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Whitehaven Coal Limited : Annual Report 2009
36 9.3 Review of operations The Managing Director's Report, containing a review of operations, commences on page 6 of this Annual Financial Report. This, together with the Chairman's Letter and the sections headed Significant Changes in State of Affairs' and Significant Events Subsequent to Balance Date' in this report, provides a review of operations of the consolidated entity during the year and subsequent to the reporting date. 10. Significant changes in the state of affairs In the opinion of the directors, there were no significant changes in the state of affairs of the consolidated entity that have not been noted in the review of operations that occurred during the financial year. 11. Events subsequent to reporting date In the interval between the end of the financial year and the date of this report there has not arisen any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the consolidated entity, the results of those operations, or the state of affairs of the consolidated entity, in future financial years other than the following: • During July 2009, the Group ceased operations from the Canyon mine as it had reached the end of its mine life. • On 6 August 2009, the Group announced it had entered into a Heads of Agreement to sell a 7.5% interest in its Narrabri Joint Venture Project to a Korean Consortium, comprising Daewoo International Corporation (Daewoo) and Korea Resources Corporation (KORES), for A$125 million plus 7.5% of all costs incurred since 1 January 2008. The transaction is subject to the approval of Whitehaven, Daewoo and KORES Boards, and the obtaining of relevant Australian and Korean regulatory approvals. • On 30 July 2009, Whitehaven Coal Limited successfully completed an institutional placement of 60,680,040 new ordinary shares at $3.05 per share, raising approximately net $177 million ( Institutional Placement'). The Institutional Placement was oversubscribed with strong demand from both existing and new Australian and international investors. • On 7 September 2009, Whitehaven Coal Limited successfully raised $26 million under a Share Purchase Plan. A total of 8,501,896 ordinary shares were issued under the plan at a price of $3.05 per share, the same price as the institutional placement completed on 30 July 2009. • The directors have resolved to pay a fully franked dividend of 6.0 cents per ordinary share (refer Note 26). The financial effect of the above matters has not been brought to account in the financial statements for the year ended 30 June 2009 but will be recognised in future financial periods. 12. Likely developments The consolidated entity will continue with the operation and development of its coal projects. Further information about likely developments in the operations of the consolidated entity and the expected results of those operations in future financial years has not been included in this report because disclosure of this information would be likely to result in unreasonable prejudice to the consolidated entity. DIRECTORS' REPORT
Annual Report 2008
Annual Report 2010