13 Nov 2009security holder rights change● Neutral
4,000,000 voluntarily restricted shares will be released from escrow on 30 November 2009. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
11 Nov 2009listing compliance notice● Neutral
ASX notice that White's trading suspension will be lifted immediately after the company's announcement. Administrative notice.
11 Nov 2009capital raising announcement● NeutralMajor
White accepted a A$100m placement of 41.67m shares at A$2.40 (28.8m now, 12.87m after a mid-December EGM), and plans a A$6m share purchase plan. The ASSAC merger is withdrawn by mutual agreement as conditions were unlikely to be met, ending the US$2.50 deal.
What it means for a shareholder
41.7m new shares at A$2.40 to raise about A$100m. That's 18% dilution: every existing holder's slice gets 18% smaller. If you held A$1,000 of shares (417 at the issue price), your slice goes from 0.000216% to 0.000178% of the company. To keep it you'd need 90 more shares - about A$216 at the issue price.
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30 Oct 2009quarterly activities report● Neutral
September quarter: Tabang plant commissioning is complete and the 10MW power station is integrated, about three weeks behind schedule. Name-plate capacity is targeted by end of December 2009. Moves toward coal-fired furnace, and the ASSAC vote is set for 23 November.
28 Oct 2009investor presentation● Neutral
Investor presentation repeating the BCB technology story and known projects. It shows 192.3m shares, and a A$2.68 price on 22 October 2009. No new information in the text provided.
22 Oct 2009other● Neutral
Scheme Booklet for the ASSAC merger released. Directors unanimously recommend voting in favour, absent a higher offer. It includes a Grant Thornton independent expert report; the second court date is expected around 18 December 2009. Merger was later abandoned.
22 Oct 2009annual report● Neutral
The 2009 Annual Report published to shareholders, covering the year to June 2009. It repeats the previously released FY2009 accounts and the Tabang, Peabody, Buckskin and Black River story. No new substance seen in the provided text.
22 Oct 2009other● Neutral
Grant Thornton valued White's 16.03m options to set option holder voting rights at the scheme meeting, with votes of one per A$1 of value. Administrative document for the ASSAC option scheme.
16 Oct 2009other● Neutral
The Federal Court approved the Scheme Booklet and ordered White and option holder meetings on 23 November 2009 to vote on the ASSAC merger. Terms are unchanged from 18 August. Procedural step toward the vote.
30 Sept 2009annual report▼ Bad
FY2009 statutory accounts show a loss of A$27.62m (A$15.02m in 2008), with A$68.3m spent on the Tabang plant. The BHP convertible notes were restructured in August 2009 into a commercial loan repayable over two financial years, resolving the BHP repayment thread.
30 Sept 2009investor presentation● Neutral
FY2009 results presentation largely repeats known points: Tabang commissioning, the ASSAC deal, Standard Chartered facilities and Peabody. It says Tabang is on track to sell its first coal in the December quarter. Shares were 192.5m, price A$2.70 at 29 September.
16 Sept 2009debt financing▲ GoodMajor
Standard Chartered was appointed adviser on a project financing facility of at least US$150m for the next Tabang expansion phase, to 5 Mtpa. It also agreed an interim US$10m working capital facility. This continues the Bayan debt thread; financial close is targeted for end of Q1 2010 and depends on due diligence.
26 Aug 2009production update▲ GoodMajor
The Tabang plant with Bayan produced its first upgraded coal briquettes, run under temporary power. This is the first output from the 1 Mtpa plant White built after construction finished in April. The 10MW power station is still to be integrated in coming weeks, then ramp-up over months.
19 Aug 2009security holder rights change● Neutral
3,193,381 voluntarily restricted shares will be released from escrow on 2 September 2009. Administrative notice.
18 Aug 2009material agreement● NeutralMajor
White and ASSAC signed a definitive Merger Implementation Agreement, replacing the 3 July terms, to be carried out by share and option schemes of arrangement. It needs FIRB and US SEC approvals. Shareholder votes are expected by late October and implementation in early December 2009.
31 July 2009quarterly activities report● Neutral
June quarter: Tabang commissioning is in its final stages and Bayan debt talks have progressed well. Peabody definitive documents may take up to a year. The revised ASSAC terms are restated. Mostly repeats known facts.
24 July 2009security holder rights change● Neutral
Reminder that 198,703 options at A$1.40 expire on 30 August 2009, with letters going to holders. Administrative notice only.
3 July 2009admin correction● Neutral
Correction to the chairman's address: the share purchase plan figures should read 1,748,975 shares and A$2,623,463, not 'million'. Typographical fix only.
3 July 2009business combination▲ GoodMajor
The ASSAC deal was renegotiated: White shares valued at US$2.50 (about A$3.15) versus A$1.5008 in March, ASSAC cash of US$100-140m versus a US$75m minimum, and a full White-ASSAC merger with NYSE and ASX dual listing. It is to go to a scheme vote in October 2009.
3 July 2009business combination▲ GoodMajor
Chairman's address to the 3 July meeting reviewed Tabang, Peabody and the A$55m raise, and announced renegotiated ASSAC terms. ASSAC would acquire all White shares at US$2.50 each, with US$100-140m of cash, a dual NYSE/ASX listing, and White taking control.
30 June 2009capital raising announcement▲ Good
The share purchase plan raised A$2,623,463 from 578 shareholders, who applied for 1,748,975 shares at A$1.50. Figures depend on cheques clearing. This is a small top-up to the A$55m placement.
What it means for a shareholder
1.7m new shares at A$1.50 to raise about A$2.6m. That's 0.99% dilution: every existing holder's slice gets 0.99% smaller. If you held A$1,000 of shares (667 at the issue price), your slice goes from 0.000381% to 0.000377% of the company. To keep it you'd need 7 more shares - about A$11 at the issue price.
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22 June 2009capital raising announcement● Neutral
Reminder that the share purchase plan closes 26 June 2009, with shares to be issued 3 July and quoted 6 July. Timetable notice only, no new information.
28 May 2009capital raising announcement● Neutral
Details of the share purchase plan flagged on 21 May: eligible Australian shareholders can buy A$1,999.50 to A$4,999.50 of shares at A$1.50, a 3.8% discount to the last price. It closes 26 June and adds to the A$55m placement.
21 May 2009capital raising announcement▲ GoodMajor
White raised A$55m through a placement of 36.667m shares at A$1.50, a 5.7% discount to the 30-day average price. 21.075m shares were issued now; 15.592m need shareholder approval. Funds are for the Buckskin and Peabody plants and working capital, following the December 2008 cash of A$10.7m.
What it means for a shareholder
36.7m new shares at A$1.50 to raise about A$55.0m. That's 19% dilution: every existing holder's slice gets 19% smaller. If you held A$1,000 of shares (667 at the issue price), your slice goes from 0.000433% to 0.00035% of the company. To keep it you'd need 159 more shares - about A$239 at the issue price.
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14 May 2009farm in farm out agreement▲ Good
Expanded terms of the Peabody deal: a new company 55% White and 45% Peabody, with Peabody marketing the coal. Peabody gets options over up to 14.9% of White (4.9% then 10.0%), subject to shareholder approval, strike set near signing of first-plant documents, expected in about a year.
14 May 2009farm in farm out agreement▲ GoodMajor
White signed a development agreement with Peabody Energy for a coal upgrading plant at a Powder River Basin site. Peabody gets first right on new North American and Chinese projects and a right to acquire nearly 15% of White. Engineering and permitting may take up to 24 months.
5 May 2009investor presentation● Neutral
Updated company profile presentation restating the coal upgrading technology, strategy and partner projects. No new announcements are evident in the text provided.
30 Apr 2009quarterly activities report● Neutral
March quarter: Tabang construction done; load commissioning runs to about July 2009, then roughly three months to full capacity. The 10MW power station is delayed to July but temporary power covers commissioning. Construction cost is about US$68m, including US$14.4m of one-off costs.
27 Apr 2009production update▲ GoodMajor
Construction of the first 1 Mtpa Tabang plant with Bayan is complete and commissioning is under way, with ramp-up to full capacity over six months. The joint venture's planned scope was raised from 5 to 15 Mtpa. White and Bayan are talking to banks about debt facilities.
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.