11 Sept 2008other● Neutral
Share registry moves from Link Market Services to Registries Limited, effective 6 October 2008. No action needed by shareholders. Administrative notice.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2008drilling progress report▲ Good
Duchess now has 87 open holes and Paradise 32. Seams persist over about 12km of strike, and coal was also seen at Liveringa, about 60km west. The JORC resource is now guided to the first quarter of 2009, and first lab results are due in September.
22 Aug 2008drilling result● Neutral
Rey re-released its Duchess drilling update: first 11 holes on two lines all hit coal, with an upper seam averaging 2.6m and lower seam 6.5m, dipping 6-8 degrees. Core drilling is to start. Repeats the 12 June result.
1 July 2008regulatory community update▲ GoodMajor
Rey received the final government permits to complete its 2008 Canning Basin drilling programme of over 20,000m. So far 47 open holes and one cored hole are drilled, and all but two hit coal. First core results are expected in the September quarter. Resolves the permit thread.
23 June 2008director officer appointment● Neutral
Technical Director Bruce Preston sold 10,000 shares off-market for $2,000, leaving 251,875 direct shares. His 4,986,500 indirect shares and options are unchanged. Very small sale.
23 June 2008investor presentation● Neutral
EGM presentation by the MD: 137m shares, 30c share price, market cap $41m, cash $5m. Repeats Liveringa drilling and Chile IPO or sale plans. Cites thermal coal at US$150/t in June 2008. No new project results.
12 June 2008drilling result▲ GoodMajor
First 11 holes on two Duchess lines all hit coal. Two seams found: upper averaging 2.6m thick and lower 6.5m, dipping 6-8 degrees. Quality lab results are not yet available. Confirms the earlier 1971 drilling; JORC resource still aimed for early 2009.
27 May 2008drilling spud▲ GoodMajor
Rey began drilling at its 100%-owned Liveringa thermal coal project in the Canning Basin. The first 4,000m of the 2008 programme is permitted, with a JORC resource aimed for end-2008 or early 2009. Starts the programme planned since January's rig contract.
22 May 2008security holder rights change● Neutral
Notice that 29.2m escrowed ordinary shares will be released from escrow on 5 June 2008, with an application for quotation. These are the shares escrowed since listing. Administrative notice.
24 Apr 2008regulatory community update▲ GoodMajor
Government and Native Title clearances received for the first 4,000m of a roughly 20,000m 2008 Liveringa programme. Traditional Owners approved all remaining sites, awaiting final government permits. Drilling is expected in May; aims for a JORC resource by end-2008 or early 2009. Resolves the heritage thread.
27 Mar 2008capital raising announcement● Neutral
Appendix 3B for the rights issue allotment: 43.27m shares at 11c and 24.64m options (30c, expiring 31 March 2010). Total shares on issue rise to 137.0m. Administrative follow-through on the completed raising.
What it means for a shareholder
43.3m new shares at A$0.110 to raise about A$4.8m. That's 24% dilution: every existing holder's slice gets 24% smaller. If you held A$1,000 of shares (9,091 at the issue price), your slice goes from 0.00663% to 0.00504% of the company. To keep it you'd need 2,871 more shares - about A$316 at the issue price.
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19 Mar 2008capital raising announcement▲ GoodMajor
Rights issue completed, raising $4.7m before costs; with existing cash Rey has over $6m for 2008 Liveringa drilling. Shareholders took up 60.6%; the 39.4% shortfall (17.0m shares) is underwritten by Veritas, which will place it. Resolves the open raising thread.
What it means for a shareholder
17.0m new shares at about A$0.2765 to raise about A$4.7m. That's 11% dilution: every existing holder's slice gets 11% smaller. If you held A$1,000 of shares (3,617 at the issue price), your slice goes from 0.00264% to 0.00235% of the company. To keep it you'd need 449 more shares - about A$124 at the issue price.
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27 Feb 2008capital raising announcement● Neutral
Prospectus and entitlement forms for the 6-for-13 rights issue at 11c were sent to eligible shareholders. Offer closes 14 March 2008. Administrative step with no new information.
22 Feb 2008other● Neutral
Gujarat NRE Coke moved its 14m Rey shares (about 14.9%) to its wholly owned Australian subsidiary, Gujarat NRE Limited. 4.5m remain escrowed to 6 June 2008. Gujarat says it will take part in the rights issue. Internal transfer, no change in control.
15 Feb 2008capital raising announcement● Neutral
Shareholder letter restating the rights issue terms: 6 new shares per 13 at 11c, about $4.76m, with one 30c option per two new shares. Shares on issue would rise from 93.8m to 137.0m. No new information.
14 Feb 2008capital raising announcement● NeutralMajor
Rey now plans a 6-for-13 rights issue at 11c to raise about $4.76m, replacing January's proposed 1-for-3 at 15c. Veritas underwrites 67.5%; directors intend to take up the rest. The announcement cites volatile markets for the changed terms. Funds go to Liveringa drilling.
12 Feb 2008half year report▼ Bad
Half-year to 31 December 2007: loss of $947,004, revenue down 55.6% to $28,820. Net tangible assets $3.2m, or 3.8c per share, down from 5.6c a year earlier. No dividend.
16 Jan 2008capital raising announcement● NeutralMajor
Rey raised $1.5m via 10m shares at 15c, with free options at 30c to March 2010, and proposes a 1-for-3 rights issue at 15c to raise up to $4.7m. Funds go to Liveringa drilling. The 15c price is above August's 10c placement.
What it means for a shareholder
10.0m new shares at A$0.150 to raise about A$1.5m. That's 53% dilution: every existing holder's slice gets 53% smaller. If you held A$1,000 of shares (6,667 at the issue price), your slice goes from 0.0762% to 0.0356% of the company. To keep it you'd need 7,619 more shares - about A$1,143 at the issue price.
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11 Jan 2008contract award▲ GoodMajor
Rey contracted Underdale Drillers for two rigs to drill about 250 holes, roughly 25,000m, at Liveringa, aiming for a JORC coal resource by end 2008. Drilling is expected from May 2008; heritage clearance exists for only 4,000m so far. Expands the earlier 4,000m plan.
13 Dec 2007asset acquisition disposition● Neutral
Rey was granted Exploration Licence 70/2392 over the Eradu coal field near Geraldton, about 22 km2, prospective for lignite-rank thermal coal. Rey is in talks with a third party to farm into it. Small asset.
7 Dec 2007investor presentation● Neutral
December 2007 information sheet restating known facts: over 1 billion tonnes of Canning Basin coal (management estimate), drilling from Q2 2008, Chilean assets 'to be sold in 2008'. Share price shown at 20c, 81.9m shares. No new information.
29 Nov 2007security holder rights change● Neutral
Notice that the 20c options expire 31 December 2007, about 42m of them. Last share price was 18c, so they are in the money. Directors are investigating underwriters. Exercising could bring in cash for Rey.
27 Nov 2007farm in farm out completion▲ GoodMajor
Canning Basin oil licences EP 457 and EP 458 have been granted and the Gujarat NRE deal approved. Gujarat pays $250k and spends $4.85m to earn 90%, leaving Rey 10% free-carried. Completes the agreement finalised mid-2007; coal leases are not part of it.
19 Nov 2007investor presentation● Neutral
Post-AGM presentation by the MD: focus on coal, with Canning Basin thermal coal aimed at India, over 1 billion tonnes (management estimate), and drilling from Q2 2008. Fenix Stage 2 hit ore-grade material but 'few tonnes'. Market cap about $8m, cash $0.8m.
19 Nov 2007other● NeutralMajor
AGM address: Rey will focus on Canning Basin coal and seek to divest its South American assets, by Canadian listing or cash sale. This reverses the annual report's softer stance. A 20,000m drilling campaign is planned after the wet season ends around April.
22 Oct 2007annual report● Neutral
2007 Annual Report: chairman calls the year one of consolidation, with Liveringa delayed by native title talks and awaiting final heritage clearance. Strategy now centres on Canning Basin coal; directors will consider separating the Chilean and Peruvian assets into a separate listed company.
28 Sept 2007annual report● Neutral
Full-year statutory accounts to 30 June 2007 open with the corporate governance table. Rey departs from several recommendations: only one independent director (Alan Humphris), no nomination committee, and no board or senior executive performance reviews this year. Financial figures not visible in the text.
27 Sept 2007drilling scheduled▲ GoodMajor
After reviewing past exploration, Rey changes its Liveringa coal strategy to target shallow thermal coal on the Grant Structure's southern limb. A 40-hole, 4,000m, $650,000 programme aims at an inferred resource, subject to heritage clearance. The share purchase plan is deferred to November.
31 Aug 2007director officer appointment▲ Good
James McClements, co-founder of Resource Capital Funds, joins as non-executive director. He was a seed investor in Rey before its IPO.
31 Aug 2007capital raising announcement▼ BadMajor
The placement closed at 8,750,000 shares at 10c, short by 1,750,000 shares after market turmoil. Three directors offered to take the shortfall, subject to shareholder approval. Shares were issued at 10c against a 9.1c market price.
What it means for a shareholder
8.8m new shares at A$0.100 to raise about A$875,000. That's 64% dilution: every existing holder's slice gets 64% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.207% to 0.0736% of the company. To keep it you'd need 18,113 more shares - about A$1,811 at the issue price.
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