Past year: ▲ 5%(4.96 – 8.29 AUD)
Each one in plain English, with the numbers worked through for a shareholder.
20 Aug 2015half year report● Neutral
This is the auditor's independence declaration and review report on the half-year accounts to 30 June 2015. ShineWing found nothing to suggest the accounts are not in accordance with the Corporations Act. No financial figures are in this text.
24 July 2015regulatory community update▼ BadMajor
Yancoal announced up to 170 redundancies at Abel and up to 55 at Austar, citing the continued coal downturn. Abel moves to a five-day week with 108 staff, and Austar to two continuous miners with 185 staff. This extends the underground problems seen at both mines.
17 July 2015quarterly activities report▲ Good
June quarter saleable output was 4.22Mt, up 21% on the March quarter and 10% on a year earlier, as geology improved at Austar and Ashton. Sales were 4.82Mt. 2015 guidance of 15–15.5Mt is unchanged, and Stratford still needs federal approval.
15 June 2015contract award● Neutral
Drilling contractor Hughes Drilling announced it won a three-year overburden blast-hole contract, with a one-year extension option, at Yancoal's Yarrabee, Cameby Downs and Duralie mines from 1 July 2015. It is a supplier notice with no value stated.
1 June 2015regulatory community update▲ GoodMajor
The NSW Planning Assessment Commission approved the Stratford extension, allowing up to 21.5Mt of coal over 11 years at up to 2.6Mt a year. This resolves the pending state approval, but federal environmental approval is still outstanding.
27 Apr 2015annual report● Neutral
The 2014 annual report repeats the known results: a $353.5m loss on $1.4bn revenue, gearing cut from 84% to 59% after the US$1.8bn notes repaid senior loans, and 16.73Mt saleable coal. Yanzhou holds 78.0% and Noble 13.2%. Gearing is stated as 59% here, against 60% earlier.
23 Apr 2015director officer appointment● Neutral
Fuqi Wang, Chief Engineer of major shareholder Yanzhou, joins the board as a non-executive director, replacing departing director Xinghua Ni from 23 April 2015. The change keeps Yanzhou's representation on the board.
20 Apr 2015resource reserve update● Neutral
Yancoal released its JORC-compliant coal resource and reserve statements for the year to December 2014, covering Ashton, Austar, Moolarben, Middlemount, Yarrabee, Donaldson and the Gloucester Basin. The visible text contains no tonnage figures, so the changes are not stated here.
20 Apr 2015quarterly activities report● Neutral
March quarter saleable output was 3.50Mt, down 16% on a year earlier, hurt by geology at the NSW underground mines. 2015 guidance of 15–15.5Mt is unchanged. Moolarben Stage 2 approval is noted, and Yancoal will give 'The Drip' land to the NSW Government for no compensation.
27 Feb 2015annual report▼ Bad
2014 annual report: net loss of $353.5m on revenue of $1.43bn, versus an $832.1m loss in 2013. Net tangible assets fell to $0.22 per share from $0.87. No dividend. The Austar fatality investigation is still ongoing.
27 Feb 2015annual report● NeutralMajor
Full-year 2014 loss of $353.5m on $1.4bn revenue, with operating EBITDA of negative $46.6m. Gearing fell from 84% to 60% after the US$1.8bn notes repaid senior loans. Yanzhou gave up to A$1.4bn of extra support, and bank facility of US$2.6bn extended to 2020–2022.
3 Feb 2015regulatory community update▲ GoodMajor
NSW Planning Assessment Commission approved Moolarben Stage 2, allowing up to 16Mt a year of run-of-mine coal for 24 years. This resolves the long-awaited approval and extends the mine's life; Yancoal holds 80% of the joint venture.
20 Jan 2015quarterly activities report● Neutral
December quarter saleable output was 4.39Mt, giving 16.7Mt for 2014. Yancoal bought the remaining 10% of Ashton in October, taking it to 100%, and the notes issue closed. Duralie modification and Ashton South East Open Cut approvals came; Moolarben Stage 2 decision expected early 2015.
31 Dec 2014capital raising announcement● NeutralMajor
Yancoal issued 18,005,102 Subordinated Capital Notes at US$100 each, raising US$1,800.5m, against the up-to-US$2.3bn originally sought. The initial distribution rate is 7.00%, with first payment expected 31 July 2015; distributions can be deferred. Notes trade on ASX from 2 January 2015.
23 Dec 2014capital raising announcement● Neutral
The shortfall bookbuild sold no additional Subordinated Capital Notes. Issue is still expected on 31 December 2014, with late applications accepted until 30 December.
22 Dec 2014capital raising announcement● NeutralMajor
Notes offer to eligible shareholders closed, raising about US$1.8bn gross, including Yanzhou's US$1.8bn commitment. About US$507.6m of entitlements go to a shortfall bookbuild on 23 December, so the offer falls well short of the up-to-US$2.3bn target. This confirms minority holders took up very little.
18 Dec 2014capital raising announcement● Neutral
Second supplementary prospectus: after the Panel orders, which let the offer proceed, Yanzhou confirms it remains committed to its full share of notes. The offer closes 22 December, shortfall bookbuild 23 December, notes issued 31 December 2014.
15 Dec 2014regulatory community update● Neutral
Yancoal notes the Takeovers Panel decision and says it is considering the decision and its next steps. No new information beyond the Panel's ruling.
15 Dec 2014regulatory community update▼ BadMajor
Takeovers Panel declared unacceptable circumstances over the notes offer, calling it highly dilutive and unattractive to shareholders other than Yanzhou. The offer may proceed, but Yanzhou can convert notes only to maintain, not increase, its ~78% voting power without minority approval. Resolves Senrigan's challenge largely in its favour.
12 Dec 2014capital raising announcement● Neutral
Yancoal lodged a supplementary prospectus extending the timetable of the Subordinated Capital Notes offer, following the Takeovers Panel pause. The text gives no new dates or terms.
1 Dec 2014regulatory community update▼ Bad
Takeovers Panel accepted Yancoal's undertaking not to process applications under the notes offer until the earliest of 12 December 2014, a Panel order, or the end of proceedings. This is a pause on the offer while Senrigan's challenge is decided.
28 Nov 2014investor presentation● Neutral
Investor presentation for the Subordinated Capital Notes offer, up to US$2.3bn and not underwritten. It says Yancoal must cut gearing, address its covenant position and fund growth; Yanzhou has committed to take its full entitlement. Largely repeats the 10 November offer terms.
25 Nov 2014capital raising announcement● Neutral
Letter telling ineligible shareholders, such as those outside Australia and New Zealand, they cannot take part in the notes offer. No action is required. It repeats the offer terms and the 28 November record date.
25 Nov 2014capital raising announcement● Neutral
Letter to eligible shareholders outlines the notes offer: 2.32112 notes per 100 shares at US$100 (A$125) each, record date 28 November. It says the offer aims to ease covenant pressure under the Bank of China facilities. Yanzhou will not apply for additional notes.
24 Nov 2014regulatory community update▼ BadMajor
The Takeovers Panel received an application from Senrigan Capital, a shareholder, challenging the notes offer. Senrigan argues it lets Yanzhou convert into up to 98.8% of Yancoal cheaply and is unnecessary. It seeks shareholder approval or withdrawal; no Panel decision has been made.
24 Nov 2014security holder rights change● Neutral
Trust deed for the Subordinated Capital Notes is signed between Yancoal SCN Limited, Yancoal Australia and Australian Executor Trustees. It sets the notes' terms, the subordinated guarantee and the trustee's powers. It is legal documentation for the November rights offer, with no new commercial terms in the text provided.
24 Nov 2014capital raising announcement● Neutral
Prospectus lodged for the Subordinated Capital Notes rights offer of up to about US$2.3077bn. Entitlement trading is expected from 26 November to 10 December, with notes issued around 24 December 2014. This formalises the 10 November offer announcement.
10 Nov 2014capital raising announcement● NeutralMajor
Yancoal launches a rights offer of Subordinated Capital Notes to raise up to about US$2.3bn, at a 7.00% initial distribution rate and convertible at US$0.10 per share. Yanzhou will take up its ~US$1.8bn share, used to repay Yanzhou debt; Bank of China and China Construction Bank would extend their US$2.6bn facility three years.
20 Oct 2014quarterly activities report● Neutral
September quarter equity saleable production was 4.35Mt, up 14% on June, with 2014 guidance of 16.5–17.0Mt unchanged. The Land and Environment Court found the Ashton South East Open Cut capable of approval, subject to conditions. Austar development remains shut and prices weak.
20 Aug 2014half year report▼ Bad
Half-year loss after tax was $192.7m on revenue of $654.6m, versus a $749.4m loss a year earlier. Yancoal attributes losses to the strong Australian dollar and weak coal prices. No dividend; net tangible assets $0.88 per share.
