Resources and Reserves FY19

Updated Coal Reserves at Isaac Plains and Annual Coal Resources & Reserve Summary

21st August 2019

Highlights

  • Stanmore Coal has added significant Coal Reserves over the last 12 months to sustain a long-life mining operation using existing infrastructure at the Isaac Plains Complex
  • The Coal Resources across all tenements held totalled 1.7 billion tonnes
  • Total Coal Reserves formally declared and published are now 169 million tonnes which is a 16% increase compared to 12 months ago
  • Total Marketable Coal Reserves are 129 million tonnes
Substantial holder change notice

Substantial holder change notice

21st August 2019

Notice of change of interests of substantial holder: 19 August 2019, Golden Energy and Resources Limited (GEAR), Golden Investments (Australia) Pte. Ltd. (Golden Investments), PT Dian Swastatika Sentosa Tbk, PT Sinar Mas Tunggal, PT Sinar Mas, Pt Sinar Mas Cakrawala, PT Sinerindo Gerbangmas, their related bodies corporate set out in Annexure A, Franky Oesman Widjaja, Indra Widjaja, and Muktar Widjaja (GEAR Entities), Halim Susanto, Ascend Financial Holding Ltd, Ascend Capital Advisors Pte. Ltd. and Ascend Global Investment Fund SPC (Ascend Entities)
Invalid notice under Section 249D

Invalid notice under Section 249D

13th August 2019

On 26 July 2019 the Company received a notice from Golden Investments (Australia) Pte Ltd under section 249D of the Corporations Act 2001 (Cth) requesting the directors convene an Extraordinary General Meeting.

It has been established that the notice issued is invalid and the Company cannot legally act upon the invalid notice.  Golden Investments has been notified and invited to procure the issue of a valid section 249D notice.

Further information will be provided to shareholders in due course.
Process Deed executed

Process Deed executed

12th August 2019

Stanmore Coal has now executed a Process Deed with Winfield Energy to facilitate the conduct of due diligence and provide an opportunity for a proposal to be made which the Board may be willing to recommend to shareholders.

Key terms:

  • Winfield Energy will be given access to information from the Company for a period of eight weeks from the date of the Deed, ending 7 October 2019.  A period of exclusivity would commence when Winfield Energy’s financiers confirm their support for a Proposal.  
  • Termination of the Process Deed would be triggered upon execution of a bid implementation agreement, if one is negotiated, or notification from Winfield Energy that it does not wish to progress with the Proposal, or expiration of the exclusivity period (7 October 2019).
  • The Company can consider any alternative superior proposal from other parties, at any time.
  • Each party will bear their own costs.
  • No break fees are payable.

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