10 Dec 2020other● Neutral
New Hope's cleansing notice following Soul Pattinson's sale of 50 million shares, leaving it with about 43.94%. Administrative re-release of the 8 December sale; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Dec 2020other● NeutralMajor
Washington H. Soul Pattinson sold 50 million New Hope shares (about $70.2m), cutting its holding from 50.01% to 43.94% (365.7m shares). Its stake in New Hope falls below half.
17 Nov 2020agm notice● Neutral
AGM update: High Court heard the Oakey Coal Action Alliance appeal on 6 October 2020 and reserved its decision. Repeats FY2020 results, redundancies and a 17% Newcastle price rise since July. No final dividend declared.
17 Nov 2020director officer appointment● Neutral
Company Secretary Janelle Moody resigned, effective 17 November 2020. CFO Rob Bishop takes over as Company Secretary from close of business that day.
17 Nov 2020quarterly activities report● Neutral
Quarter to 31 October 2020: saleable coal fell 36.5% to 2.1Mt on the Bengalla dragline shutdown (finished 18 days late, $2M under budget) and New Acland ramp-down. Newcastle price is up 17% since July. About 90 head-office redundancies take effect 27 November.
17 Nov 2020investor presentation● Neutral
AGM chairman's address and presentation repeating known points: FY2020 profit before non-regular items $119.5m, New Acland Stage 3 still unapproved. The company says the Labor government's re-election means renewed negotiations with a new minister. 90 further head-office jobs go this month.
22 Oct 2020director officer appointment● Neutral
Rob Bishop, acting CFO since July 2020, is appointed permanent Chief Financial Officer after an executive search. Resolves the CFO vacancy left by Matthew Busch's July resignation.
16 Oct 2020other▼ BadMajor
Voluntary redundancies offered at head office, with up to 75% of corporate staff and most executive positions to go by end November 2020. CEO Schmidt cites New Acland approval uncertainty and a tough couple of years even if approved.
22 Sept 2020director officer appointment● Neutral
Non-executive director Bill Grant, on the board since 2006 and Bridgeport chairman, will retire at the end of the 17 November 2020 AGM. Jacqueline McGill takes over as chair of the Human Resources and Remuneration Committee.
22 Sept 2020resource reserve update▼ BadMajor
Bridgeport's net 2P oil reserves at 31 May 2020 fell to 4.4 MMboe from 5.7, while 2C resources rose to 12.7 MMboe from 11.3. Lower oil prices and higher Queensland royalty cut reserves; the Vali-1 gas discovery lifted resources.
22 Sept 2020investor presentation● Neutral
Results presentation repeating the FY2020 figures: EBITDA $290m, net debt $290m, gearing 14%, $150m undrawn debt. New Acland's remaining workforce is expected to lose jobs within 12 months without Stage 3. No new results.
22 Sept 2020annual report▼ BadMajor
FY2020 revenue fell 17% to $1,084m; profit before non-regular items fell 69% to $84m, and a $156.8m statutory loss followed non-regular items (including impairments). No final dividend; full-year dividend is 6.0c. Net debt is $290m.
22 Sept 2020annual report▼ Bad
FY2020 results release: production 11.3Mt, sales 11.5Mt, profit before non-regular items $84m, statutory loss $156.8m. No final dividend. Impairments of about $246m across coal, goodwill and oil; 175 New Acland and 23 other redundancies. Stage 3 still awaits Mining Leases and a water licence.
22 Sept 2020resource reserve update▲ GoodMajor
2020 coal update at 31 May 2020: initial 207Mt recoverable reserve booked for Taroom; total recoverable reserves 939Mt (749Mt in 2019). Total resources 2,672Mt (2,636Mt). Bengalla and New Acland reserves fell slightly on updated models; 240Mt of New Acland reserves need approvals beyond Stage 3.
22 Sept 2020annual report● Neutral
Appendix 4G key to corporate governance disclosures for FY2020, pointing to the company website statement. Administrative filing with no new business information.
4 Sept 2020other▼ Bad
S&P Dow Jones Indices announced New Hope will be removed from the S&P/ASX 200 effective 21 September 2020. It had been in the index since December 2018. Index funds tracking it may sell as a result (inference).
21 Aug 2020quarterly activities report● Neutral
Quarter to 31 July 2020: Bengalla set record full-year output of 10.3 Mt (100% basis); Queensland production was about 3 Mt for the year. Newcastle coal price is down 24% since January. An 80-day Bengalla dragline shutdown began end of July.
21 Aug 2020agm notice● Neutral
Shareholders holding 113 accounts, via Market Forces, requisitioned two resolutions for the 17 November 2020 AGM: a constitution change allowing advisory shareholder resolutions, and a request for a Paris-aligned plan to wind up coal operations. They will appear in the AGM notice.
15 July 2020director officer appointment▼ BadMajor
CFO Matthew Busch resigned after more than 23 years with the company. Rob Bishop, General Manager Corporate Development, becomes Acting CFO for up to six months while a permanent replacement is sought. Second senior departure after the CEO's retirement.
10 July 2020director officer appointment● NeutralMajor
Reinhold Schmidt, former Yancoal Australia CEO, appointed CEO from 1 September 2020, starting 3 August to overlap with Shane Stephan. Total fixed pay is $1.5m a year. Resolves the CEO search begun in May.
22 June 2020director officer appointment● Neutral
Jacqueline McGill AO appointed non-executive director from 22 June 2020. A former BHP executive who led BHP Mitsui Coal, she fills the board seat left open since Sue Palmer resigned in November 2019 (inference).
12 June 2020regulatory community update▲ GoodMajor
High Court dismissed, with costs, the applications by WICET and the liquidated Colton companies to appeal the Colton cross guarantee decision. New Hope is confirmed not to have guaranteed their debts. Resolves the January 2020 special leave applications.
5 June 2020regulatory community update▼ BadMajor
High Court granted Oakey Coal Action Alliance special leave to appeal the 1 November 2019 orders; no hearing date set. The company notes the groups are not challenging the substantive findings and asks the Queensland Government to approve Stage 3 now. Delay continues.
28 May 2020quarterly activities report▼ Bad
Quarter to 30 April 2020: Queensland saleable coal down 53% to 576kt as Jeebropilly ended and New Acland ramped down; Bengalla output 21% below the prior two-quarter average. Thermal coal prices fell sharply from April, which the company says will hurt second-half results.
28 May 2020investor presentation● Neutral
Wilsons virtual conference presentation repeating half-year results and the April quarter production figures. Adds that the High Court special leave hearing on New Acland is scheduled for 5 June 2020. No new results.
12 May 2020director officer appointment● NeutralMajor
CEO and Managing Director Shane Stephan will retire on 31 August 2020 after eleven years with the company. Korn Ferry will help select a successor from internal and external candidates, so leadership change is now under way.
24 Mar 2020investor presentation● Neutral
Presentation of the half-year results already released the same day: revenue $618m, EBITDA $213m (down 25%), interim dividend 6c. Notes net debt of $304m at 31 July 2019 and $175m of debt available to draw. Nothing new.
24 Mar 2020half year report▼ Bad
Half year to 31 January 2020: revenue flat at $618.2m, profit before non-regular items down 46% to $86.4m, interim dividend 6.0c (down from 8.0c). Bengalla is running above 10 Mtpa; Jeebropilly mining ended 20 December 2019.
24 Mar 2020half year report● Neutral
Half to 31 January 2020: revenue flat at $618m, profit before non-regular items down 46% to $86.4m, interim dividend 6c. Bengalla (New Hope share) produced 4.3 Mt, up 84%. Company says it has sufficient funds and expects second-half results to stay positive.
3 Mar 2020other● Neutral
New Hope amended its Trading in Company Securities Policy from 3 March 2020, as required by listing rules. Administrative notice with the policy attached; no business impact stated.