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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
31 Oct 2006quarterly activities report● Neutral
September 2006 quarter: Bayan feasibility agreed and scope lifted to 5 Mtpa, and the A$23.024m raising at $0.96 is repeated. Glen Ayle re-sampling now confirms platinum anomaly (up to 8ppb); aircore drilling planned. Bridgetown survey found three gold/PGM anomalies. Net operating outflow $1.11m.
27 Oct 2006agm notice● Neutral
AGM package sent for a meeting at 10am on 27 November 2006 in Sydney, enclosing the 2006 annual report, notice of meeting and proxy form. Administrative; the report repeats the already-released annual results.
29 Sept 2006annual report● Neutral
Year to June 2006: loss $985,168 (prior year $758,799). The White Energy Technology acquisition completed 30 June 2006 for $55.3m, including 51.4m shares at $1.00. Bayan feasibility is complete and tender documents are being finalised for construction.
28 Sept 2006investor presentation● Neutral
Notice of an audio broadcast on 28 September by Managing Director John Atkinson presenting the Bayan joint venture. No new information in the notice itself.
22 Sept 2006material agreement▲ GoodMajor
After reviewing the feasibility study, White and Bayan will proceed with the Tabang joint venture, expanded from 3 to 5 million tonnes a year. Bayan's offtake rises from 500,000 to 1.5 million tonnes a year, about US$215m over five years, up from US$100m. White keeps 51%.
9 Aug 2006capital raising announcement▲ GoodMajor
White Energy placed 23,983,333 shares at A$0.96 to institutions, raising A$23.024m versus the $20m planned. Shares on issue rise to 119.9m. Funds will pay White's share of the first Bayan plant. Completes the second raising tranche.
What it means for a shareholder
24.0m new shares at A$0.960 to raise about A$23.0m. That's 42% dilution: every existing holder's slice gets 42% smaller. If you held A$1,000 of shares (1,042 at the issue price), your slice goes from 0.00309% to 0.00181% of the company. To keep it you'd need 741 more shares - about A$711 at the issue price.
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31 July 2006quarterly activities report● Neutral
June 2006 quarter: the White Energy Technology acquisition was finalised, the name changed and trading resumed 4 July. Glen Ayle re-sampling cast doubt on earlier geochemical anomalies; no work at Mt Mundy or Nanutarra. A Canberra gold exploration licence was entered.
17 July 2006capital raising announcement● Neutral
Short-form prospectus for a nominal issue of up to 8,000 shares at $1.00. Its purpose is to let about 21 million shares issued to sophisticated investors be freely tradeable. A technical compliance document; the real raising is the placement.
What it means for a shareholder
8,000 new shares at A$1.00 to raise about A$8,000. That's 0.0237% dilution: every existing holder's slice gets 0.0237% smaller. If you held A$1,000 of shares (1,000 at the issue price), your slice goes from 0.00297% to 0.00297% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
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3 July 2006admin correction● Neutral
Company name changed to White Energy Company Limited with ASX code WEC, effective immediately, following shareholder approval on 28 June. Administrative only.
28 June 2006other▲ GoodMajor
Shareholders unanimously approved all resolutions at the 28 June meeting: the White Energy Technology acquisition (about 51.4m shares), the name change, and a placement of up to 35m shares. Trading restart expected 3–4 July after ASX re-compliance. Resolves the open shareholder vote.
28 June 2006security holder rights change● Neutral
6,000,000 options at $0.40 held by Arthur Phillip Nominees have vested because the share price stayed above $0.50 for a month. They remain locked in ASX escrow for 24 months from the March 2005 relisting, so cannot yet be exercised.
27 June 2006investor presentation● Neutral
Chairman's address ahead of the 28 June meeting: consideration is 51.4m shares plus A$3.6m (about A$57m), below the Grant Thornton range. Bayan plant construction targeted 4Q06; Itochu and Datang heads of agreement noted. Nickel assets under review. Repeats known facts.
22 June 2006capital raising announcement● Neutral
EGM set for 28 June to approve the White acquisition and a placement of up to 35 million shares; trading suspended the day before, with restart expected by 3 July. The Share Purchase Plan drew only 242,003 shares, raising $229,903, far below the 5m-share cap.
22 June 2006capital raising announcement● Neutral
Prospectus lodged 21 June 2006 offering up to 5,000,000 options to Share Purchase Plan participants, plus an offer to White Energy Technology shareholders. Conditional on the 28 June meeting. Supports the White acquisition and ASX re-admission; shares are described as speculative.
15 June 2006material agreement▲ Good
White agreed with Shenhua International, a subsidiary of China Shenhua, to test coal samples using its technology; tests are being scheduled. This is only a testing agreement, and the technology purchase still awaits the 28 June meeting.
13 June 2006material agreement▲ GoodMajor
Amerod signed formal joint venture documents with PT Bayan Resources (White 51%, Bayan 49%), including a five-year US$100 million offtake of upgraded coal for the planned 1 million tonne a year plant. This firms up the February heads of agreement; a feasibility study is under way.
24 May 2006capital raising announcement● Neutral
Share Purchase Plan offering eligible shareholders $2,000–$2,500 of shares at $0.95, up to 5,000,000 shares, each with a free option exercisable at $1.40 by 30 August 2009. The options need shareholder approval; the offer closes 16 June 2006.
24 May 2006other▲ Good
Grant Thornton's independent expert report, attached to the meeting notice. The text is largely garbled, but a table shows a preferred value per share of $0.280 before the deal and $0.891 after the transaction, an assessed 217.9% increase.
24 May 2006agm notice● NeutralMajor
Notice of a general meeting on 28 June 2006 to approve the White acquisition and a significant change of activities, which requires ASX re-admission and a prospectus raising. The independent expert found the deal fair and reasonable to non-associated shareholders.
12 May 2006capital raising announcement▲ GoodMajor
Crosby placed 5,592,000 shares at $0.90, raising $5,032,800, the first tranche of a planned $25 million. The second $20 million tranche will be raised via prospectus, subject to shareholder approval.
What it means for a shareholder
5.6m new shares at A$0.900 to raise about A$5.0m. That's 17% dilution: every existing holder's slice gets 17% smaller. If you held A$1,000 of shares (1,111 at the issue price), your slice goes from 0.00401% to 0.00334% of the company. To keep it you'd need 224 more shares - about A$202 at the issue price.
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28 Apr 2006quarterly activities report● Neutral
March 2006 quarter report: final terms for the White acquisition agreed and the $5 million placement closed early. Exploration continued at Glen Ayle, Mt Mundy and Bridgetown. Quarterly operating cash outflow was $181,000; a shareholder meeting notice is being prepared.
19 Apr 2006capital raising announcement▲ GoodMajor
Crosby Capital closed the initial $5 million placement early, fixing the price at $0.90 per share, with proceeds due in early May. This is the first tranche of the capital raising to support the White acquisition.
13 Apr 2006asset acquisition disposition▲ GoodMajor
Amerod signed a Sale and Purchase Agreement to buy 100% of White Energy Technology. Grant Thornton valued it at A$68.0–77.2 million. Directors McGuigan and Atkinson hold minority interests in White and abstained. Crosby Capital was appointed to raise capital.
6 Mar 2006material agreement▲ GoodMajor
White signed a second heads of agreement, with Japan's Itochu, for a coal briquetting joint venture in Indonesia, with White to own at least 35%. Definitive agreements are due within 30 days; this adds to the Bayan deal and the pending option exercise.