I've been in RRR for the past 15 months and during my nightly thought about Red Rock last evening I thought " right dismiss everything that didn't happen at RRR in these past 15 months and only thhink of the positives that did happen". Okay I suppose this cloud lands acquisition by RSL is positive. I suppose these recent Ivory coast licences we've purchased could also be seen as positive. I was also going to say us buying 8 million more shares in Jupiter was also positive but then I dismissed that because I would've preferred that £297,000 had been spent on an interesting project that could've excited the market.
Is that it? Did lots of more positives happen in these past 15 months that I've forgot about?
The sp is being decimated again lol nearly could have moved the decimal over 1 digit in a year ! When will this stop if ever .... Groan groan I can see 0.10 before long if we don't get some momentous news of some sort ! Hopefully the lemon sale will pull us back into the 20,s for some respite !
It's going to be end of Nov before NMC complete their deal with the 11% shareholder which appears to be a pre-requisite to NMC buying RRR's 50%. At present, all we have is a Letter Of Intent. Others more knowledgeable than I can confirm, but as far as I know an LOI is not a formal offer or definitive agreement. So I assume a formal offer has to be made and the associated transactions/documents and legalities need to be worked through before NMC complete with us. If my understanding here is incorrect then please correct me.
My understanding comes from what past RNSs have stated. For example the original Greenland/NAMA deal RNS stated that RRR had received "an Offer" from IMP but that "there can be no assurance that the parties will enter into a definitive agreement". So even with an Offer present, there was still the milestone of a "definitive agreement" to be reached.
In July 2012 RRR received "a proposal" from Ashmont Resources which was "in the form of a Letter of Intent" but which was "subject to due diligence and definitive agreement". Just as with the Greenland deal, the Ashmont RNS stated "There can be no certainty that the parties will enter into a definitive contract". A later update on the deal stated "the due diligence stage has been completed . . . and the parties are in the process of negotiating to enter into a definitive agreement"
So my laymans view suggests the chain of events is something like:
Proposal/LOI ===> Due Diligence ==> Negotiation ==> Offer/Definitive Agreement ==> Legal paperwork ==> Money transfer
This is probably simplistic but it's all I have to go on at the moment.
In some ways it doesn't matter exactly when the deal completes just so long as it eventually does. However I'm having a very hard time believing any suggestions that it will complete this side of Christmas. My guess therefore is that before we reach that point we will first get to see the latest end of year Final Results from the company and we'll likely also get to see the circular for the next AGM where we will be able to see the resolution proposals for how many additional shares AB wants to create in 2015. Both of these will be good indicators of where we are heading imo.
Hi zumore, not yet. I was fortunate to have bagged a 40% rise in the last week by topping up the funds from the sale of rrr into my REM holding. I'm just waiting by the sidelines to get a bit of perspective which is easier when not financially involved in RRR. Bit uneasy when a sale of £1000 in shares can drop RRR market cap by £200k, hopefully the same will happen in reverse on positive news.
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