30 July 2013other● Neutral
Top 20 shareholder list: Noble's Barsington holds 12.85%, Integrated Coal Mining 5.50%. Total shares on issue are 332,234,604. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 July 2013other● Neutral
Holder distribution schedule: 3,507 holders and 332,234,604 shares. Administrative; no new information.
26 July 2013capital raising announcement▼ BadMajor
Entitlement offer closes with acceptances for only 47.5m shares, about 16.7% of the offer. The remaining 236.3m shares plus 0.84m ineligible shares go to a shortfall placement. Barsington, Valu and Altius have committed to up to 207.9m shortfall shares, Altius not before 13 September.
18 July 2013regulatory community update▲ Good
Starts site preparation for the 38km rail link: construction camp pad, access roads and infrastructure. The MD says this lets site procedures be tested before full-scale construction. Follows the Noble rail loan of 28 June.
10 July 2013material agreement▲ GoodMajor
Valu signs a 20-year export offtake for 1Mtpa, rising to 2Mtpa in Stage 2, and gets rights to build and run 200MW and 1200MW power stations. The Bhushan Steel contract and CESC feasibility arrangements are terminated, with no penalty.
9 July 2013capital raising announcement● Neutral
Confirms the entitlement offer booklet was mailed and the offer opened on 9 July, closing 23 July. Administrative; no new information.
1 July 2013capital raising announcement▼ Bad
Letter telling shareholders outside eligible countries they cannot take part in the entitlement offer and will receive no value for their lapsed entitlements. Administrative notice.
1 July 2013capital raising announcement● Neutral
Shareholder letter restating the 1-for-1, 22c entitlement offer (A$62.6m) and its timetable, with the same three commitments. 284,698,002 shares are on issue. Repeats the 28 June announcement.
28 June 2013investor presentation● Neutral
Notice of a webcast with the Managing Director on the entitlement offer. No new company information.
28 June 2013debt financing▲ GoodMajor
Signs a binding term sheet for a US$55.3m, 8-year Noble loan to build the 38km rail link. The existing Noble facility is cut from US$123m to US$67.7m, so total Noble debt is unchanged. Talks continue with ten banks.
28 June 2013admin correction● Neutral
At ASX's request, the entitlement offer close is extended by one day to 23 July 2013, with settlement and dispatch also a day later. Administrative only.
28 June 2013investor presentation● Neutral
Presentation supporting the A$62.6m, 22c entitlement offer. Repeats known points: US$530m development cost, the Noble rail loan, talks with ten banks, and production targeted for 2015. No new information.
28 June 2013capital raising announcement● NeutralMajor
Launches a non-underwritten 1-for-1 entitlement offer of 284.7m shares at 22c to raise A$62.6m, well below Noble's 40c in April. Noble, Valu and Altius have committed to take up to about 80% of the issue or shortfall. Funds start major construction.
4 June 2013material agreement▲ GoodMajor
Signs an 8-year domestic offtake for 3.0Mtpa with Noble, starting once Boikarabelo produces. The company says this nearly fully underwrites Stage 1 revenue and should help complete debt funding. This is separate from the Eskom contract still being finalised.
3 Apr 2013investor presentation● Neutral
Notice of a webcast with the Managing Director on the Noble partnership. No new company information.
2 Apr 2013capital raising announcement▲ GoodMajor
Noble Group buys 21.35m shares at 40c ($8.5m, 7.5%) and provides a secured US$123m loan facility, drawable to 31 Dec 2013, in addition to the $20m debenture. Noble's offtake rises to up to 2.5Mtpa over 35 years, and it becomes exclusive marketing agent. Replaces the bank-led plan.
19 Mar 2013debt financing▼ BadMajor
Bank credit-approved offers include commercial conditions the company finds unacceptable, so it is considering alternative funding, including equity from customers. Capex without debt-related contingencies and costs is put at $530m. Reverses the earlier expectation of syndicate funding.
19 Mar 2013investor presentation● Neutral
Notice of a webcast with the Managing Director on the funding update. No new company information.
19 Mar 2013investor presentation● Neutral
Presentation outlining an 'anchor funding' plan: a placement to fund roughly the first 12 months of construction, plus an equipment lease of about $100m, with the rest raised later by equity or debt. Repeats the 19 March announcement.
21 Feb 2013drilling progress report▲ GoodMajor
Construction begins at Boikarabelo, with the site now classed as an operating mine site: infrastructure, roads, water and power connections. Says bank due diligence found no material issues and it expects no significant delay in credit approval.
25 Jan 2013investor presentation● Neutral
Interview transcript: the MD says the $20m Noble debenture will start site work in February. Bank credit approvals are hoped by end of February, with debt expected to cover about half of capex and equity the rest. Largely repeats known points.
24 Jan 2013investor presentation● Neutral
Notice of a webcast with the Managing Director on the December quarterly report. No new company information.
7 Jan 2013debt financing● NeutralMajor
Issues a $20m secured debenture to Noble Group, repayable December 2013, to fund early construction because project debt finance is delayed. Also signs a 2.5Mt offtake contract with Noble, with good-faith talks on a marketing alliance.
21 Dec 2012debt financing● Neutral
Agrees a terms sheet with the six mandated financiers, who plan to start credit processes in January 2013. A binding offer is now sought early in the new year, which pushes back the earlier early-November credit target.
3 Dec 2012other● Neutral
Amended administrative notice: 450,000 shares issued at 25c on exercise of unquoted options, bringing quoted shares to 263,345,652. Routine; no new company information.
13 Nov 2012material agreement● NeutralMajor
Signs a take-or-pay port access contract with Bulk Connections at Durban, giving weekly stockpile capacity for stage 1 exports. But bank credit approvals are taking longer than expected due to a backlog and possible festive-season delays.
17 Oct 2012investor presentation● Neutral
Notice of a webcast of the Managing Director's AGM presentation on 17 October 2012. No new company information.
17 Oct 2012investor presentation● Neutral
Notice of a webcast with the Managing Director on 17 October 2012. No new company information.
10 Oct 2012investor presentation● Neutral
October investor presentation repeating known points: US$630m capex, about US$400m debt covering around 60% of funding, equity to follow, and construction targeted from January 2013. No new facts.
9 Oct 2012debt financing▲ GoodMajor
Ledjadja Coal mandates six banks and financiers to provide about US$400m of senior debt, around 60% of construction funds, over 9 years. Credit approvals are targeted for early November; an equity raise for the balance is hoped to finish by mid-December 2012.