Past year: ▲ 43%(3.82 – 6.03 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Mar 2023investor presentation● Neutral
Half-year results presentation repeating known figures: NPAT $669m, underlying EBITDA $1,039m, 30.0c interim plus 10.0c special dividend. Notes Bengalla growth to 13.4Mtpa by September 2024 for about $200m, and first coal mined at Malabar's Maxwell mine.
17 Feb 2023admin correction● Neutral
Corrects a typo in the quarterly report: the first-half FY22 comparative EBITDA was A$554m, not A$55m. This makes the 89% growth claim in the original highlight look overstated; the half-year report shows an 87.3% rise.
1 Feb 2023director officer appointment● Neutral
Lucia Stocker joined the Board as an independent non-executive director on 1 February 2023. She has over 25 years of mining, engineering and strategic planning experience and will stand for election at the November 2023 AGM.
21 Dec 2022debt financing● NeutralMajor
The note repurchase was upsized to about A$75m of the A$200m convertible notes because of strong noteholder interest. The price depends on the share price average to 14 March 2023, with settlement through that period.
20 Dec 2022debt financing● Neutral
New Hope launched a reverse book-build to repurchase up to A$70m of its convertible notes for cash. The price is set by its share price average from 3 January to 14 March 2023. Share buy-back activity stays on hold until pricing ends.
14 Dec 2022capital raising announcement● Neutral
New Hope paused its A$300m share buy-back and began buying back its 2.75% convertible notes on market. Notes with A$107.9m face value are said to remain outstanding. No share buy-back will occur while the note buy-back continues.
24 Nov 2022other● Neutral
Chair, CEO and presentation addresses delivered at the 24 November 2022 AGM. The Chair called the New Acland Stage 3 approvals the biggest recent achievement and noted a 147% total shareholder return for FY2022. Mostly repeats known facts.
25 Oct 2022security holder rights change● Neutral
Because of the 56c dividend, the conversion price of the A$200m 2.75% convertible notes fell from A$1.8736 to A$1.7203 from 26 October 2022. This is a standard adjustment under the note terms.
20 Oct 2022regulatory community update▲ GoodMajor
The New Acland Stage 3 Associated Water Licence was granted on 20 October 2022. New Hope now holds all primary approvals to resume mining, resolving the long approvals process that began with the Land Court recommendation in December 2021.
19 Oct 2022other● Neutral
New Hope denied media reports that it is in a consortium with Oaktree and Brookfield bidding for Aurizon's East Coast Rail business. It says it regularly examines opportunities aligned with strategy and is meeting disclosure obligations.
28 Sept 2022other▲ Good
Director Thomas Millner bought 300,000 shares on-market on 28 September 2022 at about $6.10 to $6.32 each, lifting his indirect holding to 5,153,215. Routine insider-holding notice; not in a closed period.
20 Sept 2022investor presentation▲ Good
Full-year results presentation repeating known figures: underlying EBITDA $1,577m, final dividend 31.0c plus special 25.0c, and 86.0c total dividends for the year. Presents Bengalla as the flagship asset while New Acland approvals are outstanding.
20 Sept 2022other● Neutral
Appendix 4G and corporate governance statement for the year to 31 July 2022, confirming the governance statement is up to date as at 20 September 2022. Compliance filing with no new substance.
20 Sept 2022annual report▲ GoodMajor
Year to 31 July 2022: net profit $983.0m (2021: $79.4m), revenue $2.55bn and underlying EBITDA $1,577.4m. Final dividend of 31.0c plus special 25.0c, payable 8 November 2022. Lenton was sold to Bowen Coking Coal on 1 July 2022.
20 Sept 2022resource reserve update● NeutralMajor
2022 coal statement at 31 May 2022: total resources 1,939Mt (2021: 2,655Mt) and recoverable reserves 868Mt (2021: 923Mt). Burton and Lenton were sold in 2022 and Yamala was surrendered, so their resources were removed. Elimatta was revised under a new geological model.
20 Sept 2022resource reserve update▲ Good
Bridgeport's net 2P reserves at 31 July 2022 are 6.2 MMboe (up from 5.9 at May 2021) and 2C resources are 11.0 MMboe. Vali appraisal added reserves and the Odin-1 discovery lifted contingent resources.
26 Aug 2022regulatory community update▲ GoodMajor
The Minister for Resources granted the New Acland Stage 3 Mining Leases on 26 August 2022. Only the associated water licence is still needed, and preparations to resume mining have begun. The Chair warned of risk of further delay from court challenges.
3 Aug 2022asset acquisition disposition▲ GoodMajor
New Hope bought a 15% stake in unlisted Malabar Resources for $94.4m (75.5m shares at $1.25), funded from cash. Malabar is building the Maxwell underground metallurgical coal mine. It also terminated its undrawn debt facility, and Bengalla received an adjoining exploration licence. This follows the stated plan to deploy surplus cash into coal.
1 Aug 2022director officer appointment● Neutral
Steven Boulton joins the Board as an independent non-executive director, effective 29 July 2022. He has 40+ years in infrastructure and asset fund management and will stand for election at the November 2022 AGM.
28 July 2022other● Neutral
New Hope lodged a revised Securities Trading Policy under Listing Rule 12.10. It sets rules on insider trading and dealing by directors, employees and contractors. Administrative; no operational or financial news.
28 June 2022regulatory community update▲ GoodMajor
The Department of Environment and Science issued the New Acland Stage 3 Environmental Authority on 28 June 2022. Remaining primary approvals are the Mining Leases (Minister for Resources) and the associated water licence. This continues the long approvals process.
3 June 2022other▲ Good
S&P Dow Jones Indices announced New Hope will be added to the S&P/ASX 200 index effective before the open on 20 June 2022. This is an index provider notice, not a company announcement, and changes nothing in the company's operations.
27 May 2022regulatory community update▲ GoodMajor
The Coordinator-General issued her change report on the New Acland Stage 3 environmental conditions, satisfying a condition of the Land Court's recommendation. Remaining steps are the environmental authority decision, the mining leases and a water licence.
9 May 2022regulatory community update● Neutral
The NSW Supreme Court set an eight-week trial from 13 February 2023 for the Colton liquidators' claim against New Hope. The company continues to deny the claims and is defending them vigorously.
19 Apr 2022security holder rights change● Neutral
After the 30c dividend (interim 17c plus special 13c), the conversion price of the A$200m convertible notes was adjusted from A$2.0412 to A$1.8736, effective 20 April 2022. This slightly increases the shares the notes could convert into.
22 Mar 2022investor presentation▲ Good
Half-year results presentation repeating known figures: EBITDA $554m, 30.0c total dividends, $513m cash and $933m liquidity. Describes a cash build to enable growth and transformational opportunities when they arise.
22 Mar 2022half year report▲ Good
Results release for the half-year: average realised price A$192.38/t, up 147%, and debt free. Cash is $513.1m and liquidity $933.1m. Interim 17.0c and special 13.0c dividends declared; management says Newcastle pricing is currently above US$300/t.
22 Mar 2022half year report▲ GoodMajor
Half-year to 31 January 2022: net profit $330.4m versus a $55.4m loss, with underlying EBITDA $554.4m. Debt is fully repaid. Interim dividend of 17.0c and special dividend of 13.0c, both fully franked, are payable 4 May 2022.
14 Feb 2022director officer appointment● NeutralMajor
Rob Bishop is confirmed as permanent CEO on total fixed remuneration of $954,568 a year, and Rebecca Rinaldi as permanent CFO, both effective 14 February 2022. This resolves the leadership change that began with Schmidt's resignation in January.
1 Feb 2022director officer appointment● Neutral
Following Bishop's move to Acting CEO, he resigned as Company Secretary. Dominic O'Brien becomes Company Secretary and Rebecca Rinaldi, previously Financial Controller, becomes Acting CFO. This resolves the interim leadership gaps.
