Past year: ▼ 51%(1.00c – 5.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
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.
20 Nov 2007agm notice● Neutral
All resolutions at the 19 November 2007 AGM passed, with proxy votes heavily in favour. Administrative result.
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.
31 Oct 2007quarterly activities report● Neutral
Appendix 5B for September 2007 quarter: cash at quarter end $909k, up from $887k, after $853k operating outflow and $875k raised from shares. Estimated spend next quarter is $200k. Nine new Liveringa-area tenements acquired at 100%.
31 Oct 2007quarterly activities report● Neutral
September 2007 quarter: heritage survey for the 40-hole, 4,000m Liveringa Stage 2 drilling finished in October, drilling to follow the wet season. Fenix drilling showed up to 8m at 0.9% Cu. Cash $909k; placement raised $850k; Canada listing of South American assets under investigation.
22 Oct 2007agm notice● Neutral
AGM set for 19 November 2007 in Sydney. Items include ratifying the 8.75m-share placement at 10c, re-electing Preston and Ludowici, electing McClements, a 30m-share placement authority, and issuing 1m shares at 10c to MD Kevin Wilson.
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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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.
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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.
30 May 2007drilling scheduled● Neutral
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.
30 Apr 2007quarterly activities report● Neutral
March 2007 quarter: Fenix Stage 2 drilling of about 2,000m is now planned for May, aiming at a shallow copper resource. Liveringa Stage 2 coal drilling of 6,000m is targeted June/July pending Traditional Owner access. Julian Ludowici stepped down as Executive Chairman.
22 Mar 2007security holder rights change● Neutral
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.
9 Mar 2007other● Neutral
An escrow agreement on shares distributed to holders by Customers Limited lapsed on 5 March 2007. Affected holders will get updated holding statements. Administrative.
28 Feb 2007director officer appointment● Neutral
Director Peter Gower resigned for personal reasons. No replacement was named in this notice.
12 Feb 2007drilling result▲ Good
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.
30 Jan 2007director officer appointment● Neutral
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.
22 Jan 2007quarterly activities report▼ Bad
December 2006 quarter: Fenix Zone 3 assays were lower than expected, with IP anomalies attributed to hematite rather than sulphides. One Copper Hill scout hole hit 1% copper over 14m. Stage 2 drilling is planned for March quarter 2007. The Gujarat petroleum deal documentation is still under review.
23 Nov 2006drilling result● Neutral
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.
25 Oct 2006quarterly activities report● Neutral
September 2006 quarter: Fenix prepared for a 1,650m Stage 1 drilling programme starting 31 October, with Copper Hill drilling to follow. Rey also signed an MoU with Gujarat on the Canning Basin permits: $250,000 payment, 10% free-carried interest, and Gujarat meets $4.85m of minimum spending.
23 Oct 2006agm notice● Neutral
Rey posted its 2006 annual report and notice of meeting to shareholders on 20 October. Administrative; no new information.
16 Oct 2006drilling scheduled▲ Good
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.
29 Sept 2006annual report● Neutral
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.
