Edition:
United States

Wescoal Holdings Ltd (WSLJ.J)

WSLJ.J on Johannesburg Stock Exchange

127.00ZAc
24 May 2019
Change (% chg)

-1.00 (-0.78%)
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Volume
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Latest Key Developments (Source: Significant Developments)

Wescoal Suspends Production At VGF Mine Suspended For A Period Of 6-8 Weeks
Wednesday, 24 Apr 2019 02:00am EDT 

April 24 (Reuters) - Wescoal Holdings Ltd ::NOTIFICATION OF DISMISSAL BY THE CONTRACT MINING COMPANY OF ITS CONTRACT MINING EMPLOYEES AT VANGGATFONTEIN MINE.NUMEROUS UNPROTECTED INDUSTRIAL ACTIONS IN FORM OF WORK STOPPAGES, STRIKE ACTIONS AND RIOTS HAVE BEEN TAKING PLACE AT VGF ON A REGULAR BASIS.PRODUCTION AT VGF WILL BE SUSPENDED FOR A PERIOD OF SIX TO EIGHT WEEKS.ACTIONS RESULTED IN CONSIDERABLE LOST MINE PRODUCTION TIME, NEW MINING CONTRACTOR BEING UNABLE TO MEET CONTRACTUAL OBLIGATIONS TO VGF.EXPECTS VGF PRODUCTION WILL BE REDUCED BY ABOUT 15 - 20% OF BUDGETED ANNUAL PRODUCTION OF MINE IN FY2020.UNLAWFUL EMPLOYEE CONDUCT TURNED VIOLENT ON 16 APRIL 2019, WITH DESTRUCTION OF CERTAIN EQUIPMENT ON SITE AND BLOCKAGE OF VGF ENTRANCE GATE.NEW MINING CONTRACTOR INFORMED CO ON 22 APRIL THAT IT ISSUED DISMISSAL NOTICES TO ALL 274 CONTRACT MINING EMPLOYEES AT VGF.NEW MINING CONTRACTOR APPLIED FOR AND OBTAINED COURT INTERDICT AGAINST ITS VGF EMPLOYEES ON 17 APRIL 2019 FROM LABOUR COURT.NEW MINING CONTRACTOR WILL IMMEDIATELY COMMENCE WITH RECRUITMENT PROCESS TO HIRE NEW EMPLOYEES AT VGF FROM 23 APRIL.UNLAWFUL EMPLOYEE CONDUCT HAS ALREADY RESULTED IN SIGNIFICANT NEGATIVE FINANCIAL IMPACT ON WESCOAL.INTENDS HOLDING FURTHER DISCUSSIONS WITH ESKOM SHORTLY IN ORDER TO ADDRESS IMPACT OF VGF SUPPLY SHORTFALL TO ESKOM.TO ADDRESS IMPACT OF COAL DELIVERIES TO KEY CUSTOMERS OF VGF, IN PARTICULAR, ESKOM, CO PROVIDED NOTICE OF FORCE MAJEURE TO ESKOM.  Full Article

Wescoal Holdings Says FY Trading Business In Line With Expectations
Thursday, 31 Jan 2019 10:40am EST 

Jan 31 (Reuters) - Wescoal Holdings Ltd ::VOLUNTARY OPERATIONAL & FUNDING UPDATE.GROUP MINING PRODUCTION LEVELS DURING QUARTER FELL BY 17 PCT MAINLY DUE TO POOR PERFORMANCE OF CONTRACTOR AT VANGGATFONTEIN.MANAGEMENT IS WORKING TOWARDS A PARTIAL INSOURCING MODEL FOR GREATER OVERSIGHT OF COSTS AND RISKS.MANAGING A CHALLENGING ECONOMIC CLIMATE PRESENTED BY COST CONTAINMENT AND OPERATIONAL BUSINESS PARTNER RISKS.PRODUCTION FELL SHORT OF TARGET IN OCTOBER AND NOVEMBER 2018, WHILE DECEMBER 2018 SHOWED POSITIVE SIGNS OF RECOVERY.ESKOM CONTINUES TO BE A CONSISTENT AND RELIABLE PRIMARY CUSTOMER.TRADING BUSINESS IS PERFORMING IN LINE WITH EXPECTATIONS FOR YEAR DESPITE A CHALLENGING ENVIRONMENT..QTRLY AVERAGE PRODUCTION AT VANGGATFONTEIN HAS BEEN 190KT ROM PER MONTH VERSUS PREVIOUS QUARTER'S PRODUCTION AVERAGE OF 260KT ROM PER MONTH.RESTRUCTURE AND UPSIZE OF DEBT FACILITIES TO R1.1 BILLION ARE WELL ADVANCED, WITH LENDERS HAVING RECEIVED FULL CREDIT APPROVALS.EXPECTS TO REACH FINANCIAL CLOSURE WITHIN WEEKS TO ENSURE SUFFICIENT FUNDING CAPACITY FOR NEAR TERM INVESTMENTS.FLOW OF FUNDS (R103 MILLION) IS ANTICIPATED WITHIN FIRST HALF OF FY20.FUNDING STRUCTURE & AGREEMENTS INCLUDE AN ACCORDION ELEMENT TO FURTHER INCREASE OF FACILITIES TO R1.5 BILLION FOR ANY FUTURE ENVISAGED PROJECTS.  Full Article

Wescoal Says CEO Waheed Sulaiman Resigns
Monday, 28 Jan 2019 06:30am EST 

Jan 28 (Reuters) - Wescoal Holdings Ltd ::RESIGNATION OF WAHEED SULAIMAN AT THE GROUP CHIEF EXECUTIVE OFFICER AND DIRECTOR OF WESCOAL.RESIGNATION OF WAHEED SULAIMAN, CEO OF WESCOAL WITH EFFECT FROM 31 JANUARY 2019 .CONFIRMS HLM MATHE, CURRENTLY INDEPENDENT NON-EXECUTIVE DIRECTOR OF WESCOAL, WILL ACT IN POSITION OF CEO FOR TRANSITIONAL PERIOD.  Full Article

Wescoal Holdings HY HEPS Up By 16% To 23.5 Cents Per Share
Tuesday, 13 Nov 2018 12:30am EST 

Nov 13 (Reuters) - Wescoal Holdings Ltd ::HY HEPS UP BY 16% TO 23.5 CENTS PER SHARE.HY REVENUE UP BY 28% TO R2 064 MILLION (HY18: R1 610 MILLION).COMPANY IS SOLIDLY ON TRACK TO MEET ITS PRODUCTION TARGETS.  Full Article

Wescoal To Sell Leeuw Braakfontein Colliery To Sitatunga Resources
Tuesday, 7 Aug 2018 09:30am EDT 

Aug 7 (Reuters) - Wescoal Holdings Ltd ::WESCOAL HOLDINGS LTD - ANNOUNCEMENT REGARDING DISPOSAL OF LEEUW BRAAKFONTEIN COLLIERY AND WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT.WESCOAL HOLDINGS LTD - TOTAL CONSIDERATION FOR DISPOSAL IS R103 MILLION.WESCOAL HOLDINGS LTD - CONSIDERATION WILL BE UTILISED TO REDUCE SHORT TERM BORROWINGS OF GROUP AND TO FUND STRATEGIC GROWTH OPTIONS.WESCOAL HOLDINGS LTD - SALE OF LEEUW BRAAKFONTEIN COLLIERY TO SITATUNGA RESOURCES PROPRIETARY LIMITED.  Full Article

Wescoal Holdings Confirms Declaration Of Gross Final Dividend Of 7.77934 Cents Per Share
Thursday, 26 Jul 2018 03:00am EDT 

July 26 (Reuters) - Wescoal Holdings Ltd ::CONFIRM DECLARATION OF A GROSS FINAL DIVIDEND OF 7.77934 CENTS PER ORDINARY SHARE FOR YEAR ENDED 31 MARCH 2018.  Full Article

Wescoal Holdings Says FY HEPS Up By 311 Pct To 46.4 Cents Per Share
Tuesday, 26 Jun 2018 01:05am EDT 

June 26 (Reuters) - Wescoal Holdings Ltd ::FY HEPS INCREASED BY 311% TO 46.4 CENTS PER SHARE.FY REVENUE INCREASED BY 67% TO R3 527 MILLION (FY17: R2 118 MILLION).FY TOTAL COMPREHENSIVE INCOME INCREASED BY 569% TO R202 MILLION (FY17: R30.2 MILLION).FINAL FY18 DIVIDEND OF R35 MILLION.  Full Article

Wescoal Holdings Says Accepted Offer For Disposal Of One Of Its Non-Core Assets
Tuesday, 29 May 2018 01:10am EDT 

May 29 (Reuters) - Wescoal Holdings Ltd ::WESCOAL HOLDINGS LTD - COMPANY HAS ACCEPTED AN OFFER FOR DISPOSAL OF ONE OF ITS NON- CORE, NON-OPERATIONAL ASSETS.WESCOAL HOLDINGS LTD - DISPOSAL IS IN LINE WITH COMPANY'S STRATEGY OF REALIZING VALUE FOR SHAREHOLDERS AND BUILDING A SCALABLE, SUSTAINABLE BUSINESS..  Full Article

Wescoal Holdings Ltd says HY EPS down 18 pct to 22.5 cents
Tuesday, 21 Nov 2017 12:05am EST 

Nov 21 (Reuters) - WESCOAL HOLDINGS LTD ::HY ‍REVENUE UP 55% TO R1.610BN.‍HY GROSS PROFIT UP 42% TO R267.1M​.‍HY EPS OF 22.5CPS DOWN 18 PERCENT​.HY ‍EPS (NORMALISED) OF 27.3 CPS​.‍BOARD RESOLVED TO DECLARE AN INTERIM DIVIDEND OF R14 MILLION FOR PERIOD ENDED 30 SEPTEMBER 2017​.‍INTERIM DIVIDEND OF R14M EQUATING TO 3.1CPS​.  Full Article

Wescoal Holdings ‍sees HY HEPS 19.5 to 20.5 cents
Thursday, 16 Nov 2017 10:05am EST 

Nov 16 (Reuters) - Wescoal Holdings Ltd :‍SEES HY HEPS 19.5 TO 20.5 CENTS.  Full Article

No consensus analysis data available.