Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2015admin correction● Neutral
Clarifies the 23 June upgrade by adding the required statement that the 12600X exploration target is conceptual and may never become a resource. Terra Energy plans about 12 boreholes in late 2015 and early 2016 to test it.
23 June 2015resource reserve update▲ GoodMajor
First JORC 2012 resource for the 12600X licence: 15Mt inferred, plus an exploration target of 26-45Mt. Lifts the Mongolian total to 304Mt resources, with 248Mt inferred. Supports the 2Mt (2016) to 5Mt a year (2020) growth goals.
22 June 2015asset acquisition disposition▲ GoodMajor
Guildford completed buying 100% of Enkhtunkh Orchlon LLC from Noble, owner of the 12600 licence next to the BNU mine. This completes the option exercised earlier (US$6m due end May). A resource upgrade is said to be imminent.
15 June 2015other▲ Good
COO Julien Lawrence bought 2 million Guildford shares on market over two weeks, which management presents as a sign of confidence. No price or cost is given. No change to operations or finances.
1 June 2015asset acquisition disposition● NeutralMajor
Non-binding MOU to buy 80% of Tsaidam Energy LLC (3 thermal coal licences, claimed 630Mt non-JORC; approved 600MW power plant project) in Mongolia, plus the remaining 16.13% of Guildford Coal (Mongolia). Payment: 60M new shares and waiving the US$2m Mongolian Petroleum deposit. Subject to due diligence.
29 May 2015asset acquisition disposition▲ Good
Terra Energy was granted exploration licence XV-018111 (21.05 km2, 3-year term), about 60 km east of BNU and near South Gobi Resources' Zag Suuj deposit. It brings the South Gobi Project to 9 licences. Early-stage, with no Guildford resource.
22 May 2015other▲ Good
Terra Energy held a celebration at BNU for the million man-hours without a lost-time injury, attended by Mongolian ministry and MRAM representatives. Repeats the 20 April safety news; no new financial or production information.
15 May 2015director officer appointment● Neutral
David Stone, appointed to the board last week, becomes Executive Director alongside MD Michael Avery. He was COO of Wollongong Coal and previously held senior Xstrata Coal roles. He will help ramp up the South Gobi mine and assess expansion.
14 May 2015contract award▲ GoodMajor
Offtakes signed with JISCO and Haohai at about a 30% premium to the Platts hard coking coal index. JISCO takes 15,000t in May, then 35,000t (±5,000t) monthly for 12 months from June. Haohai takes 45-50kt May-July, then 25,000t (±5,000t) monthly to April 2016.
6 May 2015director officer appointment● Neutral
Mining engineer David Stone is appointed to the board, with over 20 years in operating mining businesses. It follows other board additions since Ransley's resignation (added in this batch).
4 May 2015asset acquisition disposition▲ Good
Terra Energy was granted the Baruun Termes exploration licence (111.7 km2, 3-year term) in north-west Mongolia, in a coking coal basin. A 1977 historical estimate of 9Mt at nearby Huden is not a Guildford resource. Early-stage exploration.
29 Apr 2015director officer appointment▼ BadMajor
Chairman Craig Ransley resigned from the board immediately; director Craig Wallace is Acting Chairman. Ransley says he remains a shareholder. This ends his stint as acting chair since November 2014; the Noble facility condition required him to remain a director (noted earlier).
28 Apr 2015other● Neutral
Strategic review is said to be on track; UOB Kay Hian engaged to examine a Singapore listing (no certainty), and a Singapore office is set up. Long-term offtake talks continue. 4,758,444 performance rights of ex-MD Peter Kane lapsed.
20 Apr 2015other▲ Good
BNU mine reached 1 million man-hours and two years without a lost-time injury. Terra Energy also won a Mongolian safety award in February. No financial or production figures are given.
17 Apr 2015asset acquisition disposition▲ Good
Guildford lifted its stake in Guildford Coal (Mongolia) from 70% to 83.87% by converting an intercompany loan into shares; Terra Holdings keeps 16.13%. The subsidiary holds one mining and one pre-mining lease next to the BNU mine.
10 Apr 2015director officer appointment● Neutral
Singapore-based Philip Forrest (former Asia head of ANZ) and Loo Hwee Fang (lawyer) join the board as independent directors. The company says this broadens board skills and reinforces Asian investor backing, in line with the Singapore shift.
10 Apr 2015director officer appointment● Neutral
Initial director's interest notice for Philip Forrest, appointed 9 April 2015. He holds no securities and has no contract interests. Administrative filing.
10 Apr 2015director officer appointment● Neutral
Initial director's interest notice for Loo Hwee Fang, appointed 9 April 2015. She holds no securities and has no contract interests. Administrative filing.
7 Apr 2015production update▲ Good
March shipments from the BNU mine to the Ceke border totalled 38,000t: 7,000t for Baotou and 31,000t for JISCO. Wash plant yield reached 83%. A further 40,000t clean coal shipment to JISCO, part of the 60,000t contract, has begun.
20 Mar 2015director officer appointment● Neutral
Jenya Mesh is appointed Director of Investor Relations from 16 March, based in Hong Kong and Singapore, to market Guildford to Asian investors. It ties in with the new Singapore office. Michael Avery is now signing as Group Managing Director.
13 Mar 2015half year report▼ Bad
Half-year to December 2014: loss of A$17.6m (A$11.0m prior year), with 917.6m shares on issue. Operations and the board are as already reported, and the extract shows no new figures beyond that.
11 Mar 2015production update▲ GoodMajor
First commercial shipment of 6,000t to Baotou Iron & Steel delivered to Ceke, which the company calls completing its move from explorer to miner. A 20,000t JISCO shipment, part of a 60,000t contract, has begun. Sojitz pre-paid both shipments.
2 Mar 2015other● NeutralMajor
Preliminary strategic review findings: plans to move the head office to Singapore, consider a Singapore listing and seek an equity partner for the Australian assets. It also targets A$3-5m in annual savings, 1Mt from BNU in 2015 and 5Mt a year by 2020, and talks on restructuring debt.
26 Feb 2015regulatory community update▲ Good
A Mineral Development Licence application, MDL3002, was lodged on 18 February within the Springsure EPC1674 and is under initial assessment. If granted, it proposes a five-year exploration and development program. This follows board approval for submission.
26 Feb 2015business combination● NeutralMajor
Sino's takeover offer lapsed at close on 25 February because its conditions were not met or waived. Acceptances are void and accepted shares are returned to holders. Sino held 3,878,137 shares through acceptances, now released.
26 Feb 2015capital raising announcement▲ GoodMajor
Guildford issued 178,315,842 new shares under the entitlement offer, raising about A$6.6m before costs. The shares are due to trade normally from 27 February. This completes the raising launched in January.
What it means for a shareholder
178m new shares at about A$0.037 to raise about A$6.6m. That's 14% dilution: every existing holder's slice gets 14% smaller. If you held A$1,000 of shares (27,018 at the issue price), your slice goes from 0.00244% to 0.0021% of the company. To keep it you'd need 4,353 more shares - about A$161 at the issue price.
Create a free account to see this worked out for your own holding.
24 Feb 2015capital raising announcement● Neutral
Entitlement offer result: valid applications for 16.2m shares against a 173.0m-share shortfall. Underwriters Maiora and Auspicious Future will take 162.2m shortfall shares, raising about A$6.6m of the targeted A$7m.
17 Feb 2015business combination● Neutral
Sino confirms its offer will lapse on 25 February because Guildford's entitlement offer breached a bid condition it will not waive. Acceptances become void and no Sino shares will be issued. This effectively ends the bid that the board recommended rejecting.
17 Feb 2015business combination● Neutral
Sino says no conditions of its takeover have been satisfied. It says Guildford's rights issue breaches a bid condition, which it will not waive, so the offer will not become unconditional. Sino's voting power is 0.13%.
13 Feb 2015production update▲ Good
Coal shipments under the two new offtake agreements have begun, with BNU coal being unloaded at the Ceke border. Craig Ransley is formalised as a non-executive director, as the Noble finance documents require, and the search for an independent chairman continues.
