Past year: ▲ 511900%(0.09c – 4.61 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2020annual report● Neutral
Audited 2020 annual report lodged, approved by the chairman 22 December 2020. Restates the 995Mt resource and the funding status; the visible text shows no new figures. Lodgement was the company's stated precondition for seeking to lift the trading suspension.
21 Dec 2020annual report● Neutral
Audited FY20 annual report and financial statements, authorised for issue 16 December 2020. Only the directors' report is visible, with no new figures; it records Manish Dahiya's resignation effective 30 June 2020. Filing is a precondition for lifting the suspension.
14 Dec 2020debt financing● Neutral
Ninth Deed with Noble is signed for US$920,000 in three instalments to 28 February 2021, conditional on an ASX Listing Rule 10.1 waiver for extra security. A strategic review with Noble is under way. AGM planned for late January 2021.
16 Nov 2020debt financing● NeutralMajor
Noble agrees in principle to up to US$0.92m more (facility total US$50.07m) to fund an austerity budget to 28 February 2021, with first repayment moved to that date. Non-executive directors waive fees. The company will finalise audited accounts before seeking relisting.
28 Oct 2020material agreement termination▼ BadMajor
IDC, a lender in the Mine Funding Package, refuses to extend the Common Terms Agreement and cancels all its approved facilities, saying market conditions for the project have deteriorated materially. This undermines the package shareholders approved in April 2020. Company is seeking an urgent meeting with Noble.
26 Oct 2020other▼ BadMajor
RES asks for a voluntary trading suspension after a 22 October halt, to arrange extra working capital. It estimates up to US$1m is needed to reach financial close by end November, and up to US$2m more if close slips to February 2021. Management and board took 30% pay cuts.
30 Sept 2020annual report▼ Bad
Unaudited FY20 accounts: loss before tax $21.587m (FY19 $6.043m), including a $14.149m unrealised foreign exchange loss on the Noble loan. Net debt is $104.5m. Company uses the extension to lodge audited accounts by 31 October 2020.
10 Sept 2020joint venture update▼ BadMajor
Lenders will not go to credit committees until three conditions are met: ramp-up working capital facility, funded mining services contract, and Noble back-to-back domestic offtake. Management targets end October, pushing committees to November. Company needs extra working capital and a Noble repayment deferral to 30 November 2020.
4 Sept 2020joint venture update● Neutral
Lenders have confirmed in principle a long stop date of 30 September 2020. Company has asked them to defer or find alternatives for a limited number of conditions, and admits some lender committees may refuse. Sedgman's CHPP repricing is complete. Noble's remaining Eighth Deed funds were drawn.
16 July 2020material agreement▲ GoodMajor
Harith confirms all approvals for the rail link funding term sheets of 5 May 2020, which are now binding. They stay subject to conditions, including final agreements, targeted for August 2020, and the mine funding package being fully funded.
3 July 2020joint venture update▼ BadMajor
Lenders agree in principle to move the funding sunset date to 30 September 2020, and the financial close target is now end August 2020. Remaining tasks include rail link, ramp-up working capital and about US$120m of equipment financing. Noble's facility availability is extended to 31 July.
19 June 2020joint venture update▼ BadMajor
Company says it cannot meet the 30 June 2020 financial close target, as a small number of conditions remain and it has asked lenders to waive or defer some. Eighth Deed with Noble (US$2.25m) is signed. Harith approval for the rail link is expected shortly.
15 May 2020debt financing● Neutral
ASX grants a Listing Rule 10.1 waiver so the extra US$2.25m from Noble can be secured on the Ledjadja share pledge without a shareholder vote. Secured amount rises to US$49.15m plus interest. Funds are available to 30 June 2020.
5 May 2020material agreement▲ GoodMajor
Ledjadja signs non-binding term sheets with Harith's PAIDF 2 to fund the rail link, now about R700m (down from R750m). Senior loan is up to R397m at 12%. Not binding until Harith approvals; binding documents hoped for by end May 2020.
7 Apr 2020other▲ GoodMajor
Shareholders approve the Mine Funding Package at the EGM with 99.6% of votes cast in favour. This clears the shareholder approval condition for financial close, though other conditions remain outstanding.
7 Apr 2020investor presentation● Neutral
EGM presentation summarising the Mine Funding Package and the resolution under Listing Rule 10.1, drawn from the notice of meeting. It repeats known facts and adds nothing new.
6 Apr 2020investor presentation● Neutral
A presentation summarising Boikarabelo's history since 2016, consistent with the EGM notice. It repeats the 995Mt resource, 267Mt reserve and 6Mtpa Stage 1 target, with no new information.
2 Apr 2020debt financing▼ BadMajor
Financial close target slips again, to 30 June 2020, partly blamed on COVID-19 lockdown. Noble agrees in principle to a further US$2.25m at 16%, first repayment moved to 31 July 2020. Lenders confirm continued support, but no binding rail or other arrangements yet.
1 Apr 2020other● Neutral
ASX pauses trading in RES securities pending a further announcement. No reason is given in the notice. A Noble facility update was released the same day.
1 Apr 2020debt financing● Neutral
RES confirms the extension of the Noble working capital facility, flagged in the December quarterly and half-year report, is still being finalised and promises an update shortly. No new terms or amounts are given.
13 Mar 2020half year report▼ Bad
Half-year to December 2019: net loss $3.285m (previous year $6.713m). Admin costs rose mainly on a Burnvoir settlement provision. The report restates the funding package terms; the term sheets indicated Ledjadja dilution to 51% for RES's holding company if the equity component completes.
5 Mar 2020agm notice▲ GoodMajor
EGM called for 7 April 2020 to approve the Mine Funding Package under Listing Rule 10.1. The independent expert finds it fair and reasonable to shareholders not associated with PIC, IDC and Noble, in the absence of an alternate offer.
17 Feb 2020joint venture update▼ BadMajor
Financial close target slips again, to on or before 30 April 2020, as the shareholder meeting moves to late March or early April. Rail link funding of R750m is still non-binding, with Ledjadja to hold 49.9% of a rail SPV. Talks with Noble on more working capital have started.
10 Feb 2020director officer appointment▲ GoodMajor
Brian Harvey, a chartered accountant with resources and capital-project experience, is appointed CFO from 1 June 2020. This fills the CFO role vacant since the December 2018 resignation.
5 Dec 2019material agreement▲ GoodMajor
The binding Project Funding Agreements with the PIC, IDC and Noble syndicate are signed, mirroring the 3 December term sheets. Drawdown still depends on conditions precedent. A shareholder EGM is now planned for Q1 2020, with financial close still targeted for end March 2020.
3 Dec 2019debt financing● NeutralMajor
ASX grants the Listing Rule 10.1 waiver, so the Noble share pledge can secure the extra US$2.5m without a shareholder vote. Secured total rises to US$46.9m plus interest. The extra funding is now available to 31 March 2020, not 28 February.
3 Dec 2019material agreement▲ GoodMajor
Ledjadja signs non-binding equity and debt term sheets with PIC, IDC and Noble for the Boikarabelo funding, ending the long wait over common terms. Senior debt is about ZAR2.34b and mezzanine about ZAR1.63b. Binding commitment still needs documents, conditions and approvals.
29 Nov 2019other● Neutral
ASX pauses trading in RES securities pending a further announcement. No reason is given in the notice. The 3 December term sheet announcement followed.
27 Nov 2019joint venture update▼ BadMajor
Lender negotiations were not concluded before the AGM. The financial close target moves again, to end of March 2020, from end of February. The R4.2b (about A$418m) package remains on offer; a further update is hoped within a week.
21 Nov 2019material agreement▲ GoodMajor
Ledjadja signs a binding 10-year take-or-pay agreement with Transnet to rail 3.6Mtpa of export coal to Richards Bay from 1 June 2022. It follows Transnet's earlier comfort letter. Conditions include rail link funding and a port capacity agreement.
