I, bought REY as high as 46c and as low as 4.5c, held 400,000...

I, bought REY as high as 46c and as low as 4.5c, held 400,000 shares during GFC and it was the only stocks in my portfolio, sold out around 15c before Crosby sent the bid offer at 19.5c. For a long time during GFC, I was the only active poster in REY thread.

1. Yes, REY holds massive coal resources (tens of billions tons) under Canning Basin, otherwise I would not put all my investment in REY during GFC.

2. Sincerely, the coal quality is not quite good, and coal seam is not thick enough. Open pit cut strip ratio is around 7 in DP area.

3. For takeover game, GMN just plays tricky and funny with ridiculous 9c bid offer. I still believe it was them to sell down REY from 10c to 5c and have the chance to send the cheap bid offer.

4. HK Crosby sent the bid offer of 19.5c after I sold out already. I needs cash to grasp other good investment. I don't know whether Crosby works for themselve or works for China. Most likely, IMO, Crosby just works for themselve, since at this moment, chinese company can easily send the bid offer to REY directly.

5. Crosby is too small to handle REY. Google finance shows that Crosby (HKG:8088) has a market capital of only HK$57M, less than $8M in australian dollor.

6. Crosby sent a $1.15 per share (21% premium) cash bid offer to Medusa Mining (MML) September 2008, and was rejected by MML board. Today SP of MML is $4.16.

7. Chinese JV? I did have an email chatting with MD Kevin, and I did suggest REY should focus chinese market ASAP but not india, but I feel that Kevin still prefer for Indian market. Maybe GMN is the largest share holder in REY.

8. As I am a chinese, IMO, if Indian is the largest share holder in REY, chinese company will not be interested in JV anymore, unless wholly takeover.

9. Rey, if wants to be an independent coal miner, there should be a large thermal plant in Canning Basin. You can not export every coal product, the low quality coal (50%) should find domestic user.

10. Good point is that REY Chairman Ludowici runs coal mining service company Ludowici Ltd (ASX:LTD) as well, that should be good news to REY's future.

.......

Personally, I think that REY board should recommend Crosby's bid offer, then game would start, just like recent two parties bid game in ASX:POL, a nickel junior.

Now, I have NO IDEA. All I know is that REY peers like coal juniors CXY, RES, AVA, ..., they are still at the same share price as four months ago.


Good luck to every holder.

Weihua