Past year: ▲ 661%(2.80c – 29.0c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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 2018quarterly activities report● Neutral
June-quarter report: Mountainside sales fell to US$0.16M (White's share US$0.082M) as mining stopped in April. A non-binding MOU with China's Yankuang Group will test the briquetting technology at Cessnock in August. South African shareholder loans were pushed out to January 2021.
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.
30 Apr 2018quarterly activities report● Neutral
March-quarter report: Mountainside sales were US$1.0M (White's share US$0.5M), with Dean seam mining finished in early April. Sale talks continue, and Bayan appeal judgment remains reserved after the court sought further submissions on 27 March. No South African deal yet.
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.
31 Jan 2018quarterly activities report● Neutral
December-quarter report: Mountainside sales were US$1.5M (White's share US$0.7M). Five bidders are shortlisted and negotiations continue. Bayan's appeal is fixed for 7 February 2018. No South African deal yet.
24 Nov 2017agm notice▼ Bad
AGM addresses: unrestricted cash was $2.3M at 30 September 2017, down from $8.7M a year earlier. Bayan's appeal is due in February 2018. Mountainside sale is meant to recapitalise the company. A large Chinese coal sample test is under way.
31 Oct 2017quarterly activities report● Neutral
September-quarter report: Mountainside sales were US$0.4M (White's share US$0.2M) after Flag Ridge mining restarted in mid-August. Five parties are reviewing the Mountainside sale. River Energy is still seeking South African sites, and the director loans are noted.
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.
3 Oct 2017agm notice● Neutral
The 2017 AGM is scheduled for 9.30am on Friday 24 November 2017 in Brisbane. Administrative notice only.
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.
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.
31 July 2017quarterly activities report● Neutral
June-quarter report: Singapore tranche 2 ruling favoured White; South Australian drill holes found only granite and nothing significant. Mountainside sale process drew interest, with a three-month mining restart at Flag Ridge from August. White and its partner are considering new ownership and funding structures for River Energy.
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 2017quarterly activities report▼ Bad
March-quarter report: South32 declined to supply fine coal for the South African BCB plant, and River Energy seeks other sites. Mountainside drilling finished; Hatfield Gap and Buffalo Creek permits sold for royalties expected above US$1.0M. First South Australian hole started in late April.
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.
31 Jan 2017quarterly activities report● Neutral
December-quarter report: South African coal supplier is still doing a final review, with no signed deal. Over 160 infill wells drilled at Mountainside, production still suspended. Shareholders approved the CEO's 10M options at 20c. Drilling planned on a possible copper-gold target in South Australia.
18 Nov 2016agm notice● Neutral
AGM addresses repeat known points: South African deal at an 'advanced stage', Mountainside on hold, Bayan tranche 2 hearing set for January 2017, and A$8.7M available cash. The chair also notes strong interest from a Chinese steel company.
