Past year: ▼ 38%(0.40c – 1.00c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
8 May 2007other● Neutral
Shareholder mailout repeating the March quarter highlights: the Fonterra contract, Whareatea West resource, Galilee rig confirmed and Broughton options. It adds that Eastern plans to fund NZ exploration through joint ventures and debt secured on NZ coal cashflows.
10 Apr 2007director officer appointment● Neutral
Campbell Smith, General Manager New Zealand, is appointed Executive Director of Eastern from 5 April 2007. He was previously a director from February 2003 to December 2003.
2 Apr 2007director officer appointment▼ Bad
Director Gordon Smith, who had stepped down as Executive Chairman on ill health two weeks earlier, died on 30 March. He was Executive Director from 2003 and Chairman from December 2003.
27 Mar 2007contract award▲ GoodMajor
Eastern Coal Supplies signs a two-year contract to supply about 130,000 tonnes a year of Takitimu coal to Fonterra's Clandeboye plant from September 2008. Eastern says it underpins Takitimu production, advancing the ramp-up and offtake thread.
26 Mar 2007resource reserve update▲ GoodMajor
Eastern declares an initial Whareatea West resource of 25.7Mt (18.0Mt Measured, 7.7Mt Indicated) of coking to high-ash thermal coal, 70-85m deep. Only 40% of the permit is explored, so it could grow. This resolves the pending resource estimate.
19 Mar 2007director officer appointment● NeutralMajor
Executive Chairman Gordon Smith steps down due to ill health but stays as a director. Director Howard Stack becomes Chairman from 19 March 2007.
16 Mar 2007half year report● Neutral
Half-year to 31 December 2006: restates the decision not to proceed with Broughton stand-alone. $699,410 of capitalised exploration, all Broughton, is carried on the balance sheet, which directors believe is recoverable. Cascade produced 23,300 tonnes in the half.
26 Feb 2007joint venture update▼ BadMajor
Eastern will not develop Broughton as a stand-alone project for now, because higher costs and projected revenues do not justify it. This reverses the planned 2008 production. Mitsui keeps its 10% and its option on a further 20%.
16 Nov 2006investor presentation● Neutral
AGM presentation reports a first pre-tax profit of $2.2m and $3.5m cash at 30 September 2006. Galilee Energy drilling is now scheduled for March 2007, later than previously expected. Proxy votes strongly favoured all resolutions.
16 Oct 2006annual report▲ Good
Eastern's 2006 annual report calls it a landmark year as it became a coal producer, with a first pre-tax profit of about $2m. Cash was $3.5m at 30 September 2006. Takitimu and the Timaru centre were acquired, and a new Galilee drill programme was prepared.
26 Sept 2006annual report● Neutral
Eastern published its annual financial report for the year to 30 June 2006, with directors' report and audit report. The directors' report listed the board, including Howard Stack (appointed 22 May), Richard May (appointed 22 August) and Paul Williams, who resigned on 28 April 2006.
5 Sept 2006asset acquisition disposition▲ GoodMajor
Eastern completes the NZ$2m Straith coal mine purchase on 8 September, with an initial 2.85Mt Measured Resource, resolving the open Straith thread. It also bought the Timaru fuel centre for NZ$2.4m as a coal distribution point. Mining is due to start early October.
23 Aug 2006director officer appointment● Neutral
Richard May, a recently retired KPMG partner with 27 years at the firm, joins Eastern's board as an independent non-executive director, adding accounting and finance experience.
7 Aug 2006investor presentation● Neutral
Eastern's August shareholder mailout restates its coal growth strategy: Cascade, Broughton with Mitsui, Straith purchase expected to conclude in August 2006, and Whareatea West. Cash was $8.8m and debt $1.4m at end June 2006. No new results.
14 July 2006joint venture update● Neutral
Galilee Energy (60% Eastern) reshuffled its board: Rino Camarri is chairman, Eastern CEO Mike O'Brien and geologist Ken McMahon join. A further two-well coal seam methane programme at Rodney Creek still awaits a drilling rig, and a conventional petroleum desktop study has begun.
26 June 2006capital raising announcement▲ Good
Largest shareholder Propwood (32.6%) intends to exercise its 12.23 million options at 6c, out of 98.4 million options on issue. Whareatea West drilling is complete, with results expected in the coming months.
1 June 2006capital raising announcement● Neutral
Eastern's chairman urges optionholders to exercise 6c options by 30 June 2006, which could raise up to $5.9 million. The letter restates the Broughton, Cascade, Whareatea West and Straith plans.
25 May 2006other● NeutralMajor
Eastern expects full-year pre-tax profit of $1.9m to $2.1m, with Cascade profit lower than projected because of port and rail access delays and a weak domestic customer. Cash reserves are $7.5m after a maiden operating cash flow of $1.3m.
23 May 2006director officer appointment● Neutral
Howard Stack, a corporate lawyer with 32 years as a partner in law firms, joins the Eastern board as an independent non-executive director, effective 22 May 2006. More appointments are intended.
15 May 2006other● Neutral
New CEO Mike O'Brien's first shareholder letter restates strategy and known projects. Broughton production is planned for 2008, subject to the feasibility study. Options exercisable at 6c up to 30 June could raise $5.9 million. No new results.
26 Apr 2006director officer appointment● NeutralMajor
CEO Paul Williams stepped down immediately as CEO and director to pursue other interests. Group Operations Manager Mike O'Brien becomes CEO, and company secretary Bill Lyne fills the board vacancy.
10 Apr 2006asset acquisition disposition▲ GoodMajor
Eastern agreed to buy Straith Industries' coal mining operations in the Ohai/Nightcaps area of New Zealand for NZ$2m, giving it a second NZ mine after Cascade. Completion is due by 31 July 2006, subject to due diligence and consents.
20 Mar 2006drilling spud▲ Good
Exploration drilling has started at Whareatea West, New Zealand, 5km north of the Cascade mine. Eastern holds the permit 100%, and initial indications are that it holds export quality hard coking coal.
15 Mar 2006half year report▲ Good
Eastern reported a consolidated net profit before tax of $3.8 million for the half year to 31 December 2005. Report restates Broughton, Cascade and Whareatea West activities.
24 Feb 2006capital raising announcement▲ GoodMajor
Eastern raised $4.2 million from AMP Capital Investors through a placement of 70 million new shares at 6 cents each. Funds are for proposed coal acquisitions in Australia and New Zealand and working capital.
What it means for a shareholder
70.0m new shares at A$0.060 to raise about A$4.2m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
Create a free account to see this worked out for your own holding.
1 Feb 2006resource reserve update▲ Good
Coal quality analysis confirms the Broughton deposit (Eastern 90%, Mitsui 10%) includes hard and semi-hard coking coal, with a possible thermal by-product. It supports the earlier 30 million tonne resource; Stage 1 feasibility is still being prepared.
24 Jan 2006drilling scheduled▲ GoodMajor
Galilee Energy (60% owned by Eastern Corporation) plans two coal seam methane exploration wells at Rodney Creek and Crossmore from late March 2006, on permits ATP 529P and ATP 799P. Budget is about $1.2m, funded by existing Galilee shareholders including Eastern.
