Past year: ▼ 82%(0.20c – 1.10c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 July 2012resource reserve update▲ Good
John T. Boyd confirmed the earlier 26.1Mt tonnage estimate and widened the resource model to more of the company's land and a 1.2 m minimum seam thickness. This is expected to add tonnage. An updated resource and reserve are due with the study in Q3 2012.
10 July 2012drilling scheduled▲ Good
Drilling begins at Kinney: seven holes, 1,880 metres, to add to 129 historical holes and improve coal quality data. Company expects it to support an upgrade to the 26.1Mt resource. Results feed the feasibility study, due in Q3 2012.
28 May 2012investor presentation● Neutral
Investor update: pre-feasibility study underway, a three-month drilling program planned, and port and rail talks continuing. Adjacent ~2,250 ha Federal application carries a 30-35Mt target (not a JORC resource), which management says would more than double the resource. Study now due in first quarter of FY2013.
28 Mar 2012material agreement▲ Good
Pre-feasibility study on Kinney has started, with John T. Boyd Company contracted and Taggart Global designing coal handling and loadout. Completion expected in the third quarter of 2012. First stage of the bankable feasibility process.
20 Feb 2012investor presentation● Neutral
February 2012 corporate presentation repeating the 26.1Mt resource, first production target of 2H 2013 and the plan to become a mid-tier US coal miner. Shows 93M shares on issue at $0.215. Nothing new beyond earlier announcements.
20 Feb 2012investor presentation● Neutral
Amended re-release of the February 2012 corporate presentation. The visible content matches the original: 26.1Mt resource, 2H 2013 first production target. No new substance apparent.
9 Feb 2012half year report● Neutral
Half-year accounts to 31 December 2011 cover the Delta Coal acquisition that brought in the Kinney project and the relisting on 6 December 2011. Kinney is described as the strategic focus. Directors' report notes the project returns to Carbon Resources if no positive mine decision within 36 months.
2 Feb 2012resource reserve update▲ GoodMajor
Maiden JORC resource at Kinney of 26.1Mt, 92% Measured and Indicated (12.3Mt Measured, 11.6Mt Indicated, 2.2Mt Inferred). Delivers the Q1 2012 report flagged earlier, within two months of acquisition. First stage of bankable feasibility study to start this quarter.
6 Dec 2011listing compliance notice▲ GoodMajor
ASX confirms trading resumes on 7 December 2011 after re-compliance, with 66.95 million shares and 73 million options quoted. The company is renamed New Horizon Coal on 9 December, with activity listed as coal exploration. Some shares and securities are escrowed.
6 Dec 2011other● Neutral
Distribution schedule showing 490 shareholders and 403 optionholders. Capital structure of 83M shares, 73M listed options, 30M performance shares and 10M incentive options, with a listing rule compliance confirmation. Administrative.
6 Dec 2011listing compliance notice● Neutral
Short ASX market release repeating that trading resumes on 7 December 2011, with 66,950,000 shares and 73,000,000 options quoted. No new information beyond the ASX circular.
6 Dec 2011other● Neutral
Listing application form for re-admission. It shows 83 million shares, 73 million options, and 10 million each of three performance share classes plus 10 million incentive options. Michael Placha is proposed CEO; Carl Coward joins the board; Hodby and Burke retire.
6 Dec 2011other● Neutral
Cover list of pre-quotation documents (capital structure, top holders, balance sheet, option terms, governance) released ahead of re-quotation. Administrative; no new substance itself.
6 Dec 2011security holder rights change● Neutral
Terms of unlisted executive incentive options: $0.50 exercise price, five-year life, vesting only on a positive bankable feasibility decision within 36 months of the Kinney acquisition, or on a change of control. Ties management rewards to project delivery.
6 Dec 2011security holder rights change● Neutral
Full terms of the listed options: each gives the right to one share at $0.20, expiring 31 December 2014. The options are not transferable and will not be quoted. Terms document only; no new transaction.
6 Dec 2011other● Neutral
Use of funds for $13.8M available: $6.9M for the initial Kinney payment, $2.18M reclamation bond, $1.59M bankable feasibility study, $835,000 to repay the Delta Coal loan and $90,000 for the JORC report.
6 Dec 2011asset acquisition disposition▲ GoodMajor
Kinney acquisition completed: Delta Coal shareholders received 10M shares and 30M performance shares. Delta Coal paid Carbon Resources an initial US$6.5M (US$7M with the transferred option fee) for 100% of the Kinney project. This resolves the pending deal.
6 Dec 2011other● Neutral
Share registry letter confirming holding locks on escrowed securities, including 16.05M shares, performance shares and 10M incentive options at $0.50 expiring 2016. Escrow runs to October or November 2012, or two years from quotation. Administrative.
6 Dec 2011other● Neutral
Top 20 holder lists for 83 million shares and 73 million options. The largest holder, Lujeta Pty Ltd, has 8.25% of shares, and the top 20 hold 43.95%. Administrative disclosure only.
6 Dec 2011other● Neutral
Corporate governance statement noting departures from ASX recommendations: no independent board majority, and no audit, nomination, remuneration or risk committees, citing the company's size. Administrative.
6 Dec 2011other● Neutral
Pro forma balance sheet after the raising and Kinney deal: cash about $4.95M and total assets about $25.8M, including $20.8M of exploration assets. A deferred tax liability of $2.3M is also shown. Based on 30 June 2011 figures adjusted for the deal.
25 Nov 2011security holder rights change● Neutral
Terms of 30 million performance shares issued to Delta Coal vendors for Kinney: Class A on a 20Mt JORC resource within 12 months, Class B on a positive bankable study decision within 36 months, Class C on commercial production within 48 months.
22 Nov 2011capital raising announcement▲ GoodMajor
Offer closed with applications for 52.5 million shares at 22 cents with a free option, raising $11.55M, within the $11-16.5M range. Allotment is on 23 November. The Kinney asset purchase is still targeted to close by 1 December 2011.
What it means for a shareholder
52.5m new shares at A$0.220 to raise about A$11.6m. 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.
17 Nov 2011capital raising announcement▲ Good
Applications of over $11M received for the raising. Completion of the Kinney acquisition still needs the Carbon Resources purchase to close and its US bankruptcy court to approve or dismiss the case. Closing is due by 1 December 2011.
3 Nov 2011capital raising announcement● NeutralMajor
Re-compliance prospectus offering up to 75 million shares at 22 cents with a free option at 20 cents, raising up to $16.5M. It is conditional on shareholders approving the Kinney acquisition at the 9 November 2011 meeting. Shares stay suspended until ASX approves re-listing.
24 Oct 2011investor presentation● Neutral
Presentation on the Utah coal acquisition, saying the company will be renamed New Horizon Coal Ltd. The Kinney exploration target is now stated as 29-34 million tonnes, up from 20-25 million in the September announcement. Not a JORC resource.
26 Sept 2011asset acquisition disposition▲ GoodMajor
Agrees to buy Delta Coal Fund, which is acquiring the Kinney #2 thermal coal project in Utah (exploration target 20-25 million tonnes), paid in cash and shares. A placement of $10-15 million at a minimum of $0.20 a share is planned. This is a shift from NSW exploration.
12 Aug 2011annual report● Neutral
First annual report to 30 June 2011: loss of $85,672 since incorporation. Magnetic surveys are planned for July 2011 and due diligence on new opportunities is ongoing with no decision made.
9 June 2011capital raising announcement● Neutral
The option issue closed with 20,500,000 options issued, exercisable at $0.20 until 31 December 2014. Existing shareholders took up 80.7% and the shortfall was placed, completing the roughly $205,000 raising.
17 May 2011other● Neutral
Notice that the option entitlement prospectus was posted to shareholders on 16 May 2011. Administrative only.
