Whitehaven Coal Ltd (ASX:WHC): announcements explained, share price

Announcements, explained

Each one in plain English, with the numbers worked through for a shareholder.

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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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.

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31 July 2009capital raising announcement▲ GoodMajor

The institutional placement completed oversubscribed at $3.05 a share, raising about $185m from ~60.7m new shares, a 5% discount to the 29 July close. Above the $2.90 floor; new shares get the final dividend. SPP to follow at the same price.

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31 July 2009capital raising announcement● Neutral

Formal listing-rule notice for the placement: 60,682,040 shares at $3.05, ranking equally with existing shares. No shareholder approval is sought; the issue was limited to sophisticated and professional investors. Administrative.

What it means for a shareholder

60.7m new shares at A$3.05 to raise about A$185m. That's 13% dilution: every existing holder's slice gets 13% smaller. If you held A$1,000 of shares (328 at the issue price), your slice goes from 0.0000805% to 0.0000701% of the company. To keep it you'd need 49 more shares - about A$149 at the issue price.

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30 July 2009capital raising announcement▲ GoodMajor

Whitehaven announces a fully underwritten ~$176m institutional placement (~60.7m shares, floor $2.90) plus a non-underwritten share purchase plan up to $15,000 per holder. It guides FY09 NPAT to about $75m and says it is in advanced talks to sell a further 7.5% of Narrabri.

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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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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.

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