9 Nov 2022admin correction● Neutral
Corrects the site tour slide: Isaac Downs Underground reserves are 19.5Mt ROM (11.8Mt Proved, 7.7Mt Probable), not the 12.9Mt Probable stated. Fixes an error in yesterday's presentation only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2022investor presentation● Neutral
Stanmore hosts institutional investors on 8-9 November 2022 with site tours of Isaac Downs, Poitrel and South Walker Creek. The attached presentation is mostly disclaimers in the readable text; no new figures are visible.
3 Nov 2022asset acquisition disposition● Neutral
Stanmore pays the US$100m deferred consideration to BHP for the BMC acquisition, as agreed. This settles the payment due six months after completion; the earnout of up to US$150m is not mentioned.
31 Oct 2022resource reserve update▲ GoodMajor
Updated SMC resources at 30 June 2022: South Walker Creek 684Mt, Poitrel 152Mt, Wards Well 1,417Mt (up 104Mt). South Walker Creek marketable reserves rose 47Mt to 145Mt; Poitrel's fell 7Mt to 32Mt.
7 Oct 2022asset acquisition disposition▲ GoodMajor
Stanmore completes the purchase of Mitsui's 20% of SMC on 7 October 2022, now owning 100%. Final price was US$270m after SMC dividends, below the US$380m headline, paid from internal funds.
30 Sept 2022regulatory community update▲ Good
FIRB has no objection to Stanmore buying Mitsui's remaining 20% of SMC, making the deal unconditional. Completion is expected within about five business days.
12 Aug 2022half year report▲ GoodMajor
Half-year to June 2022: revenue US$1,096m, underlying EBITDA US$726m, profit after tax US$233m and operating cash flow US$563m, boosted by BMC from May. Cash US$546m, net debt US$258m. Management notes met coal prices have since corrected.
12 Aug 2022asset acquisition disposition▲ GoodMajor
Stanmore agrees to buy Mitsui's remaining 20% of SMC for US$380m, reduced by any SMC dividends paid before completion, taking it to 100%. Funded from internal cash, no new debt or equity; needs FIRB approval, with completion expected Q4 2022.
12 Aug 2022investor presentation● Neutral
Presentation accompanying the half-year result, repeating known figures: underlying EBITDA US$726m, operating cash flow US$563m, liquidity US$605m and share price A$2.02. Updated guidance is mentioned but not visible in the readable text.
22 June 2022regulatory community update▼ BadMajor
Queensland's budget adds royalty tiers of 20% above $175/t, 30% above $225/t and 40% above $300/t, plus a payroll levy. Stanmore, which just paid for BMC, calls the rises extraordinary and is still assessing the impact.
3 May 2022asset acquisition disposition▲ GoodMajor
Stanmore completes the purchase of BHP's 80% of BHP Mitsui Coal (BMC) on 3 May 2022, on schedule, adding about 10Mt of marketable coal. Fully funded by the March raising and drawn debt, including the US$625m facility, plus a working capital adjustment of about US$200m.
26 Apr 2022annual report● Neutral
2021 annual report, repeating known results: the Isaac Downs transition, 50% Millennium purchase and the BMC acquisition, with completion expected 3 May 2022. It carries no new figures in the readable portion.
4 Apr 2022debt financing● NeutralMajor
Stanmore signs a binding commitment for an A$110m BMC-level facility (A$60m bank guarantees, A$50m working capital), available after the 3 May completion. It also warns the BHP working capital adjustment payment is likely higher than expected, with funding alternatives being considered.
31 Mar 2022contract award▲ Good
Stanmore Green, a wholly owned subsidiary, contracts SOURCE Global to supply solar-powered drinking water at Isaac Plains and Isaac Downs, replacing trucked and bottled water. No contract value is given; small sustainability item.
24 Mar 2022capital raising announcement▲ GoodMajor
Retail offer completes, raising about A$38m and finishing the A$694m entitlement offer. Stanmore says equity funding for the BMC purchase is now satisfied, and completion of the acquisition is now expected on 3 May 2022.
10 Mar 2022security holder rights change● Neutral
Sample letter to shareholders ineligible for the retail entitlement offer, explaining they cannot participate. The retail offer is expected to raise about A$38m at A$1.10. Administrative, with no new substance.
10 Mar 2022capital raising announcement● Neutral
Retail Offer Booklet lodged as the retail part of the entitlement offer opens, closing 21 March. Terms are unchanged at 7 new shares for every 3 held at A$1.10; the cover note adds nothing new.
7 Mar 2022capital raising announcement▲ Good
The institutional part of the entitlement offer is completed, raising about A$656m (~94.6% of the A$694m total). The shortfall bookbuild cleared at the A$1.10 offer price. The retail offer opens 10 March.
3 Mar 2022debt financing● NeutralMajor
Stanmore signs a US$120m three-year senior secured loan from an Ascend Global fund at 8.0% interest with a 2.0% upfront fee, secured on the Isaac Plains dragline and processing plant. Funds are for general corporate purposes and working capital.
3 Mar 2022capital raising announcement● NeutralMajor
Stanmore launches a 7-for-3 entitlement offer at A$1.10 to raise A$694.1m (~US$506m) for the BMC acquisition. GEAR commits US$300m, taking it to about 64.1% from 75.33%; Petra Capital underwrites the remaining US$206m. The rest comes from the US$625m debt and internal cash.
3 Mar 2022investor presentation● Neutral
Investor presentation supporting the A$694m entitlement offer and BMC acquisition. Visible text is mostly disclaimers and repeats the offer terms and the 8 November deal; no new figures are visible in the readable portion.
3 Mar 2022security holder rights change● Neutral
Administrative notice: holders of Deferred Shares (SMRAL) can participate in the entitlement offer alongside ordinary shareholders. The maximum number of securities to be issued is unchanged.
24 Feb 2022regulatory community update▲ GoodMajor
The BMC acquisition becomes unconditional after DSS shareholder approval and overseas merger clearance. BHP must return the US$30m deposit within five business days; Stanmore aims to complete quickly with BHP.
16 Feb 2022investor presentation● Neutral
Results presentation repeating 2021 figures: 2,070kt saleable coal, $54m underlying EBITDA, $127m operating cash flow and $104/t cash cost. It restates the BMC deal and the Isaac Downs transition; no new information.
16 Feb 2022annual report▲ GoodMajor
Calendar 2021 results: revenue $382.9m, underlying EBITDA $54.4m (from $24.0m), profit $10.4m (loss in 2020), operating cash flow $127.4m, cash $62.9m. The GEAR US$70m loan repayment is deferred from June 2022 to 30 June 2023.
7 Feb 2022regulatory community update▼ Bad
DSS postponed its 7 February shareholder meeting on the BMC deal to a date to be announced. Stanmore still expects DSS approval, FIRB and a final merger clearance to be satisfied this month, with completion mid-2022.
31 Jan 2022investor presentation● Neutral
Investor presentation on the BMC acquisition, titled 'Creating a leading global metallurgical coal producer'. The readable text is mostly disclaimers and repeats the 8 November announcement; no new figures visible.
19 Jan 2022contract award● NeutralMajor
EPSA Pacific wins a five-year, $564m open-cut mining contract at Isaac Downs, starting early Q2 2022, with a two-year extension option. Golding's existing contract is terminated, and Stanmore moves to owner-operating the coal processing plant.
7 Jan 2022debt financing● NeutralMajor
Stanmore signs the US$625m five-year senior secured loan facility to fund the BMC purchase, with lenders including Värde, Canyon and Farallon. It carries 11.5% cash interest and a 3.0% commitment fee, and is stated to be non-recourse to Stanmore.
31 Dec 2021regulatory community update● Neutral
Stanmore reports progress on BMC deal conditions: FIRB application lodged with a response expected by February 2022, one of three merger clearances received, and DSS (a GEAR shareholder) holding a vote on 7 February 2022. Completion is still expected mid-2022.