Each one in plain English, with the numbers worked through for a shareholder.
8 Nov 2010capital raising announcement▲ GoodMajor
Guildford placed 52.1 million shares at $0.48 to Och-Ziff funds, raising $25 million (12.6% of capital, 6% below the 30-day average price). Cash rises to about $51 million, to accelerate drilling, fund rail and port talks and possible growth opportunities.
What it means for a shareholder
52.1m new shares at A$0.480 to raise about A$25.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
28 Sept 2010regulatory community update▲ GoodMajor
The Takeovers Panel declined to conduct proceedings on Lenark's application against majority holder TheChairmen1 (about 56% of Guildford), finding no reasonable prospect of a declaration of unacceptable circumstances. This ends the 23 September interim orders and resolves the dispute.
Re-release of the Takeovers Panel interim orders freezing TheChairmen1's capital raising. The wording drops the reference to the Springsure acquisition. No new substance.
The Takeovers Panel made interim orders freezing TheChairmen1's capital raising, which was linked to a proposed 85% acquisition of Springsure Mining. Orders last up to two months. They bind the parent, not Guildford directly.
Guildford says Lenark's Panel application is a private dispute with TheChairmen1 and appears without merit, though it is treating it seriously. The company expects no impact on operations and says drilling plans and the year-end resource target are unchanged.
The Takeovers Panel received an application from Lenark about majority shareholder TheChairmen1 (55% of Guildford) and its planned placement and rights issue. Lenark alleges undisclosed associations. No decision yet on whether the Panel will act.
Hong Kong investor presentation restates known facts: cash of $29.5 million at 31 July 2010, a $104.4 million market cap at $0.29 a share, and targets of maiden Inferred resources at Hughenden and Maryborough by end-2010.
Norah St George, formerly of Peabody Energy Australia, will join the board as Executive Director of Finance from 13 September 2010. She will run finance, commercial and company secretarial functions alongside the managing director.
Partner Carpentaria Exploration, which holds 20% of Hughenden, republished Guildford's drilling news of coal in the first three holes. It notes Guildford is spending $2 million toward an Inferred Resource.
First three Hughenden holes in the Galilee Basin all intersected coal, about 300 metres deep, roughly 100 metres shallower than expected. A second rig is planned for September, targeting a JORC Inferred Resource before end-2010.
22 July 2010material agreement termination▼ BadMajor
Guildford terminated its 26 May 2010 agreement to acquire the Springsure Project licence EPC1674 after the vendor, Springsure Mining, said on 9 July it could not complete.
Prospectus resource claims are clarified: Guildford has no JORC-compliant resources. Earlier figures of 120 million tonnes (Comet) and 84 million tonnes (Springsure) are retracted and restated as exploration targets of 0 to 120Mt and 0 to 84Mt.
Corporate governance statement says the three-person board has no independent directors, since all three also direct major shareholder TheChairmen1. The board intends to appoint an independent director within three months of listing.
Updated statement of commitments sets out planned spending of $32 million over two years. The largest items are $14.7 million for Hughenden exploration and a $5 million management fee.
21 July 2010capital raising announcement● NeutralMajor
Guildford Coal's replacement prospectus offers 10 million shares at $0.20 to raise $2 million ahead of an ASX listing, with coal exploration tenements in Queensland. The prospectus warns the investment is speculative.
What it means for a shareholder
10.0m new shares at A$0.200 to raise about A$2.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Share distribution schedule dated 18 June 2010 shows 609 investors holding 360 million shares, with 95.89% held by holders of over 100,000 shares. Administrative listing document with no new events.
ASX circular confirms Guildford Coal (GUF) joins the official list, with 160 million shares quoted from 22 July 2010 at a $0.20 issue price. A further 200 million shares are held in escrow for 24 months.
ASX confirms Guildford Coal was admitted to the Official List on 21 July 2010, with quotation of 160 million shares due 22 July. Administrative notice repeating the circular.
