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.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 Oct 2011agm notice● Neutral
AGM address and presentation. Chairman now says Narrabri longwall production is targeted for mid-April 2012 and recounts the ended sale process. Largely repeats the known quarterly update and results.
28 Oct 2011agm notice● Neutral
All four AGM resolutions passed, including the remuneration report (86.41% for) and re-election of Conde and Plummer. Increase in directors' fees also passed with 96.59% support. Routine outcome.
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.
29 Sept 2011material agreement▲ GoodMajor
Secured an extra 8.4Mt of Newcastle port capacity over May 2012 to June 2016, covering most planned export growth until the PWCS T4 terminal opens in late 2015. Supports the target of about 15Mtpa; a further PWCS nomination outcome is due in December.
9 Sept 2011investor presentation● Neutral
September investor presentation restating known facts: resources 1,772Mt, reserves 426Mt, a plan for up to 15Mtpa, and legacy contracts ending in 2011. No new announcements visible in the text provided.
5 Sept 2011contract award● Neutral
Contractor Delta SBD announces it has begun the surface build of the Narrabri longwall for equipment supplier Caterpillar. Underground installation phase is expected from early January 2012. Not a Whitehaven announcement; consistent with the longwall build already under way.
2 Sept 2011material agreement▲ Good
NCIG commits to its full 66Mtpa port capacity, satisfying a condition for Whitehaven to nominate for more Port Waratah (PWCS) capacity, which it has done. Whitehaven has about 10.2Mtpa of Newcastle port capacity under contract; PWCS outcome expected by December 2011.
31 Aug 2011other● Neutral
Pre-IPO investors First Reserve and AMCI sold 65 million shares (13.15%) at $6.00 each, underwritten by Credit Suisse. They remain the largest holders at 14.7% and 9.7%. Free float rises above 50%. No new money goes to Whitehaven.
25 Aug 2011joint venture update▲ GoodMajor
Formal agreements signed with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%), converting the May Heads of Agreement. Still conditional on expansion approvals at both mines; gives access to Boggabri's CHPP and rail spur.
23 Aug 2011investor presentation● Neutral
Results presentation repeating the FY11 figures: underlying profit $73.3m, net profit $9.9m, resources 1,771.5Mt and reserves 426.1Mt. Narrabri longwall still scheduled for February 2012; plan to reach 15Mtpa within five years. No new information.
23 Aug 2011resource reserve update▲ GoodMajor
Resources rise 21.5Mt to 1,771.5Mt and marketable reserves 60.4Mt to 426.1Mt (from 365.7Mt in February). Vickery open-cut marketable reserves rise 56.7Mt to 104.5Mt on an extended pit design; Tarrawonga adds 8Mt.
23 Aug 2011annual report● NeutralMajor
FY11 underlying profit $73.3m (up 33%) but net profit only $9.9m after $63.4m of significant items, mainly legacy contract losses and a US dollar receivable loss on the Narrabri sale. Final dividend 4.1c declared; cash $207.6m.
23 Aug 2011annual report● Neutral
Re-release of the FY11 result: underlying profit $73.3m, net profit $9.9m, final dividend 4.1c (7.4c for the year). Management expects all but 230,000 tonnes of legacy contracts to be fulfilled by calendar year end; Werris Creek and Rocglen approvals expected.
16 Aug 2011material agreement▲ GoodMajor
Whitehaven signs long-term rolling ten-year rail track access arrangements with ARTC, securing track capacity between its mines and Newcastle Port to match planned production and port capacity. The managing director calls it a significant milestone for growth plans.
26 July 2011quarterly activities report▲ Good
June quarter saleable output 1.477Mt (up 47%), open cuts running near 6Mtpa after the CHPP upgrade. Cash $207m. FY11 underlying profit guidance of about $70m maintained. Narrabri longwall now scheduled for the third quarter of FY2012, around 1.6Mt of legacy contracts remain.
15 June 2011investor presentation● Neutral
June investor briefing restates known facts: resources 1,750Mt, reserves 366Mt, open-cut capacity about 5.5Mtpa, and about 11.5Mtpa saleable by FY2013 including Narrabri. Vickery is expected to contribute over 4Mtpa from 2013. No new announcements visible.
31 May 2011joint venture update▲ GoodMajor
Heads of Agreement with Idemitsu's Boggabri Coal to extend the Tarrawonga JV (Whitehaven 70%, Boggabri 30%). It would give access to the Boggabri CHPP and rail spur and restructure tenements to 70/30. Subject to conditions including expansion approvals at both mines.
26 May 2011other● Neutral
Updated Securities Trading Policy lodged, amended 24 May 2011 from the December 2010 version. Administrative document on trading windows and insider trading; no operational or financial substance.
16 May 2011business combination● NeutralMajor
The formal sale process is terminated: the Board decided no proposal was attractive enough to recommend to shareholders. Management will keep developing existing assets and seeking growth. This resolves the process launched 29 October 2010 with no takeover.
28 Apr 2011quarterly activities report▼ BadMajor
Full-year underlying profit guidance cut to about $70m from $83-88m, mainly because metallurgical shipments to Japan were deferred after the earthquake and tsunami. Narrabri longwall start now likely February 2012, about 5 weeks later than the December 2011 target, due to the labour shortage.
21 Apr 2011price query● Neutral
Responding to media reports, Whitehaven confirms Yanzhou Coal is one of the shortlisted parties in the formal process. No change to that status has been advised.
13 Apr 2011business combination● Neutral
The formal sale process is reaching a conclusion: short-listed parties have completed due diligence and submitted formal proposals. Whitehaven is in discussions with several of them; the Board may or may not recommend one.
7 Mar 2011admin correction● Neutral
Computershare notice that its Brisbane office is moving address on 7 March 2011, listing affected clients including Whitehaven. Not a Whitehaven announcement and no company substance.