Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2020quarterly activities report▼ Bad
June 2020 quarter: lockdown cut Uitkomst ROM output 66% to 41,536t and sales 74%, and cash was only $0.4m. Normal production resumed end-June; Makhado funding is now expected in H2 CY2020.
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.
24 Apr 2020quarterly activities report▼ Bad
March 2020 quarter: Uitkomst ROM output was up 12% before the lockdown halted it from 27 March. Cash fell to $1.8m from $3.5m, and Makhado funding slipped again to 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.
28 Jan 2020quarterly activities report● Neutral
December 2019 quarter: Uitkomst sold 84,578t, up 24%, with two lost-time injuries, but cash fell to $3.5m from $5.3m. Makhado funding is now expected in H1 CY2020 with construction in H2 CY2020, a further slip.
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.
31 Oct 2019quarterly activities report● Neutral
September 2019 quarter: Uitkomst sold 71,473t with five lost-time injuries, and cash fell to $5.3m from $8.8m. Makhado Phase 1 funding talks continue for the ~$52m need, with completion targeted Q4 CY2019 and construction Q1 CY2020.
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.
23 Oct 2019annual report● Neutral
Full 2019 annual report for the year to 30 June 2019, covering the same results already announced on 30 September. Only the front sections were readable here; no new figures could be extracted.
23 Oct 2019agm notice● Neutral
The 2019 annual report and notice of the AGM, to be held in London on 22 November 2019, were posted to shareholders. Administrative notice only; no new information.
30 Sept 2019investor presentation● Neutral
FY2019 results presentation. Only the disclaimer is readable; no results figures could be extracted.
30 Sept 2019annual report▼ BadMajor
FY2019: Uitkomst sold 309,401t for $26.4m revenue (FY2018 $32.7m), and net impairments of $21.9m contributed to the loss. Year-end cash was $8.8m. Makhado Phase 1 construction is now expected in Q4 CFY2019/Q1 CY2020, later than the earlier Q3 CY2019 target.
30 Sept 2019annual report● Neutral
Statutory annual accounts for the year to 30 June 2019. The readable portion covers only the contents index and directors' biographies; no financial figures could be extracted. Results are in the same-day announcement.
30 July 2019quarterly activities report● Neutral
June 2019 quarter: Uitkomst sold 75,643t at $71/t, down 27%, with no lost-time injuries. Cash rose to $8.7m, helped by $4.1m from the early Mooiplaats settlement. Recaps both Makhado offtakes, the appeal dismissal and the IDC loan approval.
15 July 2019debt financing▲ GoodMajor
The IDC credit committee approved a R245m ($17.5m) seven-year term loan for Makhado Phase 1, subject to documentation. Conditions include an equity raise of at least R200m and settling the existing IDC loan (R184.7m). A residual equity need of R455m ($32.5m) remains.
21 June 2019material agreement● Neutral
MC Mining signed a new cooperation agreement with Haohua Energy International; the 2013 deal had lapsed after HEI's stake fell below 19.9%. HEI now needs only 5.4% to nominate a director, and will try to help arrange funding. Shangren Ding stays on the board.
19 June 2019material agreement▲ GoodMajor
ArcelorMittal South Africa will buy at least 350,000t a year of Makhado Phase 1 hard coking coal, with the right to take another 100,000t, for up to ten years. Conditions include funding confirmed by 15 December 2019. Completes Phase 1 offtakes.
29 Apr 2019quarterly activities report● Neutral
March 2019 quarter: Uitkomst sold 70,271t at $75/t, down 14%, with three lost-time injuries. Cash was $4.7m versus $5.4m in December. Recaps Phase 1 approval, Lukin/Salaita transfer, Randazzo's appointment, and the thermal offtake and appeal dismissal as subsequent events.
