20 Nov 2012agm notice● Neutral
Notice of an audio broadcast of the 2012 Annual General Meeting, held 23 November Australian time. Administrative; no new information.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Oct 2012quarterly activities report● Neutral
September-quarter report: Optimum still has not decided on the South African plant, though River Energy is now in talks with all major producers, started a second feasibility study elsewhere, and bid to Eskom. Wyoming 'minor source' emissions data submitted to regulators.
22 Oct 2012annual report● Neutral
2012 annual report calls it a very difficult year after the Tabang setback, which delayed Indonesian and US projects. Focus shifts to coal-fines briquetting; Lake Phillipson at 1.13bn tonnes; substantial cash reserves. Largely repeats earlier updates.
2 Oct 2012bankruptcy or receivership▼ BadMajor
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.
14 Sept 2012security holder rights change● Neutral
Notice that 100 unquoted convertible notes (A$250,000 face each, conversion price A$3.22) mature 12 October 2012. Holders wanting to convert must lodge forms by 5pm that day. Ties to the notes maturing in October.
7 Sept 2012annual report● Neutral
Annual report to 30 June 2012 repeats the quarter's updates: Optimum feasibility study done with a decision due by end-September, Wyoming minor-source permit approach, Lake Phillipson at 1,130.4Mt. Financial figures are not in the text provided.
7 Sept 2012half year report▼ BadMajor
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.
7 Sept 2012other▼ Bad
S&P index notice lists White Energy among removals from the S&P/ASX 300 after the close on 21 September 2012. Administrative; it follows earlier removals from the 200 and All Australian 200 indices.
31 July 2012quarterly activities report● Neutral
June-quarter report: River Energy completed the feasibility study for a plant at Optimum Colliery, South Africa; Optimum (recently acquired by a Glencore-led consortium) should decide by end-September 2012. Slips the earlier Q2 commitment. Wyoming permitting still ongoing.
1 June 2012other▼ Bad
S&P index rebalance notice lists White Energy among removals from the S&P/ASX All Australian 200 index after the close on 15 June 2012. Administrative; no company development.
30 Apr 2012quarterly activities report● Neutral
March-quarter report: over 150 tonnes of South African fines tested, and River Energy still expects to commit to its first ~500,000 tpa plant in Q2 2012. Wyoming PSD permitting may face further delays. Lake Phillipson resource over 1.1bn tonnes; Bayan freezing order obtained.
19 Apr 2012joint venture update▲ Good
On 18 April the Western Australia court extended the freezing orders over Bayan's 56% Kangaroo Resources stake indefinitely, until further order. This continues White's Bayan damages action; a further hearing date has not been set.
10 Apr 2012other● Neutral
Kangaroo Resources says it was joined to the proceedings only so the freezing orders over Bayan's shares could be made, and expects no adverse impact on itself. A third-party clarification of White's Bayan action.
10 Apr 2012joint venture update▲ GoodMajor
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.
26 Mar 2012other● Neutral
M&G/Prudential substantial holder notice: stake up from 16.68% to 17.00% (53.75m shares). A notice from the holder, not a company development; continues their earlier increases.
23 Mar 2012resource reserve update▲ GoodMajor
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.
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.
31 Jan 2012quarterly activities report▼ Bad
December-quarter report: Tabang suspended in late November, on care and maintenance with about 15 staff, modifications ~95% complete; a Singapore pre-trial hearing is set for 7 Feb 2012. Wyoming draft permits slip to end-June 2012; the African plant commitment moves to Q2 2012.
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.
28 Nov 2011agm notice● Neutral
Notice of an audio broadcast of the 2011 Annual General Meeting, with presentations by Chairman Travers Duncan and CEO Brian Flannery. Administrative; no new information.
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.