Past year: ▲ 19%(20.0c – 32.5c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Mar 2017director officer appointment▼ Bad
Coal of Africa noted a South African Financial Services Board judgement and fine against Chief Operating Officer Michiel Brönn for breaching Section 78(1)(a) of the Financial Markets Act. He has been suspended while an internal review is completed. No fine amount is given.
14 Mar 2017half year report● Neutral
Half-year report to 31 December 2016: restates Vele's new stream-diversion EA, awaited water licence, and Makhado's suspended water licence. Directors' report notes Hengshun and Mooiplaats sale talks continue. Financial figures are cut off in the text.
14 Mar 2017half year report▼ BadMajor
Half-year result: loss narrowed to US$12.97m from US$14.3m. Makhado construction is now targeted for calendar 2018 (earlier guidance was 2017), subject to approvals, funding and board sign-off. The Hengshun MOU has not progressed while CoAL pursues a cash-generating acquisition and the June 2017 Rio Tinto payment.
10 Mar 2017other▼ Bad
S&P Dow Jones March 2017 index rebalance: Coal of Africa (CZA) is removed from the All Ordinaries index effective 20 March 2017. It had been added in March 2016.
20 Feb 2017admin correction● Neutral
CoAL retracted the cleansing notice for the YBI shares, saying it was lodged in error because there is excluded information. It says negotiations on acquiring a cash-generating asset are under way, but no binding agreement exists and none is guaranteed.
17 Feb 2017security holder rights change▲ GoodMajor
Yishun Brightrise (YBI) converted its US$10m interest-free loan into 245,037,980 shares at US$0.04081, removing a potential cash repayment. Of these, 240,042,603 issue now, lifting shares to 2,216,051,527. YBI will hold 19.28%. Rio Tinto is the one remaining settlement, due June 2017.
17 Feb 2017admin correction● Neutral
Cleansing notice for the 240,042,603 shares issued to YBI on loan conversion at 4.081 US cents. Administrative; it was later retracted.
2 Feb 2017admin correction● Neutral
Cleansing notice under the Corporations Act for the 49,007,596 M&G placement shares issued at 4.081 US cents. Administrative, no new substance.
1 Feb 2017capital raising announcement● NeutralMajor
CoAL placed 49,007,596 shares with M&G at 4.081 US cents each to raise US$2m for working capital. Shares on issue rise to 1,976,008,924. Follows cash falling to US$7.36m at December.
30 Jan 2017regulatory community update▲ GoodMajor
The Department of Mineral Resources granted Vele's Environmental Authorisation for stream diversion. This resolves the pending approval; only a water use licence is still awaited, after which the board will decide on the plant modification, weighing coal price forecasts.
2 Nov 2016regulatory community update▲ GoodMajor
The Environmental Affairs Minister dismissed the August 2016 appeal against the Makhado Environmental Authorisation amendment, which moved it to Baobab and extended it five years. This resolves one challenge; the suspended water licence appeal remains open.
24 Oct 2016other● Neutral
Appendix 4G governance checklist lodged with the annual report; the corporate governance statement is on pages 46 to 57. Administrative, no new substance.
24 Oct 2016annual report● Neutral
2016 Integrated Report. The visible text says Vele remains on care and maintenance and Makhado construction is expected to start in H2 FY2017. The rest is cut off.
12 Oct 2016director officer appointment▲ GoodMajor
Shangren Ding joins the board as a non-executive director from 11 October 2016, representing Haohua Energy International, which the announcement calls CoAL's largest shareholder. He has over 30 years in coal mining.
30 Sept 2016annual report● Neutral
Audited FY2016 financial statements, with directors' report and governance statement. The visible text shows no director changes during the year; financial figures are cut off in the text provided.
30 Sept 2016investor presentation● Neutral
FY2016 results presentation by the CEO and CFO. The visible text is only the disclaimer; no content is shown beyond that.
30 Sept 2016annual report● Neutral
FY2016 audited results announcement. Restates the Makhado FEED (capital cut 31% to US$280m), the suspended water licence, and the non-binding Hengshun MOU. Says it is engaging investors for funding, with a construction decision expected in the second half of CY2017.
25 July 2016regulatory community update▲ GoodMajor
Government departments approved moving the Makhado Environmental Authorisation from CoAL to Baobab, the project-owning subsidiary, and extended the start deadline by five years. Any appeal would suspend it immediately, as already happened to the water licence.
18 July 2016business combination▼ BadMajor
The Universal offer lapsed on 15 July 2016 with conditions unmet, despite 95.72% acceptances. CoAL's directors could not give the working capital statement needed for AIM readmission. CoAL may consider another offer and says it will keep restructuring its balance sheet.
18 July 2016business combination● Neutral
Universal's account of the lapse: the offer failed because condition (d), the working capital statement, could not be met. Universal will start underground mining at New Clydesdale and will evaluate any new CoAL offer on its merits.
8 July 2016business combination▼ BadMajor
Universal says CoAL has told it the offer cannot be extended past 15 July 2016. CoAL has not confirmed extra funding, and the Eskom coal supply agreement for New Clydesdale is unsigned, so CoAL's directors cannot give the working capital statement needed for AIM readmission.
28 June 2016business combination● Neutral
The Cooperation Agreement has expired on 24 June, though the offer stays open to 15 July 2016. Acceptances are 94.46% of Universal shares, with Loan Note elections at 50.39%. Universal's two largest shareholders have accepted.
17 June 2016business combination● Neutral
Sixth extension of the Universal offer, to 15 July 2016. The notice restates the US$15m Hengshun and Summer Trees subscriptions at US$0.0435; the text is truncated before the rest.
7 June 2016business combination● Neutral
Universal's version of the Cooperation Agreement extension to 24 June 2016. Its independent directors still recommend acceptance. Duplicates CoAL's announcement; no new terms.
7 June 2016business combination● Neutral
Cooperation Agreement deadline extended again, to 24 June 2016, matching the offer's closing date. Administrative; no change to offer terms.
31 May 2016capital raising announcement▲ GoodMajor
CoAL signs two subscriptions with Hengshun Zhongsheng (229,885,058 shares) and Summer Trees (114,942,529 shares) at US$0.0435, raising US$15m. They replace the terminated Yishun agreement and are conditional on the Universal offer going unconditional.
What it means for a shareholder
230m new shares at US$0.0435 to raise about US$15.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held US$1,000 of shares (22,989 at the issue price), your slice goes from 0.00119% to 0.00107% of the company. To keep it you'd need 2,742 more shares - about US$119 at the issue price.
Create a free account to see this worked out for your own holding.
24 May 2016business combination● Neutral
Universal's version of the Cooperation Agreement extension to 3 June 2016. Its independent directors still recommend acceptance. Duplicates CoAL's announcement; no new terms.
24 May 2016business combination● Neutral
Cooperation Agreement deadline extended to 3 June 2016 to allow more time to satisfy the Universal offer conditions, ahead of the 24 June 2016 offer close. Administrative; no change to terms.
13 May 2016business combination● Neutral
Fifth extension of the Universal offer, to 24 June 2016, to allow time to complete new funding agreements with Hengshun Zhongsheng and Summer Trees. Text is truncated before the funding terms.
4 May 2016material agreement▲ GoodMajor
Settles the Rio Tinto/Kwezi dispute by amending the Chapudi deferred payments: minimum monthly payments rise from US$100,000 to US$650,000, with final settlement still 15 June 2017. US$18.8m remains owing, secured by a pledge over MbeuYashu shares. Resolves the March acceleration claim.
