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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
7 Sept 2022agm notice● Neutral
New Hope was notified by Market Forces, for 117 shareholders, of two proposed resolutions for the 24 November 2022 AGM. One would amend the constitution; the other asks for disclosure on managing coal assets consistent with net zero by 2050.
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.
22 Aug 2022quarterly activities report▲ Good
Quarter to July 2022: underlying EBITDA A$645m, with about A$1.56bn for the year (unaudited). Cash is A$815m after the $94.4m Malabar investment. Newcastle coal averaged a record US$404.99/t. Chuwar mine was fully rehabilitated and its lease surrendered.
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.
26 May 2022quarterly activities report● Neutral
Quarter to April 2022: underlying EBITDA A$358.6m, with Newcastle coal averaging US$326.22/t in April. Bengalla was hit by rain and COVID labour shortages, with saleable coal down 19.4%. Vali gas sales agreement with AGL became unconditional for the joint venture.
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.
28 Feb 2022quarterly activities report▲ Good
Quarter to January 2022: underlying EBITDA A$310m, with Newcastle coal at a record US$248.64. New Acland stays in care and maintenance after the Land Court recommendation. Bridgeport now supports a reserves increase from the Vali discovery, with production targeted later in 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.
14 Jan 2022director officer appointment● NeutralMajor
CEO Reinhold Schmidt resigned effective immediately after a short period of personal leave. CFO Rob Bishop becomes Acting CEO on a higher-duties allowance of $230,000 a year. The Chairman describes the outlook as positive.
17 Dec 2021regulatory community update▲ GoodMajor
The Queensland Land Court recommended that the New Acland Stage 3 mining leases and environmental authority amendment be granted, subject to conditions. This is a major step in a long approvals fight, but government approvals are still needed.
18 Nov 2021agm notice● Neutral
AGM results: all company resolutions carried, including the remuneration report and the convertible note ratification. The Market Forces constitution change failed with about 99% against, so the net-zero capital protection resolution was not put. This resolves the open members' resolutions.