Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 July 2014quarterly activities report▼ Bad
Cash flow report: cash $9.1m; June quarter operating outflow $8.4m. About $15.3m of principal is due to Noble in August, and Guildford is negotiating to defer it to December 2014; otherwise it must consider alternatives.
31 July 2014quarterly activities report▼ Bad
Cash fell to $9.1m from $18.0m. BNU went to care and maintenance in May pending the permit; the first trial shipment is expected mid-August. Springsure EPC1674 was renewed to 2019. Payments to Noble are being negotiated for extension to December 2014.
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.
30 Apr 2014quarterly activities report● Neutral
Cash flow report for March quarter: cash ended at $18.0m, up from $12.9m, with $72.4m borrowed against $44.1m repaid. Facilities of A$111.9m are fully drawn. Next quarter's outflows estimated at $12.6m.
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.
3 Apr 2014agm notice● Neutral
All five EGM resolutions passed, including the remaining Springsure settlement shares, ratification of the 89.5m shares issued and performance rights for Peter Kane. Clears the way to complete the settlement.
3 Apr 2014asset acquisition disposition● Neutral
The final 17,262,688 Springsure consideration shares were issued after EGM approval, completing the 106.8m-share settlement. This closes the $8.8m payment in shares rather than cash.
14 Mar 2014half year report▼ Bad
Half-year to December 2013 shows a loss of $12.1m (prior year $5.6m). Largely repeats the quarterly: BNU commissioned in February, haul road first phase done, Springsure settled in shares saving $2.2m.
7 Mar 2014other● Neutral
S&P Dow Jones index rebalance notice. The excerpt shown lists no Guildford Coal changes; not company news and carries no substance for shareholders.
3 Mar 2014agm notice● Neutral
Notice of an EGM on 3 April 2014 to approve issuing the remaining Springsure settlement shares to related parties, among other items. Procedural step continuing the settlement.
27 Feb 2014director officer appointment▲ GoodMajor
Michael Majendie, previously General Manager Commercial at Sedgman, is appointed Chief Financial Officer, reporting to Peter Kane. This fills the CFO vacancy open since Wotherspoon left in late 2013.
21 Feb 2014capital raising announcement● Neutral
The 89,547,433 initial Springsure consideration shares were issued, using the 15% placement capacity. This is the first part of the 106.8m-share settlement announced on 30 December.
20 Feb 2014asset acquisition disposition● Neutral
Of the 106.8m Springsure settlement shares, 98m rights were reassigned to TheChairmen1's shareholders. 89.5m shares will be issued now under existing placement capacity; 17.3m to related parties need EGM approval. Dilutes TheChairmen1's holding.
7 Feb 2014regulatory community update▲ GoodMajor
The BNU mine was formally commissioned for operations and sales by the Mongolian Government, clearing the commissioning step awaited since December. Still waiting on permitting of the transport company before first coal can go to Ceke.
31 Jan 2014quarterly activities report● Neutral
December quarter: cash rose to $12.8m from $8.7m after Noble's US$22m and shares for Terra. 16,000m+ of BNU drilling done; mine commissioning and coal transport permit still awaited. Springsure share settlement saves $2.2m.
20 Jan 2014director officer appointment● Neutral
Former Queensland Roads Minister Craig Wallace joins as non-executive director. He is fluent in Mandarin and runs a China-Australia trade consultancy, and the board says his skills will help with negotiating coal offtake to China.
