Past year: ▲ 511900%(0.09c – 4.61 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2013quarterly activities report● Neutral
December quarter report: bank credit decisions are now expected by end of February, and funding by end of March 2013 would put first production at the end of the first quarter of 2015. Notes the Noble offtake and Durban port contract.
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 2012quarterly activities report● Neutral
September quarter report repeats the bank syndicate mandate, US$120m capex cut to US$630m, and Exxaro's put option exercise. Credit approvals are expected in early November, then an equity raise. Nothing materially new beyond earlier releases.
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.
13 Sept 2012annual report▲ Good
2012 Annual Report says all major approvals are in hand and the Transnet haulage contract is signed, so bank due diligence is under way. Committed finance offers are due by November 2012, with production targeted for early 2015. AGM set for 17 October 2012.
11 Sept 2012price query● Neutral
Replies to an ASX query after the share price rose from 24.5c to 34.5c. Company knows of no undisclosed news; it says selling pressure eased after two holders sold about 2m and 1.4m shares. Confirms it complies with disclosure rules.
23 Aug 2012asset acquisition disposition▲ GoodMajor
Exxaro has exercised its put option, so Ledjadja is to acquire the extra coal tenements, lifting Boikarabelo's total resource 31%. The price is stated as not material to cash and is payable only after DMR approval, which is unlikely before mid-2013.
22 Aug 2012material agreement▲ GoodMajor
Boikarabelo stage 1 capex cut by US$120m to US$630m, because Eskom committed to supply power from 2014 and the planned 45MW site power station is removed from the estimate. Reverses the earlier rise to US$750m and reduces equity needed, subject to debt funding.
22 Aug 2012investor presentation● Neutral
August investor update repeating the US$630m capex, signed Transnet contract, and Eskom power supply. Says the power station decision is deferred and an Eskom coal agreement is near complete. Credit approval process has commenced. Nothing new beyond the 22 August release.
1 Aug 2012annual report● Neutral
Preliminary results for the year to 30 June 2012: profit of $0.6m (loss of $5.1m in FY11), helped by a $1.5m gain on sale of subsidiaries (the Tasmanian assets). Revenue $2.1m; net tangible assets 52 cents per share. No dividend.
31 July 2012other● Neutral
Media release accompanying the June quarterly report. It repeats that banks are in due diligence and that stage 2 is expected to be funded from cash flow, with no further equity raising envisaged. No new facts.
31 July 2012quarterly activities report● Neutral
June quarter report: banks have begun detailed due diligence after the Transnet contract. Cash was $12.1m at 30 June 2012, down from over $25m a year earlier. Production now targeted for start of 2015 if funding completes by end-2012.
27 June 2012material agreement▲ GoodMajor
Signs a ten-year take-or-pay rail haulage contract with Transnet for up to 6Mtpa (4Mt, 5Mt, then 6Mt). Resolves the long-running Transnet thread. Conditional on a capacity allocation process, automatically waived if not done by 31 December 2012. Construction could start in the last quarter of 2012.
9 May 2012investor presentation● Neutral
Transcript of the MD's webcast. Adds that Transnet's commitment would become firm if its allocation studies aren't done by end-December 2012; funding then takes four to five months, construction 24 months. Largely repeats the presentation.
9 May 2012other● Neutral
Notice of a webcast of the Managing Director's investor update on 9 May 2012. No new company information.
9 May 2012investor presentation● Neutral
May investor update repeating known points: capex about US$750m, banks' indicative offers to cover about 50% of capex, and rail tariff possibly 47% of FOB cost. Transnet contract remains the key step. Little new information.
4 May 2012regulatory community update▲ GoodMajor
Integrated Water Use Licence received and the mining right appeal dismissed and finalised by the DMR. This resolves two open threads and leaves the Transnet rail haulage contract as the remaining major hurdle before funding.
