Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
3 Oct 2014investor presentation● Neutral
Investor presentation restating the move to producer: 845.2M shares, A$8m cash, A$109m debt/facilities, 27Mt BNU resource, and full-scale production targeted late 2014/early 2015. Says the company continues seeking funding. Mostly repeats known facts.
1 Oct 2014annual report● Neutral
FY2014 annual financial report for year to 30 June 2014, describing the move from developer to producer in Mongolia. The extract is truncated and shows no financial figures, so no result is stated here.
1 Oct 2014material agreement termination▲ GoodMajor
Guildford agreed to end the $2.5m-a-year C1 management agreement (about $2m remaining to June 2015) by giving C1 15% of Springsure Mining. Needs shareholder approval at the AGM. Also, 20m $0.50 warrants expired unexercised.
29 Sept 2014director officer appointment▼ BadMajor
Wal King's chairman appointment is delayed until the Sino bid is resolved, reversing the 29 September start. Director Craig Wallace resigned, and Chris Munday (ex-EY transaction partner) becomes Acting CFO from 8 October.
29 Sept 2014well test result● NeutralMajor
First 8,000t BNU trial batch washed to premium hard coking coal quality, but wash-plant yields were only 50.35% and 57.06% against 70-85% predicted from lab tests. Guildford blames a dormant stockpile and wash plant and expects improvement. Next 12,000t ships from 11 October.
25 Sept 2014business combination● NeutralMajor
Guildford confirmed it received Sino's notice of intention to make a conditional off-market takeover. A bidder's statement is expected within two months; the board has only noted it and will operate as usual.
25 Sept 2014business combination▲ GoodMajor
Sino Construction announced an intention to make a conditional off-market takeover for all Guildford shares, offering 1 Sino share per 4.5 Guildford shares, a stated 115% premium to the prior close. This replaces the Australian-assets-only deal. Text is poorly legible.
23 Sept 2014other▼ BadMajor
Guildford expects a non-cash impairment of $40-50m pre-tax on its Australian assets, partly prompted by the Sino offer. It says there is no cash effect and no effect on debt covenants.
25 Aug 2014production update▲ GoodMajor
First 8,000t of BNU coking coal began trucking to the Chinese border, ending about nine months of approvals. The next goal is long-term offtake agreements with Chinese customers; none are announced yet.
21 Aug 2014director officer appointment▲ GoodMajor
Former Leighton chief executive Wal King will become non-executive chairman from 29 September 2014. This resolves the open question of a permanent chair after Alan Griffiths' acting role.
15 Aug 2014regulatory community update▲ Good
Springsure EPC1674 renewed to 30 June 2019. Guildford is preparing a Mineral Development Lease application over part of it, with more coal quality testing and a drilling program planned within two months.
14 Aug 2014contract award▲ GoodMajor
First BNU coal sales contract signed: 8,000t for supply-chain and wash testing, with about 12,000t more anticipated. Trucks leave 25 August. It is a trial, not a long-term offtake.
8 Aug 2014capital raising announcement▲ Good
Issued 41,666,667 entitlement shares plus 41,666,667 more to Maiora as placement, at $0.06, with options at $0.06 to 7 November. Total $5m raised; up to $5m more if options are exercised.
6 Aug 2014capital raising announcement▲ GoodMajor
Entitlement offer closed: shareholders took up 6,032,868 shares and underwriter Maiora will take the remaining 35,633,799, all at $0.06, giving Guildford $2.5m.
1 Aug 2014asset acquisition disposition● NeutralMajor
Guildford agreed a term sheet to sell all its Australian coal assets to Sino Construction for US$25m via a six-month convertible note, plus a US$0.35/t royalty for five years. It would manage the assets. Subject to due diligence and approvals; non-binding.
30 July 2014production update▲ Good
Trucking of trial BNU coal batches to the Shivee Khuren/Ceke border for washing and testing will start mid-August, following the 2 July haulage permit. First sales are under negotiation with several Chinese customers.
28 July 2014asset acquisition disposition● Neutral
Guildford remains in discussions with the Singaporean bidder for its Australian assets. The offer was extended from 23 to 30 July. No terms changed.
21 July 2014other● Neutral
Confirms the entitlement offer prospectus and forms were dispatched on 21 July; offer closes 30 July. Administrative only.
18 July 2014other● Neutral
Supplementary prospectus for the entitlement offer lodged with ASIC. The text gives no content, so the reason for the supplement is not stated; administrative.
17 July 2014asset acquisition disposition● NeutralMajor
Guildford received an unsolicited offer from an SGX-listed Singaporean company for all its Australian coal assets at US$22.5m, paid by a six-month convertible note. Subject to shareholder and SGX approvals; open until 23 July. Board is evaluating.
16 July 2014other● Neutral
Cover announcement attaching letters sent 11 July to eligible and ineligible shareholders and warrant holders about the entitlement offer. Repeats known terms and dates; no new substance.
10 July 2014capital raising announcement● Neutral
Offer detailed: 1 new share per 18.284 held at $0.06, a 14.29% discount to $0.07, with a free option at $0.06. Maiora also places 41,666,667 shares for $2.5m. Proceeds go to working capital; closes 30 July.
10 July 2014capital raising announcement● Neutral
Short-form prospectus for the $2.5m entitlement offer at $0.06 with free options, closing 30 July. Repeats terms already announced; text is truncated, so no further detail is available.
7 July 2014capital raising announcement● NeutralMajor
Guildford signed Maiora Asset Management (no fees) to fully underwrite a $2.5m entitlement offer at $0.06 (1 for 18.248, free option). Maiora will also subscribe $2.5m more; the company seeks up to $10m if all options are exercised.
2 July 2014regulatory community update▲ GoodMajor
Mongolia granted the haulage permit to carry BNU coal to Shivee Khuren at the Ceke border, resolving the permit holding up sales. A trial shipment of about 10,000 tonnes to northern China is planned, with sale terms to follow.
25 June 2014resource reserve update▲ GoodMajor
BNU resource restated under JORC 2012 at 27.07Mt: 15.26Mt Measured, 8.77Mt Indicated, 3.04Mt Inferred, the first Measured coal at BNU. Also clarifies the $300-400m model assumes 1Mtpa for 10 years and a US$10-15/t margin.
13 May 2014investor presentation● Neutral
Management states a $300-400m pre-tax NPV range for its Mongolian operations, based on its own model. The mine stays in cash preservation until the haulage permit, said to be in final approval stages. Canaccord appointed financial advisers.
7 May 2014security holder rights change● Neutral
12,000,000 unquoted warrants expired unexercised on 5 May 2014. No cash was raised and no new shares were issued.
30 Apr 2014quarterly activities report▼ BadMajor
BNU was formally commissioned, but coal could not move without the haulage permit, so the mine was in cash preservation mode with one excavator on day shift. QCI withdrew from Kolan, ending its farm-in. Cash was $18.0m, an Asian-based financial advisor was appointed, and Noble lease 12600 due diligence was nearly finished.
23 Apr 2014price query▼ Bad
ASX queried a fall from $0.081 to $0.065 in a week. Guildford said it knew of no unannounced information and had no explanation for the price move.
