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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. Â
After joining PNL, Mr. Antill will be responsible for the ramp-up of the coal mine as well as shareholderâs 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 shareholderâs 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.
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