30 Dec 2022registration revoked▼ BadMajor
ASX removed Ikwezi from the official list at the close of trading on 30 December 2022, at the company's request under Listing Rule 17.11, after security holders resolved to remove it.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
30 Dec 2022admin correction● Neutral
Amended 2021 corporate governance statement. The visible change is the wording of the currency line ("current as at date"); the rest appears unchanged from the earlier version. Administrative correction only.
30 Dec 2022admin correction● Neutral
Amended 2022 corporate governance statement. The visible change is the wording of the currency line ("current as at date"); the rest appears unchanged from the earlier version. Administrative correction only.
29 Dec 2022other● Neutral
Appendix 4G governance checklist for the year to 30 June 2022, lodged 29 December 2022, pointing to the website governance statement. Administrative filing with no new business information, lodged ahead of delisting.
29 Dec 2022other● Neutral
Corporate governance statement for 1 July 2020 to 30 June 2021, dated 29 December 2022. It states the board has three directors, one independent. Administrative filing, no new business information.
29 Dec 2022other● Neutral
Corporate governance statement for 1 July 2021 to 30 June 2022, dated 29 December 2022. It repeats the three-director board, one independent. Administrative filing with no new business information.
29 Dec 2022other● Neutral
Appendix 4G governance checklist for the year to 30 June 2021, lodged 29 December 2022. It points to the company website for the governance statement. Compliance paperwork with no new business information, filed just before delisting.
28 Dec 2022registration revoked▼ BadMajor
ASX suspended Ikwezi shares from quotation at the close of trading on 28 December 2022, at the company's request under Listing Rule 17.2, pending its removal from the official list.
28 Dec 2022security holder rights change● Neutral
Updated delisting timetable: shares suspended at close of trading 28 December 2022, with delisting expected on 30 December 2022. Dates are indicative and may change without notice.
21 Dec 2022production update● Neutral
Responding to an ASX query, Ikwezi gave September 2022 quarter detail: 260,792 tonnes mined, 243,803 tonnes fed to the wash plant, and 106,996 tonnes from Goedehoep, which is still being stabilised. Shepstone Lake pit preparation has begun; production costs were A$17.8M.
23 Nov 2022security holder rights change● Neutral
ASX formally approved Ikwezi's removal from the official list on 22 November 2022, subject to conditions including a special resolution of shareholders at the 24 November meeting. The notice must tell holders they should sell on ASX beforehand.
2 Nov 2022quarterly activities report● Neutral
Re-lodgement of the September 2022 quarter report, with the same content as the 31 October release (cash A$10.111M, delisting EGM 24 November). It appears to be the filing that cured the suspension.
2 Nov 2022listing compliance notice● Neutral
ASX lifted the trading suspension from 2 November 2022 after Ikwezi lodged its periodic report. Resolves the one-day suspension.
1 Nov 2022listing compliance notice▼ Bad
ASX suspended Ikwezi shares from 1 November 2022 for failing to lodge a required periodic report by the due date. Short-lived: lifted the next day.
31 Oct 2022annual report● Neutral
2022 annual report: Goedehoep began mining in May 2022, and the Emoyeni wash plant ran at about 76,000 tonnes a month. The chairman calls the year turbulent because of KwaZulu-Natal floods. It repeats the previously reported results.
31 Oct 2022quarterly activities report● Neutral
September 2022 quarter: delisting EGM set for 24 November, followed by a 30-day buy-back, with delisting expected around 29 December. Cash rose to A$10.111M, partly because A$8.534M of payments were deferred. Funds for buy-back and delisting costs: A$0.99M.
25 Oct 2022asset acquisition disposition▼ BadMajor
Ikwezi applied to be removed from the ASX, citing very low liquidity, no Australian operations, costs (about A$250,000 a year saved) and negative thermal coal perception. A buy-back for shareholders is planned. Shareholders exit a listing they have found practically illiquid.
21 Oct 2022other● Neutral
ASX paused trading in Ikwezi shares pending a further announcement. No reason given in the notice; the company announced voluntary delisting four days later.
30 Sept 2022annual report▲ GoodMajor
Full-year accounts to 30 June 2022: net profit A$15.86M (prior-year loss A$1.51M), operating cash inflow A$10.7M, helped by selling more washed coal rather than discounted run-of-mine coal. The Zarbon Coal loan was fully repaid, leaving no long-term external debt.
29 July 2022quarterly activities report▼ Bad
June 2022 quarter: KwaZulu-Natal flooding cut Kliprand run-of-mine output 37% and wash plant output fell, with reduced plant availability. Goedehoep produced first coal in May (90,614 tonnes). Cash fell to A$1.843M; operating cash outflow A$0.515M.
28 Apr 2022quarterly activities report● Neutral
March 2022 quarter: wash plant feed 255,686 tonnes (85,228 a month), with January a record 93,136. Floods hit operations, and first Goedehoep coal is now expected in May. Cash eased to A$3.927M; operating cash inflow A$1.995M.
28 Jan 2022quarterly activities report▲ Good
December 2021 quarter: Goedehoep pit began production as planned, though rain limited it. Wash plant feed hit a record 223,421 tonnes (74,473 a month, near the 75,000 target). Cash jumped to A$4.499M from A$0.453M on A$21.07M receipts; API4 fell to US$135.
29 Oct 2021annual report● Neutral
2021 annual report: the Emoyeni wash plant started in late 2020 and has run at about 60,000 tonnes a month, with a target of 75,000. Mining at the Goedehoep pit is due next quarter and Shepstone Lake the one after, to help fill the plant.
29 Oct 2021quarterly activities report▲ Good
September 2021 quarter: record monthly run-of-mine output of 92,851 tonnes in July, and record wash plant feed of 210,285 tonnes. Cash rose to A$0.453M. API4 coal topped US$200 in October. Goedehoep pit is planned to start next quarter.
30 Sept 2021annual report▼ Bad
Full-year accounts to 30 June 2021: net loss A$1,505,968 (prior year profit A$2,668,439) and operating cash outflow A$3.92M. The company blames COVID lockdowns and weak early-year coal prices. API4 ended the year around US$115. Tushar Agrawal resigned as a director 7 January 2021.
30 July 2021quarterly activities report▼ Bad
June 2021 quarter: mining output fell after a sub-contractor abruptly stopped work, and a substitute contractor was set up. Wash plant fed 135,905 tonnes, with a June record of 58,429. Cash fell to A$0.214M and undrawn facilities to A$0.732M; no receipts shown.
1 July 2021director officer appointment● Neutral
Wayne Price, a Sydney chartered accountant, replaced Graeme Smith as Company Secretary from 30 June 2021. Administrative change.
27 May 2021director officer appointment● Neutral
Independent director Blair Sergeant resigned on 26 May 2021, less than a year after joining in mid-2020. He held no shares. No reason is given.
30 Apr 2021quarterly activities report● Neutral
March 2021 quarter: the wash plant processed 56,624 tonnes, below plan because of low plant availability. Receipts were A$8.44M and cash rose to A$1.523M, with operating cash inflow of A$2.54M. API4 coal reached US$94.
29 Jan 2021quarterly activities report● Neutral
December 2020 quarter: mining of 942,831 bank cubic metres, just under the 960,000 target. Emoyeni wash plant trial-commissioned with no major problems, steady state expected next quarter. Cash rose to A$0.758M, receipts A$5.06M, operating cash outflow A$0.67M.