Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
16 Mar 2009business combination▲ GoodMajor
The ASSAC deal was widened into a definitive share exchange covering White Energy Technology, with worldwide rights rather than South East Asia only. White gets direct control of up to A$170m, and about A$45m of net debt obligations are to be assigned. Replaces the December letter of intent.
16 Mar 2009half year report▼ BadMajor
Half-year loss to December 2008 was A$14.05m (prior year A$6.69m), with a cash loss of A$9.2m. Cash fell to A$10.7m from A$35.0m at June, after about A$52m invested in the Indonesian and Cessnock plants. Tabang is over 90% complete. White relinquished Mt Mundy and Glen Ayle in October 2008.
23 Feb 2009material agreement▲ Good
White signed a development agreement with Mongolyn Alt and IB Daiwa for a feasibility study into coal upgrading plants in Mongolia, starting with one 1 Mtpa plant. A 500-tonne coal sample is to be processed at Cessnock. Commercial terms are not yet agreed.
30 Jan 2009quarterly activities report▼ BadMajor
December quarter: Tabang about 88% complete, with A$18.1m spent by White; the power plant is still late but temporary power is planned. BHP Billiton has terminated its funding and marketing arrangements, with about US$9.7m drawn to be repaid. The ASSAC merger is progressing.
6 Jan 2009material agreement▲ GoodMajor
White's US subsidiary agreed with Buckskin Mining (Kiewit) to lease a site at the Buckskin Mine, Wyoming, for an estimated US$80m plant, expected operational January 2010. Output is expected at 1.1 million tonnes a year. This advances the NRG/Buckskin negotiations; White will finance and own the plant.
18 Dec 2008business combination▲ GoodMajor
White Energy signed a binding letter of intent to merge its South East Asian business into US-listed shell ASSAC (about US$110m / A$170m cash). White would own 56% of the merged entity, valued at A$385m, and manage it. Subject to due diligence and approvals; completion targeted within 60 days.
8 Dec 2008capital raising announcement▲ GoodMajor
The 25-cent option exercise program closed, raising A$4.02m, with about 99% of 16,255,000 options exercised. Major shareholders took 54.6% and director-related entities 28.2%. Only 170,100 options lapsed. All 30 November 2008 option classes are now cleared.
2 Dec 2008security holder rights change● Neutral
1,851,400 25-cent options were exercised, with shares allotted on 28 November 2008, leaving 8,138,600 options in that class before their 30 November expiry. Capital structure update only.
14 Nov 2008other● Neutral
AGM chairman's address: financial markets have deteriorated since the annual report, but the board says capital resources cover White's share of Tabang. Future funding is to come from regional JVs like Black River, project debt and possibly equity when markets allow.
14 Nov 2008other● Neutral
Notice of an audio broadcast of the 2008 AGM. No new information.
14 Nov 2008other● Neutral
AGM address: Tabang nearly 80% complete and still on schedule for Q1 2009 commissioning, but the 10MW power plant is behind schedule and alternatives are being analysed. NRG/Buckskin contracts are in final negotiation stages. Repeats the Black River news.
11 Nov 2008joint venture update▲ GoodMajor
White signed an African joint venture with Black River (a Cargill subsidiary): 51% White, 49% Black River. Black River commits US$70m, subject to milestones; White contributes about US$31m over time and gets a large upfront payment plus royalties. Equity is funded 66/34 Black River/White.
31 Oct 2008production update▲ Good
Tabang plant construction is now estimated 77% complete, up from 70% at 30 September 2008. Photos released. Commissioning timing is not changed in this release.
21 Oct 2008security holder rights change● Neutral
Reminder that 16,255,000 unlisted 25-cent options expire on 30 November 2008, with exercise letters being posted to holders. Exercising would bring money into the company; no new substance beyond the notice.
8 Oct 2008admin correction● Neutral
White's principal office moved to Level 11, 213 Miller Street, North Sydney; the registered office is unchanged. Administrative notice only.
1 Oct 2008capital raising announcement▲ GoodMajor
BHP Billiton converted US$7.5m of its convertible facility into shares at a 10% discount to the 23 September 2008 reference price, giving it 2.43% of White. The shares are escrowed for 12 months. This reduces the facility balance and adds a new shareholder.
30 Sept 2008annual report● Neutral
FY2008 loss was A$15.0m (2007: A$10.6m), with a cash loss of A$7.8m after non-cash items. About A$44m went into the Tabang and Cessnock plants. US$7.5m of the BHP facility is expected to convert to shares on 1 October 2008.
30 Sept 2008investor presentation● Neutral
FY2008 results presentation: cash of A$35m at 30 June plus US$25m undrawn BHP facility. Tabang is about 70% complete as at September 2008, with commissioning still due Q1 2009. Datang feasibility is 'about to conclude'. Mostly repeats the annual report.
24 Sept 2008joint venture update▲ GoodMajor
White's US subsidiary decided to proceed with developing a Powder River Basin plant, subject to agreeing commercial terms with NRG and Buckskin. Contract negotiations have started and final participation is not yet determined, so the project is not yet committed.
19 Sept 2008joint venture update● Neutral
The joint feasibility study with NRG and Buckskin for a plant of at least 1 million tons a year at Gillette, Wyoming is complete. No results or economics are given. This closes the study phase due in June 2008.
14 Aug 2008production update▲ GoodMajor
Cessnock plant produced upgraded coal to specification after the drying furnace was fired and certifications were received. This is White's first commercial-scale production. Next come trial coals for partners, including high-moisture Latrobe Valley brown coal, over the coming months.
29 July 2008production update▼ BadMajor
Bayan's Tabang plant is about 45% complete at end-June and on schedule, with all critical equipment landed in Indonesia. Commissioning is now guided for early 2009, with ramp-up April to September 2009, versus the earlier 3Q08 guidance.
24 July 2008other● Neutral
White's ADRs began trading on the International OTCQX in the US on 23 July 2008, with Merriman Curhan Ford as its US liaison. The US feasibility study with NRG and Buckskin is described as in its final stages.
25 June 2008director officer appointment▲ Good
Travers Duncan, Felix Resources chairman and a major White shareholder, joins the board. He has been involved in developing the White process since its inception and will stay involved day to day in construction and operations.
16 June 2008security holder rights change● Neutral
17,914,114 fully paid ordinary shares will be released from escrow on 6 July 2008 and become tradeable. This is about 14% of the roughly 128m shares on issue (calculated from the figures given).
2 June 2008investor presentation● Neutral
June 2008 company profile repeats known facts: 128.0m shares, A$3.25 share price, available funds A$41m plus US$25m BHP facility. March quarter closing cash was A$49.5m. No new developments.
2 June 2008investor presentation● Neutral
Re-release of the June 2008 company profile with reformatted tables and the same content: 128.0m shares, A$3.25 share price, A$41m available funds. No new developments.
27 May 2008production update▲ GoodMajor
Construction of the 90,000 tonne-a-year Cessnock plant finished on schedule and on budget. Cold commissioning has begun, with full production expected in about six weeks. This follows the early-June commissioning guidance and gives White its first commercial-scale plant, ahead of Bayan.
12 Mar 2008material agreement▲ GoodMajor
White signed a US development agreement with NRG Power Marketing and Buckskin Mining (Kiewit) for a cost-shared feasibility study of a plant making at least 1 million tons of briquettes a year at Buckskin mine, Wyoming. It is the first concrete step of the US strategy.
6 Mar 2008investor presentation● Neutral
March 2008 New York presentation repeats known facts: 126.9m shares, A$2.89 share price, available funds A$55.4m plus US$25m remaining on the BHP facility, and a new US office. No new developments.
