The next focusIR Investor Webinar takes places on 14th May with guest speakers from WS Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Now 5pm in Kinshasa... How did that meeting go today AB?
I called this at 08:58 this morning before the 900+m was traded...maybe sometimes LTH do know best.
Another bunch of newbies now stuck in here with the rest of us...
DYOR.
Banbury i had actually been looking at the 19 October convertible loan notes rns and because after the Dec 2023 £500,000 placing the cln holders were allowed to convert 15% below the 0.075p placing price...but they couldn't because RRR didn't have enough shares. Now unless Red Rock paid them off out of the December placing they may be able to all immediately convert at that low price after the 1.5 billion shares are voted through at the AGM.
I believe the below RNS says they would also get warrants 50% above the placing price. So 50% on 0.075p would be 0.1125p warrants.
https://www.lse.co.uk/rns/RRR/convertible-loan-note-issue-first-tranche-closing-qzek6lc9l9n9n0d.html
So i guess that may be a possibility after the AGM.
Here here NEWS, and perhaps we could change the thread title to reflect Glencore involvement for those that might want to disgust what they owe little RRR or may not owe, because if we get awarded this $10m what we could have left to go after could be huge'' and as Glencore is perhaps worth £100bill, £200m would be peanuts compensation for the lost of earning and pain it cause to the CO and all it's investors all these years
ATB
RichyRich1
Since you recall me at Solgold, I am more happy to share. No, I dont have a lot in RRR and I dont tend to throw the kitchen sink in. Like Maidit308 said, if one put into a potential prospect [in my case, I only look for Tier 1], then it could turn out. To give an example, if one put £100k into a stock, the stock does not have to rise that much but if one put £1,000 in , then the stock has to rise several x. Hence, I look for stocks that can potentially do x times and that only comes with RE-RATING. Hearing Helpful's account of the claim, I think that a few tickets eg £100 for the potential is prudent and one for the grandchildren.
Thanks for that HP'' very informative keep up the good work
Regards
Helpful, thank you. Recommend.
I was searching all morning to find the Commercial Court legal papers which is usually available via legal outlets. I found Schmidt & Schmidt but it would cost Euro 1,100 from what I gleaned. One shareholder of the Churchill coal litigation case got hold of the court claim legal papers and all of us could read. So, thanks again as its saved us time to try to obtain it.
Thanks News. Well I’ve been here for a while so I can assure you I’m as shocked as you are at my price!!
I can remember you posting on Solg many years ago. I was a shareholder there too and managed to get out with a decent profit before it all went pear shaped unlike here.
Anyway good luck with your investment and I hope when you do sell up it’s at a healthy profit.
Zumore what do you make of today ?
Disappointed H5O was back with the normal paid posters ramping rubbish. He said I was in a Thai boiler room last time so its early in the morning here. Strange as you say he was a " doubter" a few years back.
Bashers dominating on the other Board.
As a community there are a lot of us and no DRC money and 1.5bn shares issued and there will be just a few more. DYOR and IMO
Maidit,
the court case that VUP brought in the Lumbumbashi commercial court was against Gecamines and Glencore jointly. VUP alleged that it had sold assets to Gecamines for $20mil and that the assets were then sold to Glencore. VUP alleged that $5mil had been paid and that $15mil was outstanding. The outstanding $15mil is the same $15mil we are trying to deal with via Arbitration.
VUP sued Gecamines and Glencore jointly because it alleged it was one transaction and that the $15mil was jointly owed by Gecamines and Glencore. At this point RRR became aware of the case and intervened. RRR proved that the assets were JV assets (the JV between RRR and VUP) and that VUP had no authority to sell them and that 51% of the JV assets belonged to RRR. Red Rock was successful in Lumbumbashi, was awarded $2.5mil in damages and $2mil in costs. This result formed the basis of the Arbitration case.
Variously RRR/AB has stated that the JV assets were sold to Glencore for various amounts, sometimes several hundred million and sometimes $400mil.
The amount Glencore paid is not really relevant except that it forms a base for our claim against Glencore. The full claim is for the economic benefit RRR was deprived of by Glencore's tortious interference. When the licences were awarded Gecamines stated that there was 400k+ tonnes copper and 24k+ tonnes of cobalt. The loss to RRR is not whatever Glencore paid but 51% of the economic value of the assets it was deprived of.
Obvs no guarantees but RRR would need to take advice as to quantum but it could be RRR's claim is a few billion USD. What any settlement might be is a different matter.
DYOR
I see "news" as been posting a lot recently because i can see all my green filter messages popping up.
It reads:
"This message has been filtered, please adjust your filters to view"
Much nicer seeing that than seeing his/her big wall of writing. 🙂
Yes,RichyRich1
Thank you for informing me of your RRR and to be honest, I was quite shocked at your price. Its like Gold Girl but in her case, she managed to get her price yesterday. Hope it turns out for you. As for me, one poster from the other stock was aware that I posted the minute I had taken MY FRONT SEAT @RRR Consultant RNS, 2.224. On 2.2.24, all that there was - New Consultant but NO DRC etc update till yesterday. I tend to like low mkt caps with some recovery potential and I would like to see what Lenigas can do or cant do. Then, I will make up my mind as I dont like gas & oil generally but if it is a large prospect, then maybe yes. Time will tell. I was in REM so therefore Lenigas is a stock I was in. But since then, there are far and few stocks that hold some interest. Nothing I see of anything else so far after Pitfield & Itumbula. Thanks. Best Wishes. All evidenced in my London South East post on this forum. 6.2.24 Tues.
Maidit no that's untrue. AB i'm certain made up those huge figures.
This is the Glencore RNS that explains the sale.
https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html
The Glencore subsidiary lawyers would have made sure everything was above board before agreeing the land purchases from Gecamines.
News, any response to when you became a Red Rock shareholder?
Of course you’re perfectly entitled to keep that info to yourself but there’s enough smoke and mirrors as it is with this share so hopefully you’ll be open and honest. I get the feeling you act with integrity, honesty and would be a man of your word.
Love it.
After a day like today Mr Lundy caps it off with a link.
Will run up into close here...tomorrow could be interesting ;)
Love it. Still N/T at HL still to buy even 1,000 shares.
Market cant loosen any stock. Tues, 6 Feb 2024 @15:06. Open for testing at your broker.
HP / H5, is it true that the disputed DRC Mine was sold to a Glencore subsidiary for $400,000,000. ??
there is a huge story unfolding here IMO, once we get the first bit of this claim in the bank
yes we are down again but not out SP could fly again, at any moment...
GLA
Some great posts from LTHs
Says it all
666m 14th Dec placing have escaped with a tidy profit !
As you say Dukey the plan worked to perfection.
Stage 2 - spin out DRC imminent to inevitable 1.5bn placing.
Interesting day
HL -Can sell 0.10p. No quote to buy. Tues, 6 Feb 2024 @2:59.
In the red now !
Lots of buyers at these levels...relax and sure that we will be way above this level by the end of the week!
No problem, I currently hold 2,561,000 shares at an average of 1.952p so currently well under but still holding so technically not lost anything yet!
Been in for around 7 months and got hood winked into investing when DRC funds were “imminent” and lithium production was about to begin.
The rest is history as they say including dubious use of imagery by RRR so if you’re not familiar with RRR being a new investor I’d do some more research news into RRR’s recent past.
Only got myself to blame for being greedy!!
To all those who bought in today based on this vague reach RNS... I hope you don't get stuck here as the price now drips lower once again. Over 830m shares traded and yet price is back to 0% - why???
Surely you all don't think a couple of posters are that influential given the pure spam seen on this board today.
EXTRACT OF RELEASE BELOW:
Our local representative in the DRC has now received a call from Kinshasa advising him to stand by and be ready for this matter to be concluded.
Chairman Andrew Bell comments:
"We have had our local associate working on this very important arbitration, and he was advised last week that the arbitration judgment was now due to be released. We have two other lines of communication that have served as a listening post and potentially a back up to ensure the matter is dealt with speedily. Both have now provided the same feedback on timing, and we have had it confirmed that recent delays have been due to the elections and post-election reshuffle.
Our country manager has been invited to a meeting in Kinshasa on Tuesday and we are hopeful that matters will now progress to a satisfactory conclusion. After 18 months, we believe the other side, like us, will want to receive its portion of the sale consideration without further delay.
Because of the materiality of our $7.5m - indeed $10m - claim, we shall issue a further update next week. Expediting the arbitration is at this point our highest priority. It has been a very long process, and not without incident, but we are hopefully approaching the finishing line."
EXTRACT END
My queries as an investor here for c.6months who wants out before next Friday latest are:
Who is the country manager and who are they actually meeting in Kinshasha?
Why will RRR wait another week to update if meeting is today?
Why did they bother to release this CEO comment as an RNS yesterday rather than give more credible update after a supposed important meeting today?
Why are RRR not postponing resolution 4 to request 1.5 billion shares next Friday?
I'm in but I certainly want out. No deramp just genuine concern that could be rectified by the correct and detailed releases from RRR...The releases are always far too vague for me and laced with words like 'hopeful' & 'believe'.
It's nearly 4pm in Kinshasha, I assume their office hours are similar to UK and the price is not spiking... DYOR.
You tell me and I tell you. London South East told me that it is up to my discretion but I am not a/c to their rules obliged to if asked.