Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Aug 2017regulatory community update▼ Bad
Bayan has filed an appeal against substantially all of the Singapore court's tranche 2 findings, which went in White's favour on 26 July. No timeline yet. This leaves the Tabang claim unresolved ahead of the damages tranche.
23 Aug 2017director officer appointment● Neutral
Allan McCarthy, a chartered accountant with over 26 years' experience including coal mining, becomes CFO from 28 August 2017. He replaces Damian Galvin, who is resigning.
28 July 2017director officer appointment▼ Bad
CFO Damian Galvin, in the role since May 2016, will resign at the end of August 2017. The company will start recruiting a replacement.
3 May 2017remuneration report● Neutral
CEO Brian Flannery has agreed to cut his pay to A$131,400 a year including super, to conserve funds, down from A$700,800. He controls 9.24% of shares. Prior terms revive on a takeover, merger or termination.
28 Apr 2017asset acquisition disposition▼ BadMajor
White is reviewing its 51% Mountainside investment and will seek buyers, saying the operations fall outside its BCB strategy. Cessnock tests showed commercial briquetting of Blue Gem fines would be difficult at current prices. Reverses the earlier plan to restart mining there.
7 Apr 2017material agreement termination▼ BadMajor
South32 has told White's South African venture it will not proceed with a briquetting plant at its South Export site, though it may consider another site. This ends the long-pending deal described as nearly signed; no further progress is expected before mid-year.
8 Mar 2017half year report● Neutral
Half-year report to December 2016: Mountainside sales were US$5.35M for six months, with production suspended since September. South African supply deal still awaiting the coal producer's final review. No new developments beyond the quarterly report.
19 Oct 2016annual report▼ Bad
FY2016 annual report: the chair calls Mountainside's performance a major disappointment after production was suspended. Ingomar Station sold in September 2016 for A$6.3M. The South African BCB plant is described as close to signing; remaining Bayan trial tranches are expected in 2017.
12 Oct 2016remuneration report● Neutral
Managing Director Brian Flannery's fixed pay is cut 20% to A$700,800 a year, backdated to 1 July 2016. Directors' fees also fall 20%. He is offered 10 million options at 20 cents, subject to shareholder approval at the AGM.
29 Sept 2016other● Neutral
Appendix 4G checklist pointing to the 2016 corporate governance statement. Administrative, with no business substance.
29 Sept 2016other● Neutral
2016 corporate governance statement, approved 29 September 2016. Same stated exceptions as before: non-independent chair, and no measurable gender diversity objectives. Administrative annual release.
29 Sept 2016annual report▼ Bad
FY2016 statutory accounts: Mountainside revenue A$27.4M, but EBITDA loss A$11.5M, similar to the prior year's A$11.4M. Flat Creek's resource fell over 50% and mining ceased September 2016. South African BCB plant terms are largely agreed, but not signed.
1 Sept 2016production update▼ BadMajor
Mountainside production in Kentucky is suspended and operations put into 'market deferment'. The Flat Creek mine is depleted, with its mineable resource cut by more than 50% by unmapped old workings. Restart awaits several months of resource drilling.
19 May 2016director officer appointment● Neutral
Damian Galvin, formerly CFO of Westside Corporation and Queensland Gas Company, becomes CFO from 23 May 2016. He fills the role left by Ivan Maras, who resigned effective end of March.
13 May 2016regulatory community update▲ GoodMajor
Singapore court's first-tranche judgement rejected Bayan's counterclaims against White's subsidiaries. It found Bayan was not obliged to fund the JV from Nov 2011 to 2 Mar 2012; coal supply question deferred to next tranche. Bayan to pay $330,000 costs.
14 Mar 2016director officer appointment● Neutral
Non-executive director Hans Mende, US-based, will resign effective 31 March 2016, citing reduced ability to attend board meetings because of other business commitments. His company AMCI Worldwide remains a top-20 shareholder.
29 Feb 2016half year report▼ BadMajor
Half-year to 31 December 2015: Mountainside coal sales A$14.7M and an EBITDA loss of about A$6M (White's share A$3.1M). Cash on hand fell to A$15.4M from A$41.3M a year earlier. BCB plant decision still pending.
29 Feb 2016investor presentation▼ BadMajor
Half-year results: loss before tax A$31.8M (prior A$17.3M), including a A$10M write-down of Mountainside goodwill. Normalised EBITDA loss A$6.5M; cash A$15.4M. South African BCB decision promised by 31 March 2016. Woestalleen is in a business rescue process.
3 Feb 2016director officer appointment▼ BadMajor
White is closing its Sydney office and moving its principal place of business to Brisbane to cut overheads. CFO Ivan Maras, with the company since 2006, resigns effective end of March 2016, and recruitment of a replacement begins.
6 Nov 2015investor presentation● Neutral
AGM addresses: cash was A$26.5M at 30 September 2015 including restricted cash, with directors and executives taking voluntary 20% salary cuts. First Bayan trial tranche runs 16 November to 4 December. Mountainside BCB decision still awaits more stoker contracts. Mostly repeats known facts.
14 Oct 2015regulatory community update▲ GoodMajor
Australia's High Court unanimously dismissed Bayan's appeal against the freezing orders over its 56% Kangaroo Resources shares, with costs to White. The orders are expected to stay until the Singapore case ends, keeping security for the KSC damages claim.
30 Sept 2015other● Neutral
Updated FY2015 corporate governance statement, re-approved by the board on 26 August 2015. Same stated exceptions as the June version. Administrative re-release.
30 Sept 2015other● Neutral
Appendix 4G checklist pointing to the corporate governance statement on the company website, approved by the board as at 26 August 2015. Administrative re-lodgement with no business substance.
30 Sept 2015annual report● Neutral
FY2015 annual report lodged. Chair says the company aims for positive EBITDA within three years. A Mountainside BCB plant decision is expected by year end, and the Singapore trial against Bayan is due mid-November 2015. Indonesia has found no suitable asset yet.
31 Aug 2015annual report● Neutral
FY2015 annual report: Mountainside sales US$19.4M for the year; Flag Ridge thermal mine closed. Loss before tax is A$42.4M (from the results presentation), against A$55.3M last year. Directors unchanged; BCB plant commitment still not made.
31 Aug 2015investor presentation● Neutral
Full-year results presentation: loss before tax A$42.4M (2014: A$55.3M), normalised EBITDA loss A$13.3M. Names Mountainside and the proposed 500,000 tpa South African BCB plant as the two key growth projects. Singapore trial against Bayan scheduled for November 2015.
31 July 2015quarterly activities report● NeutralMajor
June-quarter report: Mountainside signed a contract to supply up to 13,000 tons a month of stoker coal to a major US silicon producer. Mining was idled for three weeks in July to clear stockpiles. Singapore Bayan hearing is expected to start 16 November 2015.
30 June 2015other● Neutral
Appendix 4G checklist pointing to the FY2015 corporate governance statement on the company website. Administrative, no business substance.
30 June 2015other● Neutral
Annual corporate governance statement for FY2015. Notes departures from ASX recommendations: chair Travers Duncan is not independent as a substantial shareholder, and no measurable gender diversity objectives. Administrative, no business substance.
9 Mar 2015half year report▼ Bad
Half-year to 31 Dec 2014: loss before tax A$17.3M (prior year A$14.1M); revenue A$12.1M, including US$9.1M Mountainside coal sales. Cash fell to A$41.3M from A$56M at June. Mountainside wash plant commissioned late February 2015, after delays; BCB plant decision still pending.
