Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
28 July 2010quarterly activities report● Neutral
Appendix 5B for the June 2010 quarter, a re-release of the same cash statement: cash $10.5M at 30 June, down from $12.5M. Estimated outflow next quarter is $3.4M. Nothing new.
28 July 2010quarterly activities report● Neutral
Appendix 5B cash flow statement for the June 2010 quarter (mislabelled March in its title): cash fell to $10.5M from $12.5M, with operating outflow of $1.9M. Next quarter's outflow is estimated at $3.4M.
28 July 2010quarterly activities report● Neutral
June quarter report: the definitive feasibility study is progressing with key consultants appointed, and drilling began in July after the wet season. Gujarat's offer lapsed, and the company says the proposed mining tax would have negligible effect on the PFS. Completion is due mid 2011, with production targeted for 2013.
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.
28 Apr 2010quarterly activities report● Neutral
March quarter report restates the positive pre-feasibility study, definitive feasibility study start, Ron Hite's appointment and drilling preparations for the end of the wet season. The board still recommends rejecting Gujarat's offer. No new results.
28 Apr 2010quarterly activities report● Neutral
Cash was $12.53M at 31 March 2010, down from $13.69M; quarter operating outflow was $1.16M. Next quarter's outflow is estimated at $2.5M. The 29.6M 30c options expired 31 March; Humitos leases are shown as relinquished.
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.
4 Mar 2010half year report● Neutral
Half-year to 31 Dec 2009: loss of $1.86M (down 3%) on revenue of $65k. Net tangible assets were $20.7M, or 8.0c a share, versus 4.5c a year earlier, reflecting the December $15M raising. Report notes the Mineralogy forfeiture application against Blackfin licences is unresolved.
22 Feb 2010asset acquisition disposition● NeutralMajor
Rey confirms the sale of its Humitos copper leases in Chile to China Yunnan Copper for $200,000 cash plus a 1.5% royalty on any future production, subject to a 30-day due diligence and Chilean approval. Rey says there is no accounting impact; other non-core disposals continue.
22 Feb 2010asset acquisition disposition▲ Good
China Yunnan Copper announces it will buy Rey's Humitos copper porphyry property in Chile for $200,000 plus a 1.5% royalty, after 30 days' due diligence. The property had earlier been relinquished and written to zero (per context), so this may bring a small cash return.
19 Feb 2010investor presentation● Neutral
MD's 20:20 Investor Series presentation repeats the 511Mt resource, the positive pre-feasibility study (34% IRR, $113M capex, 2013 start) and the definitive feasibility study under way. No new results.
18 Feb 2010regulatory community update● Neutral
Gujarat extends its unconditional offer for Rey once more, to 19 March 2010 from 19 February. The offer remains free of conditions; nothing else changes.
17 Feb 2010joint venture update▲ Good
Rey confirms the Myroodah uranium joint venture: UXA can earn up to 80% by spending $1.75M, with Rey keeping coal rights. Rey says it is recruiting a project director for the feasibility study, talks with coal partners continue, and non-coal lease deals are 'well advanced'.
17 Feb 2010farm in farm out agreement▲ GoodMajor
Uranium Exploration Australia announces its side of the Myroodah uranium deal with Rey and subsidiary Blackfin. UXA can earn 51% by spending $750,000 over 2 years, and up to 80% with a further $1M. Rey keeps all coal rights.
29 Jan 2010quarterly activities report● Neutral
Appendix 5B shows cash of $13.69M at 31 December 2009, up from $2.01M at the start of the quarter, after $14.2M raised from share issues. Operating outflow was $2.5M for the quarter, next quarter's outflow is estimated at $1.0M, and 258.6M shares were on issue.
29 Jan 2010quarterly activities report● Neutral
December quarter report restates the positive pre-feasibility study, the commitment to a definitive feasibility study and the 18,000m 2010 drilling program. It notes the $15M raising, that Gujarat's offer is still open with the board recommending rejection, and that the Crosby/Fusedale offer lapsed.
29 Jan 2010quarterly activities report● Neutral
Amended version of the December quarterly report with the same content as the original lodged the same day. The text appears partly garbled, and no new substance is evident.
28 Jan 2010investor presentation● Neutral
MD's 'Path to Production' presentation repeats the pre-feasibility results (34% IRR, $113M capex, 2013 start), the definitive feasibility study under way and an 18,000m drilling program. No new results.
21 Jan 2010resource reserve update▲ GoodMajor
Pre-feasibility study on Duchess Paradise is positive: 2Mtpa trench highwall mining, A$113M capex, 34% IRR and NPV $88M (at 90c A$/US$) or $161M (at 80c), production from 2013. Board commits to a definitive feasibility study, funded by the December raising. Delivers the study flagged for January.
