Past year: ▲ 41%(135.45 – 222.27 CAD)
Each one in plain English, with the numbers worked through for a shareholder.
31 Mar 2016capital raising announcement● NeutralMajor
Silver Wheaton increased its bought-deal share financing from US$500 million to US$550 million. Only the title was captured, with no price or share count in this filing. It continues the financing announced a day earlier.
30 Mar 2016resource reserve update● Neutral
Silver Wheaton said it filed its annual Form 40-F with the SEC and a technical report on Vale's Salobo mine in Brazil, prepared by Amec Foster Wheeler with an effective date of December 31, 2015. It also set its annual and special shareholder meeting for May 25, 2016 in Vancouver. The release gives no new reserve or resource figures, so it is mainly a record of paperwork about the Salobo stream.
17 Mar 2016dividend declaration● Neutral
Silver Wheaton declared its first 2016 quarterly dividend of US$0.05 per share, payable around April 14, 2016 to holders of record March 31, 2016. The amount is set by the policy of 20% of average operating cash flow over the previous four quarters, and is lower than the US$0.09 declared in November 2013. Shareholders in the dividend reinvestment plan can receive new shares at a 3% discount.
4 Nov 2015business combination▲ GoodMajor
Silver Wheaton agreed to buy a silver stream on Glencore's Antamina mine in Peru for US$900 million upfront, plus ongoing payments of 20% of the spot silver price per ounce delivered. It receives 33.75% of Antamina's silver until 140 million ounces are delivered, then 22.5% for the life of the mine; the effective date is September 30, 2015 and closing is expected before the end of November 2015. The upfront payment is to come from cash on hand (about US$81 million at September 30, 2015) and the US$2 billion revolving credit facility (US$647 million drawn at that date), so debt rises. Guidance rises to 44.5 million silver equivalent ounces for 2015 (from 43.5 million) and about 55 million for 2019 (from 51 million).
21 Sept 2015security holder rights change▲ Good
Silver Wheaton received Toronto Stock Exchange acceptance to buy back up to 20,229,671 of its own common shares (5% of the 404,593,425 outstanding as of September 11, 2015) over twelve months starting September 23, 2015, ending no later than September 22, 2016. Any shares bought will be cancelled, and the company says the actual number and timing are its own decision, so this is permission to buy back rather than a commitment. This follows the March 2015 share issue of 38,930,000 shares.
17 Mar 2015capital raising announcement● NeutralMajor
Silver Wheaton closed the US$800 million bought-deal share offering announced with the Salobo deal: 38,930,000 shares sold at US$20.55 each, underwritten by a syndicate led by Scotiabank. The proceeds are intended to fund the additional 25% Salobo gold stream bought from Vale, so existing shareholders were diluted by the new shares issued. This resolves the equity-funding step of the March 2 announcement.
What it means for a shareholder
38.9m new shares at US$20.55 to raise about US$800m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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4 Mar 2015business combination▲ GoodMajor
Silver Wheaton agreed to buy a further 25% of the life-of-mine gold from Vale's Salobo mine in Brazil for US$900 million cash upfront, on top of the 25% it acquired in 2013, for a total of 50%. It will also pay the lesser of US$400 per ounce (with a 1% annual inflation adjustment from 2017) and the market price per ounce delivered, and may owe Vale additional payments of US$88 million to US$720 million if mill throughput is expanded. Production accrues from January 1, 2015, and 2015 guidance is 43.5 million silver equivalent ounces rising to 51 million in 2019. The company plans to fund it with cash on hand and a concurrent US$800 million equity offering, and possibly its revolving credit facility. The release also notes the Cozamin contract acquired with Silverstone in 2009 expires in April 2017.
12 Nov 2013dividend declaration▼ Bad
Silver Wheaton declared its fourth 2013 quarterly dividend of US$0.09 per share, down from US$0.14 in the first quarter, payable around December 11, 2013 to holders of record November 27, 2013. The dividend policy was amended on May 10, 2013 so the dividend is now 20% of the average operating cash flow over the previous four quarters rather than the last quarter alone. The 2017 production outlook is now about 42.5 million silver equivalent ounces (down from 53 million in the March release), and the growth drivers listed no longer include Pascua-Lama.
22 Mar 2013dividend declaration▲ Good
Silver Wheaton declared its first quarterly dividend of 2013, US$0.14 per share, payable around April 12, 2013 to holders of record April 2, 2013. Under the dividend policy at that time, the amount equals 20% of the previous quarter's operating cash flow per share. The release also states forecast 2013 production of about 33.5 million silver equivalent ounces, rising to about 53 million by 2017, with streams on Pascua-Lama, Constancia, and Salobo and Sudbury named as growth drivers.
16 June 2010business combination● NeutralMajor
Silver Wheaton filed a business acquisition report (dated July 20, 2009) on its purchase of Silverstone Resources Corp., effective May 21, 2009, by plan of arrangement. Shareholders of Silverstone received 0.185 Silver Wheaton shares per Silverstone share (23,434,332 shares issued to the trustee, plus up to 1,367,364 more issuable on Silverstone option exercises), and Silverstone became a wholly-owned subsidiary. It brought agreements to buy silver and gold from Capstone's Minto mine (Canada), silver from Capstone's Cozamin mine (Mexico) and silver from Lundin's Neves-Corvo mine (Portugal). The filing says the company has no current plans for material changes to the business. The report is being filed in June 2010 for an acquisition completed in 2009, so this is a late record of an earlier deal rather than a new transaction.
