Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
11 Jan 2011production update▼ BadMajor
Heavy rain in south-east Queensland suspended production at all New Hope operations. No flood damage to the mine sites so far, but transport infrastructure damage is being assessed. The company cannot yet estimate the full impact.
24 Dec 2010other● Neutral
Updated share trading policy (effective 15 December 2010) sets out insider trading rules and closed and open trading windows for employees and directors. Administrative only, with no financial or operational news.
16 Dec 2010business combination● Neutral
Northern Energy's chairman says New Hope will extend its offer from 21 December 2010 to 22 February 2011, and tells shareholders to take no action. He claims few acceptances so far and that the bid is below the ASX trading price.
10 Dec 2010business combination● Neutral
New Hope's Arkdale applied to the Takeovers Panel, alleging Northern Energy's target's statement omitted off-take agreement terms and that its expert and technical reports were deficient. It wants corrected reports and a supplementary statement. No Panel decision yet.
1 Dec 2010investor presentation● Neutral
New Hope presentation promotes its $1.50 Northern Energy offer, citing premiums of 42.9%-57.9% to pre-offer prices, no finance conditions and no competing bid. It says NEC needs $664m of funding and calls the expert's valuation flawed. Offer closes 21 December unless extended.
23 Nov 2010business combination● Neutral
New Hope's initial reply to the Target's Statement questions the independent expert's valuation of up to five times the pre-approach price. It points to a 12.7% placement at $1.41 and notes the projects are unfunded. It urges acceptance of $1.50.
23 Nov 2010business combination▼ BadMajor
Northern Energy says its independent expert (Lonergan Edwards) finds New Hope's $1.50 offer not fair or reasonable, valuing shares at $3.48-$4.75, or $2.70-$3.99 if a capital raising is needed. Directors urge shareholders to reject. This is a major hurdle for the bid.
23 Nov 2010business combination▼ Bad
Northern Energy lodged its Target's Statement, with directors unanimously recommending shareholders reject New Hope's $1.50 offer as inadequate. Directors and key holders control about 29% and intend to reject. The offer is still open to 21 December.
9 Nov 2010business combination● Neutral
New Hope's subsidiary Arkdale formally opened its $1.50 cash offer for Northern Energy on 9 November 2010, closing 7pm Sydney time on 21 December 2010 unless extended. This sets the dates left blank in earlier bidder's statements.
4 Nov 2010business combination● Neutral
Northern Energy's chairman tells shareholders to keep ignoring New Hope's $1.50 offer, calling it inadequate. He says only $84m is needed in 2011 and disputes any suggestion that a big capital raising is imminent. Target's statement is due later in November.
26 Oct 2010business combination● Neutral
A supplementary bidder's statement for the $1.50 Northern Energy offer, which appears to correct dates in the replacement statement (22 and 25 October). The offer price is unchanged; this is an administrative correction.
25 Oct 2010business combination● Neutral
New Hope lodged a replacement bidder's statement on 25 October replacing the 22 October version. The offer remains $1.50 cash per Northern Energy share. The extract does not show what changed.
22 Oct 2010business combination● Neutral
Northern Energy says the bidder's statement changes nothing: the $1.50 price and conditions are unrevised and the board still rejects the offer. It says $84m of capital is needed to bring Colton into production by 2012. Target's statement due in November.
22 Oct 2010business combination● Neutral
New Hope's subsidiary Arkdale lodged its bidder's statement for the $1.50 cash offer for Northern Energy. Offer dates are still blank. It formalises the bid already announced on 8 October.
15 Oct 2010business combination● Neutral
Northern Energy's chairman wrote to shareholders repeating the board's unanimous rejection of New Hope's $1.50 offer as undervaluing the Maryborough and Elimatta projects. Advice remains to take no action. No new information beyond the 14 Oct announcement.
14 Oct 2010business combination▼ Bad
Northern Energy's board unanimously rejected New Hope's $1.50 offer as materially undervaluing it, calling it opportunistic and timed to weakness tied to the resource tax and mine approval delays. Shareholders are told to take no action. The bid is not yet successful.
8 Oct 2010business combination● NeutralMajor
Northern Energy says it received a non-binding, conditional cash approach from New Hope at a premium to its last price, and rejected it as inadequate. It remains open to talks, and the terms were kept confidential. Shareholders were told to take no action.
8 Oct 2010business combination● Neutral
Northern Energy notes New Hope's formal $1.50 cash offer, which it says differs from the earlier proposal it rejected, and has yet to be considered by its board. Shareholders are told to take no action.
8 Oct 2010business combination● Neutral
Duplicate of New Hope's announcement of a $1.50 per share cash takeover for Northern Energy (equity value $193m, 50.1% minimum acceptance, funded from cash). Re-release of the same text, no new information.
8 Oct 2010business combination● NeutralMajor
New Hope launched a $1.50 per share cash off-market takeover for Northern Energy, valuing it at $193m, a 42.9% premium to the 6 Oct close. New Hope already holds 4.9%, needs 50.1% acceptance, and says it will fund the deal from existing cash.
21 Sept 2010other▲ GoodMajor
Preliminary FY2010 results release: record saleable coal of 5.9 Mt (+15.2%), exports 4.9 Mt (+26.2%), NPAT $183.8m. FY2011 guidance is 6.0 Mt. The Arrow shares sale was finalised 23 Aug 2010 for $576m cash, with a $326m after-tax profit to be booked in FY2011.
21 Sept 2010investor presentation● Neutral
Analyst briefing repeating the FY2010 result: operations NPAT $112.6m (within $175-185m guidance on total NPAT), investment NPAT $71.2m, dividends 23.5c. The $326m Arrow sale gain falls in FY2011. Largely repeats the results release.
21 Sept 2010annual report● Neutral
FY2010 profit after tax was $183.8m (versus $1.95bn in FY2009, which included the Saraji sale), on revenue of $745.0m (+6.3%). EPS 22.3c. Final dividend 4.5c plus special 14.0c, payable 9 November 2010; total dividends 23.5c.
14 Sept 2010material agreement● NeutralMajor
New Hope agreed to buy an initial 25% of a licensed direct coal-to-liquids technology company, with Quantex Research holding the other shareholding, and a right to go to 51%. A proof-of-concept plant is planned for 2011. It flags scale-up risk.
17 Aug 2010regulatory community update▼ Bad
Chairman Millner wrote to New Hope shareholders opposing the proposed resource tax from 1 July 2012. Initial modelling suggests long-term shareholder returns from mining fall by over 10%. Draft legislation is not yet available, and he asks them to consider it when voting.
16 Aug 2010other▼ Bad
Soul Pattinson, which holds about 60% of New Hope, mailed its shareholders the chairman's letter on the proposed resource rent tax. It says initial modelling suggests long-term returns from New Hope's mining fall by more than 10%.
22 July 2010resource reserve update● NeutralMajor
Updated statement as at 31 March 2010: Acland reserves 493 Mt (previously 516 Mt in context) and total resources 980 Mt including Lenton 84 Mt. Acland resources are 879 Mt, up from 781 Mt, from further exploration.
19 Apr 2010business combination● Neutral
Macarthur's largest holder CITIC (22.4%) said it cannot yet assess Peabody's further proposal, remains supportive of the Noble/Gloucester rationale, and reserves its vote. The New Hope bid is not mentioned; the contest remains unresolved.
15 Apr 2010business combination▼ BadMajor
Macarthur's board unanimously rejected New Hope's revised offer, saying the premium is inadequate and the $950m cash cap covers only about 26% of shares. The only change was adding cash. It kept its backing for the 19 April vote on the Noble deals.
15 Apr 2010business combination● Neutral
Macarthur's board acknowledged New Hope's revised proposal (2.7 shares or $14.50 cash, $950m cap) and told shareholders to take no action while it considers it. Conditions remain: a merger agreement, Gloucester bid lapsing, board recommendation and 75% approval.
