Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
2 Oct 2008drilling result● Neutral
Coal quality update announced for the Canning Basin drilling. The text is garbled, so no specific results can be reliably read; it appears to report first laboratory analysis, following the September lab-results expectation.
26 Sept 2008director officer appointment● Neutral
Alternate director Jose Bahamondes, a founding director, resigned to pursue other projects overseas. Administrative change with no stated effect on operations.
26 Sept 2008annual report● Neutral
Full-year statutory accounts to 30 June 2008. The excerpt shows only the directors' report and board biographies, with no financial figures, so nothing new beyond the board already known.
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.
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.
30 July 2008quarterly activities report▲ Good
June 2008 quarter: 83 open and 2 cored holes (8,700m) drilled at Duchess-Paradise, with coal better than predicted; lab results due September. Preliminary scoping study suggests an economic Duchess operation. Cash $5m; Chile divestment still pursued; three new licences applied for.
30 July 2008quarterly activities report● Neutral
June 2008 quarter: cash fell to $5.21m from $6.39m, with operating outflow of $880k and investing outflow of $296k. Estimated spend next quarter is $1.5m. Three new tenements acquired at 100%; no share changes beyond the June escrow release.
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 2008agm notice● Neutral
All three EGM resolutions passed on 23 June 2008: ratifying the earlier placement, authority to issue further shares, and options for MD Kevin Wilson. Resolves the EGM open thread; the votes were not close.
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.
29 Apr 2008quarterly activities report▲ Good
March 2008 quarter: rights issue and placement completed, cash nearly $6m. Drilling clearances for the first 4,000m obtained, heritage approval for the remaining sites, and mobilisation under way for May. Chile divestment talks continue; Derby base opened. Mostly restates known items.
29 Apr 2008quarterly activities report▲ Good
Appendix 5B for March 2008 quarter: cash rose to $6.39m from $410k, helped by $6.28m of financing inflows. Operating outflow was $300k. Estimated spend next quarter is $1.0m. One new tenement acquired at 100%.
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.
31 Jan 2008quarterly activities report● Neutral
December 2007 quarter: a 25,000m Liveringa drilling programme with signed rig contract is due to start in May. Rey raised $1.5m by placement and proposes a rights issue of up to $4.7m. Three new sulfide zones found at El Timon. Mostly restates known items.
31 Jan 2008quarterly activities report● Neutral
Appendix 5B for December 2007 quarter: cash fell to $410k from $909k after $674k operating outflow and $175k of investing inflow. Estimated spend next quarter is $300k. Five new tenements acquired at 100%, one relinquished. Cash is low ahead of the rights issue.
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.
