Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
14 Mar 2024business combination● Neutral
MC Mining acknowledged receipt of Goldway's second supplementary Bidder's Statement and said the independent committee will respond in due course. Shareholders need do nothing until the expert report arrives, due by 18 March; the offer closes 5 April 2024.
14 Mar 2024business combination● Neutral
Goldway's second supplementary Bidder's Statement criticises the Target's Statement, alleging MC Mining breached the Corporations Act by delaying the expert report, and says Vele has been on care and maintenance since January 2024. The A$0.16 price is unchanged.
12 Mar 2024business combination▼ BadMajor
Vulcan Resources told MC Mining it will not make a formal offer, ending the A$0.17-0.20 indicative proposal received the day before. The independent committee's DO NOT ACCEPT recommendation on Goldway's A$0.16 bid is unchanged.
11 Mar 2024business combination▲ GoodMajor
MC Mining received a non-binding indicative proposal from Vulcan Resources (operator of Mozambique's Moatize mine) for a cash takeover at A$0.17-0.20 per share, valuing equity at A$69.3-81.6m. It is above Goldway's A$0.16, but subject to due diligence and not a firm offer.
11 Mar 2024other● Neutral
ASX paused trading in MC Mining shares pending a further announcement. No reason is given in the notice itself; the Vulcan proposal announcement followed the same day.
4 Mar 2024business combination● Neutral
MC Mining announced release of its Target's Statement, repeating the independent committee's DO NOT ACCEPT recommendation on the A$0.16 Goldway bid. BDO's expert report is still being finalised; the offer is open until 5 April 2024 unless extended or withdrawn.
4 Mar 2024business combination● NeutralMajor
MC Mining lodged its Target's Statement on the Goldway A$0.16 cash bid, with the independent committee unanimously recommending DO NOT ACCEPT. The independent expert's report was not ready, and is now due in a supplementary statement around 18 March 2024.
19 Feb 2024business combination● Neutral
Goldway confirmed it has finished sending its Bidder's Statement and supplementary statement to shareholders for the A$0.16 offer. Administrative notice only.
15 Feb 2024business combination● Neutral
Goldway's first supplementary Bidder's Statement adds UK acceptance details (Computershare as UK receiving agent) and a key date of 15 April 2024. The A$0.16 offer terms are unchanged.
15 Feb 2024business combination● NeutralMajor
The independent committee's preliminary view is DO NOT ACCEPT the A$0.16 offer, calling it opportunistic, with too little control premium and little value for exploration assets. The offer needs 50.1% of other shares (82.19% of total) or no one is paid.
5 Feb 2024business combination● Neutral
MC Mining confirmed receipt of Goldway's formal A$0.16 Bidder's Statement dated 2 February. The independent committee says take no action until its Target's Statement, which will include an independent expert's report.
2 Feb 2024business combination● NeutralMajor
Goldway Capital Investment, the consortium's Hong Kong vehicle, formally launched its off-market takeover bid for all MC Mining shares at A$0.16 cash each. This turns the earlier non-binding proposal into a formal offer.
31 Jan 2024quarterly activities report▼ Bad
December 2023 quarter cash flow: receipts US$11.6m, operating inflow US$0.3m, investing outflow US$2.0m. Cash fell to US$3.4m from US$5.1m; the IDC loan (US$8.7m, due 30 September 2024) and overdraft (US$1.4m) are fully drawn.
31 Jan 2024quarterly activities report● Neutral
December quarter: Uitkomst coal output rose 31% year on year to 129,272t, but Vele's contractor HOS plans to downscale operations (48,268t delivered). Cash and facilities US$3.4m. The A$0.16 takeover offer is noted; Makhado appointments now expected in the March quarter.
24 Jan 2024business combination● Neutral
The consortium has delayed the Bidder's Statement again, with no revised timetable, though it reconfirmed its intention to make the A$0.16 offer. The independent committee repeats: take no action. Offer still non-binding.
22 Dec 2023business combination● Neutral
The consortium has delayed its Bidder's Statement for the A$0.16 offer from 21 December to the first week of January 2024, with mailing in late January. The independent committee repeats: take no action. The offer remains non-binding.
22 Dec 2023production update▼ BadMajor
Vele's contractor HOS is starting improvement initiatives after weak production, while Makhado contractor appointments stay on track for Q1 CY2024. Makhado funding now expected H1 CY2024 (previously H2 CY2023), with an accelerated H2 CY2024 coal start under review. Uitkomst turnaround continues to improve output.
19 Dec 2023business combination▼ BadMajor
The consortium revised its non-binding takeover proposal to A$0.16 cash per share, below the A$0.20-0.23 indicated in September. The independent committee says take no action pending the Bidder's Statement. The consortium is stated to represent 64.3% of shares.
18 Dec 2023material agreement● Neutral
The takeover consortium lodged a substantial holder notice on 18 December 2023 for a joint off-market bid. It shows Goldway Capital Investment (Hong Kong) as bidder vehicle and a combined 262,290,952 shares, 64.3% voting power, after a joint bid deed on 12 December. Formalises the earlier proposal.
28 Nov 2023agm notice● Neutral
The AGM is confirmed for 11:00am (South Africa time) on 30 November 2023 at the Johannesburg registered office, with virtual attendance by emailing the Company Secretary. Logistics only; no new business information.
8 Nov 2023security holder rights change● Neutral
The remaining 1,164,240 management shares were issued after South African Reserve Bank approval, completing the vested performance rights announced on 27 October. Issued capital becomes 407,890,744 shares.
3 Nov 2023business combination● NeutralMajor
Shareholders Senosi Group and Dendocept, on behalf of holders stated to represent 64.5%, said they intend a cash takeover for MC Mining. An earlier non-binding indication was A$0.20-0.23 per share. No firm price yet; the board's independent committee says take no action.
31 Oct 2023annual report● Neutral
2023 Annual Report: Makhado mine life extended from 22 to 28 years, Vele recommissioned, and the rights issue completed (gross A$40m). Uitkomst revenue per tonne up 35%, with a turnaround plan from June 2023. Largely repeats previously announced items.
31 Oct 2023quarterly activities report● Neutral
September 2023 quarter cash flow: receipts $9.9m, operating outflow $0.9m, investing outflow $2.6m. Cash fell to $5.1m from $7.5m. IDC loan of $8.5m indicatively matures 30 September 2024.
31 Oct 2023annual report● Neutral
Appendix 4G and corporate governance statement for FY2023, pointing to the company's website. Compliance filing with no new business information.
31 Oct 2023quarterly activities report● Neutral
September 2023 quarter: Uitkomst ROM 139,192t after the June turnaround plan; Vele delivered 71,580t. Cash and facilities fell to $5.1m. IDC approved extending the $8.5m loan to 30 September 2024. Makhado contractor appointments now expected Q1 CY2024.
27 Oct 2023security holder rights change● Neutral
The company issued 4,000,000 shares to CEO Godfrey Gomwe on vesting of his engagement options, plus 4,225,542 shares to managers on vested performance rights. 1,164,240 await South African Reserve Bank approval. Issued capital rises to 406,726,504 shares on admission.
5 Oct 2023agm notice● Neutral
AGM set for 30 November 2023 in Johannesburg; director nominations close 12 October 2023. Formal notice of meeting to follow.
22 Sept 2023annual report● Neutral
Statutory annual financial statements for the year to 30 June 2023, with directors' report and auditor's report. The text is truncated; key figures appear in the results announcement of the same day.
22 Sept 2023annual report● Neutral
FY2023 loss narrowed 79% to $4.4m (FY2022: $20.8m, which included a $14.9m impairment). Revenue rose 91% to $44.8m; cash $7.5m. The rights issue raised net $21.4m. The announcement draws attention to going concern disclosures.
