The Share Price Of PNL Zoomed Up By 2.564% After The Appointment Mr. Egan J. Antill

PNL

On 11 December 2018, Paringa Resources Limited (ASX: PNL) announced regarding the appointment of U.S. based CEO and managing director Egan J. Antill. He will lead the position with effect from 12 December 2018. From the University of Queensland, he completed his engineering. He started his career with Mount Isa Mines Ltd and Caterpillar of Australia Ltd. Then he went to Yale University from where he completed an MBA. He was in New York for another 20 years of his career where he was into the investment banking on Wall Street. He was also the managing director of Merrill Lynch & Co., New York. There he was responsible for providing strategic advice to the global mining and metals companies. He also had experience working with the Mergers and Acquisition department of Credit Suisse, Boston.  [optin-monster-shortcode id=”swikrbu1d9j9aq0o4cko”]

After joining PNL, Mr. Antill will be responsible for the ramp-up of the coal mine as well as shareholder’s wealth creation.

Mr. Antill, on the other hand, is very excited to lead the chair. He also is eager to accept the challenge of coal mine ramp up as it is in its early stage where there is a high expectation in production from the low-cost curve. He also adds that the thermal coal market has a strong fundamental which will encourage exports in the future.

The company has consistently given a negative performance since it got listed on ASX. The performance of the company since inception remain -22.44%. The five years performance of the company was -11.12%. Since last year, the performance of the company is -42.35%.

By the end of FY2018, the company made a net loss of US$7.115 million. The balance sheet of the company appears healthy. However, there is a year on year increase in the accumulated losses which indicates the poor operating performance of the company. The total shareholder’s equity for FY2018 was US$77.090 million.

The net cash outflow was US$4.132 million from the operating activities of the company. Here, the primary source of cash outflow was in the form of payment made to suppliers and employees.

The net cash outflow was US$28.179 million from the investing activities of the company. The primary source of cash outflow under this category was due to payment made for plant, property, and equipment. Further, the company made advanced royalties, secured deposits and bonds and payment for deferred considerations.

There is a net cash inflow of US$20.076 million from the financing activities of the company. Here, the primary source of cash inflow was through the issue of shares. By the end of FY2018, the net cash available with the company was US$22.623 million.

By the end of trading on 11 December 2018, the market price of the share increased by 2.564% with the closing price of A$0.200 and the stock holding a market capitalization of A$88.61 million.


Disclaimer

This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.

Join Our Discussion

Start discussion with value Investors for ASX Stock Market Investment and Opinion.


6 Cannabis Stocks under Investor’s Limelight…

Cannabis companies that sell both medicinal weed and recreational pot. Marijuana stocks to look at. Marijuana mergers and acquisitions. Dispensary data analytics. Upcoming marijuana IPO’s Those phrases have become increasingly common as marijuana legalization spreads.

Global spending on legal cannabis is expected to grow 230% to $32 billion in 2020 as compared to $9.5 in 2017, according to Arcview Market Research and BDS Analytics. As of June 29, 2018 the United States Marijuana Index, despite a lot of uncertainty around regulations, has over the past 1 year gained 71.49%, as compared to about 12% gain seen by the S&P 500.

Click here for your FREE Report