REY - Rey Resources

[camaybay]

After my last post it is unlikely to close the 18 gap.

4 September 2009
TAKEOVER PROPOSALS FOR REY RESOURCES
Crosby Capital
Rey Resources Limited (Rey) notes the announcement today by Crosby Capital (Holdings) Limited(Crosby) of its intention to make a conditional off-market takeover offer for 100% of the shares inRey at $0.195 cash per share. The closing price of Rey shares on 3 September 2009 was $0.195
per share.
Crosby has stated they expect to lodge their Bidder’s Statement within the next few weeks.
The Directors recommend that shareholders TAKE NO ACTION at this stage, pending further advicefrom Rey.

Close of trade to-day 23.5

Cheers

DYOR

 

[Miner]

After my last post it is unlikely to close the 18 gap.

4 September 2009
TAKEOVER PROPOSALS FOR REY RESOURCES
Crosby Capital
Rey Resources Limited (Rey) notes the announcement today by Crosby Capital (Holdings) Limited(Crosby) of its intention to make a conditional off-market takeover offer for 100% of the shares inRey at $0.195 cash per share. The closing price of Rey shares on 3 September 2009 was $0.195
per share.
Crosby has stated they expect to lodge their Bidder’s Statement within the next few weeks.
The Directors recommend that shareholders TAKE NO ACTION at this stage, pending further advicefrom Rey.

Close of trade to-day 23.5

Cheers

DYOR

Hi All

I am currently looking into REY as a would be coal player.

It was also been snared by GRE - a company promoted by an Indian living in Sydney. With GRE already producing coking coal is there any one can throw some more light as no update in this forum since last three monhts

 

[Miner]

REY got its project delayed and possibly yet to formulate its project team.
However the love for coal is never withdrawn from GNM and its main promoter.

The recent report by Coal Mining is interesting
http://www.miningcoal.com.au/news/i...312&utm_medium=email&utm_campaign=newsletters

• If GNM promoter is going to spend $500 M then question comes :
• Is he spending own money?
• equity raising by whom : GNM or REY ?
• Should he try to acquire REY
• Why he has unloaded and loading REY if there is no love lost.
• Where is the action plan for $500 K
• Or he is just inflating

the market so as to unload his REY shares

Probably this should be posted in GNM thead too

Ok: the bottom line : do we think that REY is in verge of strong take over after selling off its uranium holding, hunger for coal by GNM and the management (CEO)'s willingness to lift the share price up to fulfil his bonus.

Disclaimer : Small holder.

 

[Miner]

Interesting note from FAT prophets I received from REY. This was dated 3 March and sent to me this morning. I searched ASX and never found the document.

I am astonished even after barracking by Fat (I do not think they have any sensible audience now after so many failed recommendation) the prices of REY have hardly changed.

Having said that what I liked :

• About low depth availability of thermal coal meaning mining cost will be cheaper.
• Hunger for India to get more coal for the ever rising thermal plants. That explains why GNM is interested and I can relate to GNM Director's presentation to invest $500 M.

However I do not like why REY is slogging to lift its price up
I also do not know why REY sent this document on 17 March when it was written on 3 March and not published in ASX site
I however challenge the quality of a feasibility study report and its content being prepared at a cost of $10 M. Of course if the study is going to provide an error within 25% then the quote of $10 M is okay.

I am holding it and after a discussion with the CEO and reading its details I think it has the future to be a good resource company. So would like to hold for a while.

 

[noirua]

So the only bid left on the table is by GNM and they need to raise it substantially to win the day. Strange that they have persevered for 10 months and not raised the bid from 9c a share or 1 for 5 GNM.

Still, the board of REY remain calm and are seemingly forgetting the GNM bid, expecting it to lapse.

When the dust settles it may be possible to get the slide-rules working again on REY.

 

[noirua]

Will GNM wake up? Their bid last year at 9c cash is now a joke, a sad one as they have not raised the price despite a buoyant coal sector. Cash bid should be around 16c a share and share offer raised from 1 for 5 to 1 for 3.

Get real GNM and the REY board will take your bid seriously, or they should do.

 

[noirua]

Will GNM wake up? Their bid last year at 9c cash is now a joke, a sad one as they have not raised the price despite a buoyant coal sector. Cash bid should be around 16c a share and share offer raised from 1 for 5 to 1 for 3.

Get real GNM and the REY board will take your bid seriously, or they should do.

Up jumps Rey Resources. A little ray of sunsine in my portfolio and well in profit at last. Managed to drive GRN away and now, would you believe it, yes, it could even be oil - up like a rocket ship - a joyful event that seems to be affecting all of my mining stocks. High risk but great fun indeed.

 

[noirua]

I hope you're still in this one miner!. Recently I bought in after unloading some WEC stock and this coal near surface depth is looking good - not to say that WEC aren't a great stock to hold but they're messing around a bit.
Market cap at 34.5c isn't much over $110 million and they have brought in mining exploration minnow UXA Resources to explore for uranium at Myroodah whilst compiling coal data. UCG is the name of the game at Myroodah.
My favourite in the coal sector.

 

[noirua]

REY have an early target of 2mtpa thermal coal production from Duchess Paradise. Coal prices are now well over $100 per tonne and this looks very good for near surface mining. Later an extra 4mtpa is earmarked.
The profit from production for 2mtpa is likely to be about the present market cap at 34.5c = $110 million.

 

[noirua]

REY have an early target of 2mtpa thermal coal production from Duchess Paradise. Coal prices are now well over $100 per tonne and this looks very good for near surface mining. Later an extra 4mtpa is earmarked.
The profit from production for 2mtpa is likely to be about the present market cap at 34.5c = $110 million.

Life moves on and a start today at 37.5c as investors look at coal production from Duchess Paradise and realise annual profits could eventually exceed today's market cap. REY's interest in oil and gas in the Canning Basin have perked up this, imho, undervalued coal stock with oil, gas and Uranium exploration interests.

 

[noirua]

Life moves on and a start today at 37.5c as investors look at coal production from Duchess Paradise and realise annual profits could eventually exceed today's market cap. REY's interest in oil and gas in the Canning Basin have perked up this, imho, undervalued coal stock with oil, gas and Uranium exploration interests.

Despite the above I'm now out of Rey Resources as I reduce my commodity based portfolio. Good company but coal production some years away yet.

 

[Country Lad]

I suppose that's the way the cookie crumbles. Pick a likely contender for a breakout and be away from the computer all day.

Nice rounding bottom - the chart I mean.

Cheers
Country Lad

 

[piggybank]

Now which scan did you get this one from? A paid one or one of your own?

Congratulations on another winner......

 

[Country Lad]

Now which scan did you get this one from? A paid one or one of your own?

I don't have any I have paid for, just mine and those written by others. About equal success with each group.

Cheers
Country Lad