Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Feb 2009investor presentation● Neutral
Updated version of Gloucester's merger presentation; visible text matches the earlier version (1 Gloucester per 2.45 Whitehaven shares, 74% director holdings, 19.9% pre-bid acceptances). No new information is apparent in the readable portion.
20 Feb 2009business combination● Neutral
Duplicate release of the Gloucester merger announcement: 1 Gloucester share for every 2.45 Whitehaven shares, recommended by Whitehaven directors. No new information.
20 Feb 2009business combination● NeutralMajor
Agrees to merge with Gloucester Coal via an off-market scrip takeover: 1 Gloucester share for every 2.45 Whitehaven shares. Directors recommend acceptance and hold 74%; pre-bid deeds cover another 19.9%. Combined market cap is about A$900m.
20 Feb 2009investor presentation● Neutral
Gloucester's merger presentation repeats the 20 February terms: 1 Gloucester share per 2.45 Whitehaven shares, 80% acceptance condition, FIRB approval, $4.5m break fee payable by Whitehaven in certain circumstances. Whitehaven holders keep any interim dividend up to 2.5c. Nothing new.
23 Dec 2008farm in farm out completion▲ GoodMajor
Sale of 7.5% of Narrabri to J-Power for A$125m completes. A$41.7m is received now, with the balance due on Stage 2 approval. Total sold is 22.5%, which the company says funds the bulk of its share of Stage 1 and 2 costs.
9 Dec 2008joint venture update● Neutral
Update on the J-Power and EDF Trading Narrabri sales. Text is largely garbled and unreadable, so no details can be confirmed.
19 Nov 2008director officer appointment● Neutral
CFO Austen Perrin is appointed Joint Company Secretary, replacing the retiring Leigh Whitton. Administrative change only.
18 Nov 2008investor presentation● Neutral
AGM presentation repeats known facts: 712Mt resources, Sunnyside starting December, Rocglen first coal November, Narrabri first coal Q4 2009. It cites market capitalisation of about A$550m, down from A$1.4bn in August.
30 Oct 2008quarterly activities report▼ BadMajor
September 2008 quarter: saleable production up 28% to 598kt, sales up 64%. Narrabri Stage 1 cost estimate rises about 20% to A$185m. Werris Creek contractor to be terminated from 31 January 2009. Cash about $101m.
17 Oct 2008director officer appointment● NeutralMajor
Managing Director Rob Stewart resigns, only six months after becoming CEO; director Tony Haggarty, ex-Excel Coal head, becomes MD. Andy Plummer becomes executive director. A new CFO (Austen Perrin) and two general managers are appointed.
1 Oct 2008regulatory community update▲ GoodMajor
Sunnyside receives Project Approval, resolving the pending approval thread. An open cut of about 1Mtpa, mostly thermal coal, with first coal expected in the current quarter and construction cost about $10m.
26 Sept 2008annual report● Neutral
FY2008 annual report: profit $51.9m, saleable production up 20% to 2.753Mt. The Narrabri sales to EdF Trading and J-Power are now expected to complete in September-October 2008, later than the August timing earlier stated. Repeats known results.
21 Aug 2008annual report▲ GoodMajor
FY2008 net profit rose 142% to $51.9m, including $38.9m from the Narrabri stake sale; revenue $256.5m, EBITDA $90.7m. A fully franked dividend of 1.7c per share is declared. Net cash was $50.7m, against net debt of $55.5m a year earlier.
21 Aug 2008investor presentation● Neutral
August 2008 presentation repeats results: resources 712.9Mt, Narrabri shown at 75%, first coal Q1 FY2010, about 11Mtpa targeted by 2012. Cites market capitalisation of about A$1.4bn, down from the A$1.7bn cited in June. No new material information.
21 Aug 2008admin correction● Neutral
Re-lodged August MD presentation, amending slide 24 to split recoverable reserves into proved and probable and adding a note on how marketable reserves are modelled. Otherwise unchanged; no new business information.
5 Aug 2008material agreement▲ GoodMajor
New three-year contracts for about 1.0Mtpa of semi-soft coking and PCI coal, FY2009 at about A$250/t, plus 0.6Mt thermal at about A$135/t. Fixed-price thermal contracts restructured to higher prices (A$83-89/t from FY2010), with a new 20-year 1.5Mtpa contract from 2012 at a discount to market. This eases the earlier low fixed-price concern.
1 Aug 2008farm in farm out agreement▲ GoodMajor
Whitehaven agreed to sell a further 15% of Narrabri: 7.5% each to J-Power (A$125m) and EDF Trading (US$120m, paid over four years). Each takes 1.5Mtpa off-take and funds development costs from 1 January 2008. Completion was expected in August 2008, leaving Whitehaven with 77.5%.
29 July 2008quarterly activities report▲ GoodMajor
June 2008 quarter: saleable production up 62% to 627kt; sales up 101%. Resources rise 77.6Mt to 712.9Mt and reserves 19.9Mt to 137.9Mt. Narrabri first coal slips to Q1 FY2010 on approval delay. Whitehaven agrees to buy the remaining third of Bonshaw for $2.87m.
18 June 2008admin correction● Neutral
Re-lodged presentation removes the 6.9Mt Werris Creek reserve figure, because it was compiled earlier by other consultants and not signed off by the company's competent person. Reserve statements for all projects are expected to be updated in July.
17 June 2008admin correction● Neutral
Re-lodged June investor presentation correcting an error in the Narrabri North saleable production bar chart on slide 12. No new business information.
16 June 2008investor presentation● Neutral
June 2008 presentation repeats known facts: 635.3Mt resources, 118.0Mt reserves, Narrabri 92.5%, about 11Mtpa targeted by FY12. Cites market capitalisation of about A$1.7bn and gearing under 8% at December 2007. No new business information.
16 June 2008regulatory community update▲ Good
Mining lease granted for the Rocglen open cut mine, allowing full development. Construction begins June 2008 at about $35m; first coal railed in Q4 CY2008, a quarter later than the Q3 CY2008 stated in the April approval.
24 Apr 2008regulatory community update▲ GoodMajor
Rocglen (previously Belmont) receives Project Approval, resolving the Belmont approval thread. An open cut mine of about 1.5Mtpa, with first coal in the third quarter of CY2008 and construction cost about $35m. Sunnyside went on public display 18 April.
9 Apr 2008material agreement▼ BadMajor
Discloses 8.3Mt of fixed-price thermal coal sales contracts for July 2008 to December 2011, up from the 7.1Mt in the 2007 prospectus after the Werris Creek purchase. Average prices are A$63-78/t, well below the recent substantial rise in coal prices. A further 1.1Mt for 2011 is expected near A$100/t.
28 Mar 2008farm in farm out completion▲ GoodMajor
Sale of a 7.5% stake in the Narrabri project to China's Yudean completes, with $67.5m paid. Yudean funds its share of future development costs and takes off-take of 0.5Mtpa rising to 1.5Mtpa. This resolves the pending Chinese approval; first coal is stated as first half of CY2009.
19 Mar 2008director officer appointment● NeutralMajor
Managing Director Keith Ross steps down from the Board at end of March 2008 and stays on in an advisory role. CEO Rob Stewart, who joined in October 2007, becomes Managing Director from 1 April 2008.
5 Mar 2008investor presentation● Neutral
March 2008 presentation updating the portfolio: Narrabri now 92.5% owned, resources 635.3Mt and reserves 118.0Mt, first Narrabri coal Q2 CY2009, and about 11Mtpa targeted by 2011. Cites a market capitalisation of about $1.3bn.
28 Feb 2008half year report▼ BadMajor
Half-year to December 2007 shows a net loss of $372k against a $9.9m profit a year earlier, on revenue up 72% to $71.5m. The company cites poor performance by the Werris Creek mining contractor, port demurrage, lower-priced legacy contracts, FX losses and early option vesting.
28 Feb 2008farm in farm out agreement▲ GoodMajor
Guangdong Yudean's subsidiary agrees to pay $67.5m for a 7.5% stake in the wholly owned Narrabri project and to fund its share of future development costs. Includes a coal off-take of 0.5Mtpa rising to 1.5Mtpa. Only Chinese government approval is outstanding.
24 Jan 2008admin correction● Neutral
Administrative disclosure notice for the issue of 19,160,247 ordinary shares on 24 January 2008. Carries no new business information; the shares appear related to the recent placement (inference).
