2 July 2020other● Neutral
Hong Kong monthly return for June 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 June 2020agm notice● Neutral
Sets the voting record time for the 31 July AGM at 27 July 2020, earlier than Australian holders may expect because of the dual ASX and Hong Kong listing. Shareholders must be registered by then to vote. Administrative.
15 June 2020security holder rights change● Neutral
Issued 1,076,025 long-term incentive rights to senior executives, about 0.08% of shares, vesting 31 December 2022 subject to earnings-per-share and cost targets. The company intends to use existing shares or cash, not new shares. Routine remuneration.
5 June 2020director officer appointment● Neutral
Non-executive director Fuqi Wang resigned on 5 June 2020 to pursue new career opportunities, after serving since 2015; he reported no disagreement. The board falls to nine directors, still three independents, which the company says meets Hong Kong's one-third rule.
5 June 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 5 June 2020, now without Fuqi Wang: nine directors, Ning Zhang the sole executive. Administrative; no new substance.
3 June 2020agm notice● Neutral
The delayed annual meeting is set for 31 July 2020, with the notice of meeting to be sent on 2 July. It could be deferred again if COVID-19 worsens. Confirms the date for the delay announced in April.
2 June 2020other● Neutral
Hong Kong monthly return for May 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
1 June 2020debt financing▲ GoodMajor
Refinanced the syndicated bank guarantee facility, which had A$1,000m capacity and expired 1 September 2020. The replacement is A$975m, secured on certain subsidiaries' assets, with a three-year term. Covenants are substantially similar but tested six-monthly rather than more often.
1 June 2020director officer appointment▲ GoodMajor
Kevin Ning Su, Yancoal's General Manager Treasury since June 2014, appointed Chief Financial Officer from 1 June 2020. Fills the role vacant since Lei Zhang resigned on 20 March 2020, resolving that open thread with an internal appointment.
26 May 2020material agreement● Neutral
New framework agreement to sell coal to YIT, a Yankuang-owned coal trader, to 31 December 2020, capped at US$93m. YIT stopped being a Yanzhou subsidiary on 30 April 2020. Sales were US$95m in 2019. Related-party deal, no shareholder vote needed.
8 May 2020debt financing● Neutral
Yancoal's subsidiary agreed an A$59,999,640 revolving loan to Middlemount, the mine it owns 49.9997% of, at 10% interest, maturing 31 December 2020. Peabody must lend pro-rata on the same terms. Disclosed under Hong Kong rules; no shareholder vote needed.
5 May 2020other● Neutral
Hong Kong monthly return for April 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
27 Apr 2020agm notice● Neutral
Annual meeting delayed by up to two months because of COVID-19 gathering and travel restrictions, relying on ASIC relief (deadline 31 July 2020) and a Hong Kong waiver. Notice of meeting is expected in June 2020.
27 Apr 2020other● Neutral
Appendix 4G governance checklist lodged with the annual report, pointing to the corporate governance statement on pages 78–100. Administrative.
27 Apr 2020annual report● Neutral
Full 2019 annual report, repeating results already released in February: profit A$719m, revenue A$4.46bn, total dividend 31.56c, gearing 29%. The text shown is mostly branding and safety and community material; no new figures.
27 Apr 2020asset acquisition disposition● Neutral
Final adjustment payment for the Moolarben 10% purchase confirmed at A$7,851,907, equal to the amount already paid at completion, so nothing further is owed. Closes out this part of the Sojitz deal.
20 Apr 2020quarterly activities report● Neutral
March quarter: 9.7Mt attributable saleable coal (up 10%) at a realised price of A$101/t (down 18%). All mines are operating despite COVID-19. 2020 attributable production guidance rises from 36Mt to about 38Mt, helped by the Moolarben purchase; coal outlook is uncertain.
2 Apr 2020other● Neutral
Hong Kong monthly return for March 2020: no change in issued shares, which remain 1,320,439,437. Administrative filing.
1 Apr 2020security holder rights change● Neutral
Issued 1,449,459 short-term incentive rights to senior executives, about 0.11% of shares. Half vests 1 March 2021 and half 1 March 2022, settled in shares or cash at board discretion; any shares would be existing ones, not newly issued. Routine remuneration.
31 Mar 2020asset acquisition disposition▲ GoodMajor
The 10% Moolarben purchase from Sojitz completed on 31 March 2020, taking Yancoal to a 95% interest; a Korean consortium holds the other 5%. Resolves the deal announced four days earlier and adds attributable revenue from this low-cost mine.
27 Mar 2020asset acquisition disposition▲ GoodMajor
Binding deal to buy Sojitz's 10% of the Moolarben joint venture for A$300m, lifting Yancoal's interest from 85% to 95%. Paid in four instalments (A$50m at completion, A$50m June 2020, A$100m Dec 2020, A$100m a year after completion), partly from Hong Kong offering proceeds.
27 Mar 2020asset acquisition disposition● Neutral
Hong Kong-rules disclosure of the Moolarben purchase: A$300m plus an adjustment amount, a discloseable and connected transaction because Sojitz is a joint venture partner. No shareholder vote needed. Adds detail to the same-day announcement; no new economics.
20 Mar 2020resource reserve update● NeutralMajor
Attributable coal resources rose to 6,911Mt from 6,442Mt, while recoverable reserves fell to 1,196Mt (1,240Mt in 2018) and marketable reserves to 872Mt (892Mt). Resources grew; reserves slipped, consistent with a year of mining depletion (inference).
20 Mar 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 20 March 2020, reflecting Ning Zhang as sole executive director. Gregory Fletcher, Geoff Raby and Helen Gillies are listed as independent. Administrative; no new substance.
20 Mar 2020director officer appointment● NeutralMajor
Ning Zhang, a Yankuang Group veteran, became Executive Director and Vice-Chair from 20 March 2020, replacing Fucun Wang. CFO Lei Zhang also resigned; a replacement search has begun. Second senior leadership change in two weeks.
13 Mar 2020security holder rights change● Neutral
815,640 vested 2018 short-term incentive rights will be settled in cash at the A$2.90 share price rather than new shares, to keep the company's public float compliant. 623,595 rights remain, vesting 1 March 2021.
9 Mar 2020other● Neutral
Hong Kong-required list of directors and committee roles as at 9 March 2020, reflecting Moult's move to CEO. Three independent directors remain. Administrative.
9 Mar 2020director officer appointment● NeutralMajor
Independent director David Moult became CEO from 9 March 2020, replacing Reinhold Schmidt, who resigned to pursue new opportunities. Moult's exit leaves too few independent directors under Hong Kong rules; a replacement is to be appointed.
4 Mar 2020other● Neutral
Hong Kong monthly return for February 2020: no change in issued shares, which stay at 1,320,439,437. Administrative filing.
28 Feb 2020investor presentation● Neutral
Investor presentation accompanying the 2019 results, covering figures already released the same day. Text shown is mainly disclaimers.