Half Yearly Report and Accounts
Perth, Mar 11, 2016 AEST (ABN Newswire) - Raya Group Ltd (
ASX:RYG) is an Australian-based exploration and development company that is focussed on its portfolio of advanced geothermal development opportunities in Indonesia.
HIGHLIGHTS OF THE HALF YEAR
Board Restructure / Funding / Corporate
- On 1st July 2015 Pryme Energy Ltd issued 100,000,000 fully paid ordinary shares and $250,000 AUD cash payment to Raya as part of Tranche 1 consideration under the Purchase and Sale Agreement of Raya's USA oil/gas assets.
- The consideration payments of $350,000 for Tranche 2 and 3 combined, will become due to Raya at the success of the first 2 wells drilled in the Total Acreage on the basis they each are equal to or greater than 31 Mbo of oil and 200 MMcf of natural gas "gross" proved producing developed 1P certified reserves by Pinnacle Energy Services L.L.C.
- During the quarter Raya acquired a further 35,014,214 Pryme listed shares (PYM) to bring the total holding to 135,014,214 listed shares.
- On 12th October 2015 the Company sold its entire holding in Pryme Energy via on market trades and received funds totalling $667,000 after brokerage.
- On the 24th September 2015 an Extraordinary General Meeting ("EGM") was held to consider a number of resolutions to shareholders with all passed in favour.
- On 13th October 2015 40,000,000 ordinary shares were issued to directors under the Director's Fee Plan at $0.004 per share. The directors paid consideration of $0.0005 per share representing an 87.5% discount on their fair value.
- As announced on 26th October 2015 Raya entered into a binding Heads of Agreement (HOA) with the key shareholders of Xped Holdings Ltd (Xped) to acquire all of the issued capital in Xped.
- On the 4th November Raya received the rights to acquire 100% of Xped following the agreement from all minority shareholders in Xped who accepted the terms.
- On 10th November the Company had completed a placement of $600,000 to a strategic investor under Section 708A at a price of 2c per share. The strategic investor was to originally receive additional 10,000,000 shares pending shareholder approval but this was subsequently cancelled following a revised capital structure as per Prospectus lodged on 18th January 2016.
- On the 20th November the Company announced it had completed a further private placement to a select group of institutional funds and sophisticated investors raising a total of $1,400,000 to progress the proposed acquisition of Xped. The funds were raised at a price of 3.5c per share.
- On the 25th November an Annual General Meeting ("AGM") was held to put forward the Company's Financial Reports and consider a number of resolutions to shareholders. All resolutions were passed in favour.
- On 1st December it was announced that Raya and the Xped Vendors have formally and satisfactorily completed their Due Diligence, and Raya would proceed in acquiring 100% of the shares in Xped.
- On 1st December, the Company announced that Xped has been awarded a key patent in China for its technology that can create and transfer eCoupons using its unique "tap-to-connect" Internet-of-Things (IoT) solution.
- Raya announced on 8th December it had appointed leading Sydney based investment bank KTM Capital Pty Ltd (KTM) as lead manager for the proposed Prospectus Offering which was originally expected to raise up to $6.8m but the offer was later revised to a maximum of $8m.
- The company announced on 22 December 2015, that Xped and UniSA are working together to build an energy monitoring system that will encompass the "revolutionary" and "patented" ADRC (Auto Discovery Remote Control).
- On 23 December a Technical Expert Report was released to the market following an independent technology expert review on Xped and its technologies. The report was completed by Flocom Consulting.
To view the report, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-RYG-912223.pdf
About XPED Ltd
XPED Ltd (ASX:XPE) is an Australian Internet of Things (“IoT”) technology business. Xped has developed revolutionary and patent-protected technology that allows any consumer, regardless of their technical capability, to connect, monitor and control devices and appliances found in our everyday environment. Xped provides technology solutions for Smart Home, Smart Building, and Healthcare.
At Xped, we’re Making Technology Easy Again(TM)
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