Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2023capital raising announcement● NeutralMajor
WEC launched a 1-for-1 renounceable entitlement offer at $0.065 a share to raise up to $4.446M (up to 68.4M shares), not underwritten. Funds go to the Bayan proceedings and working capital, and may repay Flannery-linked loans. It follows July's $0.10 offer, and the price is below that offer's $0.10.
What it means for a shareholder
68.4m new shares at about A$0.065 to raise about A$4.4m. That's 8.1% dilution: every existing holder's slice gets 8.1% smaller. If you held A$1,000 of shares (15,385 at the issue price), your slice goes from 0.00199% to 0.00183% of the company. To keep it you'd need 1,359 more shares - about A$88 at the issue price.
Offer booklet for the 1-for-1 renounceable entitlement offer at $0.065, closing 15 December 2023. Repeats the terms already announced; no new substance beyond the offer documents.
Notice to shareholders outside Australia and New Zealand that they cannot take part in the $0.065 entitlement offer. A nominee will sell their entitlements and return any net proceeds. Administrative.
Initial stream sediment sampling at Maranoa (252 samples) found multi-element anomalies suggesting possible larger mineral systems. The text says it cannot yet identify a mineralisation type or exact location, so follow-up work is needed. No drilling yet.
At WEC's request, ASX suspended trading pending an update on the 23 October Singapore Court of Appeal judgment. This explains the earlier trading pause; the announcement was expected before the market opened on 26 October.
Singapore Court of Appeal cut the Bayan costs order to about S$3.3M (70% discount, plus 10%), resolving the costs appeal. Directors of BCBC Singapore, which holds the failed Bayan claim, appointed KPMG as provisional liquidator; it has about S$1.7M assets against S$160.4M liabilities, S$157M of it owed to BCBC. WEC says it knows of no recourse claims.
2022/23 annual report: EBITDA loss $3.5M versus $3.3M, mainly higher Bayan litigation costs. About US$1.7M is still owed from the Mountainside sale, promised by December 2022. Exploration sampling is under way, aiming for drill targets by Q1 2024.
19 Oct 2023director officer appointment● NeutralMajor
Greg Sheahan, a geologist and barrister, is appointed CEO from 30 October 2023 on $300,000 a year plus super. Brian Flannery stays as non-executive Chairman, stepping back from the combined Chairman/CEO role he took in March 2023.
Full-year accounts to 30 June 2023. Principal activities are BCB coal technology, exploration and the Bayan litigation. In June 2023 WEC and Proterra amended the River Energy JV so Proterra has first right to develop South African BCB projects, with WEC to receive additional royalties. Financial figures truncated.
At ASX's request, WEC clarified its June quarterly report: Tindal desktop analysis began, with soil sampling to start in the September quarter, and Fiddler's Creek was the only tenement change. Loans: $33.824M River Energy shareholder loans, plus Ilwella facility drawn $500k at 30 June, repaid 20 July.
Amended 1 August investor presentation at ASX's request: slide 14 had information on other entities' resources removed and a legend added, plus formatting changes. No new company information.
Presentation on WEC's exploration approach, using deep crust structure analysis, soil chemistry and machine learning to find targets under cover at Tindal, Maranoa and Robin Rise. It repeats known projects; no new results shown in the text.
18 July 2023capital raising announcement● NeutralMajor
The 1-for-1 entitlement offer at $0.10 raised $2.38M before costs from 23,836,891 new shares, about half the $4.46M maximum. 20,732,400 shares went unsubscribed (shortfall), which directors may place within 3 months. Proceeds fund the Bayan proceedings and working capital, and may repay the Flannery-linked loan.
ASIC queried WEC's FY2022 note saying four subsidiaries were covered by a deed of cross guarantee; WEC found they are not parties. One subsidiary, BCBC, should have lodged financial reports for FY2011, 2014, 2015 and 2016, which are now being prepared. WEC is seeking advice on corrective steps.
Offer documents for the 1-for-1 entitlement offer were posted to eligible shareholders and the offer is now open, closing 14 July 2023 unless extended. Administrative; no new terms.
16 June 2023capital raising announcement● NeutralMajor
WEC launches a 1-for-1 renounceable entitlement offer at $0.10 a share to raise up to $4.46M before costs, not underwritten. Proceeds are for the Bayan legal proceedings and working capital. The offer closes 14 July 2023, with directors intending to take up their full entitlements.
Offer booklet for the 1-for-1 renounceable entitlement offer at $0.10 a share, closing 5:00 p.m. AEST on 14 July 2023. It repeats the terms already announced and adds legal notices and risk factors. No new figures in the text shown.
Letter telling shareholders outside Australia and New Zealand (apart from certain UK institutions) they cannot take part in the $0.10 entitlement offer. A nominee will sell their entitlements and pass on any net proceeds. Administrative.
Managing Director Brian Flannery's private company Ilwella offers an unsecured loan facility of up to $1M, at its discretion, at 0.8% a month interest. It is working capital ahead of a planned capital raising, repayable within a year, and not convertible into shares.
31 May 2023asset acquisition disposition▲ GoodMajor
WEC completed buying Fiddler's Creek Mining Company (Tindal and Maranoa projects) for 4M shares, 3.6M of them escrowed for 1 to 2 years, plus up to $4M in milestone payments. A research agreement with Canada's INRS was the key condition. This resolves the December 2022 deal.
Michael Chapman, WEC's former Chief Operating Officer (2010 to 2019) and a mining engineer, is appointed independent non-executive director from 1 June 2023. He joins the audit and remuneration committees and holds no WEC securities.
21 Mar 2023director officer appointment● NeutralMajor
Chairman Graham Cubbin, a director since 2010, resigned effective 20 March 2023 citing other commitments. Managing Director and CEO Brian Flannery becomes Chairman as well, combining both roles. Keith Whitehouse joins the audit and remuneration committees.
Interim accounts to 31 December 2022. The readable text covers the BCB coal technology work in South Africa and the Fiddler's Creek purchase, and notes Keith Whitehouse joined the board on 12 December 2022. Financial figures are not in the text shown.
The Singapore Court of Appeal dismissed BCBCS's appeal against the Bayan tranche 3 ruling, awarding only S$1,000 nominal damages. This ends the long-running Bayan claim, which BCBCS had put at upwards of US$88M. A separate leave application on the S$4.69M costs order is pending.
The Singapore court ordered BCBCS and its co-plaintiff to pay Bayan's costs of S$4.69M across the three tranches of the case. This adds to the loss at trial; BCBCS is weighing its options pending the Court of Appeal's judgement.
12 Dec 2022asset acquisition disposition● NeutralMajor
Binding, conditional deal to buy Fiddler's Creek Mining Company, owner of the Tindal (NT, 10,780 km²) and Maranoa (Qld) copper, zinc and gold exploration projects, for 4M WEC shares plus milestone payments of up to $4M. A new mineral exploration direction beyond coal technology.
