6 July 2010business combination▲ Good
Acceptances for the SAC takeover reach 71.88% of SAC shares, over 98% of them choosing shares. The offer needs 90% to meet the condition and closes 21 July 2010 unless extended. Expected cash is above A$200m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
25 June 2010production update▲ GoodMajor
Tabang plant now regularly runs above 50% of design throughput (was about 30% to April). Product since May is about 5,800 kcal/kg against a 6,100 target. First sale was in May; trial cargoes are shipping soon. Dust and injection fixes are deferred to a September decision.
25 June 2010other● Neutral
M&G (Prudential group) notice: holding unchanged at 26,034,830 shares, but voting power slips from 11.01% to 10.99% because White's issued share capital rose. It did not sell.
23 June 2010investor presentation● Neutral
June 2010 company deck describes the coal upgrading technology and the SAC takeover offer. Shows 236.6m shares, A$3.73 share price at 16 June and market capitalisation about A$936m fully diluted. Text shown is mostly background; no new operational facts.
18 June 2010other▲ Good
White confirms it joins the S&P/ASX 200 from the close of trade on 18 June 2010, after the June index rebalance. It entered the ASX 300 in March. No operational news.
15 June 2010other● Neutral
M&G (Prudential group) raised its holding in White from 23,577,048 shares (10.02%) to 26,034,830 shares (11.01%), change dated 11 June 2010. It keeps adding to its position.
15 June 2010business combination● Neutral
Bidder's statement for White's offer for South Australian Coal posted to SAC shareholders; SAC's independent directors unanimously recommend acceptance absent a superior proposal. Re-circulation of the 7 June lodgement; no new terms stated in the text provided.
15 June 2010business combination▲ Good
SAC's Target's Statement, dated 15 June 2010, tells its shareholders the independent directors unanimously recommend accepting White's offer absent a superior proposal. It includes a short-form independent expert report; the text provided shows no new terms.
7 June 2010business combination▲ Good
White lodged its bidder's statement for the SAC takeover; Deloitte's independent expert calls the deal fair and reasonable for non-associated holders. The offer needs 90% acceptance; White's EGM is set for 12 July 2010. Post-deal cash is expected at about A$250m.
7 June 2010business combination● Neutral
White's bidder's statement for the formal offer for South Australian Coal, lodged 7 June 2010. SAC's independent directors unanimously recommend acceptance absent a superior proposal. Offer terms as announced on 19 April.
4 June 2010other● Neutral
Third-party S&P notice: White Energy is added to the S&P/ASX 200 and All Australian 200 after close on 18 June 2010. It joined the ASX 300 in March. No company news.
27 May 2010investor presentation● Neutral
Singapore conference deck largely repeats the earlier presentation. Share price A$3.23 at 24 May 2010, down from A$3.45; market capitalisation about A$811m. No new operational facts.
4 May 2010investor presentation● Neutral
Morgan Stanley conference deck repeats the SACL takeover and Tabang ramp-up (5,800 kcal/kg). Notes 235.8m shares and a share price of A$3.45 at 30 April 2010, market capitalisation about A$866m. No new facts.
30 Apr 2010quarterly activities report● Neutral
March quarter: Tabang fixes under way, product now about 5,800 kcal/kg (target 6,100+) and stockpiled; test-burn sales still awaited. Kentucky permit filed in March, decision expected by July. Wyoming sources classed minor emitters; permits for Peabody and Buckskin due mid 2010.
19 Apr 2010resource reserve update● Neutral
ASX-requested detail on the SACL bid: EL3386 JORC resource totals 514.9Mt (14.7Mt measured, 145.6Mt indicated, 354.6Mt inferred). The '4 billion tonne' figure is conceptual potential (515-4,100Mt), not a defined resource.
19 Apr 2010business combination▲ GoodMajor
White will bid for unlisted South Australian Coal (Lake Phillipson, 515Mt resource) at A$39.3m upfront, mainly in shares at A$2.50, plus up to 17.0m more shares on resource growth. Ex-Felix chiefs take over: Duncan chair, Flannery CEO from August 2010. A$75m placement at A$2.50 alongside.
16 Mar 2010other● Neutral
M&G (Prudential group) lifted its holding in White from 21,250,000 shares (9.03%) to 23,577,048 shares (10.02%). Continues its build-up after the placement.
12 Mar 2010material agreement▲ GoodMajor
White signed a non-binding Heads of Agreement with Guodian Inner Mongolian Energy Sources for a 1 Mtpa coal upgrading joint venture in China, growing to 5 Mtpa. White would hold 35% and Guodian 65%, funding all capital costs. It depends on feasibility studies.
12 Mar 2010half year report▼ Bad
Half-year to 31 December 2009: loss A$15.68m (prior year A$14.05m), including A$4.93m costs of the terminated ASSAC merger. Tabang runs at about 300,000 tpa (30% of nameplate); Kentucky permit to be filed mid-March 2010.
8 Mar 2010other▲ Good
White confirmed it will join the S&P/ASX 300 index from the close of trade on 19 March 2010. The MD said this should raise its profile with investors. No operational change.
5 Mar 2010other▲ Good
S&P index notice listing quarterly changes to the S&P/ASX indices; White Energy (WEC) is among the additions to the S&P/ASX 300, effective after close on 19 March 2010. Third-party notice, no company news.
17 Feb 2010director officer appointment● Neutral
Graham Cubbin, a former CFO of Consolidated Press Holdings, joined the board as an independent non-executive director on 17 February 2010. Director Ilyas Khan, on the board since July 2002, stepped down for personal reasons.
29 Jan 2010quarterly activities report▼ Bad
December quarter: Tabang runs at about 300,000 tpa (30% of nameplate), with build-up to full production now from May 2010. KSC drew US$6m of its US$10m facility. US permit filings slip to mid 2010; a 500,000 tpa Kentucky plant is under review.
29 Dec 2009other▲ Good
M&G raised its stake in White from 12,587,177 shares (5.68%) to 18,940,000 shares (8.05%), with the change dated 23 December 2009. Another institution building a larger position after the placement.
18 Dec 2009production update▼ BadMajor
At the 18 December meeting the chair said Tabang's core plant works but runs only at about 300,000 tpa, with dust extraction needing upgrade. Full 1 Mtpa now follows an April 2010 upgrade, and test-burn cargoes of 5,000-8,000 tonnes are planned for February 2010. Ramp-up slips again.
1 Dec 2009capital raising announcement● NeutralMajor
White launched its share purchase plan: eligible holders can buy up to A$4,999.20 (2,083 shares) at A$2.40, the same price as the placement, an 11.76% discount to A$2.72. Underwritten by Southern Cross Equities, capped at A$6m, after an ASX waiver.
What it means for a shareholder
2,083 new shares at A$2.40 to raise about A$4,999. That's 0.00094% dilution: every existing holder's slice gets 0.00094% smaller. If you held A$1,000 of shares (417 at the issue price), your slice goes from 0.000188% to 0.000188% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.
23 Nov 2009other▲ Good
M&G (Prudential plc group) became a substantial holder on 18 November 2009 with 12,587,177 shares, 5.68%, acquired as placing shares for about A$30.2m. This shows an institution taking up the A$100m placement.
23 Nov 2009other▼ Bad
AGM address from the MD: Tabang is commissioned but dust extraction and other support systems delayed ramp-up, so first coal sales are now expected in the March 2010 quarter, not December. Next 4 Mtpa stage to start in H1 2010; US air permits to be filed early 2010.
23 Nov 2009other● Neutral
AGM chairman's address recaps FY2009 milestones: Tabang plant delivered, Peabody partnership, Buckskin permitting. It confirms the ASSAC merger was dropped and A$100m raised from institutions, with a share purchase plan to follow. No new facts.
19 Nov 2009other● Neutral
The Federal Court on 18 November cancelled the 23 November shareholder and option holder meetings and dismissed White's scheme application. This formally ends the ASSAC merger, withdrawn on 11 November. The AGM still goes ahead on 23 November.