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I interpreted yesterdays awful RNS meaning potentially billions of extra shares issued.
This nonsense 0.70p price only lasts for 30 days then it reverts to 5 day average minus 8% discount, plus price lowered to the nearest downward tenth. So if in over 30 days the lenders want £100,000 in RRR shares to pay back some of the loan then the price of their shares will be very low.
I also believe AB will allow the lender to convert lower than the 0.20p price floor because if share price is lower than 0.20p and the lender wanted repaying in £100,000 shares if RRR refuse then they will have to make that £100,000 payment in cash + 9% premium. So i can't see Red Rock doing that, so they would either allow them to convert lower or highly likely Red Rock would announce another share consolidation. Note in yesterdays RNS they mentioned fifty pence, twenty pence, i believe that was mentioned because of intentions of a share consolidation.
...,...........
From yesterdays RNS
"Concurrent with the Subscription, the Company will issue 28,000,000 of the Subscription Shares (the "Initial Subscription Shares") to the subscriber at par value (what price is par value?)
The Company will issue to the Subscriber 17,000,000 Shares (the "Fee Shares") (being the equivalent of £66,300 at the latest closing price on AIM) in satisfaction of a fee (so 0.39p a share)
The Company has applied for admission of the Initial Subscription Shares and the Fee Shares to trading on the AIM, and this is expected to become effective on or about 19 December 2022"
.....
So i believe over the next 30 days those above shares will be used by the lender to hammer down the share price. Then by the time they request to be repaid back some of the loan in shares the share price will probably be so low that Red Rock are scrambling to do another share consolidation.
All the above only my opinion. I've been wrong many times in the past.
My break even on this DOG SHEITE SHARE is 01.7p.... thats right...
we are currently at 00.26...
so for me to break even, we have to almost 7 bag from here......
but, i intend to follow dinger bell for the rest of my life and make sure he doesnt do this with any other companies when this one fails
Has anyone before seen a mine stolen which then results in no compensation for the genuine holders? I am just thinking ahead in case no money from Congo arrives. Would we be unique in such a scenario?
That's a bit better post specinvestor 99....... mind you still a bit of a condescending tone to be worked on! nobody's perfect...lol.... And best of luck with your investing specinvestor99.....!
GLA!
It's incredible that anyone can still support this management. Totally delusional. The only time that the share price has closed lower than current levels was at peak COVID selloff. It's down 80% in 2 years and now there's a lovely death spiral in place just to keep that foot firmly on the throat.
Speculative investor I don't know what your average is but I'm guessing 0.7p plus ?
With the 640m share dilution announced yesterday ( agreed the $1.5m provides time) and the resultant dilution to potentially 0.2p on no news. You will need a four bagger to get your money back.
Only chance of that is a settlement of Congo in next six months. Personally I think Congo is dead and Bell is just not saying. He did similer with Greenland and if I recall a mysterious Cypriot lodgement.
I genuinely hope it goes well for you but recent developments and the dilution move this in the risk rather than reward direction.
I am sorry you lost money in RRR. I have suffered comparable losses on other deals. I view this a venture capital with high risk and high reward. Most will not be successful. I hope I am right with RRR
When I lost money in the past I dont haunt stock chat rooms. When I invest, I wear my big boy pants and take the loss.
For now I remain optimistic that Congo is a game changer and continue to hold RRR. When I invested I did so thinking 2-3 years. RRR/AB posts and prior news release gave me hope that it would happen sooner, which is always good but it did not happen.
Everyone is different. Better luck with your future investing.
Some of your past posting muses specinvestor99:-
"I like RRR's chances but I dont view the company with rose tinted glasses There is risk here but I accept that risk for the potential reward"
"Regardless of the outcome the end result for RRR shareholders should be very rewarding"
"I understand that prior purchasers who still hold RRR bought at significantly higher prices and are disappointed with share price and it very well may be that I too may be disappointed in the future but for now there are multiple reasons to be optimistic"
"Yes Canadian. No I don;t do a lot investing on AIM AIM (home of con-men)"
"'Even a blink squirrel finds an acorn every once in a while'"
“Better to remain silent and be thought a fool than to speak out and remove all doubt.” Attributed to Abraham Lincoln in Golden Book, Nov. 1931
"IMO This is a gamechanger"
I agree with your last two points above.....I tell you what .....give me £30k and I'll give you back your investment less £29,985.....is that about $Cad25? are you just "disappointed" ?
perhaps in England/UK it is used 'informally' but not in Canada or the USA
In either of those 2 countries making those written statements can get you sued. I have a friend who made such a comment, got sued, went to court and got a jury verdict had to pay to $1 million
A quick google search and can you find legal cases where people got sued over written comments on stock chat rooms
crime against morality.....karma will out!
Jeez cool your jets Spec. Maybe English isn't your first language but that phrase is used informally all the time. It's perfectly apt in the situation. It's criminal what the management have gotten away with for this length of time. Just like the majority of **** on AIM. Their days of reckoning are coming ever closer.
I disagree. I have complained about RRR/AB where I believed it was appropriate.
i challenged the criminal allegation because it is not proper.
I have lost money in the market too many times to count but only once due to fraud (president was charged, found guilty and served time in prison)
what laws has AB broken? massive shareholder dilution which was approved by shareholders and/or in compliance with securities laws and regulation is not criminal at least not in Canada. Is this criminal in the UK? i suspect not
you outline possible mismanagement which is not criminal
those placements were approved by shareholders and complied with the law
where is the criminal violation?
In the hindsight of today's RNS fund raise, I should of sliced the 6th April 2022 top up @ 0.37p posted below , on the 24th August high of 0.675 , can buy today at a lower 0.35p
This is AIM .
Down 15% on today's news ( but a 16.5% spread showing ) today .
Thankyou Banburyboy for simplifying the complicated fund raise
We raise up to $1.5m
550k at 0.7p
1100k almost certainly at the floor of 0.2p.
That represents a max of 628m new shares at a weighted average of 0.24p assuming the floor price.
Hardly a premium to share price when looked at in its entirety but probably a 50% discount.
Not sure how long $1.5m will last but the company desperately needs Congo to happen to avoid the additional $1m being utilised at userous rates.
I fear that Bell has outflanked Helpful and his chums who tried to find a way of stopping him doing what he does best -diluting equity holders infinitum - AB is laughing at you all !
My view is the shareholder group (they hold circa 23% of the equity - it used to be higher) told Bell he was to deliver value from Red Rocks existing assets/portfolio, I recall posts from Helpful and commentary from Bell himself along those lines around 12/18 months ago.
The mission was a clear one, deliver value, namely JV, IPO or sell projects at the same time manage the investment portfolio (POW/EO/Jupiter/Juno shares) Out of the blue the potential 'windfall' from the Congo came when a dirty deal was done by third parties, Bell was sent to the Congo, no doubt under the instructions of the shareholder group to try to collect the $15m cash RRR was owed - the first 6 week attempt failed and clearly the second 3 week visit also failed, no cash was forthcoming.
Only 2 months ago Bell said he did not want to dilute equity holders (the SP was 0.50p) because the valuation was too low. Bell was hoping for the listing of Elephant Oil or the Congo cash - neither happened.
The shareholder group had supported Bell with month by month equity raises and loan notes previously, the investment portfolio had long gone - their efforts came to nothing as Bell failed to deliver anything meaningful, but that is nothing new !
So we now have a situation where Bell has not only let down the minority holders but also the larger holders who on a equity basis are seriously and I mean seriously under water - I estimate the largest shareholder is down at circa £500k, he must be well happy.
Bell has now diluted the major holders, has destroyed value, delivered nothing in the last two years (or indeed over the last decade, the m/cap has not exceeded £10m since 2012) but has secured funding (on onerous terms) to keep his gravy train running for at least another 12 months.
The best thing that could ever happen here is removal of Bell and parachute a new management team in. If the 'major shareholders' had any backbone they would call a requisition and do the obvious.
As for Helpful, that EO windfall looks like it is not coming anytime soon - Happy Xmas !
specinvestor99.......those rose coloured specs you have are nice to own! I used to feel the same but after losing tens of thousands of £GBP with two of AJB helmed companies....see how you feel in a few years....I wouldn't be getting family and friends involved here if I were you...they may dump you on results! Great to here that the binman gets £140k salary over the pond with you....over here it's a bit different e.g. my wife is on £11 per hour as a 23 years service manager in the Health Service....that's about £22k a year and my income is perhaps 10% of that......so a loss of £30k with us is about the same as your binman losing £300k odd.....Last time I spoke with AJB he was a wee bit defensive like, blamed capital markets for our woes! Think his salary was still coming in ok though!
I only need this share to multi-bag by x 250 fold....I think that's about 25,000% to get my capital back.....I suppose anything is possible...lol!
Very very easy to back up!!
Look at all the fund raising for the past 15 years then look at Mr bells salary and bonus. Then look at shareholders return !!
You don't have to be a genius mate!!
explain why it is criminal. That is a serious allegation subject to libel and/or slander
unless you can back that up you should immediately retract it
All Alan Bell does is raise money for working capital !!! How does he get away with this??its criminal.
I was here about 10 years ago. And it's the same old story! Raise money for Mr bells wages
"Get real. This is why people on AIM lose money. Emotions get in the way, positive and negative. This is about money not an agenda. AB is key to making money here: it can't be done without him"well I guess if my 99.6% loss is the key to making money then AB has my vote....someone else driving the company could have lost me the 100%............lol! lucky me!
Helpful if you think we are doing o.k. here , and I hope you are right, then are you buying at these low levels?
Well unlike you, I do take it lightly. This is only one of several investments and, apart from the irritating delays in DRC, I think we are doing okay here.
Hopefully, this breaks the log jam in Victoria and they can start to demonstrate some value. Other things are in hand, as will become clear.
And I have to say that I am glad I am not the one having to deal with the slippery ones in DRC but eventually all these things time out.
DYOR
Good lord Helpful, I'm taking the ****! I'd tell you to lighten up but suspect you're at breaking point.
All you can do is laugh at the RRR/AB rolling calamity, don't take it so seriously. Although if you're investing your family funds on dregs like this then that's on you.