30 Aug 2013security holder rights change● Neutral
Notice that 2,000,000 unlisted options (exercise price $3.65) expire on 7 October 2013. Holders must lodge exercise forms and payment by 5pm that day. Administrative.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
26 Aug 2013asset acquisition disposition▲ GoodMajor
White signed a new exclusive option, to 31 August 2013, to buy the Central Appalachia coal mining company it earlier let lapse. Price is now about US$20M, with a further US$0.5M option fee. This revives the acquisition dropped in April.
5 Aug 2013director officer appointment▼ BadMajor
Director John Kinghorn has resigned with immediate effect, shortly after the ICAC report; he remains a major shareholder. The board will not replace him and unanimously backs Travers Duncan staying as Chairman.
1 Aug 2013other▼ BadMajor
White says it was not an 'affected person' in the ICAC report and the board acted correctly over the Cascade Coal proposal, which did not proceed. ICAC made adverse findings against two current directors, including Chair Travers Duncan, who rejects them.
31 July 2013other● Neutral
White notes the tabling of the ICAC report on Operation Jasper and says it is reviewing it. No details or findings are given yet.
19 July 2013other● Neutral
Kangaroo Resources gives background on the Bayan appeal. It says White's subsidiary will not cross-appeal the discharge of the freezing orders against Kangaroo. Third-party announcement, largely repeating the previous update.
18 July 2013other● Neutral
Kangaroo Resources says it and Bayan appealed the 26 June orders on 12 July 2013. Kangaroo is an appellant only to protect itself on costs, since the freezing orders against it are already discharged. Third-party announcement.
16 July 2013joint venture update● Neutral
Bayan has appealed the freezing-order ruling, served 15 July 2013, but only on the court's jurisdiction. It is not appealing the finding that White's subsidiary has a good arguable case. The freezing orders remain in place.
2 July 2013joint venture update● Neutral
White responds to Kangaroo Resources: Bayan and Kangaroo must also pay White's subsidiary's costs for their failed jurisdiction challenge. The primary freezing orders against Bayan stay in place. White calls any Kangaroo damages claim misconceived.
1 July 2013other▼ Bad
Kangaroo Resources says the freezing orders against it were discharged on 26 June 2013 and it received its costs. It may seek an inquiry into damages from the orders. This is a third-party announcement on the Bayan dispute.
26 June 2013joint venture update▲ GoodMajor
Western Australian court dismissed Bayan's challenge to the freezing orders over its 56% Kangaroo Resources stake and extended them indefinitely. The judge found White's subsidiary had a good arguable case for damages over its lost KSC investment. This advances the Bayan dispute but is not a final result.
11 June 2013director officer appointment● Neutral
Terry Crawford joins the board as an independent non-executive director, effective immediately. The company says his banking background will help as it moves into the project development phase.
10 Apr 2013asset acquisition disposition● NeutralMajor
After due diligence, White decided not to exercise its option to buy the Central Appalachia coal mine (about US$21.5M). It will keep searching for US and other coal deposits to acquire.
8 Mar 2013half year report● Neutral
Half-year to December 2012: River Energy has made four formal South African submissions and is near finishing another feasibility study; Optimum still unresolved. Buckskin permit lodged; US mine option in due diligence. Financials not in the text shown.
8 Mar 2013half year report▼ BadMajor
Half-year net loss A$60.8M (prior A$134M), mainly a A$58M impairment of South Australian Coal assets, which hits the Lake Phillipson value. A$25M convertible notes repaid in October; cash A$98.8M at 31 December.
1 Mar 2013asset acquisition disposition● Neutral
The option to buy the Central Appalachia coal mine has been extended to 10 April 2013 so due diligence, mainly coal sampling, can finish. Results are promised by that date.
17 Dec 2012asset acquisition disposition▲ GoodMajor
White signed an exclusive 90-day option to buy an open-cut specialty low-ash coal mine in Central Appalachia, US, for about US$21.5M (incl. US$200,000 option fee), plus about US$7.5M of replacement bonds. A first step toward owning coal supply; update promised early 2013.
23 Nov 2012other● Neutral
AGM addresses repeat the year's themes: Tabang setback and dispute, coal-fines briquetting interest, Wyoming permitting ('success within sight'), Lake Phillipson at 1,130.4Mt. Chairman says the share price attributes little value to the technology. No new results.
22 Oct 2012annual report● Neutral
2012 annual report calls it a very difficult year after the Tabang setback, which delayed Indonesian and US projects. Focus shifts to coal-fines briquetting; Lake Phillipson at 1.13bn tonnes; substantial cash reserves. Largely repeats earlier updates.
2 Oct 2012bankruptcy or receivership▼ BadMajor
KSC, the Tabang joint venture with Bayan, has been placed into bankruptcy in Indonesia with curators appointed, after local creditors' petition. White says its KSC investment was already fully impaired, so no further accounting impact.
14 Sept 2012security holder rights change● Neutral
Notice that 100 unquoted convertible notes (A$250,000 face each, conversion price A$3.22) mature 12 October 2012. Holders wanting to convert must lodge forms by 5pm that day. Ties to the notes maturing in October.
7 Sept 2012annual report● Neutral
Annual report to 30 June 2012 repeats the quarter's updates: Optimum feasibility study done with a decision due by end-September, Wyoming minor-source permit approach, Lake Phillipson at 1,130.4Mt. Financial figures are not in the text provided.
7 Sept 2012half year report▼ BadMajor
FY2012 results: net loss A$171.8M (2011: A$18.8M), mainly the A$129.9M KSC impairment and a A$27.3M loss on deconsolidating KSC after the Bayan dispute. Optimum plant decision still awaited; Wyoming permits and Lake Phillipson (1,151Mt cited) continue.
7 Sept 2012other▼ Bad
S&P index notice lists White Energy among removals from the S&P/ASX 300 after the close on 21 September 2012. Administrative; it follows earlier removals from the 200 and All Australian 200 indices.
1 June 2012other▼ Bad
S&P index rebalance notice lists White Energy among removals from the S&P/ASX All Australian 200 index after the close on 15 June 2012. Administrative; no company development.
19 Apr 2012joint venture update▲ Good
On 18 April the Western Australia court extended the freezing orders over Bayan's 56% Kangaroo Resources stake indefinitely, until further order. This continues White's Bayan damages action; a further hearing date has not been set.
10 Apr 2012other● Neutral
Kangaroo Resources says it was joined to the proceedings only so the freezing orders over Bayan's shares could be made, and expects no adverse impact on itself. A third-party clarification of White's Bayan action.
10 Apr 2012joint venture update▲ GoodMajor
Western Australia Supreme Court granted interim freezing orders over Bayan's roughly 56% stake in Kangaroo Resources, supporting White's Singapore damages claim. The judge found a good arguable case; White must post a $2 million security bond. Orders run to 18 April.
26 Mar 2012other● Neutral
M&G/Prudential substantial holder notice: stake up from 16.68% to 17.00% (53.75m shares). A notice from the holder, not a company development; continues their earlier increases.
23 Mar 2012resource reserve update▲ GoodMajor
Lake Phillipson (EL4534) JORC coal resource rises 65% to 1,130.4Mt from 684.2Mt, with a 4-4.5 billion tonne exploration target. This sets about 6.9 million new White shares to be issued to former SAC holders for the 2011 performance shares.