Past year: ▼ 21%(6.30c – 9.98c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Apr 2011farm in farm out completion▲ Good
Guildford completed the 51% acquisition of EPC1260 from Tiaro for $3.3 million upfront plus the $5 million commitment. This finalises the 12 April heads of agreement and enlarges the White Mountain Project, with a combined Exploration Target of 40–815 million tonnes.
12 Apr 2011asset acquisition disposition▲ GoodMajor
Guildford signed a heads of agreement to buy 51% of EPC1260 from Tiaro Coal for $3.3 million plus a $5 million exploration commitment. Adjoining its EPC1250, it lifts the White Mountain Exploration Target to 40–815 million tonnes. The deal was introduced by TheChairmen1.
12 Apr 2011asset acquisition disposition● Neutral
Seller Tiaro Coal's own announcement of the EPC1260 heads of agreement: Guildford acquires 51% for $3.3 million with a $5 million exploration commitment. It repeats Guildford's terms and adds no new information.
11 Apr 2011drilling progress report● Neutral
Two rigs are drilling at Hughenden after Cyclone Yasi delays, and a third is secured for the overlying Blantyre coal, which shows some coking properties. The Exploration Target is still pending. Kolan drilling restarts late April; Sierra awaits grant. Morgan Stanley engaged as adviser.
5 Apr 2011farm in farm out agreement▲ GoodMajor
Och-Ziff funds, the 12.6% shareholder that introduced the project, get a call option over 25% of Terra Energy for A$25 million, exercisable only if Guildford lifts to 70%. Both exercising would leave Guildford with 52.5% and board control, potentially funding Mongolia.
4 Apr 2011director officer appointment▲ Good
Mark Turner, a mining engineer and former Chief Operating Officer of Northern Energy, joins as Chief Operating Officer on 30 May 2011 to strengthen the senior team across the Queensland projects and the Mongolian South Gobi project.
31 Mar 2011asset acquisition disposition▲ GoodMajor
Guildford agreed to buy 20% of Terra Energy LLC, holder of South Gobi and Middle Gobi coal permits in Mongolia, with an option to lift to 70%. Three rigs start in April. A new country beyond its Queensland projects; management says it could produce within 12 months.
10 Mar 2011half year report● Neutral
Interim financial report for the period to 31 December 2010 (first report since the company's May 2010 incorporation), with an Ernst & Young independence declaration. It restates the $25 million placement and drilling delays; the loss and cash figures are unreadable in the text.
4 Mar 2011other▲ Good
S&P index notice listing quarterly rebalance changes; Guildford Coal appears as an addition to the All Ordinaries index, effective after close on 18 March 2011. Third-party index announcement with no company operational change.
3 Mar 2011investor presentation● Neutral
Conference presentation restates known facts: 412 million shares, $0.715 price (18 February), $295 million market cap, about $48 million cash, and a six-person board under chair Tony Bellas. No new results or figures found in the readable text.
22 Feb 2011joint venture update▲ Good
Partner Carpentaria will fund its pro-rata share of Hughenden exploration, keeping its 20% of FTB after Guildford's first $2 million of spending. Two rigs are operating and an exploration target is being finalised. Guildford keeps 80%.
7 Feb 2011price query● Neutral
Guildford denies an Australian Financial Review report of change-of-control talks, saying it is in no such discussions and the article is incorrect. It acknowledges indicative, incomplete approaches since listing and says shareholders should not assume a bid will follow.
31 Jan 2011quarterly activities report● Neutral
Amended re-release of the December quarterly report with the executed cash flow statement. Adds Hughenden detail: 11,500 km2 granted, and a JORC Exploration Target expected by end of February. Maryborough renamed Kolan.
31 Jan 2011quarterly activities report● Neutral
December quarter: cash was $48.7 million after the placement, with shares at 412 million. Tony Bellas is now chair and Alan Griffiths a director. Wet weather curbed drilling; Hughenden drilling restarted 14 January with two rigs, and an Exploration Target is being finalised.
24 Dec 2010other● Neutral
Company adopts a securities trading policy applying from 1 January 2011, restricting insider trading and trading by key staff in closed periods around results. Administrative governance document with no new business substance.
21 Dec 2010director officer appointment● Neutral
Alan Griffiths was appointed a director on 17 December 2010, holding no shares or contract interests. This follows the plan to add independent directors to the board.
10 Nov 2010material agreement▲ Good
Guildford signed a non-binding memorandum of understanding with Australian Railroad Group (QR National subsidiary) to develop a pit-to-ship supply chain for an initial Hughenden open cut mine using the existing Mt Isa rail line. It only proceeds if drilling results and feasibility are favourable.
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.
Create a free account to see this worked out for your own holding.
28 Oct 2010quarterly activities report● Neutral
September quarter: Hughenden drilling was hit by 102mm of unseasonal rain and two holes lost to poor ground; a second rig is due in November. Maryborough drilling began October. Cash was $26.9 million, down from $29.5 million at 31 July.
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.
24 Sept 2010regulatory community update● Neutral
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.
23 Sept 2010regulatory community update▼ Bad
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.
20 Sept 2010regulatory community update● Neutral
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.
17 Sept 2010regulatory community update▼ BadMajor
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.
27 Aug 2010investor presentation● Neutral
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.
4 Aug 2010director officer appointment● Neutral
Michael McShane, formerly of Waratah Coal's Galilee Basin projects, joins as Senior Geologist. Routine staff hire to support the Hughenden project.
29 July 2010director officer appointment▲ Good
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.
27 July 2010joint venture update▲ Good
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.
26 July 2010drilling result▲ GoodMajor
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.
