3 Dec 2018business combination● Neutral
Golden Investments' bidder's statement is sent to shareholders. The offer opened 3 December 2018 and closes 3 January 2019 unless extended or withdrawn. Terms remain the $0.95 cash bid already announced.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 Dec 2018other● Neutral
Bidder's lawyers give notice that Golden Investments has finished sending its bidder's statement to Stanmore shareholders on the register at 26 November 2018. Administrative notice only.
26 Nov 2018business combination▲ GoodMajor
Board recommends rejecting the $0.95 Golden Investments offer as significantly undervaluing the company. It says the offer implies enterprise value of $225m, only 1.5-1.7 times FY19 EBITDA guidance, with premiums of 14.5% to last price and 8.1% to one-month average price.
26 Nov 2018dividend declaration▲ Good
Maiden 2c unfranked dividend paid 23 November 2018. 18% of holders joined the DRP, issuing 1,026,540 shares at $0.8798 (5% discount). Company says FY19 EBITDA guidance of $130-150m supports considering FY19 dividends.
19 Nov 2018business combination▲ GoodMajor
Golden Investments (owned by Golden Energy and Resources and Ascend Global) announces an off-market takeover bid at $0.95 cash per share for all of Stanmore. It already has 19.90% voting power via an agreement to buy 50.1m shares from the largest shareholder. Subject to FIRB approval and a 50% minimum.
19 Nov 2018other▲ GoodMajor
FY19 underlying EBITDA guidance of $130-150m, versus $45.6m in FY18, based on 2.0Mtpa production at $86/t FOB cost (excluding $14/t royalties). Assumes semi-soft coking coal at US$126/t and an 88:12 coking-to-thermal split.
19 Nov 2018admin correction● Neutral
Corrects the earlier release: the $0.95 offer is a 6.4% premium to the 5-day average price, not 14.5%. It is 14.5% above the 16 November last traded price. Shareholders still need take no action.
19 Nov 2018investor presentation● Neutral
Updated Wilsons presentation repeats known FY19 highlights: $130-150m EBITDA guidance, 2.0Mt production, two Isaac Plains East pits and added port capacity. Shows price $0.83 and market cap $209m at 16 Nov 2018; Isaac Downs approvals have started.
19 Nov 2018investor presentation● Neutral
Wilsons conference presentation recaps known points: FY19 guidance of 2.0Mt product, Isaac Plains East ramp-up, Isaac Downs acquisition and the 2c dividend. Shows share price $0.915 and market cap $230m at 12 Nov 2018; no new information.
19 Nov 2018business combination● NeutralMajor
Board tells shareholders to take no action on the unsolicited $0.95 Golden Investments bid while it evaluates it. Citi and Allens are advisers. The claimed 14.5% premium to the 5-day average price was corrected later the same day.
16 Nov 2018director officer appointment● Neutral
Andrew Martin resigns as director, weeks after shareholders approved his appointment at the 2018 AGM. He was nominated by substantial shareholder St Lucia Resources International; no reason is given in the text.
16 Nov 2018contract award▲ Good
Golding's parent NRW confirms the five-year extension at Isaac Plains East, adding about $500m to the contract and extending it to June 2024. Golding plans about $40m of new equipment, likely in FY20. Mirrors Stanmore's own announcement.
16 Nov 2018contract award▲ GoodMajor
Golding's Isaac Plains East mining contract is extended up to five more years from 1 July 2019, with early termination available after 3 years. This resolves the open longer-term contract thread and keeps flexibility to operate the plant or move to Isaac Downs.
2 Nov 2018production update▲ GoodMajor
FY19 production guidance lifted from 1.8Mt to 2.0Mt of product at unchanged $86/t underlying FOB cost, after securing extra long-term Dalrymple Bay port capacity (5 and 10 year take-or-pay contracts) to match Isaac Plains infrastructure.
26 Oct 2018security holder rights change● Neutral
Dividend Reinvestment Plan adopted, approved by shareholders at the 2018 AGM. Shareholders can take shares instead of cash dividends, with shares possibly issued at a discount. This resolves the DRP approval pending since the dividend announcement.
26 Oct 2018investor presentation● Neutral
AGM presentation recapping FY18 and the Isaac Plains expansion, with share price $0.845 and market cap $213m at 25 October 2018. Text visible is largely repeated known facts; no new information visible in the readable portion.
26 Oct 2018other● Neutral
Updated company constitution adopted after shareholder approval at the 2018 AGM. Administrative document; the readable text shows no specific changes of substance for shareholders.
21 Sept 2018director officer appointment● Neutral
Director Patrick O'Connor resigns after four years. Andrew Martin, a founding director who served 2008-2014, is nominated for election at the 26 October 2018 AGM; he is nominated by substantial shareholder St Lucia Resources International.
21 Sept 2018annual report▲ Good
2018 Annual Report repeats FY18 results: revenue $208.1m (up 51%), net profit $6.0m, debt free, maiden 2c dividend. Shows 251.8m shares, $0.89 price and $224m market cap at 10 Sep 2018; Sprint holds 22%. Chairman says FY19 will focus more on thermal resources.
4 Sept 2018security holder rights change● Neutral
Dividend Reinvestment Plan booklet released, to start subject to shareholder approval at the 2018 AGM. Shareholders can take new shares instead of cash dividends, and shares may be issued at a discount. Follows the dividend announcement.
27 Aug 2018annual report▲ GoodMajor
FY18 net profit was $5.966m (down from $12.035m) on revenue of $208.1m, up 51%. Underlying EBITDA was $45.5m, up 70%, in the guided range. The working capital facility was repaid, leaving the company debt free, and a maiden 2c dividend was declared.
27 Aug 2018investor presentation● Neutral
FY18 results presentation repeating the reported figures: gross profit $52.29m, underlying EBITDA $45.55m, maiden 2c dividend, $8m lower bonding. No new information visible in the readable text.
27 Aug 2018annual report● Neutral
Appendix 4G corporate governance statement for year to 30 June 2018, confirming the statement is on the company website. Administrative filing with no new operational or financial information.
27 Aug 2018annual report▲ Good
Full-year accounts to 30 June 2018: revenue $208.1m (up 51%), net profit $5.966m versus $12.035m (the prior year included a tax benefit). A 2c dividend is declared. The detail is covered in the separate results release.
27 Aug 2018dividend declaration▲ GoodMajor
Maiden unfranked dividend of 2 cents per share declared, payable 23 November 2018 to holders on the register at 31 October. A dividend reinvestment plan is proposed, subject to AGM approval. First dividend since the 2009 listing.
24 Aug 2018resource reserve update● NeutralMajor
Isaac Plains open-cut reserves at 30 June 2018 are 14.9Mt (11.5Mt marketable), 81% Proved, down from 16.41Mt in 2017 after 2.145Mt mined. Isaac Plains East reserves rose to 12.15Mt from 11.09Mt, with a new pit added.
24 Aug 2018resource reserve update▲ Good
Annual summary: total resources across all tenements are 1.7 billion tonnes, with Isaac Plains Complex resources up to 157Mt. Declared reserves total 144.4Mt (115.1Mt marketable). Reserves for Isaac Downs and Isaac South are expected in 2019. Largely consolidates earlier announcements.
31 July 2018asset acquisition disposition▲ GoodMajor
Stanmore completes the Wotonga South purchase from Peabody's Millennium Coal, renamed Isaac Downs, funded from company cash flow. It resolves the June deal. A 22.8Mt resource, 10km from the Isaac Plains plant, supports an 8-10 year mine life, subject to approvals.
27 July 2018resource reserve update▲ GoodMajor
First JORC 2012 resource for Isaac South (EPC755), 100% owned, of 52.0Mt, 50% Measured and Indicated, lying south of the newly bought Wotonga South. Exploration is planned in FY19 to firm it up and extend it south.
18 July 2018investor presentation● Neutral
June quarter presentation at $0.80 share price and $201m market cap (16 July 2018), up from $170m in January. Sprint Capital holds 22%. Repeats the quarterly report; no new information visible in the readable text.