Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
18 Apr 2012business combination▲ GoodMajor
Federal Court approves the scheme for Whitehaven to acquire Aston. Consideration is issued 2 May, and the $0.50 special dividend is confirmed: record date 26 April, payment 4 May 2012. Aston and Boardwalk holders are excluded.
16 Apr 2012investor presentation● Neutral
EGM presentation titled 'Creating a leading independent Australian coal company'. Only the disclaimer is visible, so no new information can be identified.
16 Apr 2012agm notice▲ GoodMajor
Whitehaven holders approve the Boardwalk share issue (89.87% for) and the director fee increase. Aston holders also approved the merger. Court hearing is 18 April, with implementation and Boardwalk completion due 2 May and the $0.50 dividend paid 4 May.
16 Apr 2012business combination▲ Good
Aston shareholders approve the Whitehaven scheme, with 99.94% of votes cast in favour. Federal Court approval is the remaining step, due 18 April 2012.
13 Apr 2012other▼ Bad
Aston's former CEO Hamish Collins started Supreme Court proceedings on 12 April over his claim. Whitehaven will support a vigorous defence if the merger is approved, so it takes on this exposure. No amount is stated.
4 Apr 2012resource reserve update▲ GoodMajor
Total resources rise 42.1Mt to 1,813.6Mt and marketable reserves rise 24.9Mt to 451.0Mt since August 2011. Vickery open-cut reserves up 12.4Mt to 116.9Mt, and Tarrawonga up 10.7Mt from the new northern JV area.
4 Apr 2012production update▼ BadMajor
Wet weather cost about two weeks of open-cut output; H2 FY12 saleable production is cut by about 400,000t. Narrabri longwall now likely May, not late April. J-Power long-term sales contract concluded after a successful trial cargo; resources lifted. Aston ex-CEO claim flagged.
27 Mar 2012dividend declaration▲ Good
Proposed timetable for the $0.50 fully franked special dividend: ex-date 19 April, record date 26 April, payment 4 May 2012, subject to the Aston scheme being approved. Aston and Boardwalk holders are not eligible.
12 Mar 2012investor presentation● Neutral
March 2012 merger presentation titled 'Creating a leading independent Australian coal company'. Only the disclaimer is visible, so no new terms can be identified.
9 Mar 2012business combination● Neutral
Aston Scheme Booklet registered with ASIC; Aston vote set for 16 April 2012. Whitehaven's Boardwalk purchase needs its own shareholder approval, with the meeting notice due next week. Repeats terms already known.
9 Mar 2012business combination● Neutral
Aston's full Scheme Booklet for the Whitehaven merger. The visible text shows the board's unanimous 'vote yes' recommendation (absent a superior proposal) and the independent expert's best-interests conclusion; the rest is truncated, so no new terms are shown.
9 Mar 2012business combination▲ GoodMajor
Aston's Scheme Booklet is lodged and the court convenes the shareholder vote for 16 April 2012. PwC's independent expert concludes the scheme is in the best interests of Aston shareholders. All Aston directors recommend voting in favour, absent a superior proposal.
16 Feb 2012investor presentation● Neutral
Re-release of the half-year results presentation, amended only to correct formatting issues. No change in content.
16 Feb 2012investor presentation● Neutral
Half-year results presentation repeating reported figures: NPAT $19.9m, saleable output up 13% to 2.464Mt. Notes Vickery planning for a 4.5Mtpa mine and the 15Mtpa-by-2016 target. Nothing materially new.
16 Feb 2012half year report● Neutral
Half-year NPAT $19.9m versus a $35.1m loss a year earlier; underlying NPAT $22.0m, down from $32.9m on legacy contract costs. No interim dividend, pending the $0.50 special dividend. Cash $103.5m. Narrabri longwall start still mid to late April.
8 Feb 2012production update● Neutral
Open cut mining restarts at all four mines, some at reduced rates while pit water is dealt with. Narrabri is operating normally. Coal haulage to the Gunnedah washplant is expected to resume by end of week.
3 Feb 2012production update▼ Bad
Persistent rain closes the Rocglen, Sunnyside, Tarrawonga and Werris Creek open cuts; roads to some sites are shut. About one week's production lost so far, with the full impact unknown. Narrabri continues, but staff travel is disrupted.
31 Jan 2012director officer appointment● Neutral
Appoints Peter Wilkinson, formerly of Idemitsu's Boggabri Coal operations, as General Manager of Open Cut Operations from 12 March 2012. He replaces Casper Dieben, who retires in July.
20 Dec 2011business combination● Neutral
Chairman's letter to shareholders explaining the Aston merger and Boardwalk deal, targeting completion in April 2012. Whitehaven holders get the $0.50 special dividend and vote on the Boardwalk share issue at a general meeting expected in late March 2012. Restates known terms.
12 Dec 2011business combination▲ GoodMajor
Signs a Scheme Implementation Agreement to merge with Aston Resources: Aston holders get 1.89 Whitehaven shares each, after a $0.50 fully franked special dividend to Whitehaven holders. Also buys unlisted Boardwalk Resources for 85.88m shares. Resolves the talks confirmed on 5 December.
12 Dec 2011investor presentation● Neutral
Presentation accompanying the Aston merger and Boardwalk acquisition announcement. The visible text is only the disclaimer; no new terms are shown beyond the merger announcement.
12 Dec 2011business combination● Neutral
Aston's release of the same Scheme Implementation Agreement: Aston holders receive 1.89 Whitehaven shares each. Aston's directors recommend it absent a superior proposal; Tinkler Group (~32%) intends to vote in favour. Duplicate of the Whitehaven announcement.
12 Dec 2011investor presentation● Neutral
Aston's lodgement of the same merger investor presentation released by Whitehaven. Visible text is only the disclaimer; nothing new beyond the merger announcement.
5 Dec 2011business combination● NeutralMajor
Responding to press speculation, Whitehaven confirms incomplete discussions with Aston Resources about a potential merger of equals. No guarantee of agreement, and unclear whether terms would suit shareholders. Follows the sale process that ended in May without a deal.
5 Dec 2011business combination● Neutral
Aston Resources (owner of 85% of the Maules Creek project in the Gunnedah Basin) confirms the same non-binding merger-of-equals talks with Whitehaven. No agreement reached; Aston remains committed to going alone while exploring alternatives.
25 Nov 2011material agreement▲ Good
Awarded an additional 2.4Mtpa of Port Waratah (PWCS) capacity from calendar 2015, linked to completion of the PWCS T4 facility. This resolves the nomination made in September and supports the 15Mtpa growth target.
28 Oct 2011quarterly activities report▼ BadMajor
September quarter saleable output 1.353Mt (up 24%). Narrabri miner shortage now puts the longwall start up to eight weeks later, to mid-April 2012, from February. Cash $120m; new A$350m undrawn facility; NCIG final stage committed; Rocglen and Werris Creek approved.
27 Oct 2011regulatory community update▲ GoodMajor
NSW Government approves the Werris Creek extension: mining rate rises from 2.0 to 2.5Mtpa and operations can extend up to 20 years. Revised mining lease still has to be granted. Delivers the approval management had expected.
11 Oct 2011debt financing▲ GoodMajor
Refinanced its syndicated bank facility with five-year bilateral facilities from several lenders, adding undrawn credit lines of up to A$350m for working capital and general purposes. Gives more funding headroom for planned growth.
5 Oct 2011contract award● Neutral
Delta SBD announces it won a contract for labour and equipment on a Narrabri development panel, hiring about 60 people. Not a Whitehaven announcement; relevant because Narrabri has struggled to recruit underground miners.
