Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
30 Sept 2020annual report● Neutral
The 2020 Annual Report repeats the FY20 result: revenue $364.5m, net profit $34.9m, no final dividend. Cash from operations was $6.4m versus $140.0m in FY19. It states underlying EBITDA of $87.4m, versus $88.5m in the earlier preliminary release.
22 Sept 2020director officer appointment● Neutral
Frederick Kotzee, interim CFO since June 2020, is confirmed as permanent Chief Financial Officer. This closes the CFO search opened after Ian Poole's resignation.
31 Aug 2020director officer appointment● NeutralMajor
CEO Craig McCabe resigns, available to help until 30 September 2020. Director Marcelo Matos, formerly M Resources chief commercial officer, becomes Interim CEO on $465,000 a year. M Resources already markets Stanmore's coal and is a substantial shareholder.
31 Aug 2020annual report▼ BadMajor
FY20 preliminary results: revenue $364.5m (down 10%), net profit $34.9m (down from $91.6m), underlying EBITDA $88.5m. Higher waste removal costs and lower realised prices cited. No final dividend declared. Cash fell to $32.2m from $90.5m. Accounts still being audited.
21 Aug 2020resource reserve update▲ GoodMajor
Isaac Plains Complex recoverable reserves are 50.1Mt at 30 June 2020 (50.4Mt in 2019), as updated Isaac Plains East and Isaac Downs reserves offset mining depletion. Company says mine life exceeds 15 years. Isaac Downs gazetted a Queensland 'prescribed project'.
21 Aug 2020resource reserve update● NeutralMajor
Isaac Plains resource falls to 46Mt (from 52.5Mt in 2018) and Isaac Plains East to 22Mt (from 29.7Mt) after depletion. Open-cut reserves total 11.3Mt; underground reserves stay 12.9Mt.
21 Aug 2020resource reserve update▲ GoodMajor
Isaac Downs resource rises to 36.2Mt (from 33Mt in 2018), all Measured or Indicated. Reserves are 25.9Mt, with 17.9Mt marketable. The Palaris bankable feasibility study is in draft, with results to follow.
27 July 2020material agreement● NeutralMajor
M Resources is appointed exclusive marketing agent for Stanmore's coal, including Isaac Downs, for an initial 3 years with rolling 12-month extensions. It receives a fixed fee plus a performance fee. M Resources owner Matt Latimore is a substantial shareholder.
18 June 2020debt financing▼ BadMajor
Taurus cancels the bonding and undrawn working capital facilities from 16 September 2020 after the change of control; US$12.48m of bonding is in use. Stanmore signed a non-binding term sheet for a US$40m GEAR loan at 8% drawn, to June 2022.
16 June 2020director officer appointment● Neutral
Tristan Garthe is appointed Company Secretary after Ian Poole's resignation takes effect immediately. This completes the handover of Poole's roles following his May resignation notice.
2 June 2020director officer appointment● Neutral
Frederick Kotzee, formerly CFO of Kidman Resources, is appointed Interim CFO. A search for a permanent CFO and Company Secretary has begun, and he will work with outgoing Ian Poole on the handover.
25 May 2020business combination● Neutral
Golden's offer closed on 18 May 2020 and it is not proceeding to compulsory acquisition, so Stanmore stays listed. As at 22 May, HSBC Custody Nominees holds 75.95% and Latimore/M Resources 14.37%, with 270.4m shares on issue.
18 May 2020director officer appointment● NeutralMajor
Four new non-executive directors are appointed: Dwi Suseno (GEAR deputy group CEO, incoming Chairman), Mark Trevan, Richard Majlinder and Mary Carroll. Butel, O'Connor and Bizzell have resigned, as signalled on 11 May, so Golden's side now controls the board.
14 May 2020business combination● Neutral
Independent directors again urge shareholders to accept Golden's $1.00 offer promptly, as it closes 18 May 2020 and will not be raised or extended. Golden's holding has risen to about 63.99%.
11 May 2020director officer appointment● NeutralMajor
Independent directors Butel, Bizzell and O'Connor will resign by the offer close on 18 May, given Golden's stated plan to give its nominees a board majority. CFO and Company Secretary Ian Poole has also resigned. Golden now holds 60.25%.
5 May 2020business combination● NeutralMajor
Golden says its $1.00 offer is best and final and will not be raised or extended past 18 May 2020 without a competing bid. It now holds 55.50%. It cites BDO's $0.90-$1.39 valuation range and a fair and reasonable conclusion.
29 Apr 2020business combination● Neutral
BDO Corporate Finance's independent expert's report is attached to the Target's Statement, to say whether Golden's offer is fair and reasonable. The text provided covers only the financial services guide, so the conclusion is not shown.
29 Apr 2020business combination● NeutralMajor
Stanmore releases its Target's Statement: the Independent Directors recommend shareholders accept Golden's $1.00 offer, which closes 18 May 2020. Golden's holding is now about 52.41%. They suggest selling after 4 May so bonus and DRP shares go in one trade.
29 Apr 2020business combination● Neutral
RPM's independent technical specialist report and valuation of Stanmore's assets is attached to the Target's Statement for Golden's $1.00 offer. The text provided is only the front matter and disclaimers, so its valuation conclusions are not shown.
29 Apr 2020business combination● Neutral
Stanmore issues its Target's Statement responding to Golden's $1.00 offer, with an independent expert's report and a technical specialist's report. The text provided is only the front matter and notices, so the board's recommendation is not shown.
28 Apr 2020business combination● Neutral
Golden's first supplementary bidder's statement says the $1.00 offer covers the bonus shares, about 3% more in total. It urges acceptance now, saying a rival bid is very unlikely given its 51%. The bonus issue was announced without consulting Golden.
27 Apr 2020production update▼ BadMajor
FY20 underlying EBITDA guidance is cut to $80-85m from $92-100m. Customers are deferring June shipments, removing about 250kt of sales, and coking coal prices have fallen. Unit cost guidance rises to A$109/t; 2.35Mt production is on track.
24 Apr 2020regulatory community update● Neutral
ASIC relief means the Target's Statement, due by 4 May, will be delivered by email or link rather than post, because of coronavirus. Shareholders are again told to take no action on Golden's offer.
17 Apr 2020security holder rights change● Neutral
Golden reaching 51% on 2 April triggered a change of control under the company's incentive plans. Non-conflicted directors vested 2,193,969 performance rights, lapsed 127,296 and left 460,182 remaining.
17 Apr 2020security holder rights change▲ GoodMajor
Stanmore announces a free 1-for-33 bonus share issue (record date 28 April, about 3% more shares), citing strong March quarter results and $12.9m unaudited quarterly profit. Golden's $1.00 offer extends to the bonus shares. Shareholders are told to take no action.
15 Apr 2020business combination● Neutral
Stanmore says its Target's Statement, with an independent expert's report, will be issued by 4 May 2020 under ASIC relief from the usual 14-day deadline. Shareholders are again told to take no action on Golden's offer.
7 Apr 2020business combination● NeutralMajor
Chairman's letter says Golden has lifted its holding from about 31% to roughly 51% since the bid. An independent committee (Butel, Bizzell, O'Connor) recommends no action pending the Target's Statement and an independent expert's report. FY20 guidance of 2.35Mt is unchanged.
2 Apr 2020business combination● NeutralMajor
Golden Investments, already the largest holder at 31.35%, launches an unconditional on-market cash takeover bid at $1.00 per share, a 22% premium to the $0.82 close. The offer period runs 17 April to 18 May 2020. It builds on its earlier stake and Winfield's lapse.
2 Apr 2020business combination● Neutral
Bidder's Statement lodged for Golden's $1.00 per share unconditional on-market offer, with the cover letter. It argues the offer gives certain value amid coronavirus uncertainty and says the interim dividend is kept by sellers. Repeats the terms announced the same day.
2 Apr 2020business combination● Neutral
The independent directors tell shareholders to take no action on Golden's $1.00 offer for now. A board recommendation will follow. Accepting means missing out on any later price increase.
