29 Apr 2009quarterly activities report● Neutral
Amended March quarterly report; changes are limited to two bullet points in the Corporate section on page 3. Operating figures are unchanged: saleable coal 876kt, cash about $102m.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
27 Apr 2009quarterly activities report▲ Good
March quarter: record saleable coal of 876kt and sales of 1.159Mt (100% basis), with available cash about $102m. Narrabri Stage 1 spend is about $120m of the A$185m budget, first coal in Q2 FY2010. Merger awaits Review Panel decision.
24 Apr 2009quarterly activities report● Neutral
Text not readable. The March 2009 quarterly report came through as garbled characters, and it was revised in the following days.
20 Apr 2009regulatory community update● Neutral
Gloucester says ASIC extended its deadline to post the bidder's statement to Whitehaven shareholders to 4 May 2009 because the Panel proceedings are still ongoing. The merger timetable slips further.
20 Mar 2009regulatory community update● Neutral
Takeovers Panel confirms it received review applications from Gloucester and Whitehaven against its decision. No review panel has been appointed and no decision made on whether to proceed.
20 Mar 2009regulatory community update▼ BadMajor
Takeovers Panel issues final orders: Gloucester must put its Whitehaven bid to a Gloucester shareholder vote, excluding Whitehaven directors and pre-bid parties. Noble's bid conditions are held back until the vote. The interim bar on sending the bidder's statement is lifted, but a review is pending.
20 Mar 2009regulatory community update● Neutral
Whitehaven says it asked the Takeovers Panel on 18 March to review its declaration of unacceptable circumstances over the Gloucester merger. The merger stays in limbo while the review runs.
20 Mar 2009regulatory community update● Neutral
Gloucester notes the Panel's orders for a Gloucester shareholder meeting, which let Noble vote its shares. Gloucester and Whitehaven have both sought a review, and Gloucester will not comment further until it concludes.
19 Mar 2009listing compliance notice● Neutral
Replying to an ASX query, Whitehaven admits it announced Allan Davies's board appointment late. He was appointed 19 February, not 25 February, due to human error and heavy corporate secretarial workload. It says AMCI's holding is unchanged and it complies with the Listing Rules.
19 Mar 2009regulatory community update▲ Good
Whitehaven confirms FIRB has no objections to its shareholders, AMCI and FRC Whitehaven Holdings acquiring Gloucester shares under the merger. It is one of the required regulatory approvals; the Takeovers Panel proceedings remain open.
19 Mar 2009regulatory community update▲ Good
Gloucester announces that the Foreign Investment Review Board has no objections to the Whitehaven merger. This satisfies one condition of Gloucester's takeover offer for Whitehaven, so the offer will be free of it when made.
18 Mar 2009regulatory community update● Neutral
Whitehaven notes the Takeovers Panel's declaration of unacceptable circumstances over the Gloucester merger. It is considering its options, including submissions on the orders, and its board still believes the merger benefits both sets of shareholders. Continues the Noble-triggered Panel dispute.
18 Mar 2009regulatory community update▼ BadMajor
Takeovers Panel declares unacceptable circumstances over the Gloucester–Whitehaven merger, finding it denied Gloucester shareholders a say and blocked an auction for control, given Noble's $4.85 bid. Orders are still to come. The merger is now in doubt.
10 Mar 2009resource reserve update▲ GoodMajor
Marketable reserves rise 61% from 137.9Mt to 221.4Mt, mainly from a first 69.2Mt at Narrabri South and Tarrawonga lifted to 22.0Mt. Measured and indicated resources rise to 476.3Mt. This updates the earlier reserve figures, including the 140.1Mt discrepancy.
6 Mar 2009admin correction● Neutral
Re-release of the Wilson HTM conference presentation with a footnote added to slide 15 explaining that marketable reserves are based on geological modelling of expected yield. Otherwise unchanged.
5 Mar 2009investor presentation● Neutral
Conference presentation to Wilson HTM repeats known facts: market cap about A$550m, directors and management own about 78%, Narrabri first coal Q4 2009, and Narrabri South marketable reserves of 69.2Mt. Plans to reach 11Mtpa capacity.
3 Mar 2009other● Neutral
Gloucester confirms Noble's $4.85 cash bid and the Takeovers Panel interim order stopping dispatch of its bidder's statement. It says it cannot comment while the Panel considers the matter. No new substance.
2 Mar 2009regulatory community update▼ Bad
Takeovers Panel makes interim orders that Gloucester must not send its bidder's statement to Whitehaven shareholders while Noble's application is decided. The order lasts up to two months; the Panel judged the delay unlikely to cause significant harm.
2 Mar 2009regulatory community update▼ BadMajor
Takeovers Panel receives Noble Group's application over the Whitehaven merger. Noble announced a $4.85 per share cash bid for Gloucester, conditional on the Whitehaven merger not proceeding, and argues the merger locks out rival offers. It threatens the deal.
27 Feb 2009half year report▲ Good
Media release on the record first-half profit of $201.5m, including $181.5m from the Narrabri sale and other items. A $48.3m pre-tax loss came from buying coal to meet contracts. Net cash is $3.1m; Narrabri first coal is now October 2009. Repeats the half-year report.
27 Feb 2009investor presentation● Neutral
Half-year results presentation repeats the reported figures: NPAT $201.5m, continuing NPAT $20.0m, cash $76.6m and 2.5c interim dividend. It also states Narrabri South marketable reserves of 69.2Mt and Narrabri Stage 1 on track for October 2009 coal.
27 Feb 2009half year report▲ GoodMajor
Half-year to December 2008: net profit $201.5m, driven by a $261.6m pre-tax gain on selling a further 15% of Narrabri; profit before significant items $20.0m. Revenue $275.7m. Fully franked interim dividend of 2.5c declared, payable 31 March 2009.
25 Feb 2009director officer appointment● Neutral
Allan Davies, a founding director of Excel Coal, is appointed Executive Director – Operations. Subject to shareholder approval, he is to receive 2.5m shares at $1.55 and five million options at a $1.70 strike, vesting in three tranches from October 2009.
24 Feb 2009other● Neutral
Gloucester responds to its shareholder Noble Group's announcement on the merger, saying it has no controlling shareholder and ASX confirmed no Gloucester shareholder vote is needed. Its board still believes the merger creates value. Hints at a contest for Gloucester.
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.
30 Jan 2009quarterly activities report● Neutral
December 2008 quarter: equity saleable production up 27% to 554kt, held back by Canyon decline, Werris Creek contractor problems and approval delays. Whitehaven has taken over Werris Creek operation. Narrabri first coal now Q2 FY2010. Net cash $77m.
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.