Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Feb 2012quarterly activities report● Neutral
Quarter to 31 January 2012: raw coal production up 24% and sales up 29% on the flood-hit prior period. Churchyard Creek drilling results were 'not encouraging'; Stage 2 under review. Colton, Elimatta and Acland Stage 3 approvals continue, and takeover due diligence by third parties was ongoing.
28 Feb 2012other▲ Good
Profit guidance for the half to 31 January 2012: net profit $96-101m, 18-25% above the prior operating result but about 75% below the $407.4m that included the Arrow sale gain. Full results due 20 March 2012.
16 Feb 2012regulatory community update▲ Good
The competition regulator finalised authorisation for 15 years of collective bargaining by New Hope and other miners with Dudgeon Point and QR Network, covering Dudgeon Point and Abbot Point. This confirms the earlier drafts and removes a legal risk for port and rail talks.
15 Dec 2011regulatory community update● Neutral
The competition regulator proposed letting New Hope and other miners bargain jointly with the Dudgeon Point terminal operator and QR Network, for 15 years. Draft determinations only; they follow the similar Abbot Point draft.
8 Dec 2011regulatory community update● Neutral
The competition regulator proposed allowing New Hope and other miners to bargain jointly with QR Network for rail access to Abbot Point, for 15 years. A draft only, not a final decision.
2 Dec 2011contract award▲ Good
North Queensland Coal Terminals, which New Hope founded with Macarthur, Peabody, Carabella and Middlemount, became Preferred Respondent for 30 Mtpa of Abbot Point capacity. This gives only a right to negotiate a framework agreement, a first step towards port access for Central Queensland projects.
30 Nov 2011quarterly activities report▲ Good
Quarter to 31 October 2011: operating profit about $51.1m, up 22%, as operations recovered from the flood rail outage. Northern Energy now 100% owned and delisted, lifting resources 36% to 2,087 Mt. 320 Mt of Girrah seam inventory coal was identified at Lenton.
17 Nov 2011agm notice● Neutral
Chairman's address at the 9th AGM repeating the 2011 results: profit $503.1m, underlying profit down 20%, 25.25c total dividends. It notes Northern Energy was subsequently acquired 100% and delisted, ending the minority buyout thread.
11 Nov 2011capital raising announcement● Neutral
Planet Gas, in which New Hope holds 19.9% via Hueridge, offers a share purchase plan at $0.026 per share, about a 20% discount. Hueridge will subscribe on the same terms to maintain 19.9%. Funds go to coalbed methane and Cooper Basin work.
5 Oct 2011other▲ GoodMajor
New Hope says it has received several preliminary, incomplete proposals about a possible change of control and will run a formal process for potential bidders over several months. It may or may not produce a proposal. Pitt Capital and Baker & McKenzie are advising.
29 Sept 2011business combination● NeutralMajor
New Hope, holding 98.55% of Northern Energy, gave notice that it will compulsorily acquire the remaining shares at $2.00 cash. Holders who accept the offer get paid sooner; compulsory payment is expected to take 4-6 weeks.
22 Sept 2011business combination● Neutral
Northern Energy's target's statement: its independent directors recommend accepting New Hope's $2.00 cash offer, in the absence of a superior proposal. It includes an independent expert's report. New Hope's own directors stayed out of the board's deliberations.
20 Sept 2011investor presentation● Neutral
Full-year results presentation repeating the $503.1m profit, 20% fall in underlying profit, record 5 Mt exports and Northern Energy holding of 98%. No new figures evident beyond the results release.
20 Sept 2011annual report▲ GoodMajor
Media release on the 2011 result: $503.1m profit, with underlying profit down 20% to $146.9m on weather impacts. Plans to double coal production over 5-7 years, using about $1.5bn of excess cash, subject to approvals. FY2012 guidance about 6.0 Mt. Northern Energy now over 98%.
20 Sept 2011annual report▲ GoodMajor
Year to 31 July 2011: profit $503.1m (up 174%), helped by the Arrow and Lenton sales; profit before non-regular items fell 20.1% to $146.9m. Final dividend 5c plus special 15c, fully franked, payable 8 November 2011.
12 Sept 2011business combination● Neutral
ASIC gave Northern Energy until 22 September 2011, seven extra days, to lodge its target's statement on New Hope's bid. Independent directors advise holders not to accept until they receive it. Procedural only.
2 Sept 2011business combination● NeutralMajor
New Hope's ownership of Northern Energy rose to 97.5% on 31 August 2011, so it can now compulsorily acquire the rest. This moves the second bid ($2.00 cash) towards full ownership of the company.
31 Aug 2011business combination● Neutral
Notice of dispatch of the bidder's statement for Arkdale's $2.00 cash, unconditional offer for Northern Energy, open until 13 October 2011 unless extended. Repeats the offer already announced on 29 August; no new terms.
30 Aug 2011quarterly activities report▲ Good
Quarter to 31 July 2011: Acland raw coal hit a record 2.665 Mt and sales rose 9% to 1.748 Mt, showing recovery from the flood rail outage. Full-year sales 5.647 Mt (down 4%), with record 5 Mt exports. New Hope held 94.7% of Northern Energy.
29 Aug 2011business combination▲ GoodMajor
New Hope offers $2.00 cash, unconditional and best and final, for the Northern Energy shares it does not own, valuing them at about $50m. New Hope already holds 80.83%. The price is a 29% premium to the last close of $1.55, funded from existing cash.
29 Aug 2011business combination● Neutral
Northern Energy confirms receipt of New Hope's $2.00 cash offer, a 29% premium to its $1.55 close. Its independent directors form a sub-committee to consider the offer. A target statement with an independent expert's report will follow. Shane Stephan is shown as acting CEO.
29 Aug 2011business combination● Neutral
New Hope formally launches its $2.00 cash offer for the Northern Energy shares it does not own, via Arkdale. It is described as best and final and unconditional, open until 13 October 2011 unless extended.
29 Aug 2011other● Neutral
Formal notice that Arkdale set 7am on 29 August 2011 as the date for determining which Northern Energy holders receive bid documents. Administrative notice only.
30 May 2011quarterly activities report▼ Bad
Quarter to 30 April 2011: raw coal down 10% to 2.559 Mt and sales down 42%, as Acland could not rail coal until late March. Rail is at pre-flood levels since mid April. New Hope ended the Northern Energy bid holding 80.8% and ordered a 1 t/hr coal-to-liquids plant for Jeebropilly.
26 May 2011resource reserve update▲ GoodMajor
Updated JORC statement at 31 March 2011: coal resources up 56% from 980 Mt to 1,529 Mt, and reserves up 12.4% from 484 Mt to 544 Mt. Based on further drilling, seismic data and remodelling. Acland resources now 855 Mt.
19 May 2011farm in farm out agreement▲ GoodMajor
New Hope agrees to sell a 10% interest in the Lenton project to Taiwan's Mai-Liao Power for A$58.04m, forming the Lenton Joint Venture. Payment is conditional on an agreed resource of at least 200 Mt being delineated, and on government approvals.
7 Apr 2011production update▲ Good
The first Acland coal train reached the QBH export terminal on schedule after the flood outage, and rail is running at contractual capacity. This resolves the rail reopening thread. New Hope is seeking extra short-term capacity to limit the financial impact.
22 Mar 2011half year report● Neutral
Half-year to 31 January 2011: profit after tax $407.4m, including a $326.3m gain on the Arrow Energy sale. Profit before that gain fell 27% to $81.1m; revenue fell 8.6% to $336.2m. Interim dividend 5.25c, up from 5.0c.
22 Mar 2011half year report● Neutral
Media release on the half-year result: profit $407.4m including the $326m Arrow gain, with underlying profit down 27.4% to $81.1m. It states the Northern Energy takeover closed in March with New Hope holding 80.8%, and rail was expected back by end of March.
22 Mar 2011investor presentation● Neutral
Analyst presentation repeating the half-year result: underlying profit down 27.4% to $81.1m, sales up 8.3% to 3.0 Mt. Notes Acland rail restart expected late March, with Acland building up stock meanwhile. No new figures beyond the results.
