15 Mar 2021half year report● Neutral
Half-year to 31 Dec 2020: loss $2.7m (H1 FY20: $7.1m) on revenue $8.8m and a $0.4m gross loss at Uitkomst. Full report adds Makhado is 93.3% owned and Uitkomst 100% (corrected to 70% elsewhere). Cash $2.0m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Feb 2021director officer appointment● Neutral
Details of the CEO change: Berlin resigned with no bonus and 4,417,503 unvested performance rights cancelled. Randazzo's interim CEO base pay is R5.72m a year with a bonus of up to 100%. The contract is open-ended with no notice period.
12 Feb 2021director officer appointment● NeutralMajor
Non-executive director Sam Randazzo, chair of the Audit & Risk Committee, will be interim CEO when Brenda Berlin leaves on 15 February 2021. The permanent CEO search is said to be at an advanced stage.
10 Feb 2021debt financing▲ GoodMajor
The IDC extended repayment of the R160m ($10.3m) loan plus interest to 31 July 2021, from 30 November 2020. The R245m Phase 1 term loan drawdown deadline is also extended to 31 July 2021, subject to IDC due diligence. Unpaid debt can convert to equity.
5 Feb 2021other▲ GoodMajor
Headline says the Mopane mining right was granted, ending the pending application noted earlier. The announcement text was not readable, so no details are available.
4 Jan 2021other● Neutral
Tennyson Securities is appointed sole AIM broker, replacing Mirabaud Securities. It employs the broking team that left Mirabaud, so the company describes it as continuity. Administrative change.
18 Dec 2020admin correction● Neutral
The company's registered address in South Africa changed to Bramley, Johannesburg, effective 18 December 2020. Administrative notice only.
8 Dec 2020director officer appointment▼ BadMajor
Acting CEO and executive director Brenda Berlin will step down effective 15 February 2021. A search for a permanent CEO is under way, and the company says her exit is not expected to affect finalising Phase 1 funding.
30 Nov 2020debt financing▼ BadMajor
The R160m IDC drawdowns plus interest fall due 30 November 2020. MC Mining has applied to extend, and if no deal is reached the debt can be converted into equity. Phase 1 now needs about R575m ($37.1m), with R130m equity still to find in Q1 CY2021.
22 Oct 2020annual report● Neutral
FY2020 annual report. Uitkomst ROM output was 431,354t (down 9%) with production cost per saleable tonne down 16% to $63.01. It records the new R245m ($17m) IDC loan and in-principle funding of $14m for Makhado Phase 1. Rest of the report was truncated.
22 Oct 2020admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report, pointing to the governance statement on pages 32 to 42. Compliance paperwork with no new substance.
30 Sept 2020investor presentation● Neutral
Presentation of FY2020 results (year to 30 June 2020) by Acting CEO Brenda Berlin. Only the disclaimer was readable here, so no new figures could be extracted beyond the same-day results.
30 Sept 2020other● Neutral
Text not readable.
30 Sept 2020annual report● Neutral
Full statutory accounts for the year to 30 June 2020. Only the directors' profiles were readable here; no financial figures could be extracted.
4 Sept 2020capital raising announcement▲ GoodMajor
Columbia Skies Holdings will subscribe for 7,831,785 shares at about R1.27, raising roughly R10.0m ($0.6m) for a 4.8% stake, subject to Reserve Bank approval. Shares would rise to 162,251,340. Full Phase 1 funding is now targeted by end CY2020.
12 Aug 2020capital raising announcement▲ GoodMajor
Reserve Bank approval was received for R15.0m ($0.9m) of new equity: 13,331,433 shares at 105.56 SA cents (6.27 pence). IDC gets about 1.1m warrants, and shares in issue rise to 154,419,555. This satisfies the IDC loan condition.
7 July 2020debt financing● NeutralMajor
Conditional IDC restructuring: R40m ($2.3m) of the undrawn second tranche can be drawn if repaid by 30 November 2020, and first tranche repayment is delayed to November 2020. IDC's Baobab stake rises to 6.7%, and R15m of new equity is required. Phase 1 funding now expected H2 CY2020.
18 May 2020debt financing● Neutral
Uitkomst has ramped up to the permitted 50% labour level with strong customer demand. The company is negotiating with lenders including the IDC to defer principal repayments, and expects a favourable outcome, not yet finalised.
5 May 2020production update● Neutral
Uitkomst restarted on 4 May 2020 under level 4 rules, limited to 50% of labour capacity. Cash is $1.1m, and Makhado funding is still expected in Q2/Q3 CY2020.
27 Mar 2020production update▼ BadMajor
Uitkomst, the only producing mine, goes on care and maintenance for the lockdown, and FY2020 production guidance is suspended. Cash is just $1.0m, with $7.0m of IDC second tranche available; $32m is still needed for Makhado Phase 1.
24 Mar 2020regulatory community update▼ Bad
South Africa declared a 21-day COVID-19 lockdown from 26 March 2020. The company expects it to affect the Uitkomst colliery but says the extent is not yet known.
13 Mar 2020half year report▼ Bad
Half-year to December 2019: loss widened to $7.1m from $3.6m, revenue fell to $11.4m, and cash was $3.8m. Phase 1 funding need is now stated as $37m, with completion expected H1 CY2020 and construction Q3 CY2020.
13 Mar 2020half year report● Neutral
Full half-year accounts to 31 December 2019, with the Makhado Phase 1 plan and the board changes. Only the front sections were readable here; the headline results appear in the same-day announcement.
13 Mar 2020investor presentation● Neutral
Presentation of the half-year results to 31 December 2019, given by Acting CEO Brenda Berlin. Only the disclaimer was readable here; no new figures could be extracted beyond the same-day results announcement.
11 Feb 2020director officer appointment● Neutral
Terms of Brown's exit: no bonus, notice period cancelled, 208,537 performance rights vest in lieu and the other 2.2 million or so are cancelled. Brenda Berlin's pay as Acting CEO is unchanged at R5.72m.
3 Feb 2020director officer appointment▼ BadMajor
CEO David Brown resigned after seven and a half years, effective 31 January 2020. CFO Brenda Berlin becomes Acting CEO, focused on raising the $52m Makhado Phase 1 funding, of which $17m of IDC debt is secured.
2 Jan 2020director officer appointment● Neutral
Non-executive director Thabo Mosololi, chair of the Audit & Risk Committee, resigned effective 31 December 2019. Management says Makhado Phase 1 funding, with lender and investor due diligence under way, should complete in H1 CY2020, with construction soon after.
4 Dec 2019director officer appointment● Neutral
Long-standing non-executive director Peter Cordin, on the board since 1997, retired on 22 November 2019 by not seeking re-election. The company now anticipates Makhado funding in the first half of CY2020, later than the earlier Q4 CY2019 target.
5 Nov 2019regulatory community update▲ GoodMajor
The government granted the mining right for the 74%-owned Generaal project, with over 407 million gross tonnes of inferred coal. It is the second Greater Soutpansberg right after Chapudi in December 2018; Mopane is still pending.
24 Oct 2019admin correction● Neutral
Appendix 4G corporate governance checklist lodged with the annual report; the governance statement is on pages 40 to 48 of the report. Administrative filing with no substantive news.