Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
29 Mar 2011resource reserve update▲ GoodMajor
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.
25 Mar 2011other▼ Bad
Cascade completion end date is pushed from 30 April to 27 May 2011. The Notice of Meeting is now due mid-April, with the EGM in mid-May rather than 6 April. Delay is to finalise meeting materials.
14 Mar 2011half year report● Neutral
Half-year report to 31 Dec 2010. Tabang modifications are now expected to finish by mid-2011, with full-rate ramp-up in the second half. Sales have stopped since October 2010 awaiting export licences, said to be imminent. Lake Phillipson resource report is due by end of March.
9 Mar 2011other● Neutral
M&G (Prudential group) lifts its holding from 36,883,432 shares (12.00%) to 40,768,748 (13.00%), change dated 7 March 2011. Continues the fund's steady build-up in White Energy.
7 Mar 2011other● Neutral
Computershare notifies that its Brisbane office moves address from 7 March 2011. White Energy appears on the list of affected clients. Administrative; no impact on the company.
1 Mar 2011regulatory community update● Neutral
Responding to press speculation, White releases a Cascade letter arguing the NSW Coalition's proposed land-use policy and exploration licence audit should not hit Mt Penny, which has already reached the development application stage. Cascade's letter is the company's own view, not a government ruling. Flags a regulatory risk to the Cascade deal.
23 Feb 2011other▲ GoodMajor
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.
23 Feb 2011investor presentation● Neutral
Roadshow deck promoting the Cascade deal as company-making. States cash of about A$206m and market cap about A$890m. Notes Cascade is ~60% owned by five White directors and executives (about 12% each), with up to 20% of consideration payable in cash. Mostly repeats known terms.
14 Feb 2011asset acquisition disposition● NeutralMajor
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.
10 Jan 2011other● Neutral
M&G (Prudential group) lifts its holding again, from 34,688,432 shares (11.29%) to 36,883,432 shares (12.00%), change dated 6 January 2011. Continues its steady build-up in the stock.
23 Dec 2010asset acquisition disposition▲ GoodMajor
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.
10 Dec 2010other● Neutral
M&G (Prudential group) raises its holding from 32,688,432 shares (10.64%) to 34,688,432 shares (11.29%), change dated 8 December 2010. Continues the fund's gradual build-up in White Energy.
6 Dec 2010other● Neutral
White Energy publishes an updated Share Trading Policy dated 3 December 2010, setting out insider trading rules and closed periods (1 January to half-year results; 1 July to full-year results) for directors and staff. Administrative; no new business information.
30 Nov 2010asset acquisition disposition▲ GoodMajor
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.
5 Nov 2010other● Neutral
M&G (Prudential group) notice: holding rises from 31,463,828 shares (11.07%) to 32,688,432 shares (10.64%), change dated 3 November 2010. Voting power is lower despite more shares, which fits the larger share count.
29 Oct 2010annual report● Neutral
Shorter highlights version of the 2010 annual report, repeating the same content: SACL acquisition, A$100m raising, first coal sale and 2011 targets. No new information.
29 Oct 2010annual report● Neutral
Annual report (re-issue of FY2010 results already reported): first 1 Mtpa plant commissioned, first coal shipment sold, A$100m raising, ASX-200 entry, and SACL acquired with its 515Mt resource. 2011 targets include Wyoming permits, Kentucky feasibility and a South African project.
27 Oct 2010capital raising announcement▲ GoodMajor
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.
26 Oct 2010investor presentation● Neutral
Citi conference deck, essentially the same as the earlier October presentation: BCB process, SACL takeover, A$4.06 share price at 8 Oct, A$1.2bn market cap. No new information.
19 Oct 2010investor presentation● Neutral
Conference deck repeating known facts: BCB technology, the SACL takeover and growth strategy. Shows 284.2m shares, A$4.06 share price at 8 Oct and about A$1.2bn market capitalisation. No new announcements.
30 Sept 2010director officer appointment● Neutral
Vincent O'Rourke, former Queensland Rail CEO and a director of Yancoal Australia (formerly Felix Resources), joins the board as a non-executive director. Adds to the board strengthened by the ex-Felix appointments.
20 Sept 2010director officer appointment▲ GoodMajor
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.
14 Sept 2010regulatory community update▲ GoodMajor
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.
9 Sept 2010annual report▼ Bad
FY2010 annual report: loss A$35.8m (2009: A$27.6m), including A$11m one-off costs such as A$4.9m on the terminated merger. Tabang plant is in ramp-up, with first coal sold in May 2010. Wyoming permit applications are expected to be submitted very soon.
9 Sept 2010investor presentation● Neutral
FY2010 results deck recaps the A$35.8m loss and positions White as a diversified coal company after the SACL takeover and the ex-Felix board and management. It says a rights offering could raise about A$45m in September, leaving cash of A$200-250m.
30 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises from 30,095,511 (10.58%) to 31,463,828 shares (11.07%), change dated 26 August 2010.
20 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises to 30,095,511 shares but voting power falls from 12.10% to 10.58%, reflecting the larger share count after the August issues. Change dated 18 August 2010.
12 Aug 2010capital raising announcement▲ GoodMajor
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.
11 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises from 26,160,830 shares (11.04%) to 28,657,726 shares (12.10%), change dated 9 August 2010.
4 Aug 2010capital raising announcement● Neutral
Appendix 3B for issues tied to the SACL takeover close: up to 13,856,170 ordinary shares and up to 15,003,616 each of 2010 and 2011 performance shares to SACL holders, plus the 30m-share placement. Final numbers due around 11 August.
