Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Nov 2013regulatory community update▲ GoodMajor
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.
31 Oct 2013quarterly activities report● Neutral
September-quarter report: Mountainside purchase completed 4 October for US$20M and handover under way. White is in advanced talks with third-party investors for the project. Buckskin permit still awaited, South Africa focus narrowed to 4 projects, Indonesian offers made and awaiting response, Bayan dispute continues.
17 Oct 2013annual report● Neutral
2013 annual report. The chairman says the share price trades at a significant discount to underlying assets and cites substantial cash reserves. The report repeats the strategy of pairing BCB coal technology with coal mining, with Mountainside, Buckskin, South Africa and Indonesia as the focus. Full financials are not in the extracted text.
7 Oct 2013asset acquisition disposition▲ GoodMajor
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.
2 Oct 2013asset acquisition disposition● Neutral
White and Mountainside Coal agreed to extend completion of the Kentucky coal acquisition, exercised 30 August 2013, to 8 October 2013. No reason is given; further updates promised.
27 Sept 2013security holder rights change● Neutral
Notice that 750,000 unlisted options (exercise price $3.65, granted 28 Feb 2010) expire on 31 October 2013. Holders must lodge exercise forms and payment by 5pm that day. Administrative.
18 Sept 2013annual report● Neutral
FY2013 annual report describes a strategy of becoming a diversified coal miner combining the BCB technology with mining. Mountainside Coal is described as being acquired. Buckskin permit hearing was held on 12 August 2013. Kinghorn resigned and Crawford joined the board. Financials not shown in the text.
18 Sept 2013investor presentation▼ BadMajor
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.
2 Sept 2013asset acquisition disposition▲ GoodMajor
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.
30 Aug 2013security holder rights change● Neutral
Notice that 2,000,000 unlisted options (exercise price $3.65) expire on 7 October 2013. Holders must lodge exercise forms and payment by 5pm that day. Administrative.
26 Aug 2013asset acquisition disposition▲ GoodMajor
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.
5 Aug 2013director officer appointment▼ BadMajor
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.
1 Aug 2013other▼ BadMajor
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.
31 July 2013other● Neutral
White notes the tabling of the ICAC report on Operation Jasper and says it is reviewing it. No details or findings are given yet.
31 July 2013quarterly activities report● Neutral
June-quarter report: Buckskin air permit now at public-notice stage, with a Gillette hearing on 12 August 2013. River Energy is doing due diligence on a Witbank plant and expects Optimum's final decision within the next quarter. US and Indonesian searches continue.
19 July 2013other● Neutral
Kangaroo Resources gives background on the Bayan appeal. It says White's subsidiary will not cross-appeal the discharge of the freezing orders against Kangaroo. Third-party announcement, largely repeating the previous update.
18 July 2013other● Neutral
Kangaroo Resources says it and Bayan appealed the 26 June orders on 12 July 2013. Kangaroo is an appellant only to protect itself on costs, since the freezing orders against it are already discharged. Third-party announcement.
16 July 2013joint venture update● Neutral
Bayan has appealed the freezing-order ruling, served 15 July 2013, but only on the court's jurisdiction. It is not appealing the finding that White's subsidiary has a good arguable case. The freezing orders remain in place.
2 July 2013joint venture update● Neutral
White responds to Kangaroo Resources: Bayan and Kangaroo must also pay White's subsidiary's costs for their failed jurisdiction challenge. The primary freezing orders against Bayan stay in place. White calls any Kangaroo damages claim misconceived.
1 July 2013other▼ Bad
Kangaroo Resources says the freezing orders against it were discharged on 26 June 2013 and it received its costs. It may seek an inquiry into damages from the orders. This is a third-party announcement on the Bayan dispute.
26 June 2013joint venture update▲ GoodMajor
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.
11 June 2013director officer appointment● Neutral
Terry Crawford joins the board as an independent non-executive director, effective immediately. The company says his banking background will help as it moves into the project development phase.
30 Apr 2013quarterly activities report● Neutral
March-quarter report: Optimum still has not decided on the South African plant, with a revised proposal made in March; a fifth South African project has emerged. Buckskin air permit application was ruled administratively complete on 19 April 2013. US and Indonesian acquisition searches continue.
10 Apr 2013asset acquisition disposition● NeutralMajor
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.
8 Mar 2013half year report● Neutral
Half-year to December 2012: River Energy has made four formal South African submissions and is near finishing another feasibility study; Optimum still unresolved. Buckskin permit lodged; US mine option in due diligence. Financials not in the text shown.
8 Mar 2013half year report▼ BadMajor
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.
1 Mar 2013asset acquisition disposition● Neutral
The option to buy the Central Appalachia coal mine has been extended to 10 April 2013 so due diligence, mainly coal sampling, can finish. Results are promised by that date.
31 Jan 2013quarterly activities report● Neutral
December-quarter report: Buckskin 'minor source' air permit applied for in Wyoming, draft expected Q2 2013. Four formal South African submissions made; Optimum progress 'disappointingly slow'. US mine option in due diligence.
17 Dec 2012asset acquisition disposition▲ GoodMajor
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.
23 Nov 2012other● Neutral
AGM addresses repeat the year's themes: Tabang setback and dispute, coal-fines briquetting interest, Wyoming permitting ('success within sight'), Lake Phillipson at 1,130.4Mt. Chairman says the share price attributes little value to the technology. No new results.
