White Energy Company Ltd

WEC signed binding agreements to buy Essential Global Resources (83.3M shares at $0.06, about $5M) and Oceltip Coal 2 ($4.5M, adjusted for debts), with Nathan Tinkler among sellers. Shareholders approved the raise of up to 250M shares at $0.06 (~$15M); completion follows funds being received.

business combination

WEC signed a non-binding term sheet to buy the Lolley No. 1 Alabama coking coal project (83.3M shares at $0.06, about $5M) and Queensland's Tin Hut Creek coal assets ($4M cash), conditional on a ~$15M raise at $0.06. Nathan Tinkler is proposed as Executive Chair.

business combination

WEC agreed to sell the reacquired Mountainside wash plant, permit and lease to Blue Gem Poplar Creek for US$3.8M (about A$5.4M), shared with Proterra. Closing is due by 16 February 2026. WEC says it cannot verify the buyer's financing. The sale could partly recover the US$1.74M owed.

asset acquisition disposition

WEC's subsidiary BCBC signed an exclusive worldwide agency agreement with K.R. Komarek to sell BCB briquetting machines for a commission, starting when the licence expires 17 January 2026. Ten-year initial term; financial impact is not quantifiable. New River Energy licence still being negotiated.

material agreement

The 5-for-12 entitlement offer at $0.027 closed with acceptances of 124.5M shares ($3.36M). Morgans and sub-underwriters take up the 5.3M-share shortfall, so about 129.84M shares will be issued on 17 December, raising about $3.5M before costs.

capital raising announcement

WEC launched a 5-for-12 entitlement offer at $0.027 per share to raise about $3.5M, partially underwritten by Morgans (about $400,000). Flannery-linked entities and Gaffwick will take up in full. Proceeds fund exploration at Specimen Hill, Tindal, Maranoa and Robin Rise. This follows the March raise at $0.034.

capital raising announcement

Core drilling began at Specimen Hill, now 51% WEC-owned, with transfer of the tenements registered 16 October 2025. It targets IP, magnetic and geochemical anomalies and tests old copper intercepts. Seven priority targets identified; about six weeks expected.

drilling spud

Analysis of 2023-24 Tindal soil sampling found five target areas with coincident copper, zinc, nickel, gold and rare earth anomalies, within a 700 km² work area (576 primary samples). This is geochemistry only, not drilling; the area is under cover and no mineralisation is known.

regulatory community update

WEC earned a 51% interest in Specimen Hill after spending over $1M in 12 months, against a three-year allowance. It is proceeding to the second stage: a further $1M for another 25%. Early-stage project; no resource is defined.

farm in farm out completion

The entitlement offer raised $3.83M before costs: 112,635,630 new shares at $0.034 were taken up, against a maximum of about 132.7M. A 20,019,604-share shortfall remains, which directors may place within 3 months. Shares issue 27 March.

capital raising announcement

Coronation drilling (six holes, 1,706 m, max depth 416.3 m) found rock types that host IOCG deposits elsewhere, but assays did not match the soil anomalies. Best copper was 296 ppm, 71 times background. Basement averaged about 37 m deep. Early copper-sulphide hints did not translate into significant assays.

drilling result

WEC launched a 2-for-3 renounceable entitlement offer at $0.034 per share to raise up to $4.51M, not underwritten. Funds go to Specimen Hill, Tindal and Maranoa exploration, Coronation rehabilitation, working capital, and possibly repaying loans from Flannery's associated entity. Last May's raise was $0.04.

capital raising announcement

WEC has all approvals to drill the Coronation prospect at Robin Rise, South Australia, in the Olympic Dam corridor. 4-5 holes over about 5 weeks will test for IOCG-style copper-gold, with basement expected at 90-150 m. Results will follow; no result yet.

drilling scheduled

The $0.04 entitlement offer raised $3.43M (85.7M shares), short of the up to $4.53M sought. 27.5M shares went unsubscribed; directors may place them within 3 months. Funds go to Specimen Hill, Robin Rise's Coronation prospect and Tindal exploration.

capital raising announcement

WEC settled with Bayan, ending all Singapore and Western Australian proceedings with mutual releases. This resolves the long-running KSC litigation. The $2M court-held security is released, and BCBC expects about $900,000 from the BCBCS liquidation.

material agreement

WEC launched a new 1-for-1 renounceable entitlement offer at $0.04 a share to raise up to $4.53M (up to 113.2M shares), not underwritten. Funds go to Specimen Hill, Robin Rise and Tindal exploration. The price is below November's $0.065 offer.

capital raising announcement

WEC can earn 51% of the Specimen Hill copper-gold project near Biloela, Queensland, from Tectonic Gold's subsidiary by spending $1M within 3 years, then 76% with a further $1M. An option for the last 24% costs $2M, leaving a 3% royalty. Sampling shows promising copper.

farm in farm out agreement

The 1-for-1 entitlement offer at $0.065 raised $2.91M (44.83M shares), well short of the up to $4.45M sought. 23.58M shares went unsubscribed; directors may place them within 3 months. Proceeds fund the Bayan case and repay the remaining $0.5M Flannery-linked loan.

capital raising announcement

WEC launched a 1-for-1 renounceable entitlement offer at $0.065 a share to raise up to $4.446M (up to 68.4M shares), not underwritten. Funds go to the Bayan proceedings and working capital, and may repay Flannery-linked loans. It follows July's $0.10 offer, and the price is below that offer's $0.10.

capital raising announcement

Singapore Court of Appeal cut the Bayan costs order to about S$3.3M (70% discount, plus 10%), resolving the costs appeal. Directors of BCBC Singapore, which holds the failed Bayan claim, appointed KPMG as provisional liquidator; it has about S$1.7M assets against S$160.4M liabilities, S$157M of it owed to BCBC. WEC says it knows of no recourse claims.

drilling result

Greg Sheahan, a geologist and barrister, is appointed CEO from 30 October 2023 on $300,000 a year plus super. Brian Flannery stays as non-executive Chairman, stepping back from the combined Chairman/CEO role he took in March 2023.

director officer appointment

The 1-for-1 entitlement offer at $0.10 raised $2.38M before costs from 23,836,891 new shares, about half the $4.46M maximum. 20,732,400 shares went unsubscribed (shortfall), which directors may place within 3 months. Proceeds fund the Bayan proceedings and working capital, and may repay the Flannery-linked loan.

capital raising announcement

WEC launches a 1-for-1 renounceable entitlement offer at $0.10 a share to raise up to $4.46M before costs, not underwritten. Proceeds are for the Bayan legal proceedings and working capital. The offer closes 14 July 2023, with directors intending to take up their full entitlements.

capital raising announcement

Managing Director Brian Flannery's private company Ilwella offers an unsecured loan facility of up to $1M, at its discretion, at 0.8% a month interest. It is working capital ahead of a planned capital raising, repayable within a year, and not convertible into shares.

debt financing

WEC completed buying Fiddler's Creek Mining Company (Tindal and Maranoa projects) for 4M shares, 3.6M of them escrowed for 1 to 2 years, plus up to $4M in milestone payments. A research agreement with Canada's INRS was the key condition. This resolves the December 2022 deal.

asset acquisition disposition

Chairman Graham Cubbin, a director since 2010, resigned effective 20 March 2023 citing other commitments. Managing Director and CEO Brian Flannery becomes Chairman as well, combining both roles. Keith Whitehouse joins the audit and remuneration committees.

director officer appointment

The Singapore Court of Appeal dismissed BCBCS's appeal against the Bayan tranche 3 ruling, awarding only S$1,000 nominal damages. This ends the long-running Bayan claim, which BCBCS had put at upwards of US$88M. A separate leave application on the S$4.69M costs order is pending.

regulatory community update

ASX temporarily paused trading in WEC shares pending a further announcement. The text gives no reason.

listing compliance notice

The Singapore court ordered BCBCS and its co-plaintiff to pay Bayan's costs of S$4.69M across the three tranches of the case. This adds to the loss at trial; BCBCS is weighing its options pending the Court of Appeal's judgement.

regulatory community update

Binding, conditional deal to buy Fiddler's Creek Mining Company, owner of the Tindal (NT, 10,780 km²) and Maranoa (Qld) copper, zinc and gold exploration projects, for 4M WEC shares plus milestone payments of up to $4M. A new mineral exploration direction beyond coal technology.

asset acquisition disposition

The Singapore Court of Appeal allowed BCBCS to bring fresh evidence, including the rise in coal prices since trial, in its appeal against the Tranche Three findings. The remaining appeal issues will be heard between 10 and 17 October. This keeps the damages claim alive; no final result yet.

regulatory community update

Notice of the 30-for-1 share consolidation: about 1,217M shares become about 40.6M, with options and incentive rights also consolidated. Option exercise price rises to $5.802. Trading in new securities starts on a deferred basis on 31 August 2022.

security holder rights change

The entitlement offer closed raising $4.43M before costs from 442.5M new shares at $0.01, well short of the $7.745M maximum. About 332M shares went unsubscribed, and directors may place the shortfall within 3 months.

capital raising announcement

Announces a 1-for-1 renounceable entitlement offer at $0.01 per share to raise about $7.745M before costs, not underwritten. Funds go to the Bayan litigation, working capital and repaying the Flannery-linked loan. Directors intend to take up their entitlements.

capital raising announcement

Managing Director Brian Flannery's private company provides an unsecured loan facility of up to A$1M, at the lender's discretion, at 0.8% per month interest. It covers working capital until the remaining A$2.4M Mountainside proceeds arrive; repayable within a year.

debt financing

BCBCS filed a notice of appeal on 7 March 2022 in the Singapore Court of Appeal against certain Tranche Three findings, aiming to pursue its damages claim. This continues the Bayan dispute after the damages dismissal; no outcome yet.

other

The Singapore court's Tranche Three judgment found Bayan's breach and that the technology would have worked, but dismissed the roughly US$91M wasted-expenditure claim and the US$23-30M expansion claim. Company is bitterly disappointed and considering an appeal. This ends the long wait with no damages awarded.

other

Travers Duncan retires and resigns as a director effective 17 December 2021. He chaired the company from 2010 to March 2021 and remains a substantial shareholder. Board is now Cubbin, Flannery and O'Rourke.

director officer appointment

Sale of the 51% Mountainside interest to Kentucky miner Clay Laurel Mining for US$4.053M (about A$5.3M), resolving the sale process open since 2017. A$2.9M is in escrow for completion around 15 April; the other A$2.4M is paid in instalments May to December 2021.

asset acquisition disposition

Graham Cubbin becomes Chair, replacing Travers Duncan, who had chaired since September 2010 and stays as a non-executive director and largest shareholder. Vincent O'Rourke takes over as Audit and Risk Committee chair.

director officer appointment

Entitlement offer closed with about $10.8M taken up by shareholders. The underwriters, entities of directors Flannery and Duncan, took the roughly $4.7M shortfall, bringing the total to about $15.5M (258.16M shares at $0.06).

capital raising announcement

White Energy launches a 1-for-2 renounceable entitlement offer at $0.06 to raise about $15.5M, an 18.92% discount to $0.074. It is fully underwritten by entities of directors Flannery and Duncan. Funds go to the Bayan case and about $3.2M owed to CSIRO.

capital raising announcement

White's subsidiary has amended its claim against Bayan, now seeking about US$153M: roughly US$99M wasted expenditure plus US$54M lost expansion profits, with interest and costs. This puts a figure on the damages trial set for 21-30 September 2020.

other

June-quarter report: Bayan's appeal was dismissed. In July White agreed to sell its 51% of River Energy South Africa to Proterra for a nominal amount, resolving the South African ownership review. A new South Australian petroleum licence, PELA674 (about 2,480 km2), was granted.

quarterly activities report

Singapore Court of Appeal unanimously dismissed Bayan's appeal at the hearing, with costs to White's subsidiary. This clears the way for the third tranche to set damages for Bayan's 2012 repudiation of a venture in which White invested over US$110M.

other

Placement of 20M shares at 7.0 cents to an existing major shareholder, raising $1.4M before costs, under existing placement capacity. Same price as the November entitlement offer. Allotment 12 March.

capital raising announcement

Singapore commercial court ruled on 9 January that White's subsidiary could fund the Tabang joint venture itself until June 2012, answering the question remitted on appeal. A third tranche on causation and damages follows; case management conference after 25 January.

other

WA Supreme Court finalised orders expanding the freezing order over Bayan's 56% Kangaroo Resources stake. Bayan must now give 20 clear business days' notice before disposing of shares or related-party deals. Resolves the November application; White will seek costs.

regulatory community update

The entitlement offer closed with 147.7M shares taken up ($10.3M) plus 0.33M additional shares; 180.4M shares ($12.6M) were not taken up. Of the $22.99M maximum, about $10.4M is raised, and directors are weighing placing the shortfall.

capital raising announcement

WA Supreme Court ruled Bayan's planned takeover of Kangaroo Resources is a material change requiring the freezing order over Bayan's 56% stake to be amended. Terms are to be agreed or argued by 19 November. Continues the 25 September application.

regulatory community update

White launches a 1-for-1 renounceable entitlement offer at $0.07 a share to raise up to about $22.99M, a 16.7% discount to the last close. Funds go to the Bayan litigation, repaying the two directors' loans and working capital. Not underwritten; directors intend to take up their entitlements.

capital raising announcement

Singapore Court of Appeal dismissed substantially all of Bayan's appeal against the tranche 2 ruling, finding Bayan breached its coal supply obligation and repudiated the Tabang JV. One causation question, whether White could fund KSC alone, goes back to the trial court. Resolves the appeal; tranche 3 damages still follow.

regulatory community update

Duncan and Flannery's private companies add a second round of unsecured loan facilities, up to $500k each ($1M total), for working capital until the Mountainside sale settles. Same terms: 0.8% monthly interest, repayable within a year. The company is leaning further on director funding.

debt financing

Chairman Duncan and CEO Flannery, through private companies, each provide an unsecured loan facility of up to $1M ($2M total) for working capital until the Mountainside sale settles. Interest is 0.8% a month, repayable within one year, with no conversion into shares.

debt financing

Full-year accounts to June 2017 record a $20.9m impairment on the coal technology assets after the South African prospect was lost. Mountainside sales were $5.4m, down sharply after production stopped in September 2016. No dividend paid.

annual report

White is reviewing its 51% Mountainside investment and will seek buyers, saying the operations fall outside its BCB strategy. Cessnock tests showed commercial briquetting of Blue Gem fines would be difficult at current prices. Reverses the earlier plan to restart mining there.

asset acquisition disposition

South32 has told White's South African venture it will not proceed with a briquetting plant at its South Export site, though it may consider another site. This ends the long-pending deal described as nearly signed; no further progress is expected before mid-year.

material agreement termination

Mountainside production in Kentucky is suspended and operations put into 'market deferment'. The Flat Creek mine is depleted, with its mineable resource cut by more than 50% by unmapped old workings. Restart awaits several months of resource drilling.

production update

Singapore court's first-tranche judgement rejected Bayan's counterclaims against White's subsidiaries. It found Bayan was not obliged to fund the JV from Nov 2011 to 2 Mar 2012; coal supply question deferred to next tranche. Bayan to pay $330,000 costs.

regulatory community update

Half-year to 31 December 2015: Mountainside coal sales A$14.7M and an EBITDA loss of about A$6M (White's share A$3.1M). Cash on hand fell to A$15.4M from A$41.3M a year earlier. BCB plant decision still pending.

half year report

Half-year results: loss before tax A$31.8M (prior A$17.3M), including a A$10M write-down of Mountainside goodwill. Normalised EBITDA loss A$6.5M; cash A$15.4M. South African BCB decision promised by 31 March 2016. Woestalleen is in a business rescue process.

investor presentation

White is closing its Sydney office and moving its principal place of business to Brisbane to cut overheads. CFO Ivan Maras, with the company since 2006, resigns effective end of March 2016, and recruitment of a replacement begins.

director officer appointment

Australia's High Court unanimously dismissed Bayan's appeal against the freezing orders over its 56% Kangaroo Resources shares, with costs to White. The orders are expected to stay until the Singapore case ends, keeping security for the KSC damages claim.

regulatory community update

June-quarter report: Mountainside signed a contract to supply up to 13,000 tons a month of stoker coal to a major US silicon producer. Mining was idled for three weeks in July to clear stockpiles. Singapore Bayan hearing is expected to start 16 November 2015.

quarterly activities report

Queensland's mines department will not grant EPC 25623 to White and has ended the tender. The minister was concerned ICAC findings against chair Travers Duncan were not considered. White may re-tender later. Ends the May 2014 preferred-tenderer win.

regulatory community update

Results presentation: FY2014 loss before tax A$55.3M (2013: A$122.3M), including a further A$25M impairment of the South Australian coal asset. Revenue A$27.9M, mostly Mountainside sales. Also notes a second South African feasibility study completed and an Anglo study begun.

investor presentation

WA Court of Appeal unanimously dismissed Bayan's appeal against the freezing orders over its Kangaroo Resources shares, with costs to White. This resolves the appeal thread; the orders are expected to stay until the Singapore proceedings conclude.

joint venture update

White was named preferred tenderer for Queensland coal exploration permit EPC 25623, near Middlemount, after applying for 2 of 7 areas. It commits to a 4-year exploration program; formal grant is still to come. A new Australian coal thread.

regulatory community update

River Energy (51% owned) signed a binding deal for its first South African coal fines project at Woestalleen Colliery, with a planned 250,000 tonne a year briquetting plant. About US$1.2M is payable now and US$1.2M more if it commits to Phase 2 within 12 months.

contract award

The expanded Black River joint venture, announced 23 December 2013, completed on 21 January 2014. White and Black River will now work on growing Mountainside, including a coal wash plant and BCB plant. The African joint venture continues.

farm in farm out completion

White signed a second joint venture with Black River: Black River pays US$17.8M for 49% of River Energy JV UK, holding coal-fines BCB rights for the US, Canada, Australia and NZ and owning Mountainside Coal. This brings in a funding partner, as White had been seeking; completion is expected by 21 January 2014.

farm in farm out agreement

Wyoming granted the permit to build and run a coal upgrading plant of up to 1.3 million short tons a year at Buckskin, resolving the long-awaited air permit. The CEO says there are no plans to build until a clear market exists, as the US domestic market is depressed.

regulatory community update

White completed buying 100% of Mountainside Coal on 4 October 2013 for US$20M, less US$0.7M of earlier option fees; US$2M is held in escrow. About US$0.7M more is needed for reclamation bonds. The Kentucky mines produce about 400,000 tonnes a year, giving White revenue and a US showcase for its BCB technology.

asset acquisition disposition

FY2013 results presentation: net loss before tax A$122.3M (2012: A$178.3M), mostly a A$97.3M impairment of the South Australian coal asset (A$58M booked at half-year, a further A$39.3M now). Revenue A$6.4M. Mountainside acquisition on track; Buckskin permit awaited.

investor presentation

White exercised its option, effective 30 August 2013, to buy Mountainside Coal Company, a Kentucky miner producing about 400,000 tonnes a year, for about US$20M. Completion is within 30 days and subject to conditions. White is discussing a joint venture investment with third parties.

asset acquisition disposition

White signed a new exclusive option, to 31 August 2013, to buy the Central Appalachia coal mining company it earlier let lapse. Price is now about US$20M, with a further US$0.5M option fee. This revives the acquisition dropped in April.

asset acquisition disposition

Director John Kinghorn has resigned with immediate effect, shortly after the ICAC report; he remains a major shareholder. The board will not replace him and unanimously backs Travers Duncan staying as Chairman.

director officer appointment

White says it was not an 'affected person' in the ICAC report and the board acted correctly over the Cascade Coal proposal, which did not proceed. ICAC made adverse findings against two current directors, including Chair Travers Duncan, who rejects them.

other

Western Australian court dismissed Bayan's challenge to the freezing orders over its 56% Kangaroo Resources stake and extended them indefinitely. The judge found White's subsidiary had a good arguable case for damages over its lost KSC investment. This advances the Bayan dispute but is not a final result.

joint venture update

After due diligence, White decided not to exercise its option to buy the Central Appalachia coal mine (about US$21.5M). It will keep searching for US and other coal deposits to acquire.

asset acquisition disposition

Half-year net loss A$60.8M (prior A$134M), mainly a A$58M impairment of South Australian Coal assets, which hits the Lake Phillipson value. A$25M convertible notes repaid in October; cash A$98.8M at 31 December.

half year report

White signed an exclusive 90-day option to buy an open-cut specialty low-ash coal mine in Central Appalachia, US, for about US$21.5M (incl. US$200,000 option fee), plus about US$7.5M of replacement bonds. A first step toward owning coal supply; update promised early 2013.

asset acquisition disposition

KSC, the Tabang joint venture with Bayan, has been placed into bankruptcy in Indonesia with curators appointed, after local creditors' petition. White says its KSC investment was already fully impaired, so no further accounting impact.

bankruptcy or receivership

FY2012 results: net loss A$171.8M (2011: A$18.8M), mainly the A$129.9M KSC impairment and a A$27.3M loss on deconsolidating KSC after the Bayan dispute. Optimum plant decision still awaited; Wyoming permits and Lake Phillipson (1,151Mt cited) continue.

half year report

Western Australia Supreme Court granted interim freezing orders over Bayan's roughly 56% stake in Kangaroo Resources, supporting White's Singapore damages claim. The judge found a good arguable case; White must post a $2 million security bond. Orders run to 18 April.

joint venture update

Lake Phillipson (EL4534) JORC coal resource rises 65% to 1,130.4Mt from 684.2Mt, with a 4-4.5 billion tonne exploration target. This sets about 6.9 million new White shares to be issued to former SAC holders for the 2011 performance shares.

resource reserve update

Half-year results presentation: net loss A$134M, mostly a A$129.9M impairment writing off KSC (Tabang) assets after the Bayan dispute. Management expects about A$68.6M of KSC liabilities to reverse by 30 June 2012, reducing the impairment. Updated Lake Phillipson resource due end-March.

investor presentation

Bayan defended and counterclaimed, then gave notice purporting to end the KSC Joint Venture Deed. On 2 March 2012 White's subsidiary accepted this as repudiation, ending the joint venture, and intends to pursue Bayan for damages.

joint venture update

White's subsidiaries sued Bayan in Singapore's High Court on 27 December 2011, claiming damages for breach of the KSC Joint Venture Deed, including the coal supply and funding obligations. This follows the failed talks and breach notice in November.

joint venture update

Talks with Bayan failed: it would supply coal at the government price to June 2012 only if White bought its 49% of KSC for about US$45m. White refused, called Bayan in breach, and may pursue legal options. Tabang plant could be left without coal supply.

joint venture update

Partner Bayan says upgrading Tabang coal may no longer pay and wants a much higher coal price, questioning the plant's viability. Both shareholders will decide KSC's future by 31 December 2011. White reports cash of about A$162m and expects a new partner deal in Q1 2012.

joint venture update

White Energy requests a voluntary trading suspension pending an update on its Tabang operations, including developments affecting coal supply to the plant.

listing compliance notice

September-quarter report: Tabang modifications are due by end-November, but the special IUP licence is still awaited. The company has concluded the Kentucky Jefferson Riverport project is uneconomical and will not proceed, ending a long-open thread.

quarterly activities report

White signs a non-binding MOU with Indonesian company PT Tri Mitra Bayany to explore coal deposits for joint development, with White expected to control any venture. It follows the ended Cascade deal and fits an aim to become an integrated coal miner in Indonesia.

material agreement

White Energy and Cascade's shareholders mutually terminate the A$486m Cascade Coal purchase, citing uncertainty over Bylong valley mining and failure to agree amendments with non-White-related Cascade shareholders. The deal could be revisited after development consent. Ends the company-making deal.

material agreement termination

Lake Phillipson JORC coal resource rises 169.3Mt to 684.2Mt from 514.9Mt, after 14 holes drilled in 2010. Further 2011 drilling planned. The 2010 performance shares convert to ordinary shares on 31 March 2011, sized by this resource figure.

resource reserve update

Independent expert Deloitte finds the Cascade purchase fair and reasonable, valuing Cascade at A$459m-A$587m against the A$486m price, at the lower end. Independent directors unanimously recommend voting in favour; EGM set for 6 April 2011.

other

White Energy signs definitive agreements to buy Cascade Coal, subject to a vote by shareholders not associated with Cascade's owners. Up to 138,857,149 new shares at the lesser of A$3.85 or VWAP, with a A$3.50 floor. Completion targeted early April 2011.

asset acquisition disposition

White Energy exercises its option to buy Cascade Coal for A$486m plus A$14m liabilities, up to A$41m in cash and the rest in shares, now with a A$3.50 price floor. 102.6Mt of Mt Penny's 173.7Mt is reclassed as Probable Reserves. Shareholder vote targeted March 2011; no capital raising intended.

asset acquisition disposition

White signs a free 28-day option to buy Cascade Coal, owner of the Mt Penny (173.7Mt) and Glendon Brook projects in NSW, for A$486m plus A$14m liabilities. Cash is capped at A$41m, the rest in shares at the lower of A$3.85 or VWAP. No obligation to proceed, and an independent board committee will assess it.

asset acquisition disposition

The SACL subscription rights offer raised A$57.3m, against a maximum of about A$58.3m. Completes the rights thread; funds are earmarked for the Indonesian and US upgrading plants and for coal acquisitions in Australia and elsewhere.

capital raising announcement

Ex-Felix Resources directors formally join the board: Travers Duncan as Chairman, Brian Flannery as CEO and executive director, Hans Mende and John Kinghorn as non-executive directors. Follows the SACL takeover and A$75m raising; AMCI (Mende) to put A$19.3m into the rights issue.

director officer appointment

Kentucky air permit granted for the Jefferson Riverport plant, plus up to US$8.4m of tax rebates and credits over 25 years. Initial capacity 250,000 tpa. A board go/ahead decision is expected within two months; production targeted by end 2011. Resolves the open permit thread.

regulatory community update

White issued 13,846,170 shares to SACL holders (11 Aug), 30m placement shares raising A$75m (10 Aug) and 3.6m shares from A$1.20 options. This completes the placement and SACL share consideration; issued capital is now about 284.2m shares.

capital raising announcement

White's SAC takeover succeeds with over 97% acceptances, over 90% choosing shares. White will compulsorily acquire the rest, with completion expected 7 September 2010. SAC holders also get subscription rights raising up to A$57.5m by 20 October; the A$75m placement completes 11 August.

business combination

White's SAC takeover offer is freed from all conditions and is now unconditional. Acceptances exceed 80%, almost 95% choosing shares, so the cash alternative will not be scaled back. The offer closes 28 July 2010 unless extended.

business combination

Tabang plant now regularly runs above 50% of design throughput (was about 30% to April). Product since May is about 5,800 kcal/kg against a 6,100 target. First sale was in May; trial cargoes are shipping soon. Dust and injection fixes are deferred to a September decision.

production update

White will bid for unlisted South Australian Coal (Lake Phillipson, 515Mt resource) at A$39.3m upfront, mainly in shares at A$2.50, plus up to 17.0m more shares on resource growth. Ex-Felix chiefs take over: Duncan chair, Flannery CEO from August 2010. A$75m placement at A$2.50 alongside.

business combination

White signed a non-binding Heads of Agreement with Guodian Inner Mongolian Energy Sources for a 1 Mtpa coal upgrading joint venture in China, growing to 5 Mtpa. White would hold 35% and Guodian 65%, funding all capital costs. It depends on feasibility studies.

material agreement

At the 18 December meeting the chair said Tabang's core plant works but runs only at about 300,000 tpa, with dust extraction needing upgrade. Full 1 Mtpa now follows an April 2010 upgrade, and test-burn cargoes of 5,000-8,000 tonnes are planned for February 2010. Ramp-up slips again.

production update

White launched its share purchase plan: eligible holders can buy up to A$4,999.20 (2,083 shares) at A$2.40, the same price as the placement, an 11.76% discount to A$2.72. Underwritten by Southern Cross Equities, capped at A$6m, after an ASX waiver.

capital raising announcement

White accepted a A$100m placement of 41.67m shares at A$2.40 (28.8m now, 12.87m after a mid-December EGM), and plans a A$6m share purchase plan. The ASSAC merger is withdrawn by mutual agreement as conditions were unlikely to be met, ending the US$2.50 deal.

capital raising announcement

Standard Chartered was appointed adviser on a project financing facility of at least US$150m for the next Tabang expansion phase, to 5 Mtpa. It also agreed an interim US$10m working capital facility. This continues the Bayan debt thread; financial close is targeted for end of Q1 2010 and depends on due diligence.

debt financing

The Tabang plant with Bayan produced its first upgraded coal briquettes, run under temporary power. This is the first output from the 1 Mtpa plant White built after construction finished in April. The 10MW power station is still to be integrated in coming weeks, then ramp-up over months.

production update

White and ASSAC signed a definitive Merger Implementation Agreement, replacing the 3 July terms, to be carried out by share and option schemes of arrangement. It needs FIRB and US SEC approvals. Shareholder votes are expected by late October and implementation in early December 2009.

material agreement

The ASSAC deal was renegotiated: White shares valued at US$2.50 (about A$3.15) versus A$1.5008 in March, ASSAC cash of US$100-140m versus a US$75m minimum, and a full White-ASSAC merger with NYSE and ASX dual listing. It is to go to a scheme vote in October 2009.

business combination

Chairman's address to the 3 July meeting reviewed Tabang, Peabody and the A$55m raise, and announced renegotiated ASSAC terms. ASSAC would acquire all White shares at US$2.50 each, with US$100-140m of cash, a dual NYSE/ASX listing, and White taking control.

business combination

White raised A$55m through a placement of 36.667m shares at A$1.50, a 5.7% discount to the 30-day average price. 21.075m shares were issued now; 15.592m need shareholder approval. Funds are for the Buckskin and Peabody plants and working capital, following the December 2008 cash of A$10.7m.

capital raising announcement

White signed a development agreement with Peabody Energy for a coal upgrading plant at a Powder River Basin site. Peabody gets first right on new North American and Chinese projects and a right to acquire nearly 15% of White. Engineering and permitting may take up to 24 months.

farm in farm out agreement

Construction of the first 1 Mtpa Tabang plant with Bayan is complete and commissioning is under way, with ramp-up to full capacity over six months. The joint venture's planned scope was raised from 5 to 15 Mtpa. White and Bayan are talking to banks about debt facilities.

production update

The ASSAC deal was widened into a definitive share exchange covering White Energy Technology, with worldwide rights rather than South East Asia only. White gets direct control of up to A$170m, and about A$45m of net debt obligations are to be assigned. Replaces the December letter of intent.

business combination

Half-year loss to December 2008 was A$14.05m (prior year A$6.69m), with a cash loss of A$9.2m. Cash fell to A$10.7m from A$35.0m at June, after about A$52m invested in the Indonesian and Cessnock plants. Tabang is over 90% complete. White relinquished Mt Mundy and Glen Ayle in October 2008.

half year report

December quarter: Tabang about 88% complete, with A$18.1m spent by White; the power plant is still late but temporary power is planned. BHP Billiton has terminated its funding and marketing arrangements, with about US$9.7m drawn to be repaid. The ASSAC merger is progressing.

quarterly activities report

White's US subsidiary agreed with Buckskin Mining (Kiewit) to lease a site at the Buckskin Mine, Wyoming, for an estimated US$80m plant, expected operational January 2010. Output is expected at 1.1 million tonnes a year. This advances the NRG/Buckskin negotiations; White will finance and own the plant.

material agreement

White Energy signed a binding letter of intent to merge its South East Asian business into US-listed shell ASSAC (about US$110m / A$170m cash). White would own 56% of the merged entity, valued at A$385m, and manage it. Subject to due diligence and approvals; completion targeted within 60 days.

business combination

The 25-cent option exercise program closed, raising A$4.02m, with about 99% of 16,255,000 options exercised. Major shareholders took 54.6% and director-related entities 28.2%. Only 170,100 options lapsed. All 30 November 2008 option classes are now cleared.

capital raising announcement

White signed an African joint venture with Black River (a Cargill subsidiary): 51% White, 49% Black River. Black River commits US$70m, subject to milestones; White contributes about US$31m over time and gets a large upfront payment plus royalties. Equity is funded 66/34 Black River/White.

joint venture update

BHP Billiton converted US$7.5m of its convertible facility into shares at a 10% discount to the 23 September 2008 reference price, giving it 2.43% of White. The shares are escrowed for 12 months. This reduces the facility balance and adds a new shareholder.

capital raising announcement

White's US subsidiary decided to proceed with developing a Powder River Basin plant, subject to agreeing commercial terms with NRG and Buckskin. Contract negotiations have started and final participation is not yet determined, so the project is not yet committed.

joint venture update

Cessnock plant produced upgraded coal to specification after the drying furnace was fired and certifications were received. This is White's first commercial-scale production. Next come trial coals for partners, including high-moisture Latrobe Valley brown coal, over the coming months.

production update

Bayan's Tabang plant is about 45% complete at end-June and on schedule, with all critical equipment landed in Indonesia. Commissioning is now guided for early 2009, with ramp-up April to September 2009, versus the earlier 3Q08 guidance.

production update

Construction of the 90,000 tonne-a-year Cessnock plant finished on schedule and on budget. Cold commissioning has begun, with full production expected in about six weeks. This follows the early-June commissioning guidance and gives White its first commercial-scale plant, ahead of Bayan.

production update

White signed a US development agreement with NRG Power Marketing and Buckskin Mining (Kiewit) for a cost-shared feasibility study of a plant making at least 1 million tons of briquettes a year at Buckskin mine, Wyoming. It is the first concrete step of the US strategy.

material agreement

White formally completed the BHP Billiton deal: a US$35m seven-year unsecured convertible facility, plus BHP as exclusive global marketing agent for export coal. This resolves the long-open documentation thread dating from the May 2007 term sheet.

material agreement

White raised A$45m through five-year unsecured convertible notes, convertible at A$3.44 per share (a 20% premium to the 30-day average) with a 7.90% annual yield. Noteholders can redeem at year three. Led by existing shareholder Deephaven; funds are for rollout, especially in the US.

capital raising announcement

White signed a five-year strategic alliance with Thiess (via PT Thiess Contractors Indonesia) to provide engineering, procurement, construction, and operation and maintenance for its briquetting plants in Indonesia. It supports rolling out the 13 Mtpa of joint venture capacity; no financial terms given.

material agreement

White's subsidiary has been offered an A$4.35m Commercial Ready grant from AusIndustry to build a new demonstration plant, which the Minister placed in Cessnock, NSW. It will expand coal-testing capacity for prospective partners; up to 50% of project costs can be funded.

contract award

BHP Billiton agreed a term sheet for a US$35m, 7-year unsecured convertible facility. US$7.5m must convert by September 2008 at a 10% discount (floor $2.45); up to US$12.5m more is convertible (floor $2.55). BHP also becomes exclusive global marketing agent. Subject to documentation and due diligence.

debt financing

White and Datang have signed documents and started a final feasibility study on a first 1 Mtpa plant, stage one of a 10 Mtpa project in Inner Mongolia. Results are expected by end June 2007; positive results lead to formal JV documents. Advances the Datang heads of agreement.

joint venture update

Responding to a press article, White confirms a Level 1 ADR program via Bank of New York (awaiting US approval) and has hired Jefferies to advise on a proposed US capital raising, with a US roadshow in late April. No size or price given.

capital raising announcement

Joint venture signed with Indonesia's Adaro Group and Itochu: White's subsidiary holds 51%, Adaro 29%, Itochu 20%. A first 1 Mtpa plant is targeted, rising to 8 Mtpa, subject to feasibility. White's second major JV after Bayan; builds on the Itochu heads of agreement.

farm in farm out agreement

December 2006 quarter: Bayan JV (51%) moved to site works, long-lead equipment ordered and Indonesian approval granted for PT Kaltim Supacoal. ANZ won the project finance tender, with terms under negotiation. WEC withdrew from Nanutarra and relinquished one Glen Ayle licence.

quarterly activities report

After reviewing the feasibility study, White and Bayan will proceed with the Tabang joint venture, expanded from 3 to 5 million tonnes a year. Bayan's offtake rises from 500,000 to 1.5 million tonnes a year, about US$215m over five years, up from US$100m. White keeps 51%.

material agreement

White Energy placed 23,983,333 shares at A$0.96 to institutions, raising A$23.024m versus the $20m planned. Shares on issue rise to 119.9m. Funds will pay White's share of the first Bayan plant. Completes the second raising tranche.

capital raising announcement

Shareholders unanimously approved all resolutions at the 28 June meeting: the White Energy Technology acquisition (about 51.4m shares), the name change, and a placement of up to 35m shares. Trading restart expected 3–4 July after ASX re-compliance. Resolves the open shareholder vote.

other

Amerod signed formal joint venture documents with PT Bayan Resources (White 51%, Bayan 49%), including a five-year US$100 million offtake of upgraded coal for the planned 1 million tonne a year plant. This firms up the February heads of agreement; a feasibility study is under way.

material agreement

Notice of a general meeting on 28 June 2006 to approve the White acquisition and a significant change of activities, which requires ASX re-admission and a prospectus raising. The independent expert found the deal fair and reasonable to non-associated shareholders.

agm notice

Crosby placed 5,592,000 shares at $0.90, raising $5,032,800, the first tranche of a planned $25 million. The second $20 million tranche will be raised via prospectus, subject to shareholder approval.

capital raising announcement

Crosby Capital closed the initial $5 million placement early, fixing the price at $0.90 per share, with proceeds due in early May. This is the first tranche of the capital raising to support the White acquisition.

capital raising announcement

Amerod signed a Sale and Purchase Agreement to buy 100% of White Energy Technology. Grant Thornton valued it at A$68.0–77.2 million. Directors McGuigan and Atkinson hold minority interests in White and abstained. Crosby Capital was appointed to raise capital.

asset acquisition disposition

White signed a second heads of agreement, with Japan's Itochu, for a coal briquetting joint venture in Indonesia, with White to own at least 35%. Definitive agreements are due within 30 days; this adds to the Bayan deal and the pending option exercise.

material agreement

Amerod said White signed a heads of agreement with PT Bayan Resources for a Tabang coal briquetting joint venture, 51% White and 49% Bayan, starting at 1 million tonnes a year. Directors favour exercising the option to buy White's technology, subject to shareholder approval and a capital raising.

material agreement