Past year: ▲ 6%(6.93 – 9.25 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
24 Jan 2008regulatory community update▲ Good
Narrabri North mining lease is granted, allowing full development of the underground mine. Construction starts February 2008. Stage Two (longwall) planning approval will be sought later this year, with the longwall to start in 2010.
28 Nov 2007capital raising announcement▲ GoodMajor
Raises $130m by placement of 49.06m shares at $2.65 (3.6% discount), against the $1.00 IPO price. Funds buy the remaining 60% of Werris Creek for about $52m cash plus about 3.6m shares, and $78m towards the $140m Narrabri North Stage 1. A share purchase plan follows.
What it means for a shareholder
49.1m new shares at A$2.65 to raise about A$130m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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28 Nov 2007investor presentation● Neutral
Presentation on the $130m raising and Werris Creek purchase, repeating the announcement's figures: about $52m cash for 100% ownership, $78m towards Narrabri North Stage 1. It gives Narrabri North first coal as Q1 CY2009, later than the Q4 CY2008 target previously stated.
21 Nov 2007admin correction● Neutral
Revised copy of the Narrabri North approval announcement. The only change is removing references to reserves, since only JORC-certified resources exist at the Narrabri projects. No new information.
19 Nov 2007regulatory community update▲ GoodMajor
Narrabri North Stage 1 receives Project Approval from the NSW Planning Minister, resolving the open approval thread. Construction starts early 2008. Narrabri tenement resources are about 438Mt, about 230Mt in the North area. Management calls it the cornerstone of expansion plans.
15 Nov 2007admin correction● Neutral
Amended version of the 8 November presentation. Resource and reserve references are removed from three slides, including the 614.6Mt/113.5Mt table, to comply with the JORC reporting code. No new business information.
8 Nov 2007investor presentation● Neutral
Analyst presentation restating known facts: FY2007 profit $24.1m, resources of 614.6Mt and reserves of 113.5Mt, production growth from ~3Mtpa to ~11Mtpa by 2011, and gearing expected to rise from 18% to ~32% by end FY2008. Narrabri approval still expected late 2007.
17 Oct 2007annual report● Neutral
Annual report for 2007 reports profit of $24.1m (the earlier announcement said $22.5m) on 1.46Mt of sales, and 65% higher managed saleable production. Says the IPO raised $26 million, a figure that differs from the prospectus's $1.9 million. Narrabri North construction is targeted for December 2007.
5 Oct 2007remuneration report● Neutral
New CEO Rob Stewart's package: $550,000 base, sign-on fees totalling $400,000, and 3 million options at $2.50 vesting over three years. Options are forfeited if he leaves within three years.
28 Sept 2007annual report● Neutral
Statutory accounts for the year to 30 June 2007, including directors' report and audited financials. Lists directors including Chairman John Conde and Managing Director Keith Ross. The visible text does not show new headline figures.
19 Sept 2007director officer appointment▲ GoodMajor
Rob Stewart, formerly Executive Manager Mining at Thiess, is appointed Chief Executive Officer from 22 October 2007, reporting to Managing Director Keith Ross. Management is being added to support the company's growth phase.
6 Sept 2007investor presentation● Neutral
Re-release of the previous day's results presentation, with the title indicating JORC resource sign-off is now included. The financial figures appear unchanged.
5 Sept 2007investor presentation● Neutral
Results presentation repeating the FY2007 figures already released: $22.5m net profit, $25.6m EBITDA, 18% gearing. It adds FY2008 capital spending forecast of $76.3m, mostly Narrabri North, and first Narrabri North coal targeted for Q4 calendar 2008.
30 Aug 2007annual report▲ GoodMajor
FY2007 net profit was $22.5m on revenue of $106.2m and EBITDA of $25.6m, with gearing of 18%. Narrabri North and South resources were upgraded; Narrabri South gained 110Mt of resource. Pro forma profit of $6.4m was below the prospectus forecast of $8.5m.
1 June 2007capital raising announcement▲ GoodMajor
The IPO closed oversubscribed and shares began trading on 1 June 2007: 1.9 million shares at $1.00, 323.0 million on issue, $323 million market value. About 87% of shares are held by directors, management and employees. Completes the prospectus offer.
What it means for a shareholder
1.9m new shares at A$1.00 to raise about A$1.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
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22 May 2007capital raising announcement● NeutralMajor
Prospectus for the IPO of 1.9 million shares at $1.00 each, raising $1.9 million, with 323.0 million shares on issue after the offer (market value $323 million). Whitehaven, formed in 1999, holds Canyon (100%), Tarrawonga (70%) and Werris Creek (40%) mines.
What it means for a shareholder
1.9m new shares at A$1.00 to raise about A$1.9m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
