WEC - White Energy - thanks Joe
This company remains in a pickle. The directors were once in the Aussie mining rich list. Some embroiled in the courts in Australia and WEC refused the right to buy a coal tenement in Queensland, resulting from that.
The shares stand at 3.7c against an all-time high in 2011 of $4.20.
On top of all that the company has also been in the courts of Australia since 2011 versus Indonesian company Bayan. Successfully freezing Bayan's over 50% holding in Kangaroo Resources. Now in Arbitration in Singapore having successfully won their case at Tranche2. Unfortunately, Bayan have appealed tranche2 and the Appeal hearing is in February/March 2018. Not over then as Tranche3 follows.
On top of all that their Mountainside coal company in The Appalachian Coalfields, USA ran out of coal having met with unexpected rock. Since then 160 holes have been drilled in other tenements. Holding 51% this company is up for sale.
Not the end yet. Their 50% coal assets in South Africa were all ready to go but they can't get any coal fines deliveries to the plant. That despite there being 1.5 billion tonnes of it estimated in South Africa.
They also own the Phillipson Tenement in far north South Australia, larger than England, with about 4 billion tonnes of coal. Unfortunately, so far, no one wants it.
Surely that's the end of it. No, they are running out of cash with just $3.2 million left at 30th June 2017.
Any good news? Somehow they have no debts after all this. Also, they have not raised any cash since 2011. There should be cash fairly soon for the eventual Mountainside sale and the court case in Singapore.
Market cap at 3.7c is just $12 million against $4.20 in 2011 and market cap of $1.36 billion.