Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
28 Aug 2013investor presentation● Neutral
Managing Director's investor update presents the shift from coal to oil and gas exploration. It repeats the Fitzroy 25% stake and the $21M staged Duchess sale, showing $6M cash at 30 June and a $30M market cap. Nothing new announced.
12 Aug 2013admin correction▼ Bad
Rey corrects its meeting notice: assets sold to Crystal are valued at $23.958M, not $21.49M, so the accounting loss on the sale is $2.958M, not $0.49M. Also notes up to four 2014 Ungani-trend wells per Buru, and 1.5M options lapsed.
26 July 2013quarterly activities report● Neutral
June quarter report: the extra 15% of the Fitzroy Blocks completed, seismic plans restated, and the Duchess Paradise sale agreed with $3M received. Crystal has started due diligence, with the shareholder meeting set for late August or September.
11 July 2013joint venture update● Neutral
Fitzroy Blocks 2013 plan: 400km 2D seismic in EP457 and 193km in EP458, aiming at 2014 drilling. Rey's 2013 cost is under $1M, with about $6M cash. The $3M Crystal first payment was received; EGM on the Duchess sale expected late August.
5 July 2013other● Neutral
Rey notes Buru's announcement of its planned activities for the rest of 2013, including the Ungani trend that runs across EP457/458 where Rey holds 25%. Rey's own notice adds no new detail.
2 July 2013director officer appointment● Neutral
Dachun Zhang, former president of China Merchants Group and a COSCO executive, joined the board as independent non-executive director from 1 July 2013. Fills one of the board vacancies left after the November 2012 resignations.
1 July 2013asset acquisition disposition● NeutralMajor
Rey agreed to sell the Duchess Paradise coal project to Crystal Yield for up to A$21M in stages: $3M on signing, $9.6M after due diligence (60% of Blackfin), $8.4M on mining lease grant. Needs shareholder approval; EGM expected late August 2013.
23 May 2013asset acquisition disposition● Neutral
Buru confirms completion of its sale of interests in EP457/458 to Mitsubishi and Rey for $21.059M cash. Interests are Buru 37.5% as operator, Mitsubishi 37.5%, Rey 25%. Duplicates Rey's own completion notice.
23 May 2013farm in farm out completion▲ GoodMajor
Rey completed the $6.017M purchase of an extra 15%, so it now holds 25% of EP457/458, 10% of it free-carried. Seismic is planned for 2013 and drilling of Ungani-trend targets in 2014. Cash is about $4M, with a potential Duchess Paradise investor in due diligence.
30 Apr 2013quarterly activities report● Neutral
March quarter report: the extra 15% of the Fitzroy Blocks is agreed, FIRB approval received, and the Crystal placement completed. Crystal is doing due diligence on Duchess Paradise. The environmental review is close to resubmission to the EPA. Final Western Australia mines department approval was awaited.
3 Apr 2013investor presentation● Neutral
Managing Director interview explaining the 25% Fitzroy Blocks deal, with a market cap of about $30M. It repeats the rationale and pricing already announced and says the permits are hard to value at the exploration stage.
21 Mar 2013capital raising announcement● Neutral
Rey issued 55M shares at 5.5c each to Crystal Yield Investments, completing the placement announced on 18 March. Shares on issue rise to 560,733,873. The rest of the notice is standard secondary trading wording.
What it means for a shareholder
55.0m new shares at A$0.055 to raise about A$3.0m. That's 9.8% dilution: every existing holder's slice gets 9.8% smaller. If you held A$1,000 of shares (18,182 at the issue price), your slice goes from 0.0036% to 0.00324% of the company. To keep it you'd need 1,977 more shares - about A$109 at the issue price.
Create a free account to see this worked out for your own holding.
18 Mar 2013other● Neutral
ASF Group's cover note re-releases Rey's announcement of the increase to 25% of EP457/458. It describes Rey as an associate with 22.7% owned by ASF. No new information.
18 Mar 2013farm in farm out agreement▲ GoodMajor
Buru says it is selling 37.5% of EP457/458 to Mitsubishi and 15% to Rey for $21.058M in total, Rey paying about $6.0M. Interests become Buru 37.5%, Mitsubishi 37.5%, Rey 25%. The old joint venture is terminated and mutual claims released, resolving the Gujarat/Buru dispute.
18 Mar 2013asset acquisition disposition▲ GoodMajor
Rey will buy another 15% of EP457/458 from Buru for $6.017M, taking it to 25%. It funds this from about $8.5M cash plus a 55M-share placement at 5.5c ($3.03M) to Crystal Yield, which also gets 3 months' exclusivity on Duchess Paradise. Management calls it company-transforming and moves toward a diversified energy strategy.
1 Mar 2013half year report● Neutral
Half-year to 31 December 2012: net loss $2.342M versus $3.466M a year earlier, including $291k of Derby Port remediation costs. Lists the board departures. Strategy stays focused on developing thermal coal at Duchess Paradise.
29 Jan 2013quarterly activities report● Neutral
December quarter report: Freney coal intercepts are called encouraging, with 2013 follow-up drilling being prepared, and the board has been restructured. The environmental review release is still expected in the first half of 2013. Rey is seeking judicial review of the Warden's decision.
29 Nov 2012other● Neutral
ASF Group's cover note to ASX says its subsidiary has withdrawn the requisition for a general meeting of Rey. It adds no new substance beyond Rey's own notice.
29 Nov 2012other● Neutral
Rey confirms ASF formally withdrew its 16 November requisition to remove directors, citing circumstances since then. This closes the board fight, after the other directors resigned.
28 Nov 2012director officer appointment● NeutralMajor
Chairman Beevor, director Clark and executive director Arnason all resigned, leaving a board of ASF nominees Yang and Baker plus MD Kevin Wilson. ASF's requisition meeting and the spill meeting will not proceed. Board recruitment will begin.
22 Nov 2012investor presentation● Neutral
AGM presentation says Rey is financed for 2013 exploration and permitting and had about $11M cash in November. The partner search for Duchess Paradise continues. Otherwise it repeats known project facts and coal market commentary.
22 Nov 2012director officer appointment● NeutralMajor
Chairman Charlie Lenegan and director Lex Graefe resigned effective 21 November 2012. Ronnie Beevor became Chairman. Their re-election resolutions at the AGM held that day were withdrawn. This follows the ASF-driven board dispute.
16 Nov 2012director officer appointment▼ BadMajor
Rey received ASF's requisition for a meeting to remove Maree Arnason, Ronnie Beevor and Brett Clark and appoint Dachun Zhang. If Lenegan and Graefe are also not re-elected at the 22 November AGM, the board would be the MD plus three ASF-linked directors.
15 Nov 2012agm notice● Neutral
ASF's subsidiary has formally asked Rey's directors to call a general meeting on resolutions to restructure the board. This formalises ASF's push for board change.
14 Nov 2012other● Neutral
ASF says its board representatives were not given the chairman's letter before release. It describes board talks as harmonious but inconclusive and says it is considering what steps to take to achieve board change.
14 Nov 2012agm notice▼ BadMajor
Chairman's letter says ASF, with about 23%, wants the board cut and reshaped, including removal of the Executive Director for Strategy. Non-ASF directors oppose it, favouring two executives, two independents and two ASF nominees. Shareholders are urged to weigh this in voting at the 22 November AGM.
31 Oct 2012drilling result▲ GoodMajor
Short October reconnaissance drilling found coal at Freney, about 40km from Duchess Paradise: 6.0m and 4.9m seams at 84.9m and 163.3m. Camballin North had a 1.0m intercept. Highway East had thin coal and Jimbularra Ridge and Gee Gulley found none. Follow-up planned for 2013.
31 Oct 2012quarterly activities report● Neutral
September quarter report: the $10.8M ASF placement is complete and October drilling found coal at Freney. The environmental review release has slipped to the first half of 2013, from late 2012. Dr Poelina's objection is next before the Warden on 23 November.
26 Oct 2012other● Neutral
Top 20 register as at 25 October: ASF Canning Basin Energy holds 115M shares (22.7%), Wanyan Liu 42.9M (8.5%), and Gujarat NRE Minerals 30.8M (6.1%). The top 20 hold 62.6% of 505.7M shares.
23 Oct 2012other● Neutral
Hong Kong investor Wanyan Liu bought 42.86M Rey shares from Australian investors in a Euroz cross, giving a stated 8.5% holding. Rey says she is not an associate of other shareholders.
