Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Apr 2010other● Neutral
Macarthur deferred its shareholder meeting on the Gloucester and Middlemount deals from 12 to 19 April 2010, citing an Xstrata approach to a major shareholder and shareholders needing more time. This gives New Hope's offer more time.
9 Apr 2010business combination▼ BadMajor
Macarthur's board unanimously refused to recommend New Hope's 2.7-for-1 offer, saying it gives no adequate control premium, is scrip only and needs 75% approval. It argues the premium is only 4-11% using comparable average prices. A setback for New Hope's bid.
9 Apr 2010business combination● NeutralMajor
New Hope proposes to buy all of Macarthur Coal by scheme, offering 2.7 New Hope shares per Macarthur share, valuing it at $14.58 a share and $3.71bn in total. It is conditional on Macarthur's Gloucester deal lapsing. A big strategy shift for a company previously calling deals fully priced.
9 Apr 2010regulatory community update● Neutral
New Hope withdrew its Takeovers Panel application, which had sought to delay Macarthur's 12 April meeting, after Macarthur deferred the meeting to 19 April anyway.
9 Apr 2010business combination● Neutral
Macarthur's board confirmed receiving New Hope's 2.7-for-1 scrip proposal and told shareholders to take no action while it assesses it. Conditions include a merger implementation agreement and 75% approval at a scheme meeting.
7 Apr 2010asset acquisition disposition● NeutralMajor
New Hope, via Uniford, will buy 7% of WestSide for $4.84m (8.806m shares). It can lift this to 19.9% through the underwritten entitlement offer at 45c and may nominate a WestSide director. Extends its coal seam gas exposure alongside Arrow and Planet Gas.
7 Apr 2010capital raising announcement● NeutralMajor
WestSide Corporation raised $64.41m to buy Anglo American's 51% of the Dawson coal seam gas fields, with New Hope and EIT backing it. New Hope expects to invest $23.3m for 19.9%, with placements at 55c and a 1-for-1 offer at 45c.
23 Mar 2010half year report▲ GoodMajor
Media release on the half-year: profit $111.6m, slightly above the $100-110m guidance, with export sales up 31.5%. Full-year sales forecast of 5.5-6 Mt kept. After period end, a Shell/PetroChina vehicle proposed $4.70 cash per share for Arrow, in which New Hope holds 16.7%.
23 Mar 2010investor presentation● Neutral
Analyst presentation on the half-year to 31 January 2010, repeating known results: production up 15.2% to 2.8 Mt, profit $111.6m (down 15.8%), interim dividend 5.0c. Also covers QBH expansion, coal-to-liquids, and the Arrow and Planet Gas stakes. Little new.
23 Mar 2010half year report● Neutral
Half-year to 31 January 2010: profit $111.6m, down 15.8% from $132.5m before one-offs, on lower US-dollar coal prices and a stronger Australian dollar. Revenue up 19.4% to $367.9m. Interim dividend 5.0c, up from 4.75c.
15 Feb 2010quarterly activities report▲ Good
Quarter to 31 January 2010: saleable coal up 20% to 1.419 Mt and sales up 29%. The Acland 4.8 Mtpa expansion was completed; rail maintenance hurt shipping. Planet Gas stake lifted to 19.9% for $8.8m total. Coal-to-liquids proof-of-concept plant design about 80% done.
26 Nov 2009other● Neutral
Chairman's AGM address recapping FY2009: operating profit $150.5m, 82c in dividends and production of 5.14 Mt. Acland now runs at 4.8 Mtpa. Repeats known results.
26 Nov 2009production update▲ Good
First-quarter unaudited profit up 9% to $58.9m on production up 11% and sales up 20%. Acland 4.8 Mtpa expansion is essentially complete; Jeebropilly to reach 900,000 tpa by mid 2010. FY2010 sales seen at 5-6 Mt; no debt, and acquisitions are seen as fully priced.
26 Nov 2009price query● Neutral
New Hope responded to media articles on its 16.8% Arrow Energy stake, confirming it is not in discussions with any third party about the holding and is meeting its disclosure obligations.
10 Nov 2009quarterly activities report▲ Good
Quarter to 31 October 2009: saleable coal up 11% to 1.396 Mt and sales up 20%. The Acland 4.8 Mtpa expansion is due early next quarter; Wetalla pipeline complete. Coal-to-liquids moves to a concept test plant, and the 13% Planet Gas stake is noted.
22 Sept 2009annual report▲ GoodMajor
FY2009 (to 31 July): profit after tax $1.95bn including the New Saraji sale gain; profit before non-regular items $262.3m. Final dividend 4.5c and special dividend 72.75c, payable 10 November 2009, as previously flagged; total 82c for the year. Auditor review unqualified.
22 Sept 2009annual report▲ Good
Media release on FY2009: operating profit up 82% to a record $150.5m, with saleable coal up 15.5% to 5.1 Mt. Directors flagged a likely lower 2010 operating result because of lower export coal prices when setting the special dividend.
22 Sept 2009investor presentation● Neutral
Analyst briefing on FY2009 results repeating known figures: operations profit $150.5m, 82c total dividends, and the $2.45bn Saraji sale gain of $1.688bn after tax. Wetalla pipeline finished under its $33m budget. Little new.
8 Sept 2009asset acquisition disposition● NeutralMajor
New Hope bought a 13% stake in Planet Gas (coal bed methane in Wyoming, plus Australian geothermal) for $4.51m via Hueridge, becoming its largest shareholder. It can lift this to 19.9% in a second tranche at 9.5c, subject to approval.
8 Sept 2009asset acquisition disposition● Neutral
Planet Gas announces New Hope subsidiary Hueridge will invest up to $8.2m for 19.9% at 9.5c a share; the first $4.5m tranche is done. Second tranche needs Planet Gas shareholder approval. NHC's Rob Neale joins the Planet Gas board.
28 Aug 2009director officer appointment▲ GoodMajor
Shane Stephan, previously Chief Development Officer at Macarthur Coal, joins as permanent CFO from 31 August 2009, to implement the long-term capital management plan. This ends the acting arrangement after Mantell's exit; new site managers also named.
17 Aug 2009quarterly activities report▲ Good
Quarter to 31 July 2009: saleable coal up 11% to 1.357 Mt. Full-year saleable output was a record 5.139 Mt (+15%) and sales a record 4.971 Mt (+12%). Jeebropilly is running at about 0.9 Mtpa; Lenton seismic survey completed.
17 Aug 2009investor presentation● Neutral
MD's Coaltrans conference talk on navigating volatile coal markets. Strategy: finish the Acland, QBH and pipeline projects, advance Lenton and coal-to-liquids, and keep evaluating acquisitions. Mostly restates known strategy.
30 July 2009resource reserve update▲ GoodMajor
Updated statement at 31 March 2009: Acland reserves 516 Mt and total resources 874 Mt, including Lenton 84 Mt and a new Bee Creek 9 Mt. Acland reserves are well above the 234 Mt previously reported (different basis possible).
18 May 2009quarterly activities report▲ Good
Quarter to 30 April 2009: saleable coal up 26% to 1.339 Mt and sales up 48%, recovering from the rail disruption. New Oakleigh will continue at about 200,000 tonnes a year rather than close. Acland expansion due first quarter 2010.
24 Mar 2009investor presentation● Neutral
Analyst briefing repeating the half-year results: profit up 261.5% to $132m, $600m special dividend due November 2009, and expansions on schedule. Mentions new contracts with CS Energy and QR National. Little that is new in the visible text.
24 Mar 2009half year report▲ GoodMajor
Half-year to 31 January 2009: profit before one-offs up 261.5% to $132.5m; including the $1.688bn New Saraji sale gain, net profit was $1.82bn. Interim dividend 4.75c; $600m special dividend still planned for November 2009. Net assets $2.4bn.
24 Mar 2009half year report▲ Good
Media release on the half-year: operating profit up 143.3% to $78.8m, with $53.7m from treasury. Interim dividend 4.75c, $600m special dividend reiterated for November 2009. Acland to reach 4.8 Mtpa by December 2009; guidance retained.
16 Mar 2009director officer appointment● Neutral
Interim arrangements after Mantell's departure: Chief Operations Officer Murray Bailey becomes acting CFO and Chief Accountant Matthew Busch acting company secretary, until a permanent successor is recruited.
5 Mar 2009investor presentation● Neutral
MD Rob Neale's conference talk on global economic turbulence. Production is on track, sales slightly behind from rail issues, expansions on schedule and budget, and guidance retained. Oakleigh to extend in 6-9 month steps; gasification trials of Acland coal scheduled April-May.
