Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
21 Oct 2009admin correction● Neutral
Rey re-issues its 14 October investor presentation, amended after discussion with ASIC and ASX. The amended version labels the 30-36 billion tonne figure an Exploration Target and adds JORC-based explanatory wording. Core numbers are unchanged.
20 Oct 2009annual report● Neutral
Rey's 2009 annual report, kept brief because of the takeover activity. The chairman says the Gujarat bid has not succeeded and the latest raising is funding the pre-feasibility study. Financial figures are not readable in the supplied excerpt.
19 Oct 2009business combination● Neutral
Cover letter and full Bidder's Statement from Crosby's vehicle Fusedale for the 19.5c cash offer; offer dates are still blank in this version. Repeats the terms announced in the companion release.
19 Oct 2009business combination● Neutral
Rey's directors intend to recommend rejecting Crosby's 19.5c offer, calling it inadequate and highly conditional. It is 22% below Rey's last price of 25c. Formal response will come in the Target's Statement; shareholders should take no action.
19 Oct 2009business combination● NeutralMajor
Crosby lodges its bidder's statement for a 19.5c cash offer, valuing Rey at about $43.4M fully diluted, and says FIRB approval is obtained. Documents are expected to be posted 2 November. This follows its 4 September announcement of intent.
14 Oct 2009investor presentation● Neutral
MD Kevin Wilson's October presentation repeats the 511Mt resource, the 30-36 billion tonne exploration potential, the secured Derby port and the December pre-feasibility study. Nothing new; it was later amended (see 21 October).
13 Oct 2009regulatory community update▼ BadMajor
Mineralogy, until recently a Rey shareholder, has applied to have some exploration licences held by Blackfin (a Rey subsidiary) forfeited for failing expenditure conditions. Rey says they are outside the 511Mt resource and pre-feasibility study, and will defend vigorously; hearing starts December 2009.
8 Oct 2009asset acquisition disposition▲ GoodMajor
Rey takes over the Derby port sub-lease and loading equipment from Lennard Shelf, estimating 2Mtpa coal export capacity. It assumes about $200,000 of clean-up liabilities and posts a $350,000 bond; the sub-lease expires 2012. Unlocks a key part of the pre-feasibility study.
1 Oct 2009business combination● Neutral
Gujarat extends its unconditional offer for Rey by four weeks again, from 2 October to 30 October 2009. Terms are unchanged.
25 Sept 2009regulatory community update● Neutral
Gujarat gives a routine notice that its offer remains free of all conditions; its voting power in Rey is 16.90%, up from 16.85%.
11 Sept 2009regulatory community update● Neutral
Rey clarifies its 20 August announcement: the 30-36 billion tonnes is an Exploration Target, not a resource. It restates the 510Mt JORC resource and the 2Mtpa production target. Reads as a correction of how earlier figures were presented.
7 Sept 2009annual report● Neutral
Rey's statutory accounts for the year to 30 June 2009 are released. The excerpt shows directors' details only; no financial figures are readable in the supplied text.
4 Sept 2009business combination● Neutral
Gujarat extends its unconditional offer for Rey by four weeks, from 4 September to 2 October 2009. Terms are unchanged.
4 Sept 2009business combination● Neutral
Gujarat acknowledges Crosby Capital's intended takeover bid for Rey, calling it highly conditional. Its board is considering the terms and will respond in due course; its own offer closes 2 October.
4 Sept 2009business combination▲ GoodMajor
Rey notes a rival: Crosby Capital intends a conditional takeover at 19.5c cash per share, equal to the 3 September close. Directors advise taking no action; they still recommend rejecting Gujarat's offer, now extended to 2 October.
28 Aug 2009regulatory community update● Neutral
Gujarat gives a routine notice that its offer is free of all conditions; its voting power in Rey is 16.85%. Procedural, no new terms.
21 Aug 2009business combination● Neutral
Rey continues to urge rejection, noting Gujarat has only 0.21% acceptances. Rey closed at 20.5c on 21 August, 128% above the 9c cash offer and 63% above the share offer. Shareholders should do nothing.
21 Aug 2009business combination▼ BadMajor
Gujarat declares its bid unconditional and says it will not raise the price; offer closes 4 September. Gujarat's voting power is 16.85%. Shareholders who accept now sell outright at 9c cash or 1 Gujarat share per 5 Rey shares.
20 Aug 2009resource reserve update▲ GoodMajor
Rey estimates 30-36 billion tonnes of potential coal across its 8,000 sq km Canning Basin leases, including 9-11 billion tonnes shallower than 350m. This is conceptual, not a JORC resource, and a drilling program targeting 1-2 billion tonnes is planned.
18 Aug 2009investor presentation● Neutral
MD Kevin Wilson's Coaltrans presentation pitches Rey as a thermal coal supplier to India and Asia, repeating the 511Mt Duchess-Paradise resource, the initial 2Mtpa export via Derby and ongoing offtake talks. Largely repeats known points.
11 Aug 2009regulatory community update● Neutral
Gujarat advises the Foreign Investment Review Board has no objection to its takeover bid, satisfying the foreign-investment condition. Other conditions remained at this point; a procedural step in the bid.
4 Aug 2009material agreement▼ BadMajor
Gujarat says it holds a pre-emptive right of first refusal over any sale of Rey's Canning Basin petroleum permits (including coal seam methane) and warns it may sue. This targets Rey's reported invitations to other parties for deals; it could complicate a rival bid or asset sale.
4 Aug 2009business combination● NeutralMajor
Rey's Target's Statement: directors unanimously recommend rejecting Gujarat's offer, and will reject for their own 19%. Shares closed at 19c on 3 August versus the 9c cash offer. The rights issue funds the pre-feasibility study to end 2009; 2Mtpa export from 2013 is targeted.
3 Aug 2009business combination● Neutral
Gujarat sends Rey shareholders its replacement Bidder's Statement and offer document dated 3 August: 9c cash or 1 Gujarat share per 5 Rey shares. Terms are unchanged from the 29 July version; this is the formal dispatch of the existing bid.
31 July 2009other● Neutral
List of top 20 holders of Rey's 29.6m options exercisable at 30c expiring 31 March 2010. Gujarat holds 3.23m (10.9%). Administrative listing with no new events.
30 July 2009investor presentation● Neutral
Updated company presentation shows the rights issue completed 22 July, share price 17c and market cap $31M, now above Gujarat's 9c cash offer. Cash is $3.1M. Directors still intend to recommend rejection.
30 July 2009business combination● Neutral
Gujarat lodges a first supplementary Bidder's Statement with a replacement version, making wording changes to the 20 July document, such as softening its statements on premium and liquidity. The offer terms shown are unchanged.
24 July 2009investor presentation● Neutral
MD update presentation repeats the case to reject Gujarat, the 72% rights take-up and the 511Mt resource. Shows 184M shares, 14c price, $26M market cap and $3.07M cash after the raise. Largely repeats known points.
23 July 2009regulatory community update● Neutral
Gujarat gives notice that the date for determining who receives its bid documents is 24 July 2009. Administrative step in the takeover process. The notice refers to a '20 June' Bidder's Statement, apparently a typo for 20 July.
23 July 2009other● Neutral
Top 20 shareholder list after the rights issue: 183.6m shares on issue, Gujarat NRE the largest holder at 16.6%, National Nominees 8.3%. Top 20 hold 65.2%. Administrative.
