26 May 2023price query● Neutral
ASX queried TerraCom after the share price fell from a high of A$0.655 on 24 May to A$0.53 on 25 May on sharply higher volume. The text of the company's reply is garbled and unreadable, so no answer can be confirmed.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
19 May 2023director officer appointment▼ BadMajor
Chairman Graeme Campbell resigned after about 16 months on the board; Mark Lochtenberg becomes Non-Executive Chairman immediately. The board is reviewing its composition. It is the third non-executive departure since October 2022. No reason is given.
28 Apr 2023quarterly activities report▼ Bad
March quarter operating EBITDA fell to A$88m (December: A$150m). Heavy rain cut Blair Athol sales to 380kt at A$340/t (A$408/t prior). FY23 forecast trimmed to 2.1Mt from 2.2Mt, under review. Cash A$67m plus A$67m restricted; next dividend expected May.
22 Mar 2023investor presentation● Neutral
Ord Minnett East Coast Mining Conference slides, March 2023. The visible text is only the legal disclaimer (noting South African EBITDA is 100% basis against a 48.9-49.0% equity interest), so no new substance can be confirmed.
3 Mar 2023other▲ Good
S&P Dow Jones index rebalance notice. TerraCom is added to the S&P/ASX 300 and All Ordinaries indices from 20 March 2023. Otherwise a list of other companies' changes.
1 Mar 2023regulatory community update▼ BadMajor
ASIC has filed Federal Court proceedings against the company and current and former officers, including Mr McCarthy, Mr Boom and Mr Ransley, over its disclosures about a former employee in early 2020. The company says it will vigorously defend. Outcome and penalties are unknown.
28 Feb 2023dividend declaration▲ Good
A 7.5c fully franked dividend is declared for the December quarter, payable 23 March, bringing the half-year total to 17.5c (about 77% of profit). The board is considering the frequency of future dividends and will advise of any change.
28 Feb 2023half year report▲ GoodMajor
Half-year to December 2022: revenue A$430.3m (up 11%), profit after tax A$180.4m, up more than 100% on the prior period. A 7.5c fully franked interim dividend is planned. Net tangible assets are 20.07c per share.
23 Jan 2023quarterly activities report● Neutral
December quarter operating EBITDA was A$150m (Blair Athol A$112.2m, South Africa A$37.4m), lower than September's A$180m. Blair Athol sold 500kt and keeps its 2.2Mt FY23 forecast. The prepayment is fully delivered, cash is A$113m, and A$160m has been returned to shareholders in six months.
8 Dec 2022director officer appointment● Neutral
Mark Ludski is appointed non-executive director and Audit Committee chair, filling the post vacated by Matthew Hunter. He is a chartered accountant and has been CFO and company secretary of Ainsworth Game Technology for 22 years.
28 Nov 2022investor presentation● Neutral
AGM presentation slides. The visible text is only the legal disclaimer, so no new substance can be confirmed from it.
28 Nov 2022director officer appointment● Neutral
Non-executive director Shane Kyriakou, on the board since September 2020, resigned with immediate effect. He is the second non-executive director to leave in two months, after Matthew Hunter.
28 Nov 2022agm notice▲ Good
The chair's AGM address says the capital management review is complete and an on-market buy-back is under consideration, alongside quarterly dividends. The board is also considering the South African operations' optimum position, which may include a sale if terms are favourable.
28 Nov 2022agm notice● Neutral
AGM results: the remuneration report passed, but with about 9.7% of votes against, below a strike. Two resolutions failed: the 10% additional placement capacity and the replacement of the constitution, each with about 31% voting against and a majority short of the required threshold.
17 Nov 2022dividend declaration▲ Good
A 10c fully franked dividend (7.5c ordinary plus 2.5c special) is declared for the September quarter, about 75% of attributable profit, payable 9 December. It is the first quarterly dividend under the new policy and the first franked one.
17 Oct 2022quarterly activities report● Neutral
September quarter operating EBITDA was A$180m (Blair Athol A$121.5m, South Africa A$58.8m), down from the record A$224m in June. Blair Athol sold 452kt after a planned dragline shutdown, and the new Queensland royalty cost A$56.1m. Cash is A$119m after the A$79.9m dividend.
4 Oct 2022director officer appointment● Neutral
Non-executive director and Audit Committee chair Matthew Hunter resigned effective 3 October 2022. He joined in January 2018 as OCP Asia's nominee. This is the second board departure after Craig Ransley's July retirement.
30 Sept 2022other● Neutral
Appendix 4G, the checklist pointing to the corporate governance statement released the same day. Administrative with no new substance.
30 Sept 2022other● Neutral
Annual corporate governance statement assessing practices against ASX recommendations for FY22. Administrative disclosure with no new business information.
30 Sept 2022annual report▲ GoodMajor
Audited FY22 profit after tax is A$249.1m, up A$33.5m from the preliminary A$215.6m, because of adjustments tied to deconsolidating the South African operations. Attributable profit is A$196.1m versus A$170.6m preliminary. Revenue (A$804.6m) and year-end cash (A$69.6m) are unchanged.
30 Sept 2022annual report▲ Good
The FY22 Annual Report repeats the audited results: record EBITDA of A$423m, 8.96Mt total coal sales and a 10c dividend paid. The chairman flags a capital management review that may include buy-backs, and a focus on Australian assets.
13 Sept 2022agm notice● Neutral
Shareholders approved termination benefits for retired chairman Craig Ransley at the extraordinary meeting, with about 88% of votes cast in favour.
30 Aug 2022annual report▲ GoodMajor
Preliminary FY22 results: revenue A$804.6m (up 46.5%), profit after tax A$215.7m, A$170.6m attributable, against last year's loss. Net tangible assets are 16.76c per share. Accounts are still being audited; the 10c dividend is confirmed.
26 Aug 2022dividend declaration▲ GoodMajor
A 10c unfranked final dividend (7.5c ordinary plus 2.5c special) is declared, payable 19 September. Policy is revised to 60-90% of profit paid quarterly, replacing the April 40-70% half-yearly policy, with future dividends franked. A capital management review is under way.
25 July 2022quarterly activities report▲ Good
June quarter operating EBITDA was a record A$224m, with Blair Athol at A$174m (A$278/t) and South Africa A$50m on a 100% basis. FY22 EBITDA was A$488m, closing cash A$86m, and all Australian-unit debt is repaid. A 10c dividend is still expected.
8 July 2022director officer appointment● NeutralMajor
Founder and Executive Chairman Craig Ransley retires under his employment contract, having founded the company (then Guildford Coal) in 2010. Non-executive director Graeme Campbell becomes Non-Executive Chairman, and the board is reviewing its composition.
17 June 2022admin correction● Neutral
Re-release of the 16 June offtake announcement, only adding a footnote naming the Japanese partner as JERA Global Markets. No other change.
16 June 2022contract award▲ GoodMajor
Offtake agreement signed with a Japanese trading partner for up to 1.25Mt over 13 monthly cargoes, August 2022 to August 2023, priced to the Newcastle index. Blair Athol targets 2.2Mt in FY23 and is fully sold until October 2022; the 10c dividend forecast is repeated.
10 June 2022other▲ GoodMajor
Blair Athol June quarter EBITDA is forecast at about A$180m, with full-year attributable EBITDA of about A$423m. OCP Asia is converting its US$20m note into 39.9m shares (about 5%), removing a roughly A$27m cash liability. A first dividend of about 10c is forecast for September.
25 May 2022debt financing▲ GoodMajor
The Euroclear bond is fully repaid after the final US$20m of prepayment funds went to bondholders. It had been restructured in October 2021 and was originally due 31 December 2022; a dividend for the period to 30 June 2022 is still expected.