Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Jan 2019other▼ Bad
Bayan filed a notice of appeal on 16 January against the Singapore ruling on White's ability to fund the joint venture. White believes it is a delaying tactic and expects dismissal; the damages tranche waits on the outcome. (Text gives the year as 2018 for both dates, apparently a typo.)
10 Jan 2019other▲ GoodMajor
Singapore commercial court ruled on 9 January that White's subsidiary could fund the Tabang joint venture itself until June 2012, answering the question remitted on appeal. A third tranche on causation and damages follows; case management conference after 25 January.
3 Dec 2018regulatory community update▲ GoodMajor
WA Supreme Court finalised orders expanding the freezing order over Bayan's 56% Kangaroo Resources stake. Bayan must now give 20 clear business days' notice before disposing of shares or related-party deals. Resolves the November application; White will seek costs.
23 Nov 2018other● Neutral
AGM addresses: SICC ruling on the remitted funding question expected early 2019, then tranche 3 damages. The rights issue raised about $10.4M and the freezing order terms will soon be set by the Court. Largely repeats known facts.
14 Nov 2018capital raising announcement● NeutralMajor
The entitlement offer closed with 147.7M shares taken up ($10.3M) plus 0.33M additional shares; 180.4M shares ($12.6M) were not taken up. Of the $22.99M maximum, about $10.4M is raised, and directors are weighing placing the shortfall.
8 Nov 2018regulatory community update▲ GoodMajor
WA Supreme Court ruled Bayan's planned takeover of Kangaroo Resources is a material change requiring the freezing order over Bayan's 56% stake to be amended. Terms are to be agreed or argued by 19 November. Continues the 25 September application.
1 Nov 2018capital raising announcement● Neutral
Entitlement offer closing date extended from 6 to 9 November 2018 to give eligible shareholders more time to consider taking part. Results now due 14 November and allotment 16 November.
23 Oct 2018annual report▼ Bad
2017/18 annual report: EBITDA loss of $11.7M versus $9.9M the year before, on lower revenue. The chairman says he will pursue Bayan until damages are recovered, and talks with China's Yankuang continue. Mountainside 51% sale talks continue.
23 Oct 2018other● Neutral
Appendix 4G governance checklist dated 23 October 2018, pointing to the corporate governance statement on the website. Administrative re-lodgement; no new substance.
16 Oct 2018capital raising announcement● Neutral
Offer booklet and personalised forms posted to eligible shareholders; the entitlement offer is now open and closes 5pm Sydney time on 6 November 2018 unless extended. Administrative.
9 Oct 2018security holder rights change● Neutral
Notice to shareholders outside the eligible countries that they cannot join the $0.07 entitlement offer. Bell Potter will sell their entitlements, with any net proceeds paid to them; no proceeds are guaranteed. Administrative.
9 Oct 2018security holder rights change● Neutral
Notice to eligible shareholders on how to take up the 1-for-1 $0.07 offer, including applying for additional shares above entitlement, which may be scaled back. New shares rank equally; no shareholder approval is needed. Repeats known terms.
8 Oct 2018security holder rights change● Neutral
Letter telling option holders that to join the 1-for-1 $0.07 entitlement offer on their underlying shares, they must exercise options before the 11 October 2018 record date. No obligation to exercise. Administrative notice of an already-announced raise.
8 Oct 2018capital raising announcement● Neutral
Formal offer document for the 1-for-1 renounceable entitlement offer at $0.07, closing 6 November 2018. Offered in Australia and New Zealand (plus certain UK institutions) only. Carries no new terms beyond the 8 October announcement (text truncated).
8 Oct 2018capital raising announcement● NeutralMajor
White launches a 1-for-1 renounceable entitlement offer at $0.07 a share to raise up to about $22.99M, a 16.7% discount to the last close. Funds go to the Bayan litigation, repaying the two directors' loans and working capital. Not underwritten; directors intend to take up their entitlements.
4 Oct 2018regulatory community update● Neutral
The Singapore court set a timetable to decide whether White could fund the Tabang JV alone, the question sent back on appeal: submissions on 29 October and 5 November, with a hearing if needed. If White wins, tranche 3 will assess damages.
28 Sept 2018other● Neutral
Appendix 4G checklist accompanying the corporate governance statement, showing where each ASX governance recommendation is addressed. Administrative; no new substance.
28 Sept 2018annual report● Neutral
FY2018 accounts show Mountainside now treated as a discontinued operation, with coal sales of $3.9M for the year after mining stopped in April 2018. No dividend. Sale talks for the 51% stake continue with shortlisted parties, and South African ownership options are still being considered.
28 Sept 2018debt financing● Neutral
Duncan's and Flannery's companies provide another $500k each ($1M total) unsecured loan facility on the same terms (0.8% monthly interest, repayable within a year, no conversion). The AGM is set for 9.30am on 23 November 2018 in Brisbane.
28 Sept 2018other● Neutral
Corporate governance statement for FY2018 repeats the same three departures from ASX recommendations: chair not independent, he chairs the nomination committee, and no measurable gender diversity objectives. Administrative disclosure, no new substance.
25 Sept 2018regulatory community update● Neutral
White's Singapore subsidiary applied to the Western Australian Supreme Court to widen its freezing order over Bayan's 56% stake in Kangaroo Resources, after Bayan agreed to buy out the rest of that company. The aim is to protect a future damages award from Bayan.
29 Aug 2018regulatory community update▲ GoodMajor
Singapore Court of Appeal dismissed substantially all of Bayan's appeal against the tranche 2 ruling, finding Bayan breached its coal supply obligation and repudiated the Tabang JV. One causation question, whether White could fund KSC alone, goes back to the trial court. Resolves the appeal; tranche 3 damages still follow.
31 July 2018debt financing● Neutral
Duncan's and Flannery's private companies provide another pair of unsecured loan facilities, up to $500k each ($1M total), for working capital until the Mountainside sale settles. Terms are unchanged: 0.8% monthly interest, repayable within a year, no conversion into shares.
9 Mar 2018debt financing● NeutralMajor
Duncan and Flannery's private companies add a second round of unsecured loan facilities, up to $500k each ($1M total), for working capital until the Mountainside sale settles. Same terms: 0.8% monthly interest, repayable within a year. The company is leaning further on director funding.
9 Mar 2018half year report● Neutral
Half-year report to December 2017: Mountainside sales were $2.4M, with five shortlisted bidders in negotiation. Bayan's appeal was heard 7 to 8 February 2018 and judgment is reserved.
30 Oct 2017debt financing● NeutralMajor
Chairman Duncan and CEO Flannery, through private companies, each provide an unsecured loan facility of up to $1M ($2M total) for working capital until the Mountainside sale settles. Interest is 0.8% a month, repayable within one year, with no conversion into shares.
25 Oct 2017annual report▼ Bad
Annual report confirms Bayan's appeal of the tranche 2 ruling will be heard in February 2018, delaying the damages decision. Offers for the 51% Mountainside stake are expected in October 2017. Chairman calls the year disappointing after South32 pulled out.
25 Oct 2017other● Neutral
Corporate governance statement says the company followed ASX recommendations except three: the chair is not independent (he is a substantial shareholder), he chairs the nomination committee, and there are no measurable gender diversity objectives. Administrative disclosure.
25 Oct 2017other● Neutral
Appendix 4G checklist accompanying the corporate governance statement, showing where each ASX governance recommendation is addressed. Administrative; no new substance.
29 Sept 2017annual report▼ BadMajor
Full-year accounts to June 2017 record a $20.9m impairment on the coal technology assets after the South African prospect was lost. Mountainside sales were $5.4m, down sharply after production stopped in September 2016. No dividend paid.
