30 July 2010security holder rights change● Neutral
Reminder that 3,610,000 unlisted options at A$1.20 expire 30 August 2010; holders are being sent exercise letters. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2010business combination▲ GoodMajor
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.
26 July 2010other● Neutral
M&G (Prudential group) notice: holding rises slightly from 26,034,830 to 26,160,830 shares, voting power 10.99% to 11.04%, change dated 22 July 2010.
19 July 2010business combination▲ GoodMajor
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.
13 July 2010business combination▲ Good
White shareholders passed all resolutions needed for the SAC offer at the 12 July EGM. The offer period is extended to 28 July 2010, with acceptances at 74.79% as at 12 July.
12 July 2010other▲ Good
Chairman's address at the 12 July EGM: SAC acceptances are at 73.41%. Describes Lake Phillipson (515Mt resource, aim to reach at least 1.5bn tonnes) and the planned board changes. Placement of A$94.1m to A$144.8m is being raised, with over A$90m committed by the new board.
6 July 2010business combination▲ Good
Acceptances for the SAC takeover reach 71.88% of SAC shares, over 98% of them choosing shares. The offer needs 90% to meet the condition and closes 21 July 2010 unless extended. Expected cash is above A$200m.
25 June 2010production update▲ GoodMajor
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.
25 June 2010other● Neutral
M&G (Prudential group) notice: holding unchanged at 26,034,830 shares, but voting power slips from 11.01% to 10.99% because White's issued share capital rose. It did not sell.
23 June 2010investor presentation● Neutral
June 2010 company deck describes the coal upgrading technology and the SAC takeover offer. Shows 236.6m shares, A$3.73 share price at 16 June and market capitalisation about A$936m fully diluted. Text shown is mostly background; no new operational facts.
18 June 2010other▲ Good
White confirms it joins the S&P/ASX 200 from the close of trade on 18 June 2010, after the June index rebalance. It entered the ASX 300 in March. No operational news.
15 June 2010other● Neutral
M&G (Prudential group) raised its holding in White from 23,577,048 shares (10.02%) to 26,034,830 shares (11.01%), change dated 11 June 2010. It keeps adding to its position.
15 June 2010business combination● Neutral
Bidder's statement for White's offer for South Australian Coal posted to SAC shareholders; SAC's independent directors unanimously recommend acceptance absent a superior proposal. Re-circulation of the 7 June lodgement; no new terms stated in the text provided.
15 June 2010business combination▲ Good
SAC's Target's Statement, dated 15 June 2010, tells its shareholders the independent directors unanimously recommend accepting White's offer absent a superior proposal. It includes a short-form independent expert report; the text provided shows no new terms.
7 June 2010business combination▲ Good
White lodged its bidder's statement for the SAC takeover; Deloitte's independent expert calls the deal fair and reasonable for non-associated holders. The offer needs 90% acceptance; White's EGM is set for 12 July 2010. Post-deal cash is expected at about A$250m.
7 June 2010business combination● Neutral
White's bidder's statement for the formal offer for South Australian Coal, lodged 7 June 2010. SAC's independent directors unanimously recommend acceptance absent a superior proposal. Offer terms as announced on 19 April.
4 June 2010other● Neutral
Third-party S&P notice: White Energy is added to the S&P/ASX 200 and All Australian 200 after close on 18 June 2010. It joined the ASX 300 in March. No company news.
27 May 2010investor presentation● Neutral
Singapore conference deck largely repeats the earlier presentation. Share price A$3.23 at 24 May 2010, down from A$3.45; market capitalisation about A$811m. No new operational facts.
4 May 2010investor presentation● Neutral
Morgan Stanley conference deck repeats the SACL takeover and Tabang ramp-up (5,800 kcal/kg). Notes 235.8m shares and a share price of A$3.45 at 30 April 2010, market capitalisation about A$866m. No new facts.
19 Apr 2010resource reserve update● Neutral
ASX-requested detail on the SACL bid: EL3386 JORC resource totals 514.9Mt (14.7Mt measured, 145.6Mt indicated, 354.6Mt inferred). The '4 billion tonne' figure is conceptual potential (515-4,100Mt), not a defined resource.
19 Apr 2010business combination▲ GoodMajor
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.
16 Mar 2010other● Neutral
M&G (Prudential group) lifted its holding in White from 21,250,000 shares (9.03%) to 23,577,048 shares (10.02%). Continues its build-up after the placement.
12 Mar 2010material agreement▲ GoodMajor
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.
12 Mar 2010half year report▼ Bad
Half-year to 31 December 2009: loss A$15.68m (prior year A$14.05m), including A$4.93m costs of the terminated ASSAC merger. Tabang runs at about 300,000 tpa (30% of nameplate); Kentucky permit to be filed mid-March 2010.
8 Mar 2010other▲ Good
White confirmed it will join the S&P/ASX 300 index from the close of trade on 19 March 2010. The MD said this should raise its profile with investors. No operational change.
5 Mar 2010other▲ Good
S&P index notice listing quarterly changes to the S&P/ASX indices; White Energy (WEC) is among the additions to the S&P/ASX 300, effective after close on 19 March 2010. Third-party notice, no company news.
17 Feb 2010director officer appointment● Neutral
Graham Cubbin, a former CFO of Consolidated Press Holdings, joined the board as an independent non-executive director on 17 February 2010. Director Ilyas Khan, on the board since July 2002, stepped down for personal reasons.
29 Dec 2009other▲ Good
M&G raised its stake in White from 12,587,177 shares (5.68%) to 18,940,000 shares (8.05%), with the change dated 23 December 2009. Another institution building a larger position after the placement.
18 Dec 2009production update▼ BadMajor
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.
1 Dec 2009capital raising announcement● NeutralMajor
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.
What it means for a shareholder
2,083 new shares at A$2.40 to raise about A$4,999. That's 0.00094% dilution: every existing holder's slice gets 0.00094% smaller. If you held A$1,000 of shares (417 at the issue price), your slice goes from 0.000188% to 0.000188% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.