Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2014quarterly activities report▼ Bad
Cash flow report: cash $5.3m at 30 September; operating outflow $8.9m and $5.0m raised. Facilities of $117.3m are all drawn, and next-quarter outflow is estimated at $9.0m. Also confirms the C1 management agreement was terminated effective 1 September.
31 Oct 2014quarterly activities report▼ Bad
Cash fell to $5.3m from $9.1m after an $8.9m operating outflow, including $5.2m interest, partly offset by $5m raised. Facilities of $117m are fully drawn. Sino has withdrawn the Australian assets purchase in favour of its takeover bid, with the bidder's statement expected by end of November.
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.
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.
