26 Feb 2010other● Neutral
Substantial holder notice: Haggarty's holding fell from 7.37% to 5.38% (26.15m shares) after the 5m-share off-market sale at $23.3m. Administrative filing mirroring the sale announced the same day.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
24 Feb 2010half year report▲ GoodMajor
Half-year underlying profit rose 35% to $27.1m; reported profit $83.5m including a $56.4m gain from the Narrabri sale. Interim dividend 2.8c; cash $232.6m. Narrabri coal seam intersection now expected April 2010, slipping from late March.
24 Feb 2010investor presentation● Neutral
Results presentation repeating the half-year figures: underlying profit $27.1m, 2.8c interim dividend, resources up 56% to 1,190.4Mt, open-cut expansion to 5.5Mtpa. No new information beyond the half-year report.
23 Feb 2010resource reserve update▲ GoodMajor
Resources jump 56% to 1,190.3Mt from 761.8Mt and marketable reserves rise 16% to 322.7Mt. Narrabri resource grows to 854.6Mt on recent drilling and full-seam potential; initial reserves added at Bluevale, Block 7 and Tarrawonga.
4 Feb 2010asset acquisition disposition● Neutral
Coal & Allied confirms completing the Vickery sale to Whitehaven for $31.5m cash plus 1,156 ha of land, and expects an after-tax profit of about $22m. Seller-side duplicate of Whitehaven's release.
4 Feb 2010asset acquisition disposition▲ GoodMajor
Whitehaven completes the Vickery purchase from Coal & Allied for $31.5m cash plus a 1,156 ha land parcel. Initial focus is exploring the Bluevale open cut, with three deeper seams seen as having underground potential. Completes the deal announced 20 October.
28 Jan 2010quarterly activities report▼ BadMajor
December quarter: record ROM output of 0.970Mt (up 41%) and sales of 1.183Mt; cash $233m. Narrabri's soft ground has slowed tunnelling, with coal seam now expected late March, likely delaying first longwall coal. Vickery completion due by end January.
23 Dec 2009contract award▲ GoodMajor
Whitehaven signs a long-term take-or-pay rail haulage contract with Asciano's Pacific National, worth at least $600m to Asciano, with performance hurdles. Rail volume more than doubles over two years; Whitehaven's own train set is due operational June 2010. Secures rail for the expansion.
23 Dec 2009contract award▲ Good
Asciano announces a long-term take-or-pay coal haulage contract with Whitehaven from Narrabri, Werris Creek and Gunnedah, worth at least $600m to Asciano. It more than doubles Whitehaven's rail task over two years. Same contract as Whitehaven's own release.
4 Dec 2009other● Neutral
S&P's December rebalance adds Whitehaven to the S&P/ASX 200 index, effective after close on 18 December 2009. An index provider notice, not a company announcement.
27 Nov 2009other● Neutral
S&P announces Whitehaven will join the S&P/ASX All Australian 200 index after 4 December 2009, replacing Sino Gold. An index notice, not a company announcement.
24 Nov 2009farm in farm out completion▲ GoodMajor
Whitehaven completes the sale of 7.5% of Narrabri to Daewoo and Kores for A$125m: $32.5m paid, $30m due by 4 December 2009, $62.5m by December 2010 subject to Stage 2 approval. Whitehaven's stake is stated as 70%.
17 Nov 2009investor presentation● Neutral
AGM chairman's address and MD presentation, largely repeating known facts: FY09 results, $177m net placement and $26m SPP, Vickery purchase and completed refinancing. Open-cut capacity now stated as up to 5.5Mtpa (previously 5Mtpa); Narrabri longwall delivery late 2010.
17 Nov 2009agm notice● Neutral
All ten AGM resolutions passed on a show of hands, including the director re-elections, the placement ratification and proportional takeover rules. Davies' share issue (resolution 5) is approved, resolving that open item.
30 Oct 2009debt financing▲ GoodMajor
Whitehaven signs a new 3-year facility with ANZ and Macquarie, about $80m of bank guarantees plus hedging lines, replacing the departing financier's facilities. It includes a change-of-control provision. Resolves the open refinancing thread.
27 Oct 2009quarterly activities report● Neutral
September 2009 quarterly report. Text is garbled and unreadable, so no content can be extracted.
20 Oct 2009asset acquisition disposition▲ GoodMajor
Whitehaven agrees to buy the Vickery coal project from Coal & Allied for $31.5m cash plus about 1,150 ha of land. It adjoins its Canyon, Rocglen and other Gunnedah holdings; plans open cut and underground development. Subject to regulatory approvals.
20 Oct 2009asset acquisition disposition● Neutral
Seller Coal & Allied confirms the Vickery sale to Whitehaven for $31.5m cash plus a 1,156 ha land parcel. Completion is expected in the fourth quarter of 2009, subject to regulatory approvals. Duplicates Whitehaven's own announcement.
16 Oct 2009agm notice● Neutral
Notice of the 17 November 2009 AGM. Resolutions include re-electing Mende, Conde and Davies, ratifying the 60.68m-share placement, a 2.5m-share issue at $1.55 and options to Dalara, and proportional takeover rules. Resolves the open need for approval of Davies' share issue.
16 Oct 2009annual report● Neutral
The 2009 Annual Report is lodged, repeating FY09 results already released: underlying profit $77.3m, reported $244.2m, 6.0c final dividend, cash $131.2m. It still describes the bank refinancing as in final negotiation, with the current bank withdrawing 30 September 2009.
25 Sept 2009contract award▲ GoodMajor
Narrabri signs a contract with Bucyrus for a longwall system with up to 8Mtpa capacity, delivery October 2010 and cutting from January 2011, subject to Stage 2 approvals. Narrabri first production is now stated as early 2010, versus late 2009 earlier.
16 Sept 2009annual report● Neutral
Annual financial report confirms FY09 results already released. It adds that the current bank is withdrawing its facilities on 30 September 2009, so Whitehaven is finalising refinancing with two banks, expected before then.
7 Sept 2009director officer appointment● Neutral
Paul Marshall resigns as a Company Secretary. Austen Perrin and Timothy Burt remain in the role. Administrative.
7 Sept 2009capital raising announcement▲ GoodMajor
The share purchase plan raised $26m through 8,501,896 shares at $3.05, with no scaleback. Together with the $185m placement, this completes the equity raising begun on 30 July, though below the roughly $53m maximum.
What it means for a shareholder
8.5m new shares at A$3.05 to raise about A$26.0m. That's 1.8% dilution: every existing holder's slice gets 1.8% smaller. If you held A$1,000 of shares (328 at the issue price), your slice goes from 0.0000701% to 0.0000688% of the company. To keep it you'd need 6 more shares - about A$18 at the issue price.
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25 Aug 2009annual report▲ GoodMajor
FY09 underlying profit was $77.3m, up from $12.9m, and reported profit was $244.2m including Narrabri sale gains. The final dividend was 6.0c, cash was $131m with net cash of $53m, resources rose to 761.8Mt and marketable reserves more than doubled to 278.6Mt.
25 Aug 2009investor presentation● Neutral
Results presentation repeating the FY09 figures: underlying profit $77.3m, 6c final dividend, reserves 278.6Mt. Adds that final negotiations are under way with an Australian bank consortium to replace existing credit lines.
25 Aug 2009other● Neutral
Media release on the FY09 results. The text is garbled and unreadable, so no content can be extracted. The figures are presumably covered by the results report released the same day.
25 Aug 2009resource reserve update● Neutral
August 2009 JORC resources and reserves statement. The text is garbled and unreadable here; the headline figures (resources 761.8Mt, marketable reserves 278.6Mt) come from the same-day results report, not this document.
14 Aug 2009investor presentation● Neutral
Managing Director's conference presentation repeating known facts: up to ~5Mtpa from open cuts, Narrabri production from late 2009, longwall in early 2011, market cap about A$1.6bn. No new announcements are visible in the text provided.
10 Aug 2009capital raising announcement● Neutral
Share Purchase Plan offer opens to eligible shareholders: 656 to 4,918 shares at $3.05, up to $14,999.90 each, closing 31 August. Shares qualify for the final dividend; funds go to working capital. Mechanics of the raising announced 30 July.
What it means for a shareholder
4,918 new shares at A$3.05 to raise about A$15,000. That's 0.00105% dilution: every existing holder's slice gets 0.00105% smaller. If you held A$1,000 of shares (328 at the issue price), your slice goes from 0.0000701% to 0.0000701% of the company. To keep it you'd need 0 more shares - about A$0 at the issue price.
Create a free account to see this worked out for your own holding.