10 Dec 2013admin correction● Neutral
Corrects South African media reports that tied the Blumont placement to the entitlement offer. The $62.6m offer was fully received; the $22.57m Blumont placement is separate and still unpaid.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
5 Dec 2013capital raising announcement▼ BadMajor
Blumont has not paid the $22.57m due on 4 December for its 102.6m-share placement at 22c, which shareholders approved at the AGM. The company is taking action to obtain the funds. Casts doubt on the Blumont money flagged in September.
29 Nov 2013investor presentation● Neutral
Notice of a BRR Media webcast of the managing director's AGM presentation. Administrative; no new information.
29 Nov 2013investor presentation● Neutral
AGM presentation on capex and funding: yet-to-fund maximum of $257m, falling to about $178m after cash. Roughly 50% of the plant cost may be covered by an export credit guarantee. Production is targeted for Q4 2015. Largely repeats known facts.
13 Nov 2013contract award▲ GoodMajor
Signs a binding term sheet with FLSmidth Roymec to design and supply the coal handling plant. Expected cost is now under US$200m, over US$50m less than earlier estimates. Danish agency EKF is in talks to guarantee over half the cost.
28 Oct 2013quarterly activities report● Neutral
September quarter report: cash was $27.3m, with a further $52.2m raised after quarter end. Bank negotiations continue with 11 banks, equipment funding is being negotiated, and rail link works have begun. Production is still targeted for late 2015, subject to funding.
23 Oct 2013investor presentation● Neutral
Notice of a BRR Media webcast by the managing director on the entitlement offer update. Administrative; no new information.
23 Oct 2013investor presentation● Neutral
Managing director says the shortfall placement brought in PIC and Altius as South African backers. 11 banks are in due diligence, with final term sheets hoped for within two months. First coal is targeted for the end of Q3 2015. Largely repeats known facts.
22 Oct 2013other● Neutral
Top 20 holders list after the shortfall placement: Nedcor nominees (PIC) 19.90%, Barsington 17.97%, Shinto Torii 10.91%. Total shares on issue are 569,396,004. Administrative; no new information beyond the placement.
22 Oct 2013capital raising announcement▲ GoodMajor
The shortfall from the entitlement offer is fully placed: 237.2m shares at 22c, raising $52.2m and completing the $62.6m offer. Buyers include PIC (19.90%), Barsington/Noble (17.97%) and Shinto Torii/Altius (10.91%). Resolves the weak retail take-up; funds go to major construction.
19 Sept 2013annual report● Neutral
2013 annual report restates the Boikarabelo story: 744.8Mt probable reserve, 6.4bn t resource, construction under way since February, production targeted late 2015. Notes the March bank offers were rejected, 11 banks are still negotiating, and $185m has been raised since the start of 2013.
17 Sept 2013capital raising announcement▲ GoodMajor
Blumont Group subscribes for 15% of the enlarged capital at 22c, an investment of $20-25m. Shortfall shares are taken first, with the balance issued after the AGM subject to shareholder approval. Management says this minimises further equity needs.
27 Aug 2013asset acquisition disposition▲ GoodMajor
Lifts its stake in Waterberg One Coal from 70% to 74%, buying out Lukale for ZAR25m in shares at 40c (subject to shareholder approval) plus ZAR20m cash. Fairy Wing takes 26% using a ZAR39m RES loan. Prospecting area has a 314.2Mt probable reserve.
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.
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.
26 July 2013quarterly activities report● Neutral
June quarter report: with the entitlement offer, $185m has been raised in 2013. Eleven banks are now negotiating project finance alongside Noble. Production is expected in late 2015, subject to funding agreements. Recaps the Noble rail loan and the domestic and Valu offtakes.
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.
17 Apr 2013quarterly activities report● Neutral
March quarter report: construction continues at Boikarabelo, Noble's 7.5% stake at 40c, US$123m loan and expanded 35-year offtake are recapped. Bank offers remain under negotiation; Caterpillar has offered equipment finance. Largely repeats known points.
3 Apr 2013investor presentation● Neutral
Notice of a webcast with the Managing Director on the Noble partnership. No new company information.