28 Oct 2020other● Neutral
Re-lodged Appendix 4G and corporate governance statement for FY2020, dated 28 October 2020, accompanying the annual report. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
28 Sept 2020other● Neutral
Filing of the Appendix 4G and corporate governance statement for FY2020. Administrative, no new business information.
28 Sept 2020annual report● Neutral
Full-year accounts to 30 June 2020 released. The readable text restates that principal activities are BCB technology, exploration evaluation and the Bayan litigation, with Mountainside a discontinued operation. Financials are truncated; no dividend was paid.
29 May 2020security holder rights change● Neutral
Exercise price of Brian Flannery's 10,000,000 options is adjusted from $0.20 to $0.19363 from 5 June 2020, a formula adjustment following the 2018 and 2020 entitlement offers. Administrative.
16 Apr 2020capital raising announcement● NeutralMajor
Entitlement offer closed with about $10.8M taken up by shareholders. The underwriters, entities of directors Flannery and Duncan, took the roughly $4.7M shortfall, bringing the total to about $15.5M (258.16M shares at $0.06).
What it means for a shareholder
258m new shares at A$0.060 to raise about A$15.5m. That's 33% dilution: every existing holder's slice gets 33% smaller. If you held A$1,000 of shares (16,667 at the issue price), your slice goes from 0.00323% to 0.00215% of the company. To keep it you'd need 8,333 more shares - about A$500 at the issue price.
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24 Mar 2020capital raising announcement● Neutral
Offer booklet and personalised forms sent to eligible shareholders and the entitlement offer is now open, closing 5pm on 9 April 2020 unless extended. Administrative.
17 Mar 2020security holder rights change● Neutral
Notice to shareholders outside Australia and New Zealand, other than certain UK institutions, that they cannot take part in the entitlement offer. A nominee will sell their entitlements and pass on any net proceeds. Procedural.
17 Mar 2020security holder rights change● Neutral
Notice to eligible shareholders of the 1-for-2 offer at $0.06, closing 9 April 2020, with the option to apply for extra shares. Repeats announced terms; no shareholder approval needed.
13 Mar 2020security holder rights change● Neutral
Letter telling option holders they must exercise options by 7pm on 19 March 2020 to take part in the $0.06 entitlement offer. Procedural notice repeating the offer terms.
13 Mar 2020half year report● Neutral
Half-year accounts to 31 December 2019: Mountainside had no sales and remains a discontinued operation, with its 51% sale talks being advanced to finalisation. The Shanxi plant contract is still being finalised and the RESA sale is repeated. Financials truncated.
13 Mar 2020capital raising announcement● NeutralMajor
White Energy launches a 1-for-2 renounceable entitlement offer at $0.06 to raise about $15.5M, an 18.92% discount to $0.074. It is fully underwritten by entities of directors Flannery and Duncan. Funds go to the Bayan case and about $3.2M owed to CSIRO.
13 Mar 2020capital raising announcement● Neutral
Offer booklet for the 1-for-2 entitlement offer at $0.06 per share, closing 9 April 2020. Documents the terms already announced; no new figures in the readable text.
7 Feb 2020listing compliance notice● Neutral
Replying to an ASX query, White Energy expects negative operating cash flows in the near to medium term. It cites the Mountainside sale, China plant design fees and a planned equity raising as funding. This foreshadows the March 2020 raising.
13 Jan 2020other▲ GoodMajor
White's subsidiary has amended its claim against Bayan, now seeking about US$153M: roughly US$99M wasted expenditure plus US$54M lost expansion profits, with interest and costs. This puts a figure on the damages trial set for 21-30 September 2020.
22 Nov 2019other● Neutral
AGM addresses: Chair expects the Mountainside sale 'in the near future' and the Bayan damages trial in September 2020. The MD says design of a 200,000 tpa China plant is basically complete, awaiting customer approval, and no further Indonesian investment until Bayan is resolved. Repeats known themes.
15 Nov 2019listing compliance notice● Neutral
Replying to an ASX query on its cash flow, White Energy expects negative operating cash flows to continue. It points to the Mountainside sale, China plant design fees and a planned equity raising as funding sources, and says it can keep operating. No new raising is announced.
6 Nov 2019other● Neutral
White Energy moves its US over-the-counter listing from OTCQX International to the OTCQB Venture market from 7 November 2019, keeping access for US investors. Does not affect the ASX listing.
22 Oct 2019annual report● Neutral
2018/19 annual report: Chair says the Bayan damages trial is set for 21-30 September 2020. The MD says a Shanxi (China) briquetting plant design is well advanced, the customer would fund construction, and Mountainside talks continue with two US companies. A $2.7M impairment was booked on Mountainside.
22 Oct 2019other● Neutral
Re-lodged Corporate Governance Statement and Appendix 4G, now dated 22 October 2019, repeating the September filing. Administrative, no new information.
22 Oct 2019listing compliance notice● Neutral
ASX granted a standard waiver so nominee holders who took part in the 12 March 2019 placement of 20M shares can vote on its ratification at the AGM, if their beneficiaries did not participate. Procedural; the vote relates to the earlier $1.4M placement.
27 Sept 2019annual report● Neutral
Statutory FY2019 accounts restate the year: no Mountainside coal sales, mining suspended since April 2018, and Mountainside now treated as a discontinued operation. The July 2019 sale of its 51% of River Energy South Africa to Proterra and the Bayan litigation are repeated. Financials truncated.
27 Sept 2019other● Neutral
Corporate governance statement and Appendix 4G filed with the annual report, dated 27 September 2019. Administrative compliance form with no new business information.
16 Sept 2019other● Neutral
Singapore court set the damages trial (third tranche) for 21 to 30 September 2020. Parties are to agree filing dates for evidence beforehand. Fixes the timetable for the long-running Bayan claim.
30 July 2019quarterly activities report● NeutralMajor
June-quarter report: Bayan's appeal was dismissed. In July White agreed to sell its 51% of River Energy South Africa to Proterra for a nominal amount, resolving the South African ownership review. A new South Australian petroleum licence, PELA674 (about 2,480 km2), was granted.
22 July 2019security holder rights change● Neutral
3.4M unquoted incentive rights issued to an executive and four employees, vesting 30 June 2022 if the share price rises at least 120% from a $0.10 starting price. Routine staff incentive grant.
10 July 2019other▲ GoodMajor
Singapore Court of Appeal unanimously dismissed Bayan's appeal at the hearing, with costs to White's subsidiary. This clears the way for the third tranche to set damages for Bayan's 2012 repudiation of a venture in which White invested over US$110M.
14 Mar 2019half year report● Neutral
Half-year report to 31 December 2018: Mountainside had no coal sales and its 51% sale negotiations continue. River Energy structure options, Yankuang trials and the Bayan case are restated. Financial figures are not visible in the truncated text.
11 Mar 2019other● Neutral
Singapore Court of Appeal fixed 10 July 2019 to hear Bayan's appeal on the remitted funding question. White remains confident of dismissal, after which the damages tranche proceeds. Scheduling update only.
5 Mar 2019capital raising announcement● NeutralMajor
Placement of 20M shares at 7.0 cents to an existing major shareholder, raising $1.4M before costs, under existing placement capacity. Same price as the November entitlement offer. Allotment 12 March.
What it means for a shareholder
20.0m new shares at A$0.070 to raise about A$1.4m. That's 3.9% dilution: every existing holder's slice gets 3.9% smaller. If you held A$1,000 of shares (14,286 at the issue price), your slice goes from 0.00288% to 0.00277% of the company. To keep it you'd need 576 more shares - about A$40 at the issue price.
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11 Feb 2019director officer appointment● Neutral
Non-executive director Terry Crawford resigned effective 28 February 2019 for personal reasons, after about five years on the board. The board shrinks to four directors.