Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
30 Apr 2019quarterly activities report● Neutral
March-quarter report: the $1.4M placement is to fund the Bayan case and working capital. The Singapore appeal is set for 10 July, and Yankuang is testing the technology on one existing and one new project. Mountainside sale talks continue.
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.
Create a free account to see this worked out for your own holding.
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.
31 Jan 2019quarterly activities report● Neutral
December-quarter report: the entitlement offer raised $11.8M and $4.5M of director loans were repaid in November. Mountainside had no sales and its 51% sale talks continue. Bayan has appealed the January Singapore ruling; Yankuang is investigating the coal-briquetting technology in China.
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.
31 Oct 2018quarterly activities report● Neutral
September-quarter report: Mountainside had no coal sales after mining ended in April, and its 51% sale talks continue. Yankuang trials at Cessnock succeeded in August, with further tests in China. The $22.99M entitlement offer is under way to fund the Bayan case and repay director loans.
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.
