Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
1 Aug 2023investor presentation● Neutral
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.
31 July 2023quarterly activities report● Neutral
June-quarter report: Fiddler's Creek acquisition completed and two INRS research agreements signed. River Energy continues pursuing South African BCB projects. The Singapore Court of Appeal will hear the appeal against the Bayan costs order on 4 September 2023. Remaining text truncated.
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.
13 July 2023admin correction▼ Bad
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.
23 June 2023capital raising announcement● Neutral
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.
16 June 2023capital raising announcement● Neutral
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.
16 June 2023capital raising announcement● Neutral
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.
9 June 2023debt financing● NeutralMajor
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.
5 May 2023director officer appointment● Neutral
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.
28 Apr 2023quarterly activities report● Neutral
March-quarter report: the Fiddler's Creek purchase is expected to complete in May 2023. It also restates the Court of Appeal dismissal with nominal damages and leave granted to appeal the costs order. River Energy continues pursuing South African opportunities.
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.
15 Mar 2023half year report● Neutral
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.
14 Feb 2023regulatory community update▼ BadMajor
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.
10 Feb 2023listing compliance notice● NeutralMajor
ASX temporarily paused trading in WEC shares pending a further announcement. The text gives no reason.
31 Jan 2023quarterly activities report● Neutral
December-quarter report: highlights the binding deal to buy Fiddler's Creek (Tindal and Maranoa projects) for 4M shares plus up to $4M in milestones. The Bayan appeal judgement remains reserved, and River Energy continues pursuing South African opportunities.
20 Dec 2022regulatory community update▼ BadMajor
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.
25 Nov 2022agm notice● Neutral
All AGM resolutions passed by poll on 25 November 2022, including the special resolutions amending the constitution and renewing the proportional takeover provisions. The updated constitution is attached.
25 Nov 2022other● Neutral
AGM address from the CEO: the Singapore Court of Appeal heard the Bayan case on 17 October 2022 and reserved judgement, expected early 2023. He also says talks are under way on Queensland and Northern Territory tenements, with news hoped for soon.
26 Oct 2022agm notice● Neutral
Letter and proxy form for the 25 November 2022 hybrid AGM. Resolutions cover the remuneration report, re-electing Graham Cubbin, a 7.1A placement capacity, constitution changes and renewing proportional takeover provisions. Administrative.
26 Oct 2022annual report● Neutral
2021/22 annual report: EBITDA loss of $3.3M versus $9.8M a year earlier, mostly from lower Bayan litigation costs. Of the $5.3M Mountainside sale price, $3.0M has been received and $2.6M is expected by end of calendar 2022. Appeal hearing was set for 17 October 2022.
19 Oct 2022quarterly activities report● Neutral
September-quarter report: the $4.4M entitlement offer and 30-for-1 consolidation (completed 2 Sep) are done, and the Bayan appeal was heard. Mountainside instalments of $2.6M remain unpaid, and $0.5M of loans from Illwella were repaid on 11 Aug 2022.
28 Sept 2022annual report● Neutral
Filing of the FY2022 Corporate Governance Statement and Appendix 4G, which confirms the statement is on the company website and approved by the board as at 28 September 2022. Administrative; no new business information.
28 Sept 2022annual report● Neutral
Full-year statutory accounts to 30 June 2022. The readable text shows the group's activities as BCB coal technology, mineral exploration and the Bayan litigation, with no dividend. Figures are not readable in the text shown.
12 Sept 2022agm notice● Neutral
The 2022 AGM is scheduled for 25 November 2022, in hybrid format. Director nominations must be received by 23 September 2022. Administrative.
9 Sept 2022regulatory community update▲ GoodMajor
The Singapore Court of Appeal allowed BCBCS to bring fresh evidence, including the rise in coal prices since trial, in its appeal against the Tranche Three findings. The remaining appeal issues will be heard between 10 and 17 October. This keeps the damages claim alive; no final result yet.
10 Aug 2022security holder rights change● NeutralMajor
Notice of the 30-for-1 share consolidation: about 1,217M shares become about 40.6M, with options and incentive rights also consolidated. Option exercise price rises to $5.802. Trading in new securities starts on a deferred basis on 31 August 2022.
9 Aug 2022capital raising announcement● NeutralMajor
The entitlement offer closed raising $4.43M before costs from 442.5M new shares at $0.01, well short of the $7.745M maximum. About 332M shares went unsubscribed, and directors may place the shortfall within 3 months.
What it means for a shareholder
443m new shares at A$0.010 to raise about A$4.4m. That's 36% dilution: every existing holder's slice gets 36% smaller. If you held A$1,000 of shares (100,000 at the issue price), your slice goes from 0.0129% to 0.00822% of the company. To keep it you'd need 57,135 more shares - about A$571 at the issue price.
Create a free account to see this worked out for your own holding.
