Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
23 Oct 2012annual report● Neutral
The 2012 annual report said Rey raised $15M in placements during the financial year. It also said the June 2012 ASF agreement subsequently raised a further $10.8M, and that ASF nominees Min Yang and Geoff Baker joined the board on 13 September 2012.
10 Oct 2012regulatory community update▼ Bad
Dr Anne Poelina objects to Rey's Duchess Paradise mining lease and licence applications. The Mining Warden delayed the environmental grounds until the EPA decides, but non-environmental grounds proceed first. This is a possible delay to the mining lease approval.
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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31 July 2012quarterly activities report● Neutral
June quarter report: the $3M ASF placement is complete and the $10.8M tranche is proposed. Funding for the 2012 drilling is expected only in September, curtailing the program, with most Duchess Paradise drilling deferred to 2013. The P2 review found only limited P2 coal, and P2 will no longer be reported.
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.
30 Apr 2012quarterly activities report● Neutral
March quarter report: the EPA endorsed the environmental scoping document, with public review now expected in the second half of 2012. A 12,000m drill program is planned for May to November, and a P2 seam review is under way. Construction is now expected late 2013, first production 2014 (a slight slip from early 2014).
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.
30 Jan 2012quarterly activities report● Neutral
December quarter report: the $4M raising is complete, the strategic investor process continues and 2012 drilling is being prepared. The environmental scoping document was approved for public review. Project cost is about $200M, with construction expected from 2013 and first production in early 2014.
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.
31 Oct 2011quarterly activities report● Neutral
September quarter report: 2011 drilling finished, approvals continue, and a strategic investor process is underway. Derby port clean-up cost $1.5M. Construction is expected from 2013 and first production in early 2014, with financing tied to permit grants.
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.
