5 Aug 2011agm notice● Neutral
All four resolutions at the 5 August EGM passed on a show of hands, including approval of the 33.3M-share second tranche of the 2011 placement. This completes the approval step for the A$8.0M raise.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
29 July 2011quarterly activities report● Neutral
June quarter report recaps the maiden reserve, the positive feasibility study (NPV A$176M), resource extension drilling that has begun, and funding secured. Operations are still targeted for end-2013, subject to approvals. Repeats known facts.
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.
Create a free account to see this worked out for your own holding.
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.
29 Apr 2011quarterly activities report● Neutral
March quarter report recaps the April P1 seam resource (305.8Mt, Measured 60.2Mt) and says the feasibility study is on track for June 2011, with operations targeted for end-2013 subject to approvals. The 2011 drilling program is due to start in May. No new results.
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.
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.
27 Jan 2011quarterly activities report▲ Good
December quarter report recaps the completed 180-hole drilling, four km coal extension, coal quality at or above the pre-feasibility study, the mining lease application and the $12M raise. Lenegan is now chairman and the office has moved to Perth. Feasibility study on schedule for 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 2010agm notice● Neutral
Results of the 29 November 2010 AGM: all resolutions passed on a show of hands. Proxy votes show some resolutions drew substantial against votes (about 58M on several).
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.
29 Oct 2010quarterly activities report● Neutral
September quarter: over 140 holes (8,200m) drilled at Duchess Paradise to upgrade the resource, and exploration drilling to the north started after quarter end. The definitive feasibility study is on schedule for 2011, and coal quality results are expected this quarter.
29 Oct 2010quarterly activities report● Neutral
Appendix 5B: cash fell to $8.0M at 30 September 2010 from $10.5M, with operating outflow of $2.4M. Estimated outflow next quarter is $3.25M. Eradu licence E70/2392 was relinquished and 1M options were exercised, taking shares to 259.6M.
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.