%), letting development proceed. An 18-borehole infill drill program (about R1 million) is planned by June, with a feasibility study by August.
8 Mar 2006capital raising announcement● NeutralMajor
GVM raised $350,000 by placing 1,400,000 shares at 25 cents. It also issued 1,637,500 shares for NiMag preference shares and 575,000 shares for professional fees, and said further coal property negotiations should conclude in 3-4 weeks.
What it means for a shareholder
1.4m new shares at A$0.250 to raise about A$350,000. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
28 Feb 2006half year report● Neutral
Half-year to 31 December 2005 shows a loss of $141,447 after $215,000 of one-off AIM listing costs. Nimag nickel-magnesium alloy business ran ahead of budget; the Samroc stake is held for sale, expected to realise about A$750,000.