29 July 2009capital raising announcement▲ Good
Shaw Corporate Finance found buyers for the 45.7m shortfall shares plus 0.6m ineligible-holder shares, completing the $30.75m raising at 40c. New shares issue 30 July. The raising is complete.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 July 2009capital raising announcement● NeutralMajor
Entitlement offer drew valid acceptances for only about 40% (30.7m shares) of the 76.9m offered. Underwriter Shaw Corporate Finance must place the remaining 45.7m shares plus 0.6m ineligible-holder shares, so the underwriting was needed.
6 July 2009capital raising announcement● Neutral
Confirms the entitlement offer booklet and acceptance forms were mailed to shareholders on 6 July 2009, on schedule. Administrative.
24 June 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of Paul Jury discussing the underwritten equity raising. No new information.
24 June 2009capital raising announcement● Neutral
Letter telling shareholders outside Australia and New Zealand they cannot take part in the entitlement offer, with no payment for lost entitlements. Administrative.
24 June 2009capital raising announcement● Neutral
Cover letter to eligible shareholders on the 1-for-1 entitlement offer at 40c. Restates the timetable and uses of funds; about 76.9m new shares expected. No new information.
23 June 2009investor presentation● Neutral
June 2009 raising presentation: 76.9m shares on issue, market capitalisation about $60m, 2.0 billion tonne Waterberg #1 inferred resource, with a strategy of further coal acquisitions. Mostly known facts.
23 June 2009capital raising announcement● Neutral
Offer booklet for the 1-for-1 entitlement issue at 40c, a 43% discount to the 22 June close, raising $30.75m. Record date 2 July, closes 20 July. Mainly for Waterberg land acquisition. Repeats the announced raising.
23 June 2009capital raising announcement● NeutralMajor
Announced a fully underwritten 1-for-1 entitlement issue at 40c to raise $30.75m, underwritten by Shaw Corporate Finance. Funds are mainly for Waterberg land, mine infrastructure and a bankable feasibility study. Existing holders are diluted if they don't participate. Offer closes 20 July.
2 June 2009drilling result▲ Good
24 open holes completed on the three Ledjadja JV properties (4,042 ha) next to Waterberg #1 in late May 2009. Preliminary results show similar coal thickness and overburden up to a known fault. More drilling is needed for a JORC resource.
11 May 2009price query● Neutral
ASX queried a share price rise from 60c to $1.00 on 11 May 2009. The company knew of no unannounced information, pointing to the 27 April resource upgrade as unchanged, and confirmed listing rule compliance.
27 Apr 2009resource reserve update▲ GoodMajor
Waterberg #1 inferred resource lifted to 1,991.6Mt (978.1Mt after shale discount), up from 646.3Mt reported in August 2008. A coal reserve is expected within about four months. US$2.0m of the US$5m earn-in spent. Ledjadja drilling starts within weeks.
8 Apr 2009security holder rights change● Neutral
Escrow over 96,000,010 shares issued for the Tasmanian coal tenements on 9 October 2008 ends 9 April 2009, with transfer restrictions lifted from 14 April. Share count is pre-consolidation; corrected in the next notice.
8 Apr 2009admin correction● Neutral
Clarifies that the 96,000,010 escrowed shares were pre-consolidation figures. After the 1-for-10 consolidation, 9,600,000 Tasmanian vendor shares are released from escrow on 14 April 2009.
27 Mar 2009price query● Neutral
ASX queried a share price rise from 38c to an intra-day high of 57c on 27 March 2009. The company said it knew of no unannounced information explaining it, and the 2 March Waterberg update was unchanged. It also confirmed listing rule compliance.
4 Mar 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of Paul Jury discussing the 2 March exploration update. No new information.
2 Mar 2009drilling result▲ GoodMajor
Waterberg drilling done: 67 percussion and 20 cored holes. First two cores confirm the roughly 120m-thick seam, with coal suited to thermal and soft coking uses (preliminary). Full analysis takes about six months; updated JORC statement may follow. Ledjadja drilling due March.
5 Feb 2009other● Neutral
Post-consolidation capital structure: 72,975,537 shares and 7,043,094 options on issue. Western Star Investments is the top holder at 8.22%. Administrative disclosure only.
27 Jan 2009security holder rights change● Neutral
Options issued in September 2008 to Paul Jury and Steve Matthews were cancelled, as foreshadowed in the meeting papers. Remaining options are consolidated 1-for-10 with exercise prices multiplied by ten. Shares go from 729.8m to about 73.0m.
23 Jan 2009security holder rights change● NeutralMajor
Shareholders approved the 1-for-10 consolidation of shares and options, effective 27 January 2009. Trading restarts on a normal basis on 4 February under code RES.
23 Jan 2009investor presentation● Neutral
Shareholder meeting presentation: Waterberg drilling nearly complete, with 77 open holes done and core analysis under way, an indicative strip-mine plan of about 17.5Mtpa, and the Ledjadja tenements added. Cameroon program being re-evaluated. Mostly known facts.
23 Jan 2009investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of the January 2009 quarterly presentation by Paul Jury. No new information.
19 Jan 2009security holder rights change● Neutral
Timetable for the proposed 1-for-10 share consolidation, assuming approval at the 23 January 2009 meeting. New-basis trading starts 27 January, normal trading 4 February. Administrative.
24 Dec 2008asset acquisition disposition▲ GoodMajor
Bought a 49% interest in a coal exploration permit of about 8,000 hectares next to Waterberg No.1, for US$1.5m cash plus a royalty capped at R30m. Drilling to date: 77 percussion and 5 open holes, with coal about 120m thick from 20m depth.
4 Dec 2008director officer appointment● NeutralMajor
Chairman Michael Hunt resigned as director after the head office moved from Perth to Sydney. Scott Douglas becomes Non-Executive Chairman, and Toby Rose, a veteran NSW coal geologist, joins as Non-Executive Director.
7 Nov 2008investor presentation● Neutral
Notice of a Boardroom Radio audio broadcast of the Managing Director's AGM presentation. No new information.
6 Nov 2008investor presentation● Neutral
AGM presentation repeating the 738.8Mt Waterberg inferred resource, the 98-hole program begun 1 September, and Tasmanian licences now issued (Jericho North still pending). No new results.
15 Oct 2008investor presentation● Neutral
Notice of a Boardroom Radio audio interview with Managing Director Paul Jury giving a company overview. No new information in the announcement itself.
13 Oct 2008other● Neutral
Top-20 holder list after the Tasmanian share issues: 714.3m shares on register. Western Star Investments holds 8.4% (60m escrowed shares) and Lukale Mining 6.73%. Administrative disclosure only.
10 Oct 2008asset acquisition disposition▲ GoodMajor
Settled purchase of the Tasmanian coal companies after licences were granted: 28.5m shares for Energy Investments (plus 7.5m to facilitators) and 60m for Tiger Coal, all escrowed 6 months. A further 15m shares are payable if 79Mt is proven. Resolves the licence thread.