OGD - Oceana Gold
- Thread starter MalteseBull
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Despite what the SMA might be saying, I guess tomorrow might still be a pretty bad day for OGD. But the underlying result seems OK to me (positive operational cashflow).
bigdog
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Two ASX ann last night
Highlights look OK and include
Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
OGD 7:17 PM OceanaGold 2006 Year End Release Presentation ($US)
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695487
Next $ table looks disappointing
Financial Results 2006$’000 2005 $’000 Change $’000 Change%
Revenue from ordinary activities
--------------- 101,803 -- 152,816 --- (51,013) --- (33.4%)
Profit (loss) from ordinary activities after tax attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Net profit (loss) for the period attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Explanation of Results
Profit/(loss) from ordinary activities after tax but excluding unrealised hedging losses and impairment reversals/(write downs) for the full year ending 31 December 2006 was $11,003,000, representing a 725% increase on the 2005 comparative period.
21 February 2007
REPORT FOR THE YEAR ENDED 31 DECEMBER 2006
HIGHLIGHTS
• Completion of the merger with Climax Mining on 6 November 2006 has created a company with 4.8 million gold equivalent ounces of reserves and market capitalisation of $480 million.
• Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
• Significant diversification of OceanaGold’s share ownership achieved through sell down of GRD shareholding.
• A$140 million of committed financing raised to fund project developments in the Philippines and New Zealand. This is comprised of A$100m in convertible notes and a NZ$45 million bank project debt facility.
• Achieved a 6% increase over gold sales target of 180,000 ounces per annum.
• Completion of the hedge book restructure in May has allowed 41% of production to be sold at higher gold spot prices, delivering a 13% increase on the average gold price received.
• A floor price of NZ$1,000 per ounce put in place for production from the Globe Progress mine between 2007 and 2010.
• Ongoing cost efficiency initiatives and record throughput rates delivered a 5% cash cost per ounce improvement on 2005.
• Dry commissioning of the process plant at the Globe Progress Gold project at Reefton commenced in December 2006. Mining activity remains on schedule and gold production is expected to be reported in the first quarter of 2007.
* All statistics are compared to the corresponding 2005 year.
**Unless otherwise stated all currency is in A$.
Financial
Gold sales revenue for the 2006 year improved 23% compared to 2005 due to the combination of improved sales volumes and an increased gold price received.
The combination of a higher gold price received and lower cash operating costs delivered a 37% increase in cash operating margin to $388 per ounce sold.
This increase together with higher sales volumes produced an operating profit after tax (excluding unrealised hedge losses and impairment reversals/write downs of $11.0 million, a 725% increase on 2005.
OGD 7:01 PM Preliminary Final Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695481
Highlights look OK and include
Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
OGD 7:17 PM OceanaGold 2006 Year End Release Presentation ($US)
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695487
Next $ table looks disappointing
Financial Results 2006$’000 2005 $’000 Change $’000 Change%
Revenue from ordinary activities
--------------- 101,803 -- 152,816 --- (51,013) --- (33.4%)
Profit (loss) from ordinary activities after tax attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Net profit (loss) for the period attributable to members
--------------- (106,129) -13,910 ---- (120,039) -- (863.0%)
Explanation of Results
Profit/(loss) from ordinary activities after tax but excluding unrealised hedging losses and impairment reversals/(write downs) for the full year ending 31 December 2006 was $11,003,000, representing a 725% increase on the 2005 comparative period.
21 February 2007
REPORT FOR THE YEAR ENDED 31 DECEMBER 2006
HIGHLIGHTS
• Completion of the merger with Climax Mining on 6 November 2006 has created a company with 4.8 million gold equivalent ounces of reserves and market capitalisation of $480 million.
• Operating profit after tax (excluding unrealised hedge losses and impairment of goodwill on acquisition) up 725 % to $11.0 million. Cash flow from operations increased by $35.0 million, or 206%, representing 13 cents per share.
• Significant diversification of OceanaGold’s share ownership achieved through sell down of GRD shareholding.
• A$140 million of committed financing raised to fund project developments in the Philippines and New Zealand. This is comprised of A$100m in convertible notes and a NZ$45 million bank project debt facility.
• Achieved a 6% increase over gold sales target of 180,000 ounces per annum.
• Completion of the hedge book restructure in May has allowed 41% of production to be sold at higher gold spot prices, delivering a 13% increase on the average gold price received.
• A floor price of NZ$1,000 per ounce put in place for production from the Globe Progress mine between 2007 and 2010.
• Ongoing cost efficiency initiatives and record throughput rates delivered a 5% cash cost per ounce improvement on 2005.
• Dry commissioning of the process plant at the Globe Progress Gold project at Reefton commenced in December 2006. Mining activity remains on schedule and gold production is expected to be reported in the first quarter of 2007.
* All statistics are compared to the corresponding 2005 year.
**Unless otherwise stated all currency is in A$.
Financial
Gold sales revenue for the 2006 year improved 23% compared to 2005 due to the combination of improved sales volumes and an increased gold price received.
The combination of a higher gold price received and lower cash operating costs delivered a 37% increase in cash operating margin to $388 per ounce sold.
This increase together with higher sales volumes produced an operating profit after tax (excluding unrealised hedge losses and impairment reversals/write downs of $11.0 million, a 725% increase on 2005.
OGD 7:01 PM Preliminary Final Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00695481
bigdog
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Market reacted favourably to ASX ann yesterday
OGD $0.78 +$0.02 +2.63% 257,688 shares $198,915 22-Feb 10:12:28
OGD $0.78 +$0.02 +2.63% 257,688 shares $198,915 22-Feb 10:12:28
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OK, I was wrong. Well I don't know about other people, but I've sometimes just read the headline figures (EPS etc) and then bought/sold, but then after delving deeper later on wished I hadn't. If someone had just looked at the EPS then they might have worried. But I am happy to be proved wrong. I didn't sell myself and looks like smarter money than me agrees.
bigdog
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OGD SP close was very encouraging @ $0.79 Feb 22
Feb 22
The recent surge in gold prices helped, spurring goldminers and bolstering the dollar. Bullion rose to as much as $US682.25 an ounce, the highest in about nine months, bringing it nearer the 26-year highs reached last November of $US722.55 an ounce. Lihir Gold was among the leading share risers, adding 7.7 per cent, or 25 ¢, to $3.51.
Sydney Morning Herald today
http://www.smh.com.au/news/Business/Oceana-looking-to-raise-74m/2007/02/23/1171733983118.html
Oceana looking to raise $74m
February 23, 2007 - 7:29AM
Goldminer Oceana Gold is looking to raise $US52 million ($A65.8 million) from shareholders for its gold and copper mine development in the Philippines and New Zealand after posting a loss of $NZ106 million ($A94.8 million) for the 2006 year.
The Dominion Post reported operations manager Ross Gloss said the company took a writedown of $NZ71 million ($A63.5 million) on Climax mining assets and a charge of $NZ29 million ($A25.9 million) on gold hedges.
They were offset by a gain on some gold hedges of $NZ75 million ($A67.1 million). Climax and Oceana merged last year.
Revenue fell 33 per cent to $NZ101.8 million ($A91.1 million) in the year to December 31, 2006. The loss was $NZ106 million ($A94.8 million) compared with 2005's profit of $NZ13.9 million ($A12.4 million).
The company said that because of high development spending it was not proposing to declare a final dividend.
Chief executive Stephen Orr said the company expected to raise equity this year of $US52 million ($A65.8 million) for gold and mine development.
Feb 22
The recent surge in gold prices helped, spurring goldminers and bolstering the dollar. Bullion rose to as much as $US682.25 an ounce, the highest in about nine months, bringing it nearer the 26-year highs reached last November of $US722.55 an ounce. Lihir Gold was among the leading share risers, adding 7.7 per cent, or 25 ¢, to $3.51.
Sydney Morning Herald today
http://www.smh.com.au/news/Business/Oceana-looking-to-raise-74m/2007/02/23/1171733983118.html
Oceana looking to raise $74m
February 23, 2007 - 7:29AM
Goldminer Oceana Gold is looking to raise $US52 million ($A65.8 million) from shareholders for its gold and copper mine development in the Philippines and New Zealand after posting a loss of $NZ106 million ($A94.8 million) for the 2006 year.
The Dominion Post reported operations manager Ross Gloss said the company took a writedown of $NZ71 million ($A63.5 million) on Climax mining assets and a charge of $NZ29 million ($A25.9 million) on gold hedges.
They were offset by a gain on some gold hedges of $NZ75 million ($A67.1 million). Climax and Oceana merged last year.
Revenue fell 33 per cent to $NZ101.8 million ($A91.1 million) in the year to December 31, 2006. The loss was $NZ106 million ($A94.8 million) compared with 2005's profit of $NZ13.9 million ($A12.4 million).
The company said that because of high development spending it was not proposing to declare a final dividend.
Chief executive Stephen Orr said the company expected to raise equity this year of $US52 million ($A65.8 million) for gold and mine development.
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Is there any truth to the rumor that OGD are in favour of a takeover bid should it come their way?
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(source www.fnarena.com)
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FYI (press reports) Melborne Herald Sun
Oceana approached by South African Miner Harmony Gold
however CEO Stephen Orr claims "the company is not for sale...."
Oceana approached by South African Miner Harmony Gold
however CEO Stephen Orr claims "the company is not for sale...."
bigdog
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ASX ann today
SP for past two weeks has risen 12 cents - VG
Date ----- Close Volume
03-May-07 0.86 1,283,222
02-May-07 0.87 3,553,318
01-May-07 0.86 4,604,439
30-Apr-07 0.85 3,073,177
27-Apr-07 0.81 898,120
26-Apr-07 0.82 5,666,408
24-Apr-07 0.82 2,897,417
23-Apr-07 0.80 6,338,591
20-Apr-07 0.77 1,177,747
19-Apr-07 0.75 1,902,171
Up 1.5 cents today
OGD $0.87 +$0.015 $0.88 high and low of $0.87 831,106 shares $727,652 04-May 11:35:19
OGD 11:01 AM Update on North American Listing
http://www.asx.com.au/asxpdf/20070504/pdf/3129d2jgjywx5h.pdf
Update on North American Listing
Scheme Meetings to be held on 8 June 2007
Oceana Gold Limited (ASX Code: “OGD”) is pleased to announce that the Supreme Court of Victoria has today set the date for meetings of OGD’s shareholders and listed optionholders to consider a proposal to restructure the Oceana group to allow for listing on the Toronto Stock Exchange. The meetings will be held on Friday 8 June 2007 commencing at 11.00am (Melbourne time) at The Westin, Executive Room 2, 205 Collins Street, Melbourne.
The proposed restructure will place a newly incorporated Canadian company, OceanaGold Corporation, as the holding company of the Oceana Group. If the restructure is approved, OceanaGold Corporation will apply to list on the Toronto Stock Exchange (“TSX”).
Schemes of arrangement
The restructure will be implemented through schemes of arrangement between OGD and the holders of its shares and listed options (“Schemes”). Through the Schemes, OGD shares and listed options will be exchanged for equivalent shares and listed options in OceanaGold Corporation.
As a result of the restructure, OGD will become a wholly owned subsidiary of OceanaGold Corporation and will cease to be listed in Australia and New Zealand. In its place, OceanaGold Corporation will apply to be listed on the Australian Stock Exchange (“ASX”) and the New Zealand Stock Exchange (“NZX”), in addition to its primary listing on the TSX.
As part of the Schemes, it is proposed to consolidate OGD’s issued capital on a 1 for 5 basis because Canadian market practice is to have a smaller number of higher value shares. This means that OGD shareholders will receive 1 OceanaGold Corporation share for every 5 OGD shares and OGD listed optionholders will receive 1 OceanaGold Corporation option for every 5 OGD listed options.
OGD shareholders will be able to elect to receive their OceanaGold Corporation shares as common shares traded on TSX or NZX or as CDIs (CHESS Depositary Instruments) traded on ASX. OGD listed optionholders will be able to elect to trade their OceanaGold Corporation options on ASX or NZX.
The Schemes are subject to the satisfaction of a number of conditions, including approval by OGD shareholders and listed optionholders and approval by the Supreme Court of Victoria.
The TSX listing will provide OceanaGold with exposure to a broader spectrum of investors which is expected to increase trading liquidity in the company’s shares. As such, the Directors of OGD believe that the proposed restructure and TSX listing are in the best interests of OGD’s shareholders and listed optionholders and recommend that they vote in favour of the restructure at the meetings on 8 June 2007.
Expected timetable
If the Schemes are approved on 8 June 2007, the expected timetable is:
15 June 2007 Court hearing for approval of the Schemes
18 June 2007 Effective date (the date when the Schemes become binding and the last day of trading in OGD securities)
19 June 2007 Listing of OceanaGold Corporation on ASX and NZX. Trading begins on ASX and NZX on a deferred settlement basis.
26 June 2007 Listing of OceanaGold Corporation on TSX. Trading begins on TSX.
29 June 2007 Despatch of holding statements and certificates.
SP for past two weeks has risen 12 cents - VG
Date ----- Close Volume
03-May-07 0.86 1,283,222
02-May-07 0.87 3,553,318
01-May-07 0.86 4,604,439
30-Apr-07 0.85 3,073,177
27-Apr-07 0.81 898,120
26-Apr-07 0.82 5,666,408
24-Apr-07 0.82 2,897,417
23-Apr-07 0.80 6,338,591
20-Apr-07 0.77 1,177,747
19-Apr-07 0.75 1,902,171
Up 1.5 cents today
OGD $0.87 +$0.015 $0.88 high and low of $0.87 831,106 shares $727,652 04-May 11:35:19
OGD 11:01 AM Update on North American Listing
http://www.asx.com.au/asxpdf/20070504/pdf/3129d2jgjywx5h.pdf
Update on North American Listing
Scheme Meetings to be held on 8 June 2007
Oceana Gold Limited (ASX Code: “OGD”) is pleased to announce that the Supreme Court of Victoria has today set the date for meetings of OGD’s shareholders and listed optionholders to consider a proposal to restructure the Oceana group to allow for listing on the Toronto Stock Exchange. The meetings will be held on Friday 8 June 2007 commencing at 11.00am (Melbourne time) at The Westin, Executive Room 2, 205 Collins Street, Melbourne.
The proposed restructure will place a newly incorporated Canadian company, OceanaGold Corporation, as the holding company of the Oceana Group. If the restructure is approved, OceanaGold Corporation will apply to list on the Toronto Stock Exchange (“TSX”).
Schemes of arrangement
The restructure will be implemented through schemes of arrangement between OGD and the holders of its shares and listed options (“Schemes”). Through the Schemes, OGD shares and listed options will be exchanged for equivalent shares and listed options in OceanaGold Corporation.
As a result of the restructure, OGD will become a wholly owned subsidiary of OceanaGold Corporation and will cease to be listed in Australia and New Zealand. In its place, OceanaGold Corporation will apply to be listed on the Australian Stock Exchange (“ASX”) and the New Zealand Stock Exchange (“NZX”), in addition to its primary listing on the TSX.
As part of the Schemes, it is proposed to consolidate OGD’s issued capital on a 1 for 5 basis because Canadian market practice is to have a smaller number of higher value shares. This means that OGD shareholders will receive 1 OceanaGold Corporation share for every 5 OGD shares and OGD listed optionholders will receive 1 OceanaGold Corporation option for every 5 OGD listed options.
OGD shareholders will be able to elect to receive their OceanaGold Corporation shares as common shares traded on TSX or NZX or as CDIs (CHESS Depositary Instruments) traded on ASX. OGD listed optionholders will be able to elect to trade their OceanaGold Corporation options on ASX or NZX.
The Schemes are subject to the satisfaction of a number of conditions, including approval by OGD shareholders and listed optionholders and approval by the Supreme Court of Victoria.
The TSX listing will provide OceanaGold with exposure to a broader spectrum of investors which is expected to increase trading liquidity in the company’s shares. As such, the Directors of OGD believe that the proposed restructure and TSX listing are in the best interests of OGD’s shareholders and listed optionholders and recommend that they vote in favour of the restructure at the meetings on 8 June 2007.
Expected timetable
If the Schemes are approved on 8 June 2007, the expected timetable is:
15 June 2007 Court hearing for approval of the Schemes
18 June 2007 Effective date (the date when the Schemes become binding and the last day of trading in OGD securities)
19 June 2007 Listing of OceanaGold Corporation on ASX and NZX. Trading begins on ASX and NZX on a deferred settlement basis.
26 June 2007 Listing of OceanaGold Corporation on TSX. Trading begins on TSX.
29 June 2007 Despatch of holding statements and certificates.
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Lot's of market 'noise' on this one. Added to my list of takeover targets
LHG
OXR
OGD
& a few more words to make 100!
LHG
OXR
OGD
& a few more words to make 100!
bigdog
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ASX ann June 8
OGD 5:35 PM Correction-Results of Scheme & General Meetings
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00728555
Effect of the Schemes
Under the Share Scheme, the Company’s shareholders transfer all of their shares in the Company to OceanaGold Corporation and receive one (1) OceanaGold Corporation share for every five (5) shares held in the Company.
Under the Option Scheme, the Company’s listed optionholders transfer all of their listed options in the Company to OceanaGold Corporation and receive one (1) OceanaGold Corporation listed option for every five (5) listed options held in the Company.
All fractional entitlements to OceanaGold Corporation shares or listed options will be rounded down to the next lowest whole number.
Timetable
The expected timetable is:
OGD 5:35 PM Correction-Results of Scheme & General Meetings
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00728555
Effect of the Schemes
Under the Share Scheme, the Company’s shareholders transfer all of their shares in the Company to OceanaGold Corporation and receive one (1) OceanaGold Corporation share for every five (5) shares held in the Company.
Under the Option Scheme, the Company’s listed optionholders transfer all of their listed options in the Company to OceanaGold Corporation and receive one (1) OceanaGold Corporation listed option for every five (5) listed options held in the Company.
All fractional entitlements to OceanaGold Corporation shares or listed options will be rounded down to the next lowest whole number.
Timetable
The expected timetable is:
- 15 June 2007 Court hearing for approval of the Schemes
- 18 June 2007 Effective date (the date when the Schemes become binding and the last day of trading in OGD securities)
- 19 June 2007 Listing of OceanaGold Corporation on ASX and NZX. Trading begins on ASX and NZX on a deferred settlement basis.
- 26 June 2007 Issue of OceanaGold Corporation securities. Listing of OceanaGold Corporation on TSX. Trading begins on TSX.
- 29 June 2007 Despatch of holding statements and certificates.
bigdog
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ASX ann today including trading halt
OGD 12:33 PM Completion of Schemes & Listing of OceanaGold Corporation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00730547
Update on North American Listing
Completion of Schemes & Listing of OceanaGold Corporation
OGD has also applied for suspension of trading of its shares and listed options on ASX and a trading halt on NZX after close of trading today.
OceanaGold Corporation (ASX and NZX code: “OGC”) will be listed on ASX and NZX on 19 June 2007. On that date, trading of OGC’s CDIs on ASX and common shares on NZX, and trading of OGC’s listed options on ASX and NZX, will commence on a deferred settlement basis.
Persons registered as OGD shareholders as at 5pm on 25 June 2007 (“Record Date”) will be entitled to receive one OGC common share or CDI for every five OGD shares held. Persons registered as OGD listed optionholders as at 5pm on the Record Date will be entitled to receive one OGC listed option for every five OGD listed options held. All fractional entitlements to OGC common shares or listed options will be rounded down to the next lowest whole number.
Despatch of holding statements for CDIs and listed options and certificates for common shares will occur on or about 29 June 2007.
The timetable for the implementation of the schemes is as follows:
18 June 2007 Effective date (the date when the Schemes become binding and the last day of trading in OGD securities)
19 June 2007 Listing of OceanaGold Corporation on ASX and NZX. Trading of CDIs and listed options begins on ASX on a deferred settlement basis. Trading of common shares and listed options begins on NZX on a deferred settlement basis.
25 June 2007 Record date for determining entitlements to the scheme consideration.
26 June 2007 CDIs, common shares and listed options in OGC are issued. Listing of OceanaGold Corporation on TSX. Trading of common shares begins on TSX.
29 June 2007 Despatch of holding statements for CDIs and listed options and certificates for common shares.
OGD 12:33 PM Completion of Schemes & Listing of OceanaGold Corporation
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00730547
Update on North American Listing
Completion of Schemes & Listing of OceanaGold Corporation
OGD has also applied for suspension of trading of its shares and listed options on ASX and a trading halt on NZX after close of trading today.
OceanaGold Corporation (ASX and NZX code: “OGC”) will be listed on ASX and NZX on 19 June 2007. On that date, trading of OGC’s CDIs on ASX and common shares on NZX, and trading of OGC’s listed options on ASX and NZX, will commence on a deferred settlement basis.
Persons registered as OGD shareholders as at 5pm on 25 June 2007 (“Record Date”) will be entitled to receive one OGC common share or CDI for every five OGD shares held. Persons registered as OGD listed optionholders as at 5pm on the Record Date will be entitled to receive one OGC listed option for every five OGD listed options held. All fractional entitlements to OGC common shares or listed options will be rounded down to the next lowest whole number.
Despatch of holding statements for CDIs and listed options and certificates for common shares will occur on or about 29 June 2007.
The timetable for the implementation of the schemes is as follows:
18 June 2007 Effective date (the date when the Schemes become binding and the last day of trading in OGD securities)
19 June 2007 Listing of OceanaGold Corporation on ASX and NZX. Trading of CDIs and listed options begins on ASX on a deferred settlement basis. Trading of common shares and listed options begins on NZX on a deferred settlement basis.
25 June 2007 Record date for determining entitlements to the scheme consideration.
26 June 2007 CDIs, common shares and listed options in OGC are issued. Listing of OceanaGold Corporation on TSX. Trading of common shares begins on TSX.
29 June 2007 Despatch of holding statements for CDIs and listed options and certificates for common shares.
