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Unfortunately, over the years, the sniffer dogs appear to be completely toothless.
Andrew Bell, Regency Chairman, comments: "The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies. Once the second mining machine is moved to its new location we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence."
It takes a certain type of person to say this in a public announcement knowing that for the last 3 months HW2 had been taken back by the previous owners for lack of completion payments.
The entire statement is a total pack of lies and is the biggest lie I have ever known him to tell in my 10 years as a commentator and observer of this company .
This should be very easy to prove once the sniffer dogs are in and find the scent.
I suspect we have already surrendered our 47% of MET based on our lack of immediate funding support and that shareholders just haven't been informed of this fact yet.
Taken for 25th Jan RNS
MET Coal production continues at Omega with improved production following operational disruptions during move to new location at end 2018.
Andrew Bell, Regency Chairman, comments: "The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies. Once the second mining machine is moved to its new location we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence.
(7 WEEKS LATER)
March 11th RNS
"A failure to agree and borrow the level of originally expected debt funding for the MET joint venture purchase of Omega caused a slow cascade of operational pressure and financial distress to appear in the business. This ultimately resulted in one of the two highwall miners being temporarily idled."
"An IMMEDIATE requirement for additional working capital of approximately $400,000-500,000 currently exists, and that additional sums may be required over the next six months in order to complete the full purchase of Omega."
"IMMEDIATE funding is required to restart the second highwall miner and to reduce key creditor obligations."
It would be reasonable to assume this lack of IMMEDIATE funding can only mean finances have got even worse since March,but thats not Andrew and Scott's biggest IMMEDIATE problem ATM .Their main failure was to not inform shareholders the full payment and purchase of Omega has never been completed resulting in one of the HW's being taken back by the Omega 4 months before.
I am struggling to see how they are going to get out of this huge one.
Zumore
It obvious to me now having scrutinized 11th March's figures we were down to only 1 HW from the end of October onwards .Operating only with 1 of the 2 HW's for the whole of Nov,Dec,Jan and Feb and not informing shareholders of these changes was a huge miscalculation and will, I am confident come back to bite them .
Instead they decided to suggest in the Jan update that savings had been made as a result of cutting overtime and that the 2nd HW was being either relocated ,maintained or holiday period before everything returned back to full capacity ,when in reality it had been confiscated for not making repayments in time,(repayment investors knew nothing about) was totally and intentionally misleading investors.
Not informing shareholders in Aug that the purchase of the new coal asset was not fully completed and that further payments would still be required at a later date was also highly misleading.
In summary the same pair 2 years before that posted a Rosa video of an imminent HW arriving that never was haven't been telling the true about the entire MET deal from the very start .
tricking PIs into believing that a profit forecast would soon be released from the US "Mining equity trust" coal joint venture. In 7th August 2018 proactiveinvestors interview https://www.youtube.com/watch?v=g_j5YDLCWXE (around 7 minutes 40 seconds) Andrew Bell says:
"And in a few weeks we'll have a model so well constructed and such a good idea of what we are doing, that we are going to be making profit forecasts"
.....
Then on 8th September 2018 when a shareholder asks where the profit forecast is Andrew Bell on his twitter gets aggressive and bizarrely seems to blame the bulletin boards for creating the expectation of a profit forecast. Of course it was Andrew Bell himself who created the profit forecast expectation in his 7th August 2018 interview. On 8th September 2018 https://twitter.com/AndrewBRRR/status/1038510853232975872 Andrew Bell aggressively (in two tweets) says to a tweeter:
(1) "Who the hell would make a profit forecast public after 1 month of ownership and ops?"
(2)"As it wd be little short of lunacy to ask for a public profit forecast at this stage, and to give one wd be lunacy itself, I'm sure this had nothing to do with it. People shd stop reading BBs!"
.........
14th January 2019 Andrew Bell does another proactiveinvestors interview: https://www.youtube.com/watch?v=oReMnIE3KHU . The interview brings up the subject of profit and due numbers from RGMs "mining equity trust" coal asset. After much Bell waffle Andrew Bell says:
"But to come out with hard numbers relating to a specific period. Still too early!"
......
On 25th Jan 2019 Andrew Bell is forced to step down from being RGM chairman/ceo. But he still remained executive director. The next day he did a sharetalk podcast interview and Andrew Bell tells the interviewer:
"I would just say one thing, people who think i'm wonderful, will have to believe that i wouldn't leave the business in other than good shape. And people who think i'm terrible, should believe that if the business was terrible there wouldn't be people interested in coming in to work in a basket case"
...........
The RGM half yearly report talked about RGMs "mining equity trust" coal operations. The rns talks about the half year between 1st July to 31 Dec 2018 when Bell was the RGM chairman and CEO. Some rns extract says:
(1) "Operationally the six-month period proved largely disappointing with the MET joint venture failing to produce the levels of coal originally anticipated, with one highwall miner idled due largely to working capital and bonding deficiencies"
(2) "Losses grew to £1,749,365 largely reflecting Regency's £1,301,157 share of the losses incurred by the US joint venture associate MET"
......
On 4th April RGM executive director Andrew Bell tweets to a disgruntled RGM shareholder.
"The last 80% fall in the share price of RGM - since Jan - surely 'after my time"?
https://twitter.com/AndrewBRRR/status/1113794222786846720