Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
27 Nov 2020other● Neutral
AGM address: Mountainside is said to have a Kentucky buyer, with sale talks at an advanced stage and expected to conclude 'in the very near future'. Proterra cannot hold more than 49%. BCB progress in China and South Africa is slower than hoped because of COVID-19. Repeats known themes.
27 Nov 2020security holder rights change● Neutral
Company released its new Constitution after shareholders approved its adoption, and renewal of the proportional takeover provisions, as special resolutions at the 27 November 2020 AGM. Administrative follow-up to the AGM.
30 Oct 2020quarterly activities report● Neutral
September-quarter report: the Bayan damages hearing (Tranche Three) has been held in Singapore, with written closing submissions to follow. Mountainside sale talks continue, dependent on the 49% partner. South Australia says it intends to grant EL5719 for five years.
28 Oct 2020annual report● Neutral
Annual report: Mountainside 51% sale still pending, contingent on the 49% partner agreeing protocols; carrying value $5.3M after a $1.7M impairment. Bayan damages closing oral submissions are set for 9 January 2021, and EBITDA loss was $5.5M. China and South Africa BCB work slowed by COVID-19.
28 Oct 2020other● Neutral
Re-lodged Appendix 4G and corporate governance statement for FY2020, dated 28 October 2020, accompanying the annual report. Administrative.
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.
11 Sept 2020agm notice● Neutral
Notice that the AGM will be held at 10.00am Brisbane time on 27 November 2020, with format subject to COVID-19 rules. Director nominations close 24 September 2020. Administrative.
31 July 2020quarterly activities report● Neutral
June-quarter report: Mountainside 51% sale talks still continuing, with no sales. Shareholder loans to the US and South African units were extended from January 2021 to January 2023. Directors' entities received $155,071 each in underwriting fees; Shanxi contract still slowed by COVID-19.
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.
30 Apr 2020quarterly activities report● Neutral
March-quarter report: the $15.5M entitlement offer is confirmed raised, and Mountainside (no sales since production stopped April 2018) 51% sale talks continue. Yankuang's Shandong pilot plant is near complete; COVID-19 travel limits have slowed the Shanxi plant contract.
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.
Create a free account to see this worked out for your own holding.
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.
31 Jan 2020quarterly activities report● Neutral
December-quarter report: Mountainside again had no sales and its 51% sale talks continue. The Shanxi plant contract is still being finalised. The Bayan claim is restated at about US$153M, and a $1.125M insurance settlement covers ICAC inquiry legal costs.
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.
31 Oct 2019quarterly activities report● Neutral
September-quarter report: Mountainside again had no sales and its 51% sale talks continue. The Shanxi briquetting plant contract is being finalised, with the customer funding construction. Bayan damages trial dates of 21-30 September 2020 are restated. Shareholder loans to the US and South African units are repayable January 2021.
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.
8 Oct 2019agm notice● Neutral
Annual General Meeting set for 9.30am on 22 November 2019 in Brisbane. Notice of date and venue only.
