Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
10 Feb 2015capital raising announcement● Neutral
The entitlement offer closing date is extended from 16 to 19 February because some shareholders were late receiving their prospectus. Allotment moves to 26 February. Terms are unchanged at $0.037, 1 for 4.85.
10 Feb 2015contract award▲ GoodMajor
First offtake agreements signed with two Chinese steel producers, via Noble: 6,000t to Inner Mongolia and 30,000t each in February and March to Gansu. Each hopes to negotiate long-term supply of 30,000-50,000t a month. A benchmarking study places BNU coal as semi-hard to hard coking coal.
5 Feb 2015other● Neutral
Confirms the entitlement offer prospectus and forms were posted on 5 February, with the offer still closing 16 February. Administrative notice with no new substance.
27 Jan 2015capital raising announcement● Neutral
Prospectus for the A$7m renounceable entitlement offer at $0.037, 1 new share for every 4.85 held, closing 16 February 2015. It is the formal document for the offer launched on 27 January; the extract shows only legal notices and no new terms.
27 Jan 2015capital raising announcement● NeutralMajor
Formal launch of the A$7m entitlement offer at $0.037, 1 new share for 4.85 held, partly underwritten by Maiora and a vehicle of director Craig Wallace. The price is 17% below the bottom of the independent expert's value range. Closes 16 February 2015.
22 Jan 2015debt financing● NeutralMajor
Noble provided a US$7m working capital facility, fully drawn; about US$3m repays Noble's fuel agreement. Guildford also exercised its option to buy the adjacent 12600 lease from Noble, with US$6m due in May 2015. OCP deferred about US$3.9m of coupon to 8 July 2015 for a 2% fee.
19 Jan 2015other● Neutral
Guildford says research firm Wise-owl has started coverage with a report dated 19 January. No substance beyond the notice; the report itself is on the company website.
12 Jan 2015production update▲ Good
BNU mining has recommenced, with 24,900t of coal trucked to Ceke border port by end December and about 16,000t stockpiled. A 3,000t trial hard coking coal train to Chinese steelmaker JISCO started loading on 9 January. Also reports Mongolian safety awards.
5 Jan 2015capital raising announcement▼ BadMajor
Guildford plans a partly underwritten A$7m entitlement offer at $0.037, 1 new share for every 4.85 held. Noble's A$7m extra debt is conditional on this raising. Underwriting of up to A$5m is being considered. Tony Mooney replaces Aimee Hyde as Company Secretary.
2 Jan 2015other▲ Good
Acting Chairman Craig Ransley has agreed with OCP to buy its US$10m convertible notes, at a premium to face value, and intends to convert them into Guildford shares. Directors call it a vote of confidence. This would change the note holder; the notes' conversion terms were approved by shareholders in December 2013.
24 Dec 2014business combination● NeutralMajor
Guildford's directors unanimously recommend shareholders reject Sino's offer of 1 Sino share per 4.5 Guildford shares. The statement includes an independent expert's report by BDO. This answers the open question on the board's recommendation.
22 Dec 2014production update▲ Good
BNU production has restarted, with a 15,000t coal sale contract expected to be signed that week. Preliminary CSR (coke strength) results of 50-61 for the second trial batch are described as high, meeting the 50+ target specification. This follows the November yield results.
19 Dec 2014debt financing● NeutralMajor
Noble and OCP agreed to extend the finance facilities and provide about A$12m of extra working capital to ramp up BNU over eight weeks. Documentation is due by 31 December. A strategic review of Mongolia and Australia, run by non-executive directors, is due to finish by end February 2015.
16 Dec 2014director officer appointment▼ BadMajor
Group MD Peter Kane resigned; Michael Avery, Guildford's founding MD, is Acting Group MD from 15 December. A strategic review of the whole business is planned for early 2015. Craig Wallace rejoins the board, and Chris Munday's CFO contract is extended three months.
10 Dec 2014other● Neutral
ASIC allowed Guildford until 24 December to issue its response (Target's Statement) to Sino's bid, so an independent expert's report can be included. Shareholders are again told to take no action until the board makes a recommendation.
28 Nov 2014investor presentation● Neutral
Group MD's AGM presentation titled '2015 – Set to deliver'. The extract shows only disclaimers and competent person statements, with no new figures visible. Appears to repeat known BNU plans.
27 Nov 2014regulatory community update▲ GoodMajor
Mongolia's resource authority approved raising BNU's allowable mining capacity to 1.5Mt in 2015 and 2.0Mt in 2016, lifting the earlier 500ktpa limit. It permits higher output if economic; it is not a production target.
27 Nov 2014well test result▲ GoodMajor
Second BNU trial batch washed at 80% yield with 8.6% ash, versus 58% yield for the first August batch. This answers the earlier low-yield concern. Strength (CSR) results are due mid-December; offtake talks with several Chinese buyers are advancing, but no deal is signed.
26 Nov 2014business combination● Neutral
Sino Construction's lawyers confirm its bidder's statement for the takeover of Guildford was despatched to securityholders on 26 November. The offer, 1 Sino share per 4.5 Guildford shares, runs to 25 February 2015 and still needs Sino shareholder approval. Largely procedural.
20 Nov 2014production update▲ GoodMajor
BNU mine operations will recommence after the trial batches, with a forecast of 30kt in December rising to 105kt in June 2015, and 1,190kt total in 2015. Second-batch test results are now due by end of November, later than the earlier 30 October.
19 Nov 2014director officer appointment● NeutralMajor
Alan Griffiths resigned as director earlier than planned, and Craig Ransley rejoins as unpaid Acting Chairman. The board says Noble, Orchard Capital Partners and holders of over 50% of the company supported the appointment.
19 Nov 2014business combination● Neutral
Guildford confirmed receipt of Sino's bidder's statement. The offer of 1 Sino share per 4.5 Guildford shares opens 24 November and closes 25 February 2015. Shareholders are told to take no action until the board's target's statement.
18 Nov 2014capital raising announcement▲ GoodMajor
Exercise notices received for 72.4m options at $0.06, including 71.5m from Maiora, slightly below the 73.5m it had indicated. This adds just over $4.3m of cash, with shares to be issued by 28 November.
18 Nov 2014business combination● NeutralMajor
Sino lodged its bidder's statement for an off-market takeover of all Guildford shares, at 1 Sino share per 4.5 Guildford shares. The offer opens 24 November and closes 25 February 2015 unless extended, and is conditional, including on Sino shareholder approval.
17 Nov 2014other● Neutral
Sino's lawyers set 7pm AEDT on 18 November as the date for determining who receives the bidder's and target's statements. Procedural notice only.
13 Nov 2014director officer appointment● Neutral
Kon Tsiakis resigned as non-executive director, and Michael Avery returns to the board. Chairman Alan Griffiths will not seek re-election at the 28 November AGM.
31 Oct 2014annual report● Neutral
2014 annual report for Guildford, presenting it as an emerging Mongolian coking coal producer. The acting chairman says production could restart by end of year or early next once offtake agreements are in place. Extract shows no financial figures.
31 Oct 2014capital raising announcement▲ GoodMajor
Maiora intends to exercise 73.5m of its 77.3m options at $0.06, bringing in $4.41m by 7 November. This follows the August $5m raising and is a partial exercise of the options.
15 Oct 2014production update▲ GoodMajor
Second BNU trial batch of 14,300t has begun shipping, with results due by 30 October. Targets are 25,000t in December, 35,000t in January and 65,000t in February, with cash-flow-positive production in 2015 at a targeted margin of A$9-14 per ROM tonne.
7 Oct 2014director officer appointment● Neutral
Aimee Hyde becomes General Counsel and Company Secretary, replacing Kon Tsiakis, who stays as a non-executive director. Administrative.
