The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Let's just wait and see if AB can achieve something positive.
Elephant Oil listing this month:
397,873 x $4.15 = $US 1,651,172.95
397,873 x $5.15 = $US 2,049,045.95
Hoping to rise on IPO and over the next 6 months - Red Rock is valued at £4-5m m/c and Andrew is in the DRC now getting the signature for $7.5m (hopefully)
Squeeze!
initial pricing at $4.15 and $5.15 per Unit
see https://www.sec.gov/Archives/edgar/data/1865833/000121390022063638/ea166146-fwp_elephantoil.htm
raising $10 million firm comittment with expected closing of October 2022
only $5 million needed in drilling committments
how do you know that Bell is currently in Kinshasa?
Looks primed to move higher now with MrBell in Kinshasa!
You don’t go there for a holiday…is he getting the signature he alluded too in the StockBox interview last week?!
It's not a normal CLOB for Setsqx stocks, L2 is useless. Much better pinging the RSP for liquidity.
Anyone with sight on L2 - how much stock is available under 0.4/45?
It would be a great time for Mr Bell to put in a very large claim against Glencore after the company has admitted to bribery and market manipulation. Glencore will need to clean up its act and make good over wrongdoings from the past
I may have called this wrong. Looks like Glencore have just put up a white flag.
Without doing any mining RRR could get a very large payoff
Business as usual then?
TDT
Glencore in May pleaded guilty to a range of charges from bribery and corruption in South America and Africa,
https://www.mining.com/web/glencore-faces-flood-of-uk-litigation-following-bribery-charges/
Please note the word "probably"
IMO Congo is a dangerous place My opinion is supported by the Canadian government (most likely others as well) as shown at https://travel.gc.ca/destinations/congo-kinshasa
"probably has death threats and is probably traveling with a number of security guards and probably has more than one hotel room."
Unsubstantiated piffle, no?
Back to 0.6 this week? Andrew now in the DRC
Agreed the lack of clarity is the problem here. Even if AB was being told by RRR's advisors collecting would be soon any reality check with anyone who has actually done business in Congo or Africa would have told him that it is not.
It should be expected and anticipated that the people who got the money would want to keep the money plus the money to be paid in the future as well.
RRR got ripped off by a State run company working with a major international company. Common sense would tell you that those people are well connected in Congo and that they used to dealing with this type of situation. Given the lawless environment in Congo and the amount of money involved AB probably has death threats and is probably traveling with a number of security guards and probably has more than one hotel room. Personally I would not take the risk of traveling to Congo on a budget under these conditions and perhaps not at all..
AB/RRR did a great job getting the fast decision in the Court system. A resolution in Kenya took years (4+? years). AB/RRR created a sense this would be fast no doubt by their advisors but still wrong
It seems Bell is, once again, heading out to the Congo to try and secure the cash Red Rock are rightfully owed, I have a feeling that Bell's future may well be at stake over this, one wonders how much longer the major shareholders will put up with this charade.
It has never been clear exactly what was achieved during the last (6 week) Congo visit, photos of meetings in salubrious settings, positive hints/interviews, then a return home suggesting an imminent arbitration outcome, to date that visit can only be described as a total failure - nothing has resulted from it.
Bell now suggests that he is going back to secure some signatures, well what does that mean exactly, the whole episode is like thick fog, it should be simple to explain but like everything associated with Bell it never is.
It seems Bell has the large shareholder group in his pocket, others have suggested they may be getting 'rewards' to cover their share losses, I estimate the 17% holder must be down, at least, £150k based on TR1 declarations v the share price at the time.
How much longer can Bell retain their support, has he simply outflanked them like all the other historic entities who bought 3%+ stakes, will they finally act, give him an ultimatum, have they in it in them to oust Bell, deal with the shrapnel and then find a suitable replacement BOD. Not sure they have.
If someone like Paul Johnson had the project suite/portfolio Red Rock holds the company would most definitely not be valued in the gutter like it has been through good and bad times over the last 10 years.
Let us see what comes out of the current trip, no doubt there will be speculation concerning a possible $7.5m/$9m cash payout, perhaps the share price bounce like before - time will tell.
DYOR etc
Looks like it's about too and 0.4 is a good buy level - just a shame it wasn't a few weeks ago when the $US was so strong. Either way when that money comes in it will be more than the current m/c in cash.
interesting video. IMO AB had a different tone about Congo-very frustrated and certainly more positive about Burkina Faso and Ivory Coast which is understandable considering what has (not) happened in Congo over the past several months in dealing with an arbitration decision which seemingly was made but not actually completed
Latest Stock Box interview today. Andrew states he is flying out to the Congo now to get the signed document.
'A couple of days, everything will be achieved'.
Burkina Faso - "drill program results coming"
Rodney will be back 'soon'