Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
4 Oct 2012joint venture update● Neutral
Rey served notice on Gujarat that the Buru takeover would breach the farm-in's representations and warranties, and raised interference concerns with Buru. It asked them not to proceed on 4 October. This builds on the Gujarat dispute over the EP457/458 permits.
4 Oct 2012asset acquisition disposition● NeutralMajor
Buru says its $36M purchase of Gujarat NRE Oil, and so the 90% of EP457/458, is complete. It rejects as without foundation Rey's claim that Gujarat's parent breached the joint venture's parent guarantee provisions.
26 Sept 2012asset acquisition disposition● NeutralMajor
Buru Energy announced it will buy Gujarat NRE Oil, holding 90% of Rey's EP457/458 petroleum permits, for $36M cash, funded by a roughly $40M placement. Rey keeps its 10% free-carried interest. This changes the partner in the permits where Rey's pre-emptive right dispute with Gujarat sat.
26 Sept 2012asset acquisition disposition● Neutral
Rey confirms Buru's proposed $36M purchase of Gujarat's 90% interest in EP457/458. Rey's 10% stays free-carried until production, with costs repaid from production. Rey is considering its pre-emptive rights under the Gujarat farm-in.
14 Sept 2012director officer appointment● Neutral
Rey appointed ASF nominees Min Yang (ASF chairman) and Geoff Baker as non-executive directors from 13 September 2012, as the ASF subscription agreement provided. ASF now has two seats on the board.
11 Sept 2012annual report● Neutral
Financial report for the year to 30 June 2012, with directors' report and KPMG as auditor. The extract provided contains no financial figures, so none are given here.
11 Sept 2012capital raising announcement● Neutral
ASF's own announcement that its second tranche of 90M Rey shares is complete, giving it about 22.7% of Rey. Two ASF directors, Min Yang and Geoff Baker, will join the Rey board. Repeats Rey's announcement from ASF's side.
11 Sept 2012capital raising announcement▲ GoodMajor
After shareholders approved the placement at the 6 September meeting, Rey issued 90M shares at 12c to ASF's nominee, raising $10.8M. This completes the ASF deal started in June and leaves 505,733,873 shares on issue.
What it means for a shareholder
90.0m new shares at A$0.120 to raise about A$10.8m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00165% to 0.0014% of the company. To keep it you'd need 1,483 more shares - about A$178 at the issue price.
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11 Sept 2012capital raising announcement● Neutral
Routine notice allowing the 90M shares issued to ASF's nominee at 12c to be resold. Confirms 505,733,873 shares on issue. No new information beyond the placement completion.
What it means for a shareholder
90.0m new shares at A$0.120 to raise about A$10.8m. That's 15% dilution: every existing holder's slice gets 15% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.00165% to 0.0014% of the company. To keep it you'd need 1,483 more shares - about A$178 at the issue price.
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23 July 2012material agreement● Neutral
Rey and ASF extended the deadline for the shareholder meeting on the 90M-share placement from 14 August to 14 September 2012. ASF's exclusivity on a Duchess Paradise deal now runs 14 days beyond that. A notice of meeting is expected soon.
18 June 2012capital raising announcement▲ GoodMajor
Rey will raise up to $13.8M by placing 115M shares at 12c with ASF Group, a 33% premium to the 9c last price. ASF would become the largest shareholder (about 22.5%) with two board nominees, and gets 60 days' exclusivity on a Duchess Paradise deal. 90M shares need shareholder approval.
What it means for a shareholder
115m new shares at A$0.120 to raise about A$13.8m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0023% to 0.00175% of the company. To keep it you'd need 2,646 more shares - about A$318 at the issue price.
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18 June 2012capital raising announcement● Neutral
ASF Group's own announcement of the same deal: it will subscribe for up to 115M Rey shares at 12c, ending with about 22.7% of Rey. It also gets two board nominees and 60 days' exclusivity. Repeats Rey's announcement from ASF's side.
18 June 2012capital raising announcement● Neutral
Rey issued the first 25M shares at 12c to ASF's nominee, leaving 415,733,873 shares on issue. This is a routine notice that allows the shares to be resold, and it completes the first $3M tranche.
What it means for a shareholder
25.0m new shares at A$0.120 to raise about A$3.0m. That's 6.5% dilution: every existing holder's slice gets 6.5% smaller. If you held A$1,000 of shares (8,333 at the issue price), your slice goes from 0.0023% to 0.00215% of the company. To keep it you'd need 575 more shares - about A$69 at the issue price.
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10 May 2012material agreement▲ GoodMajor
Rey concluded a Heads of Agreement with the Nyikina Mangala Traditional Owner negotiating committee for Duchess Paradise, covering jobs, contracts and royalties. It still needs ratification, and a full Mining and Co-Existence Agreement is expected by the end of 2012. A key step in the native title approvals.
8 Mar 2012half year report● Neutral
Half-year financial report to 31 December 2011, reviewed by KPMG, with no issues found by the auditor. The extract provided shows no financial figures, so none are given here.
11 Jan 2012director officer appointment● Neutral
Shannon Coates is appointed Company Secretary, replacing Glen Smith and Krishna Kulshreshtha, who resigned. She is a corporate law specialist who also works with Perth advisory firm Evolution Capital Partners.
9 Dec 2011capital raising announcement● NeutralMajor
Rey placed about 28.6M shares at 14c to raise about $4.0M via Euroz, well below the 20c paid in the July placement. Funds go to permitting, exploration and working capital. It says talks with several potential project partners continue. It also answered an ASX price query, citing the raising and its funding search.
What it means for a shareholder
28.6m new shares at A$0.140 to raise about A$4.0m. That's 7.3% dilution: every existing holder's slice gets 7.3% smaller. If you held A$1,000 of shares (7,143 at the issue price), your slice goes from 0.00197% to 0.00183% of the company. To keep it you'd need 564 more shares - about A$79 at the issue price.
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23 Nov 2011investor presentation● Neutral
AGM presentation by the Managing Director recaps 2011: resource upgrade, maiden reserve, feasibility study (NPV A$176M, IRR 27%) and drilling results. Construction is still targeted for 2013, subject to approvals. No new results.
10 Oct 2011annual report● Neutral
2011 Annual Report recaps the year: feasibility study completed, mining lease application lodged, P1 resource 305.8Mt, maiden 26.3Mt reserve and the A$12M raising. Marketing talks with potential customers have started. Largely repeats known facts; the extract has no financial figures.
20 Sept 2011drilling result▲ GoodMajor
2011 drilling confirmed P1 coal continuing two kilometres north of the current mine plan, and down-dip up to 2.5km east of the inferred resource. This could add resources over about 22 km2 and lengthen the slot mine life from 10 to 13-14 years. Resource recalculation due 2012.
13 Sept 2011director officer appointment● Neutral
Brett Clark and Lex Graefe join as non-executive directors from 1 October 2011. Long-serving directors Alan Humphris (since 2004) and James McClements (since 2007) resign the same day, described as planned succession after the feasibility study.
1 Sept 2011regulatory community update● NeutralMajor
Rey says Duchess Paradise is not affected by the West Kimberley National Heritage Listing. The WA EPA set the assessment level at Public Environmental Review, with an eight-week public review expected in 2012. So approvals are a continuing hurdle, not yet cleared.
25 Aug 2011annual report● Neutral
Annual financial report for the year to 30 June 2011, with directors' report, remuneration report and audited accounts. The extract provided does not show financial figures, so no numbers are given here.
16 Aug 2011security holder rights change● Neutral
1,500,000 unlisted employee options (1M at 15c, 500k at 35c) expired unexercised on 9 August 2011. Administrative notice only.
1 July 2011capital raising announcement▲ GoodMajor
Rey raised A$8.0M through a placement of 40M shares at 20c, about a 5% premium to the last close, led by Euroz. Funds go to exploration, optimisation studies and permitting. 6.7M shares issue now; 33.3M need shareholder approval on 5 August.
What it means for a shareholder
40.0m new shares at A$0.200 to raise about A$8.0m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00156% to 0.00139% of the company. To keep it you'd need 624 more shares - about A$125 at the issue price.
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27 June 2011investor presentation● Neutral
Presentation of the completed feasibility study repeats its headline numbers: NPV A$176M, IRR 27%, 3.4-year payback, 26Mt reserve and 2013 production target. It adds upside ideas such as extending mine life and studying the P2 seam. No new results.
27 June 2011other▲ GoodMajor
The Definitive Feasibility Study is complete, showing a 2.0–2.5Mtpa highwall operation with at least a 10-year life. It shows an after-tax NPV of A$176M (10%), IRR 27%, payback 3.4 years, production costs A$70/t. Production in 2013 is targeted, subject to government approvals.
23 June 2011drilling spud● Neutral
The 2011 drilling program has restarted after the wet season, after heritage clearances with Traditional Owners. It aims to expand shallow reserves, test sub-crop areas nearer Derby port (missed in 2010) and upgrade deeper coal. Feasibility study still due end June.
10 June 2011investor presentation● Neutral
June investor presentation repeats the April resource upgrade, the maiden reserve and the continuing drilling to expand reserves and support underground potential. No new results are reported.
6 June 2011resource reserve update▲ GoodMajor
Rey declares its first coal reserve for Duchess Paradise: 26.3Mt in the upper P1 seam, supporting a roughly 10-year mine plan selling about 2Mt a year. This converts part of the April resource into a reserve, as the earlier timetable anticipated.
