Each one in plain English, with the numbers worked through for a shareholder.
22 Aug 2007capital raising announcement● NeutralMajor
Rey plans a placement of up to 10.5 million shares at 10c to raise $1.05m, for working capital and Liveringa Stage 2 coal drilling. A share purchase plan of $2,000-$5,000 per shareholder will follow. Priced well below the 20c IPO.
What it means for a shareholder
10.5m new shares at A$0.100 to raise about A$1.1m. That's 68% dilution: every existing holder's slice gets 68% smaller. If you held A$1,000 of shares (10,000 at the issue price), your slice goes from 0.207% to 0.0652% of the company. To keep it you'd need 21,736 more shares - about A$2,174 at the issue price.
9 Aug 2007director officer appointment● NeutralMajor
Kevin Wilson, a geologist and former Leviathan Resources managing director, becomes Rey's Managing Director. Bruce Preston, a co-founder, moves to Technical Director, a change of CEO.
27 July 2007quarterly activities report▲ GoodMajor
June 2007 quarter: Fenix Stage 2 drilling (2,500m) started 20 July, with results due mid-to-late August. Rey signed a native title agreement with the Kimberley Lands Council, resolving the Liveringa hold-up, and finalised the Gujarat petroleum agreements. A uranium prospect was also identified.
Fenix Stage 2 drilling of about 2,000m is set for 6-8 June 2007, targeting a preliminary shallow resource of 5-10 million tonnes, with one 300m deep hole for sulphides. Results are expected in July. The 5-10Mt figure is a target, not a result.
Rey cancelled 1,000,000 employee options (20c, expiring 31/12/2009) held by Dr Peter Gower following his resignation as a director. Minor reduction in dilution.
An escrow agreement on shares distributed to holders by Customers Limited lapsed on 5 March 2007. Affected holders will get updated holding statements. Administrative.
Surface sampling of 40 locations at Copper Hill, Fenix, returned copper grades up to 4.95%. The mineralised layer runs over 2km and is 15 to 30m thick. Stage 2 drilling of about 2,000m is planned for late March 2007, aiming at a preliminary resource estimate.
Julian Ludowici resigned as Rey's company secretary, staying on as secretary of subsidiaries. Neil Stack, formerly of Ludowici Ltd, replaces him. Rey expects full ASX governance compliance by 30 June 2007. Administrative.
Stage 1 drilling at Fenix finished 21 November (1,700m). Copper mineralisation up to 40m thick was seen in 3 of 11 holes, but these are visual observations only. Assays are due within a month. Water was also hit in one hole.
Rey says Stage 1 drilling at its 100%-owned Fenix copper project starts 31 October 2006: 1,500m of RC drilling at Zone 3, then 2,000m at Copper Hill. New geophysics extended Zone 3, and 300 more hectares were secured to the east.
2006 annual report: Rey listed on 5 June 2006 after raising $2 million pre-IPO and $3.3 million from the public. Fenix drilling results are expected by the AGM, Liveringa is held up by native title talks, and Rey is seeking a coking coal project in China.
ARC Energy disputes Rey's claim that its conditions were unmet, saying both remain bound by their agreement. It notes the Gujarat deal with a related party is likely to need Rey shareholder approval. Contradicts Rey's same-day announcement.
26 Sept 2006farm in farm out agreement● NeutralMajor
Rey says ARC's conditions were not met and signs a binding deal with Gujarat NRE Mineral Resources to farm into the Canning Basin permits. Gujarat pays $250,000 on grant and operates, holding 90% of petroleum with Rey's 10% free-carried. Gujarat is related to a director and 19.9% shareholder.
Preliminary results for year to 30 June 2006: loss of $993,891, with cash of $3,009,693 and no debt. Net tangible assets were $4.52 million, or 6.3 cents per share, following the IPO.
Rey asks its registry to issue 550,000 employee options to three Chilean staff, exercisable at 20c by 31 December 2007, under the employee share plan. Minor dilution.
Rey updates its Chile copper projects. At Fenix (100%), seven near-surface copper zones grade up to 4% and drilling is expected July-August. Work at Humitos and El Timon (both 100%) is planned from July.
Rey signs a letter of intent for ARC Energy to take a 100% interest in two Canning Basin petroleum permit applications and operate them. Rey keeps coal and coal-gas rights. Subject to a formal agreement and approvals.
Top 20 option holders at 29 May 2006: Bruce Preston's super fund holds 7,025,000 options (17.13%), the largest. The top 20 hold 74.93% of 41,011,823 options. Administrative data.
Rey lists escrowed securities: 29,214,828 shares, 13,325,000 options and 8,000,000 management options locked until 4 June 2008; 2,701,599 shares are voluntarily escrowed until 4 March 2007.
Top 20 shareholder list at 29 May 2006: Gujarat NRE Coke holds 10,000,000 shares (13.82%) plus a second 4,000,000-share holding (5.53%); Jose Bahamondes holds 6.94%. The top 20 hold 57.58%.
Share distribution schedule at 29 May 2006: 1,339 holders own 72,344,499 shares including escrowed shares. The 89 largest holders (over 100,000 shares) hold 78.8%. Administrative data.
Option distribution schedule at 29 May 2006: 266 holders own 41,011,823 options, with 48 holders of over 100,000 options holding 87.91%. Administrative data.
ASX notice that Rey was admitted to the official list on 2 June 2006, listing the pre-quotation documents released (distribution schedules, top 20 holders, accounts, pro forma balance sheet). Administrative; no new information itself.
Annual report for year to 30 June 2005, released as pre-quotation disclosure. It notes board changes on listing: Arun Jagatramka and Peter Gower join, Jose Bahamondes resigns as director. Company states it has no borrowings.
ASX confirms Rey's admission to the official list on 2 June 2006, with trading in shares (REY) and options (REYO) starting 5 June 2006. 43,129,671 shares are quoted; 29,214,828 shares are escrowed for 24 months.
31 May 2006capital raising announcement▲ GoodMajor
Rey Resources's IPO prospectus offers 25,000,000 shares at $0.20 (with 12,500,000 options) to raise up to $5,000,000, minimum $3,000,000. Gujarat NRE Coke, a substantial shareholder, committed $800,000. Funds explore WA coal, Chile copper and Peru gold.
What it means for a shareholder
25.0m new shares at A$0.200 to raise about A$5.0m. Shares on issue before the raise aren't in the record, so the dilution can't be worked out.
