Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2020director officer appointment▲ GoodMajor
Craig McCabe, ex-CEO of Wesfarmers Resources, is appointed CEO from 1 April 2020 on $465,000 fixed pay. This fills the vacancy left by Dan Clifford's October resignation, and interim CEO Jon Romcke steps back.
2 Mar 2020investor presentation● Neutral
Investor presentation for 2-3 March 2020 repeating the half-year results and known strategy, including a 20-30% of NPAT dividend payout policy. Shows share price A$0.78 and market cap $200m at 27 February, down from about A$1.05 in November.
26 Feb 2020half year report▲ Good
Results announcement for the half year to December 2019, matching the Appendix 4D: net profit $26.9m, underlying EBITDA $50.1m, 3c interim dividend. FOB costs were $106/t ex royalty, $2/t higher than a year earlier. Same figures as the lodged report.
26 Feb 2020half year report▲ Good
Half-year to December 2019: net profit $26.9m (up 26%), underlying EBITDA $50.1m, revenue $200.6m, cash $71.4m. Interim dividend of 3c declared, payable 30 April 2020. $13.7m is drawn on the excavator loan. Isaac Downs EIS submitted.
6 Feb 2020director officer appointment● Neutral
Independent director Darren Yeates resigns immediately because Peabody, a competitor, intends to appoint him to its board. He was chair of the health, safety and environment committee. The board loses its only independent recruit from the earlier push.
14 Jan 2020quarterly activities report▼ BadMajor
December quarter sales fell to 497kt because co-shipper coal delays pushed vessels into January. Half-year EBITDA guidance is cut to $50-52m from $53-56m and FY cost guidance raised to A$107/t from $100/t. Production guidance of 2.35Mt held; BFS for Isaac Downs started.
25 Nov 2019investor presentation● Neutral
AGM presentation repeating the FY19 highlights and company overview. Shows share price A$1.065 and market cap $273m at 21 November. No new information.
21 Nov 2019investor presentation● Neutral
Wilsons conference presentation repeating the known company overview. Shows share price A$1.051 and market cap $269m at 19 November, with 256.1m shares. No new information.
18 Nov 2019director officer appointment● Neutral
Marcelo Matos, a former Vale coal marketing executive, joins the board as non-executive director from 27 November 2019. He is nominee of the second-largest shareholders, Matt Latimore and M Resources, who hold a combined 19.86%.
8 Nov 2019investor presentation● Neutral
Re-release of the 7-8 November roadshow presentation, apparently identical to the prior one. No new information.
7 Nov 2019investor presentation● Neutral
Roadshow presentation for 7-8 November repeating known company overview. Shows share price A$1.055 and market cap $270m at 5 November, down from A$1.48 in August, and 256.1m shares.
23 Oct 2019director officer appointment● Neutral
Jimmy Lim, nominee of largest shareholder Golden Investments, joins the board as non-executive director, as agreed when Golden withdrew its EGM request. Golden's holding is now stated at 28.42%, up from 25.89%.
18 Oct 2019director officer appointment▼ BadMajor
Managing Director Dan Clifford resigns after about three years; General Manager Development Jon Romcke becomes Interim CEO while a recruitment search starts. Clifford stays until late November. Follows Golden's earlier push to remove him.
17 Oct 2019business combination▼ BadMajor
Winfield Energy will not proceed with its proposal, citing inability to engage key shareholders to see a reasonable prospect of a successful bid, and the Process Deed is terminated. The A$1.50-1.70 takeover prospect is over. The text describes it as for 50.1% of shares.
9 Oct 2019annual report▲ Good
FY19 annual report lodged, repeating the record result already reported: revenue $403.1m, net profit $91.6m (FY18 $6.0m), underlying EBITDA $154.9m, operating cash flow $140.0m, 8c final dividend. Notes Golden's board-change requisition and the Winfield proposal as open.
9 Oct 2019material agreement● Neutral
The Winfield Process Deed is extended three weeks, from 7 to 28 October 2019, with other terms unchanged. No binding offer has been made and Stanmore says there is no certainty a transaction will happen.
24 Sept 2019regulatory community update▲ GoodMajor
Golden Investments withdraws its requisition after talks, so the 14 October EGM will not proceed. Jimmy Lim will join the board as non-executive director, possibly deputy chair, with an independent director to follow. Resolves the board fight without removing Butel or Clifford.
30 Aug 2019admin correction● Neutral
Re-lodgement of the 21 August annual resources and reserves summary, adding the maiden Isaac Downs reserves to a table and a standard confirmation of no material change. Totals unchanged: reserves 169Mt, marketable 129Mt, resources 1.7bn tonnes.
30 Aug 2019resource reserve update● Neutral
Open cut reserves at Isaac Plains Mine and Isaac Plains East are 13.0Mt (marketable 9.95Mt), down from 14.87Mt a year ago after 3.02Mt mined and the S3 pit removed. Formal detail behind the 21 August reserve summary.
22 Aug 2019annual report▲ Good
FY19 accounts: revenue $403.1m (up 94%), net profit $91.6m (from $6.0m). Final fully franked 8c dividend is payable 31 October 2019. Net tangible assets per share $0.306. Clifford, Lilyvale and Mackenzie interests are unchanged at 60%, 85% and 95%.
22 Aug 2019investor presentation▲ Good
FY19 results presentation repeating the record result already reported: net profit $91.6m (FY18 $6.0m), underlying EBITDA $154.9m, net cash $90.5m with no debt, final dividend 8c taking FY19 to 11c. Share price A$1.48, market cap $379m at 21 Aug.
22 Aug 2019annual report● Neutral
Corporate governance statement and Appendix 4G key for FY19, lodged with the annual report, stating it is current at 21 August 2019. Administrative filing with no new business information.
22 Aug 2019annual report▲ GoodMajor
Record FY19 result: net profit $91.6m, underlying EBITDA $154.9m, operating cash flow $140.0m and net cash $90.5m with no debt. Final dividend of 8c declared, taking FY19 dividends to 11c fully franked. Safety was poor (TRIFR 16.7).
21 Aug 2019resource reserve update▲ GoodMajor
Annual summary shows total coal reserves of 169Mt, up 16% on a year ago, with marketable reserves of 129Mt (earlier context cited 37Mt marketable). Resources total 1.7bn tonnes. Isaac Plains Complex reserves are 50.4Mt, with S3 pit reserves removed.
16 Aug 2019regulatory community update▼ Bad
Golden Investments has lodged a new s249D notice with the same resolutions to remove the chair and MD. Stanmore is reviewing validity; if valid, a meeting must be held within two months.
13 Aug 2019regulatory community update● Neutral
Stanmore says Golden Investments' 26 July notice requesting a meeting to remove the chair and MD is invalid, so it cannot convene the meeting, and has invited a valid notice. This delays, but does not end, the board fight.
12 Aug 2019material agreement● Neutral
Stanmore signs a Process Deed giving Winfield Energy eight weeks' due diligence access, to 7 October 2019. No break fees are payable and the board can still consider a superior proposal from others. No binding offer yet.
7 Aug 2019business combination▲ GoodMajor
Stanmore received an unsolicited, non-binding indicative proposal from Winfield Energy at A$1.50-1.70 cash per share (equity value $390-442m), subject to due diligence and finance. A potential takeover offer; the board recommends shareholders take no action. Price compares with $1.46 in May.
7 Aug 2019listing compliance notice● Neutral
ASX pauses trading in Stanmore shares pending a further announcement. No reason is given in this notice; the related proposal was announced the same day.
29 July 2019business combination▼ BadMajor
Golden Investments, now holding 25.89%, has requested a meeting to remove chair Stewart Butel and MD Dan Clifford and install its own nominees. The board says this seeks control without a premium and rejects the claims, following the failed $0.95 bid.
