20 Apr 2011security holder rights change● Neutral
100,000 unlisted employee options (50,000 at 45c expiring Aug 2011, 50,000 at 60c expiring Aug 2012) were cancelled under the option plan. Administrative notice only.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
7 Apr 2011director officer appointment● NeutralMajor
Maree Arnason joins as Executive Director – Strategy. Technical Director Bruce Preston, a director since listing, and recently appointed Bill McIntosh resign from the board. Preston stays temporarily as Rey's Derby-region representative.
6 Apr 2011resource reserve update▲ GoodMajor
Re-estimate of the Duchess Paradise upper seam lifts Measured resource to 60.2Mt, up 229% from 18.3Mt, and total upper-seam resource to 305.8Mt, up 9%. A reserve statement is expected in the June 2011 quarter, with the feasibility study due June.
15 Mar 2011half year report● Neutral
Half-year to 31 December 2010: exploration spend $8.3M, equity raised $11.4M net, cash $13.4M. Feasibility study due June 2011, with operations targeted for late 2013 subject to approvals.
24 Feb 2011director officer appointment● Neutral
Rey appoints Bill McIntosh, a coal and project development executive with Kaltim Prima Coal, BP Coal and Utah Development experience, as non-executive director from 21 February 2011.
24 Jan 2011regulatory community update▲ GoodMajor
Rey lodged a Mining Lease Application with WA's Department of Mines and Petroleum to convert parts of two exploration permits covering Duchess Paradise into a mining lease. A step toward mining approval; feasibility study still due end of June quarter 2011.
30 Dec 2010other● Neutral
Rey's securities trading policy, explaining insider trading rules and restrictions on dealing for directors and staff. Administrative document with no new company developments.
3 Dec 2010capital raising announcement▲ GoodMajor
Rey completed an oversubscribed A$12M placement at 20c per share, issuing 60M shares through BBY Limited. Funds were for Canning Basin drilling, environmental surveys and the feasibility study due at the end of June 2011.
29 Nov 2010investor presentation● Neutral
Managing Director's post-AGM presentation recaps the year: pre-feasibility study done, two takeovers defeated, non-core assets sold, board refreshed with Beevor and Lenegan. Repeats the 2Mtpa highwall plan; no new results.
29 Nov 2010drilling result▲ GoodMajor
The 2010 drilling program finished with 180 holes (14,150m). Coal outcrop at Duchess Paradise extended about four km north and better defined at depth. Resource upgrade and reserve conversion expected in 2011; north-west subcrop drilling deferred to 2011.
24 Nov 2010investor presentation● Neutral
Managing Director's November 2010 presentation restates known facts: 511Mt resource, feasibility study due June 2011, 2013 target for a 2Mtpa mine, and ongoing partner talks. No new results.
23 Nov 2010drilling result▲ GoodMajor
Early coal quality results from 22 of 33 cored 2010 holes at Duchess Paradise show product of 5,539–5,666 kcal/kg gar, better than or in line with the January 2010 pre-feasibility figure of 5,528. Feasibility study still due June 2011.
18 Nov 2010director officer appointment▲ GoodMajor
Rey names Charlie Lenegan, former Rio Tinto Australia managing director and current OZ Minerals director, as chairman after the 29 November 2010 AGM. Founding chairman Julian Ludowici retires. Lenegan is Perth-based, matching the company's move of its management office to Western Australia.
9 Nov 2010price query● Neutral
After the shares rose from 17c to 25c, Rey tells the ASX it knows of no undisclosed news. It points to higher thermal coal prices and Buru Petroleum's Canning Basin gas find, noting Gujarat holds 90% of overlapping petroleum permits EP 457/458 and Rey is free-carried.
28 Oct 2010annual report● Neutral
2010 annual report: chairman Julian Ludowici will not seek re-election, and Ronnie Beevor's appointment goes to shareholders for ratification. It restates the 511Mt resource, the Derby port, the definitive feasibility study and 2011 objectives, including drilling to reserve status.
30 Sept 2010annual report● Neutral
Statutory accounts for the year to 30 June 2010 begin with the directors' report, listing Ludowici, Wilson, Preston, Humphris, McClements and newly appointed Beevor. The text provided is truncated and gives no financial figures.
10 Aug 2010security holder rights change● Neutral
550,000 unlisted options exercisable at 30c lapsed unexercised on 9 August 2010. Administrative notice only.
2 Aug 2010director officer appointment● Neutral
Rey appoints Ronnie Beevor, a former head of investment banking at NM Rothschild Australia, as non-executive director and audit committee chairman from 2 August 2010. He is entitled to 1,952,149 Rey shares.
19 July 2010regulatory community update▲ GoodMajor
Gujarat's takeover offer for Rey has lapsed after about 11 months, with under 0.5% acceptances; Gujarat still holds 12.38%, below the roughly 16.6% it held when the offer began. Rey says the definitive feasibility study is progressing and key consultants are appointed.
2 July 2010regulatory community update● Neutral
Gujarat gives a formal notice that its offer remains free of all conditions. Its voting power in Rey is now 12.38%, up from 12.00% in April. No new terms.
30 June 2010investor presentation● Neutral
MD's Sydney Mining Club presentation repeats the 511Mt resource, completed pre-feasibility study, definitive feasibility study due 2011 and 2Mtpa mine pathway. Partner discussions are ongoing. No new results.
11 June 2010regulatory community update● Neutral
Rey's chairman and MD tell shareholders to reject Gujarat's 9c cash or 1-for-5 scrip offer, calling it a last-ditch bid. They note Gujarat's holding is about 12%, down from about 16.6% after the 20c raising, and that feasibility completion is expected in 2011.
10 June 2010regulatory community update● Neutral
Gujarat NRE Coking Coal extended its off-market takeover bid for all Rey shares again on 10 June 2010. The offer is now due to close at 7.00 pm EDST on Friday 9 July 2010.
27 May 2010other● Neutral
This is another company's announcement. TPL Corporation appoints a new managing director and describes its Canning Basin coal tenement applications, citing Rey's 500Mt+ delineated resource. It carries no news about Rey itself, though it shows a competitor exploring nearby.
27 Apr 2010investor presentation● Neutral
MD's April 2010 presentation repeats the 511Mt resource, positive pre-feasibility study and definitive feasibility study underway. It lists Ron Hite as project director, shows 18c share price, $50M market cap and $12.5M cash, and says offtake discussions are underway. No new results.
14 Apr 2010regulatory community update● Neutral
Gujarat extends its unconditional offer for Rey again, to 14 May 2010 from 16 April. Nothing else changes.
9 Apr 2010regulatory community update● Neutral
Gujarat gives a formal notice that its takeover offer for Rey has been free of all conditions since 21 August 2009. Its voting power in Rey is stated as 12.00%. No new terms.
6 Apr 2010director officer appointment▲ GoodMajor
Rey appoints Ron Hite as project director for its Canning Basin coal developments, based in a new Perth office. He is a mining engineer with ten years at Asian American Coal and earlier highwall mining experience. He will complete the feasibility study and build the project team. This fills the role flagged earlier.
22 Mar 2010security holder rights change● Neutral
Rey notifies that its 29.6M quoted options, exercisable at 30c, expire on 31 March 2010 and will lapse if unexercised. Shares last closed at 16c, well below the 30c exercise price, so exercise looks unlikely (inference).
18 Mar 2010regulatory community update● Neutral
Gujarat, now renamed Gujarat NRE Coking Coal, extends its unconditional offer for Rey to 16 April 2010 from 19 March. The offer remains free of conditions; no other terms change.