Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Mar 2008director officer appointment▲ Good
White appointed Judith Tanselle, a US coal-trading veteran who had been consulting for it, as President of North American operations. It follows the US push funded by the convertible notes and targets the Powder River Basin.
9 Jan 2008investor presentation● Neutral
January 2008 conference profile repeats known facts: 123.6m shares, A$3.00 share price, available funds A$46.7m plus the US$35m BHP facility, 30 staff. Forecast December cash is A$46.5m. No new developments.
3 Dec 2007material agreement▲ GoodMajor
White formally completed the BHP Billiton deal: a US$35m seven-year unsecured convertible facility, plus BHP as exclusive global marketing agent for export coal. This resolves the long-open documentation thread dating from the May 2007 term sheet.
30 Nov 2007other● Neutral
Chairman's AGM address says 2008 will be significant, with Bayan's first plant commissioning, pushes in China and North America, and a US presence being set up. No new figures.
30 Nov 2007investor presentation● Neutral
AGM presentation says BHP documentation is now finalised. It says Thiess involvement and rising steel prices have increased Bayan project costs slightly, but the power station is on schedule. Cash was A$15.1m at 30 June 2007; the company says about A$100m was raised in total.
30 Oct 2007other● Neutral
White retained New York firm Porter, LeVay & Rose as US investor relations counsel to raise its Wall Street profile and build analyst coverage. It follows the ADR program and the planned US push. No financial terms given.
29 Oct 2007investor presentation● Neutral
Clean Energy Summit presentation: 124m shares, A$2.84 share price, A$352m market cap, A$55m available funds. First commercial plant at Bayan is now said to be commissioned in 3Q08, versus 2Q08 earlier. This is a later date, though the stated reason is not given in the extract.
15 Oct 2007capital raising announcement▲ GoodMajor
White raised A$45m through five-year unsecured convertible notes, convertible at A$3.44 per share (a 20% premium to the 30-day average) with a 7.90% annual yield. Noteholders can redeem at year three. Led by existing shareholder Deephaven; funds are for rollout, especially in the US.
27 Sept 2007annual report● Neutral
FY2007 annual report: loss of $10.6m (2006: $0.99m), including $3.1m licence amortisation and $1.2m interest income. Bayan equipment orders totalled $21.0m. Contributed equity fell from $116.5m to $84.6m after a $54.0m capital reduction. The BHP facility remains subject to documentation.
27 Sept 2007investor presentation● Neutral
FY2007 results presentation restates the year's highlights: BHP US$35m facility, Bayan construction, Adaro/Itochu JV, Datang feasibility, the A$23.0m placement at $0.96 and the AusIndustry grant. Bayan plant commissioning is expected 2Q08. No new information.
27 Sept 2007other● Neutral
Press release on FY2007 results repeats the year's milestones (BHP funding, Bayan construction, Adaro JV, Datang feasibility, A$4.35m grant). Priorities are commissioning Bayan and Adaro, entering the US market, and expanding geographically. No new figures.
17 Sept 2007regulatory community update▲ Good
White opened a Shanghai office and appointed Joyce Zhou as Chief Representative in China. The office is coordinating the final stages of the Datang feasibility study for 10 Mtpa in Inner Mongolia and handling other Chinese enquiries. The Datang results, due end June, are still not reported.
13 Sept 2007material agreement▲ GoodMajor
White signed a five-year strategic alliance with Thiess (via PT Thiess Contractors Indonesia) to provide engineering, procurement, construction, and operation and maintenance for its briquetting plants in Indonesia. It supports rolling out the 13 Mtpa of joint venture capacity; no financial terms given.
8 Aug 2007investor presentation● Neutral
Broker presentation repeats known facts: 121m shares, 156m fully diluted, A$3.05 share price, A$369m market cap, A$14m cash, no debt. First 1 Mtpa Bayan plant is targeted for startup in 2Q08. Cash is down from A$18.8m at March.
2 Aug 2007other▲ Good
White gives detail on its pilot test of about one tonne of North Dakota lignite for Allied Syngas, with over 50% more usable energy. Further testing in Germany and a Worley Parsons study are pending. It is a possible new use for the technology, not a contract.
18 June 2007security holder rights change● Neutral
33,514,457 fully paid ordinary shares will be released from escrow and become quoted on 29 June 2007. A large block of shares becomes tradeable, which may add to supply (an inference).
24 May 2007contract award▲ GoodMajor
White's subsidiary has been offered an A$4.35m Commercial Ready grant from AusIndustry to build a new demonstration plant, which the Minister placed in Cessnock, NSW. It will expand coal-testing capacity for prospective partners; up to 50% of project costs can be funded.
11 May 2007investor presentation● Neutral
Notice of an audio presentation on 11 May 2007 by the Managing Director on the US$35m BHP Billiton convertible facility. No new information in the notice itself.
11 May 2007regulatory community update▲ Good
The Level 1 ADR program is now effective, with receipts trading over the counter under WECFY; each ADR equals 5 ordinary shares. Resolves the pending US approval and widens access for US investors.
10 May 2007debt financing▲ GoodMajor
BHP Billiton agreed a term sheet for a US$35m, 7-year unsecured convertible facility. US$7.5m must convert by September 2008 at a 10% discount (floor $2.45); up to US$12.5m more is convertible (floor $2.55). BHP also becomes exclusive global marketing agent. Subject to documentation and due diligence.
10 Apr 2007other● Neutral
Exco Resources, an unrelated company, reports selling its 2,000,000 WEC options for $2.7m net. It is not a White Energy announcement and has no direct effect on White's business.
2 Apr 2007joint venture update▲ GoodMajor
White and Datang have signed documents and started a final feasibility study on a first 1 Mtpa plant, stage one of a 10 Mtpa project in Inner Mongolia. Results are expected by end June 2007; positive results lead to formal JV documents. Advances the Datang heads of agreement.
2 Apr 2007capital raising announcement● NeutralMajor
Responding to a press article, White confirms a Level 1 ADR program via Bank of New York (awaiting US approval) and has hired Jefferies to advise on a proposed US capital raising, with a US roadshow in late April. No size or price given.
7 Mar 2007security holder rights change● Neutral
Escrow release on 24 March 2007 of 10,830,000 shares, 13,000,000 $0.25 options and 6,000,000 $0.40 performance options. The shares become tradeable; options stay unquoted. Frees the previously escrowed $0.40 options.
6 Feb 2007investor presentation● Neutral
Notice of an audio presentation on 6 February 2007 by the Managing Director on the Adaro/Itochu JV. No new information in the notice itself.
31 Jan 2007farm in farm out agreement▲ GoodMajor
Joint venture signed with Indonesia's Adaro Group and Itochu: White's subsidiary holds 51%, Adaro 29%, Itochu 20%. A first 1 Mtpa plant is targeted, rising to 8 Mtpa, subject to feasibility. White's second major JV after Bayan; builds on the Itochu heads of agreement.
30 Jan 2007quarterly activities report▲ GoodMajor
December 2006 quarter: Bayan JV (51%) moved to site works, long-lead equipment ordered and Indonesian approval granted for PT Kaltim Supacoal. ANZ won the project finance tender, with terms under negotiation. WEC withdrew from Nanutarra and relinquished one Glen Ayle licence.
28 Nov 2006investor presentation● Neutral
Notice of an audio broadcast on 28 November by the Managing Director summarising the AGM. No new information in the notice itself.
24 Nov 2006investor presentation● Neutral
Chairman's address: Bayan JV tender documents still being finalised, heads of agreement talks continue, $28.56m raised in the year. Board is evaluating the future structure of the Western Australian mineral assets and will revert shortly, which is a possible strategy shift.
14 Nov 2006investor presentation● Neutral
Roadshow deck for New York and London, 15-21 November 2006. States Bayan has signed final JV documents, cash A$23.5m, no debt, 119,999,384 shares, market cap about A$120m. First plant production targeted late 2007; US or UK listing intended.
