Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
30 Jan 2015quarterly activities report▼ Bad
Appendix 5B for the December quarter: operating outflow A$7.4m, offset by A$4.3m from option exercises, leaving cash of A$2.2m. Next quarter's estimated outflows are about A$13m. Loan facilities of A$125.2m are fully used.
30 Jan 2015quarterly activities report● Neutral
December quarter: BNU mining restarted, 24,900t trucked to Ceke and 1.15Mt targeted for 2015. Cash fell to $2.2m from $5.3m; facilities of about $125m are fully drawn. Springsure drilling finished, and Monto and Sunrise permits were relinquished.
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.
28 Nov 2014agm notice● Neutral
Chairman's script for the 28 November AGM, chaired by Peter Kane. It notes Ransley is Acting Chairman, King's chairmanship is delayed until the Sino bid is decided, and Ransley and Avery are to be reappointed after the meeting. Administrative.
