9 Nov 2011listing compliance notice● Neutral
Trading in White Energy shares resumes after the suspension, following the Tabang update released the same day.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 July 2011quarterly activities report● Neutral
June-quarter report: Tabang dryer column upgrade worked, cutting moisture to 6-7%, and the plant restarted 1 July. The IUP licence is now indicated for August 2011. New US greenhouse gas rules mean a further PSD permit, so Wyoming draft permits (end-December) may slip.
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.
29 Apr 2011quarterly activities report● Neutral
March-quarter report: Tabang modifications now due by September 2011, with full capacity by end-2011. The Tabang licence (IUP) is expected imminently, now needing one licence rather than two. Wyoming air permits are expected by end-2011. Lake Phillipson resource is 684.2Mt.
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.
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.
31 Jan 2011quarterly activities report● Neutral
December-quarter report: KSC took over Tabang site management from the contractor at end-December, resolving that thread. Dryer extension, briquetter fixes and a new dust system (targeted mid-year) continue, and the plant runs at reduced capacity. Indonesian mining licences (IUP) are still pending, so upgraded coal is stockpiled. Buckskin air permit lodged 3 December.