20 Jan 2010regulatory community update● Neutral
Gujarat extends its unconditional offer for Rey again, to 19 February 2010 from 21 January. The offer remains free of all conditions; no other terms change.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
8 Jan 2010business combination▲ GoodMajor
Fusedale says it will let its 19.5c takeover offer lapse on 15 January 2010. Its prescribed-occurrences condition was breached by Rey's December share issue, and it will not waive that or the 90% minimum acceptance condition. Accepting holders keep their shares.
21 Dec 2009regulatory community update● Neutral
Gujarat revises its 17 December notice: its voting power in Rey is 11.998%, not 16.90%. The offer is still free of conditions. The cause of the lower figure is not stated; it is probably dilution from the new share issue (inference).
18 Dec 2009regulatory community update● Neutral
Gujarat extends its unconditional offer for Rey to 21 January 2010, from 24 December. No change to terms.
18 Dec 2009drilling result▲ GoodMajor
Rey completed the 75M-share raising at 20c and drilled four short holes before the wet season, finding coal near surface about 25km south of Duchess. Pre-feasibility results now expected in the third week of January 2010. Both bids extended; board says reject.
17 Dec 2009regulatory community update● Neutral
Gujarat's routine notice says its offer remains free of all conditions and gives its voting power in Rey as 16.90%. This figure was corrected four days later (see 21 December).
11 Dec 2009business combination● Neutral
Fusedale again extends its 19.5c takeover offer period, with a notice of variation sent to shareholders. The new closing date is not in the cover letter; the 18 December update gives 15 January 2010.
27 Nov 2009investor presentation● Neutral
MD's AGM presentation repeats the 511Mt resource, the Exploration Target, the Derby port and the pre-feasibility study under way. For 2010 it lists full feasibility, more exploration, and seeking a long-term partner, subject to a positive study. No new results.
27 Nov 2009capital raising announcement▲ Good
ASX grants waivers allowing the share purchase plan to proceed, and Rey says the plan was well supported with no scale-back. The underwriter will take up the small unsubscribed part of the $5M. This advances the 20c raising announced 23 October.
27 Nov 2009other● Neutral
Chairman's AGM address: both takeover bids still current and the board still recommends rejecting both. Shareholders asked to back the $15M raising, and a partner for the Canning Basin project may be sought once funds arrive. Mineralogy's forfeiture claims are being defended.
27 Nov 2009agm notice▲ GoodMajor
All five AGM resolutions pass, including the placement and share purchase plan approvals for the $15M raising at 20c. Proxy votes were mostly in favour; resolution 1 had about 47M votes against.
27 Nov 2009business combination● Neutral
Fusedale extends its 19.5c takeover offer period, with a notice of variation sent to shareholders. The new closing date is not shown in the cover letter; the 18 December update gives 15 January 2010.
26 Nov 2009regulatory community update● Neutral
Gujarat extends its unconditional offer for Rey again, to 24 December 2009 from 27 November. The offer remains free of conditions; nothing else changes.
6 Nov 2009business combination● Neutral
Rey's Target's Statement: directors unanimously recommend rejecting Crosby's 19.5c offer, and intend to reject it for their roughly 19% holding. It points to the 20c raising price as above the offer. This formalises the stance flagged on 19 October.
2 Nov 2009business combination● Neutral
Fusedale (Crosby) finishes posting its 19.5c cash bidder's statement to Rey shareholders, as expected from 2 November. The offer is dated 2 November and closes 4 December 2009 unless extended. Offer terms are unchanged.
30 Oct 2009regulatory community update● Neutral
Gujarat extends its unconditional takeover offer for Rey to 27 November 2009, from 30 October. The offer remains free of conditions; Rey's board continues to recommend rejection.
29 Oct 2009quarterly activities report● Neutral
Appendix 5B cash report for the September 2009 quarter: cash ended at $2.013M, up from $0.528M, after $2.529M raised from shares. Operating outflow was $1.044M. About $1.0M of spending is estimated for next quarter.
29 Oct 2009quarterly activities report● Neutral
September quarter report: Derby port access secured, exploration target identified, pre-feasibility study continuing for completion by end 2009, and baseline environmental work started. Rights issue raised $2.6M; $15M placement and SPP announced. Board recommends rejecting both bids.
27 Oct 2009other● Neutral
Chairman Julian Ludowici's letter asks shareholders to vote for the capital raising at the 27 November AGM and to reject both bids. The share purchase plan closes 25 November. Restates known recommendations; no new facts.
23 Oct 2009capital raising announcement▲ GoodMajor
Rey plans to raise $15M at 20c: a $10M institutional placement plus a $5M underwritten share purchase plan, 75 million shares in total (29% of the enlarged 258.6M). Needs shareholder approval at the 27 November AGM. Funds a 2010 drilling program and possible feasibility study.
23 Oct 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%, unchanged from its 25 September notice.
21 Oct 2009admin correction▼ Bad
Rey re-issues its 8 October Derby port release, amended after discussion with ASIC and ASX. The amended text adds that Rey has no Ore Reserve supporting its 2Mtpa production target. Corrects how the earlier release presented the target.
21 Oct 2009regulatory community update● Neutral
Fusedale sets 7pm on 21 October 2009 as the cut-off for identifying who receives its takeover documents. Procedural notice with no new terms.
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.