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still waiting on NOMAD to translate documents and the news conference which were so 'helpfully' posted on this board
NB - I am long on RRR and believe in its future. My opinions are just that opinions. I try very hard to make a difference between my opinion and facts.
If you do not believe that it is possible to lose in arbitration then you have no experience in business or finance.
I am not saying it is likely or probable but no matter how remote in your opinion you should be able to admit that it is a risk
Particularly in this case when we dont even know what was being arbitrated (at least there is no public record) but then you are only 'helpful' when it suits your purpose
In your opinion.
Helpful - you are mistaken the minimum award is not $215M but -0-
but I repeat there is no disclosure regarding arbitration-who are the parties and what is being arbitrated
for all we know the pending arbitration is about the venue for the next proceeding
Did wriggly VUP agree to arbitration and agree to abide by the arbitration decision?
Did Gecamines agree to abitration and agree to abide by the arbitration decision?
What specifically is the arbitration about?
The RNS didn't go into any detail about the arbitration.
Specinvestors question was a perfectly reasonable question yesterday.
"Once again I ask What is being arbitrated and who are the parties?"
I was hoping for a fireside chat with champagne at least considering the millions he is going to get us or was it trillions?
Well that is another shaggy dog story but one that might result in more upside for RRR if the dice fall favourably. I will let AB keep it to tell everyone in due course as a fireside chat over whiskey video.
I see that Bring Mineral was the other party to the JV. Was it party to the fraudulent sale or is it also trying to recover funds owed to it.
Originally, it was 1620 Capital which became Bring Minerals. My understanding is that BM is now in administration but I could be wrong.
Who owns the remaining 24.9% of the JV? Mr Bell said RRR owns 50.1% and the party (VUP?) that fraudulently sold the asset owns 25%.
The $430million the asset was sold on for is a staggering amount and Bell said he would fit for every cent that is rightful owed to RRR shareholders
So I waited to see if anyone picked up on the important new information in that interview and no one did.
$430mil v $250mil: that is a material and precise variation. It could be that AB mis-spoke as the Americans like to say. I checked, it seems he did not.
So the minimum award that RRR should get moves up to $215mil ish less whatever is the final number that it receives from VUP/Gecamines plus damages and plus costs.
So that ends up being quite a substantial amount. The maximum settlement is obviously much larger and what RRR might settle for is another number again.
It may be about to get interesting around here. Once VUP/Gecamines is sorted, then it is on to Big G.
His comment about being worth hundreds of millions of pounds shows where his mind is.
DYOR
My original comment was on not reading too much into the CLN announcement as a show of strength / confidence. They will get looked after either way.
Not talking about missed opportunities or pointing fingers - calm down, breathe, relax.
*didn't take advantage.
You don't know when the deal was agreed and what the share price was then. There was nothing to stop you and others buying at 0.35p ish: I did.
There has been plenty of buying opportunities in the last 6 months. Anyone who take advantage can't point fingers now. AB has been very clear what he was up to.
Soon Rodney, soon.
Free as in they're just tacked on to sweeten the deal to the CLN holders. Yes it'll bring in some cashflow but it's risk free for them. The CLN holders already have a sweet deal with the high interest payment + they will most likely be able to roll over / adjust down the conversion as we've seen before.
If there's that much confidence that the share price is so undervalued (apparently talking multiples and the warrants expire in roughly 3 years) then why not set the warrants to be materially higher? It's all a very cushy deal for those close to the company.
Kimi, could you explain “the free warrants” to me”?
I thought the warrant holders actually paid money directly into the company following a 200% gamble that they would have any value at all !?!
Ironically - Could also be viewed that normal shareholders (other than IPO shareholders) actually contribute nothing to the company by way of funding or helping the company to grow?
Just thinking out loud
Thanks Hawaii for your balanced 18.11 post
A very good reflection of what been going on behind the scene - RRR needs to deliver on the DRC court case, a further International court case in Switzerland or London, the IPO of RRRAL and continue the build of RRR ALR for sale and ongoing royalties while looking to sell surplus assets
That is where the short, medium and long term shareholder value is .
Years ago I believed RRR could bring an asset into production but I’ve now realised the company is just a stepping stone between land owners with mineral rights and increased value due to survey activities - the problem has been we never released the value built up in the asset to create value.
Re “Bell is on thin ice” he’s not ….. he’s latterly been doing a good job and went well above and beyond with the 6 week stay in DRC. When the court settles (and the cash is in escrow, and will be paid direct to RRR) the market cap doubles and hopefully the shape price increases even more.
Jam tomorrow interview.
TDT
https://twitter.com/i/broadcasts/1ypJdEkLBEqxW?t=96qXSt4mqCnFfHAYx2wkEw&s=09
https://twitter.com/TereaAfrica007/status/1552154008579706881?t=srnrEXs0ozFD8svLF5KoUQ&s=19
"They told Bell to extract value from the existing portfolio and cease acquiring the next 'must do' projects"
haha yeah that really worked well... Côte d'Ivoire, Burkina Faso, Zimbabwe anyone?
You're also being incredibly naive thinking that these CLNs (and free warrants) are somehow a show of confidence or strength. Forget the eye-watering 12% interest which is probably calculated on a monthly basis if like in the past.
I suspect timelines on actually getting any cash in the bank from DRC is much much longer than some think. Anyway, in the meantime that Elephant Oil IPO will save the day surely?
Shambles.
I have had a number of online disputes with Helpful, whilst he may have conflicting interests in posting on this BB in the case of the major shareholders he may be close to we have a lot to thank them for.
Firstly the major shareholders blocked Bell's ability to dilute at will at the AGM 2 years ago, they had a director resign and seem to have Bell under control, they have also supported RRR financially via CLN's which have been at market or at a premium to market. They told Bell to extract value from the existing portfolio and cease acquiring the next 'must do' projects.
In a nutshell Bell is still restricted in what he can do (he probably hates it IMO) whilst he has ability to raise via equity he needs major shareholder approval - Bell knows he is on thin ice, 3 large shareholders control circa 23% of the company (maybe more) they could call a EGM with a resolution to remove Bell and I am sure the remaining shareholder base would support it, the significant 'Bell discount' on RRR equity remained even during the last bull phase.
I fully believe a positive result will come from the Congo, the insiders have also drawn this conclusion by accepting CLN's with a conversion price of 0.60p, a premium, the warrants are priced at 0.80p.
As I posted earlier I believe the arbitration result will be announced sooner than later, what is more it is binding as all parties have to agree to go down this route, I think it is nailed on RRR will get it's cash either in full or a fair proportion of it therefore.
I have not sold a share !
DYOR
Thanks TDT! It always amuses me when 'helpful' wrongly says i was ramping RRR and Bell in 2010/11. I didn't become an lse forum member until October 2013.
Here is a very short AB interview from a few weeks ago. From the 4 minute mark he tells you what his 3 main objectives are on being in the DRC: https://m.youtube.com/watch?v=hRJ04UI2pe0
Lastly below is a sharepr*phets article on Stephen Lundy from 2018:
"All things seem to be quiet down at the ranch that is Mayan Energy (MYN) but word reaches Mr Karma that the temperature is about to be ratcheted up there on one of AIM’s most value destructive CEO’s – Charlie Wood.
Readers will recall that Wood survived the AGM vote in which Richard Jennings of Align was spearheading calls to remove him. But as Zac Phillips pointed out last week his behaviour with regard to Deloro is indefensible and he should be walking the plank and more..
I can now disclose that aside from the voting of the Deloro shares that, surprise, surprise Charlie Wood controls with his wife, that one of his other (very few) chief supporters at the AGM is a chap by the name of Stephen Lundy. Lundy operates an IFA outfit in Manchester called Bespoke Capital Solutions and, we understand, controls a good percentage of the Mayan share float on behalf of a few of his clients. Lundy also posts under the handle “Helpful” on the lunatic asylum that is the LSE – readers might want to check out his posts there and unwavering support for the company in Wood in the face of overwhelming evidence of misdeeds by Mayan’s management.
What is intriguing to us is that the document below that has been passed to us highlights Lundy’s own personal involvement in a placing in Mayan’s previous guise – Northcote Energy. You will see that Lundy was, at that point, being chased for the sum of £40,000 in relation to his defaulting on this. Who was involved with Northcote Energy at the time? Of course Mr Charlie Wood.
Call us cynics but we posit that it is interesting that Wood’s most fervent supporter now was, just over 2 years ago in debt to Northcote/Mayan for the sum of £40,000.
Perhaps one for AIM’s most useless and discredited Nomads - Beaumont “lashings of custard with spotted dick” Cornish to investigate with regards to issues of undue influence on the part of Wood over Lundy? AIM Regulation may have an interest in this too"
AB has never delivered for shareholders despite his bravado. I am 95% down here and should have listened to Mr. Magic. I agree helpful is his stooge and he can be quit aggressive too. Buyers here beware.