Past year: ▲ 18%(2.15 – 3.01 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
18 July 2019quarterly activities report▲ Good
Record June quarter: saleable coal 721kt, sales 688kt, net cash up to $90.5m from $58.4m. FY19 production 2.39Mt beat the 2.3Mt guidance; EBITDA expected $154-156m, top of range. Isaac Downs approvals now expected H2 FY21. Safety was poor (TRIFR 16.7).
3 July 2019contract award▲ GoodMajor
Golding (NRW) agrees to add a third truck and excavator fleet at Isaac Plains East from August 2019, adding about A$450m to the contract, now roughly A$950m at current production. Extends the A$500m Golding contract noted earlier; early termination is available after 3 years.
3 July 2019asset acquisition disposition● NeutralMajor
Stanmore will buy a 600-tonne excavator for Isaac Plains East (about A$13m total, funded by a 5-year Caterpillar Financial loan) and has deferred the Isaac Plains Underground, despite a positive feasibility study, to prioritise higher-margin Isaac Downs. Reverses the expected FY19 underground decision.
1 July 2019debt financing▲ GoodMajor
Stanmore extends its Taurus facilities to 30 June 2022 (previously 15 November 2019) and cuts the drawn interest rate to 8.0% from 10.0%. Total Taurus facilities fall to US$40m, and a new A$20m Liberty bonding facility at 4.7% is added, saving about A$580k a year.
30 May 2019investor presentation● Neutral
Investor presentation at the Wilsons conference on 30 May 2019, repeating the known Isaac Plains story. Quotes share price of $1.46 and market cap of $374m at 28 May, up from $0.96 in early February. No new information visible.
6 May 2019director officer appointment▲ Good
Darren Yeates joins as independent non-executive director, with over 30 years in mining including as CEO of GVK Hancock Coal and 22 years at Rio Tinto. This begins filling the board vacancies left by earlier departures.
9 Apr 2019quarterly activities report▲ GoodMajor
Record March quarter: saleable coal 691kt and sales 740kt. Net cash rose to $58.4m from $9.6m and the working capital facility was repaid. FY19 production guidance lifted to 2.3Mt (from 2.15Mt); EBITDA guidance held at $140-155m. Isaac Downs EIS approved to proceed 5 April.
8 Mar 2019other▲ Good
S&P Dow Jones index rebalance notice lists Stanmore Coal as an addition to the All Ordinaries index from 18 March 2019. This is an index change, not a company announcement, and no business event.
22 Feb 2019regulatory community update● Neutral
Stanmore clarifies it has limited exposure to reported Chinese import restrictions at Dalian port. Most sales, and all long-term contracted sales, go to Japan and Korea, with China only via spot sales. It will keep monitoring for any impact.
12 Feb 2019half year report▲ Good
Half-year accounts to 31 December 2018 show net profit of $21.278m (prior $8.036m) on revenue of $148.3m. Interim fully franked 3c dividend is payable 30 April 2019. Golden Investments held 25.47% when its offer expired.
12 Feb 2019half year report▲ Good
Half-year profit after tax of $21.278m, up from $8.036m, on revenue of $148.3m (up 79%). FY19 guidance of 2.15Mt and EBITDA $140-155m is maintained. Isaac Downs maiden coal reserves were declared 21 December 2018; the underground investment decision is still expected in FY19.
6 Feb 2019investor presentation● Neutral
Business update roadshow slides for 6-8 February 2019, restating the Isaac Plains Complex story. Quotes a share price of $0.96 and market cap of $243m at 4 February. Marketable reserves are 37Mt and total resources 1.7bn tonnes. No new announcements are visible in the extract.
5 Feb 2019other● Neutral
Required shareholder distribution schedule and top 20 holders as at 31 January 2019, issued because Golden Investments is not proceeding to compulsory acquisition. Total 252.8m shares; top 20 hold 80.07%. Golden Investments is listed with 5.53% in its own name, after offer acceptances were paid.
23 Jan 2019business combination▲ GoodMajor
The Golden Investments $0.95 offer has expired with the bidder holding 25.47% of Stanmore, including the 19.9% bought from Greatgroup. Stanmore stays listed and independent. Board confirms a 3c interim dividend and a buy-back of up to 10% of shares.
18 Jan 2019business combination● Neutral
Fifth Supplementary Target's Statement includes a chairman's letter calling the unconditional $0.95 offer unsolicited and inadequate. The board reiterates its unanimous recommendation to reject by taking no action; the offer closes 22 January 2019.
18 Jan 2019business combination● Neutral
Golden Investments' fifth supplementary bidder's statement criticises Stanmore's newly announced interim dividend and buy-back, made days before the $0.95 offer closes on 22 January 2019. It questions the timing and suggests limited confidence in the share price once offer support ends. This is the bidder's view.
16 Jan 2019business combination● Neutral
Golden Investments retracts the Grant Thornton statements that quantified how BDO's value would change, after ASIC raised concerns. Shareholders are told to disregard them. The $0.95 offer stays best and final, with no increase or extension absent a competing proposal.
15 Jan 2019business combination● NeutralMajor
Golden Investments declares its $0.95 offer unconditional and 'best and final': no increase or extension without a competing proposal, closing 22 January 2019. It attaches a Grant Thornton review criticising BDO's expert report. Accepting holders are to be paid by 5 February.
14 Jan 2019business combination▲ GoodMajor
Fourth Supplementary Target's Statement carries a guidance upgrade: FY19 saleable production raised to 2.15Mt from 2.0Mt, and underlying EBITDA to $140-155m from $130-150m. Directors still unanimously recommend rejecting the $0.95 offer.
