10 Jan 2011other● Neutral
M&G (Prudential group) lifts its holding again, from 34,688,432 shares (11.29%) to 36,883,432 shares (12.00%), change dated 6 January 2011. Continues its steady build-up in the stock.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
23 Dec 2010asset acquisition disposition▲ GoodMajor
White Energy exercises its option to buy Cascade Coal for A$486m plus A$14m liabilities, up to A$41m in cash and the rest in shares, now with a A$3.50 price floor. 102.6Mt of Mt Penny's 173.7Mt is reclassed as Probable Reserves. Shareholder vote targeted March 2011; no capital raising intended.
10 Dec 2010other● Neutral
M&G (Prudential group) raises its holding from 32,688,432 shares (10.64%) to 34,688,432 shares (11.29%), change dated 8 December 2010. Continues the fund's gradual build-up in White Energy.
6 Dec 2010other● Neutral
White Energy publishes an updated Share Trading Policy dated 3 December 2010, setting out insider trading rules and closed periods (1 January to half-year results; 1 July to full-year results) for directors and staff. Administrative; no new business information.
30 Nov 2010agm notice● Neutral
AGM addresses: Tabang's core process is working despite infrastructure delays. The Peabody Caballo Wyoming permit was lodged in October and Buckskin is due within weeks. The Kentucky investment decision now slips to early 2011, and the Cascade option is flagged.
30 Nov 2010asset acquisition disposition▲ GoodMajor
White signs a free 28-day option to buy Cascade Coal, owner of the Mt Penny (173.7Mt) and Glendon Brook projects in NSW, for A$486m plus A$14m liabilities. Cash is capped at A$41m, the rest in shares at the lower of A$3.85 or VWAP. No obligation to proceed, and an independent board committee will assess it.
5 Nov 2010other● Neutral
M&G (Prudential group) notice: holding rises from 31,463,828 shares (11.07%) to 32,688,432 shares (10.64%), change dated 3 November 2010. Voting power is lower despite more shares, which fits the larger share count.
29 Oct 2010annual report● Neutral
Shorter highlights version of the 2010 annual report, repeating the same content: SACL acquisition, A$100m raising, first coal sale and 2011 targets. No new information.
29 Oct 2010annual report● Neutral
Annual report (re-issue of FY2010 results already reported): first 1 Mtpa plant commissioned, first coal shipment sold, A$100m raising, ASX-200 entry, and SACL acquired with its 515Mt resource. 2011 targets include Wyoming permits, Kentucky feasibility and a South African project.
29 Oct 2010quarterly activities report▼ Bad
September-quarter report: Tabang plant restarted in early September after the dust fix, with product above 5,800 kcal/kg. Further 16,000t sold via Bayan. Unresolved issues remain with the dryer, cooling and couplings. KSC aims to take over operations from Thiess by year end.
27 Oct 2010capital raising announcement▲ GoodMajor
The SACL subscription rights offer raised A$57.3m, against a maximum of about A$58.3m. Completes the rights thread; funds are earmarked for the Indonesian and US upgrading plants and for coal acquisitions in Australia and elsewhere.
26 Oct 2010investor presentation● Neutral
Citi conference deck, essentially the same as the earlier October presentation: BCB process, SACL takeover, A$4.06 share price at 8 Oct, A$1.2bn market cap. No new information.
19 Oct 2010investor presentation● Neutral
Conference deck repeating known facts: BCB technology, the SACL takeover and growth strategy. Shows 284.2m shares, A$4.06 share price at 8 Oct and about A$1.2bn market capitalisation. No new announcements.
30 Sept 2010director officer appointment● Neutral
Vincent O'Rourke, former Queensland Rail CEO and a director of Yancoal Australia (formerly Felix Resources), joins the board as a non-executive director. Adds to the board strengthened by the ex-Felix appointments.
20 Sept 2010director officer appointment▲ GoodMajor
Ex-Felix Resources directors formally join the board: Travers Duncan as Chairman, Brian Flannery as CEO and executive director, Hans Mende and John Kinghorn as non-executive directors. Follows the SACL takeover and A$75m raising; AMCI (Mende) to put A$19.3m into the rights issue.
14 Sept 2010regulatory community update▲ GoodMajor
Kentucky air permit granted for the Jefferson Riverport plant, plus up to US$8.4m of tax rebates and credits over 25 years. Initial capacity 250,000 tpa. A board go/ahead decision is expected within two months; production targeted by end 2011. Resolves the open permit thread.
9 Sept 2010annual report▼ Bad
FY2010 annual report: loss A$35.8m (2009: A$27.6m), including A$11m one-off costs such as A$4.9m on the terminated merger. Tabang plant is in ramp-up, with first coal sold in May 2010. Wyoming permit applications are expected to be submitted very soon.
9 Sept 2010investor presentation● Neutral
FY2010 results deck recaps the A$35.8m loss and positions White as a diversified coal company after the SACL takeover and the ex-Felix board and management. It says a rights offering could raise about A$45m in September, leaving cash of A$200-250m.
30 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises from 30,095,511 (10.58%) to 31,463,828 shares (11.07%), change dated 26 August 2010.
20 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises to 30,095,511 shares but voting power falls from 12.10% to 10.58%, reflecting the larger share count after the August issues. Change dated 18 August 2010.
12 Aug 2010capital raising announcement▲ GoodMajor
White issued 13,846,170 shares to SACL holders (11 Aug), 30m placement shares raising A$75m (10 Aug) and 3.6m shares from A$1.20 options. This completes the placement and SACL share consideration; issued capital is now about 284.2m shares.
11 Aug 2010other● Neutral
M&G (Prudential group) notice: holding rises from 26,160,830 shares (11.04%) to 28,657,726 shares (12.10%), change dated 9 August 2010.
4 Aug 2010capital raising announcement● Neutral
Appendix 3B for issues tied to the SACL takeover close: up to 13,856,170 ordinary shares and up to 15,003,616 each of 2010 and 2011 performance shares to SACL holders, plus the 30m-share placement. Final numbers due around 11 August.
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.
30 July 2010quarterly activities report▲ Good
June-quarter report: Tabang plant reached up to 80% throughput, averaging 5,750 kcal/kg product, with 6,100 hit in short runs. About 11,000 tonnes sold after the May first cargo, at about US$61/t. Dust fix due mid-August; injection upgrades deferred to January 2011. Kentucky air permit hoped within weeks.
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.