Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
9 Mar 2012half year report▼ Bad
Half-year report to 31 December 2011 repeats the Bayan dispute: Tabang suspended, ~95% complete, joint venture ended, and Bayan counterclaiming. Wyoming permits may be delayed. Financial figures are not in the text provided.
9 Mar 2012investor presentation▼ BadMajor
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.
2 Mar 2012joint venture update▼ BadMajor
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.
2 Mar 2012other▼ Bad
S&P index notice lists White Energy among removals from the S&P/ASX 200 from 16 March 2012 close. It ends the S&P/ASX 200 membership noted in the context. Index fund selling is an inference, not stated.
21 Feb 2012other● Neutral
M&G/Prudential substantial holder notice shows its stake unchanged at 16.68% (52.75m shares), with the holding now spread across different M&G funds. Administrative.
13 Jan 2012price query● Neutral
ASX queried a rise from a $0.37 close to an intra-day high of $0.49 on 13 January 2012. White said it knew of no unannounced information explaining the move and was complying with listing rules.
28 Dec 2011joint venture update▼ BadMajor
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.
20 Dec 2011other▲ Good
M&G/Prudential funds raised their substantial holding in White Energy from 14.01% to 16.68% (52.75m shares). This is a notice from the holder, not a company development; it follows the 14.01% stake noted in May 2011.
15 Dec 2011price query● Neutral
ASX queried a fall from a $0.455 close to an intra-day low of $0.35 on 14 December 2011. White said it knew of no unannounced information explaining the trading and was complying with listing rules.
29 Nov 2011other▼ Bad
At the AGM the chair says Bayan demanded a higher coal price and that White buy its 49% of KSC for about US$45m. The board refused, saying Tabang risked becoming a stranded asset. White is weighing legal options and talking to other Indonesian parties about BCB plants.
21 Nov 2011joint venture update▼ BadMajor
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.
9 Nov 2011joint venture update▼ BadMajor
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.
9 Nov 2011listing compliance notice● Neutral
Trading in White Energy shares resumes after the suspension, following the Tabang update released the same day.
9 Nov 2011investor presentation● Neutral
Notice of an investor call on 10 November 2011 at 9am, where the CEO will discuss the Tabang developments. No new information in the notice.
8 Nov 2011listing compliance notice▼ BadMajor
White Energy requests a voluntary trading suspension pending an update on its Tabang operations, including developments affecting coal supply to the plant.
31 Oct 2011quarterly activities report▼ BadMajor
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.
27 Oct 2011annual report● Neutral
2011 annual report repeats the year's highlights and FY2012 targets, including full Tabang production and the Wyoming permits. No new developments in the text provided.
21 Oct 2011security holder rights change● Neutral
About 4.8m unlisted options with a $3.50 exercise price expire on 30 November 2011. Administrative notice; the price is well above recent share prices.
2 Sept 2011annual report● Neutral
FY2011 statutory accounts: Tabang modifications now expected to finish by end-November 2011, with sales still halted since October 2010 awaiting licences. Details of results appear in the results presentation.
2 Sept 2011half year report● Neutral
FY2011 results: net loss A$18.8m (FY2010: A$35.8m), revenue A$11.9m, net assets A$370.6m. Sales of upgraded coal remain on hold pending the IUP licence. Targets for FY2012 include full Tabang production and Wyoming permits.
2 Sept 2011production update▼ Bad
Tabang's final upgrade works slip: low river water has delayed barging of equipment, and the dust-pipe contractor is behind. September shutdown goes ahead, but a further shutdown is needed in November. Earlier plan was completion by end-September.
5 Aug 2011director officer appointment● Neutral
Founding managing director John Atkinson and founding chairman John McGuigan resign as directors, citing time demands of their new advisory venture. The board returns to six members. Both remain shareholders.
20 July 2011regulatory community update● Neutral
White Energy rebuts media articles about the NSW government's grant of 70 hectares at Cessnock for its demonstration plant, denying wrongdoing. Land valued at $450,000 reverts to the State if coal technology work ceases; the company says it has not been notified of any inquiry.
4 July 2011production update▲ Good
Tabang's dryer column extension and power station soot blower were completed on time in the June shutdown, and operations restarted 1 July. Dust extraction and handling upgrades remain on schedule, with equipment due by end-August and a further shutdown of up to one month.
14 June 2011investor presentation● Neutral
June investor deck repeats known business and technology points. Shows 316.1M shares, a A$1.94 share price on 8 June 2011 and a market cap of about A$634m, down from about A$890m in February. Targets include Wyoming permits and the Tabang ramp-up.
7 June 2011material agreement● NeutralMajor
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.
30 May 2011other● Neutral
M&G (Prudential group) raises its holding from 40,768,748 shares (13.00%) to 44,312,849 (14.01%), change dated 26 May 2011. Continues its steady build-up.
30 May 2011production update● Neutral
Tabang plant fixes detailed: the dryer column extension goes in during a June shutdown, and the dust system (which has limited the plant to 25-30% capacity) follows after a further shutdown of up to a month. Completion is expected by September 2011, full 1Mtpa by end-2011.
12 Apr 2011material agreement termination▼ BadMajor
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.
4 Apr 2011other● Neutral
White Energy changes its registered office to Suite 4, Level 9, 341 George Street, Sydney. Administrative; no business impact.
