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It is difficult to believe that RRR mentions Burkino Faso - as if it is of value when their is non. The army has taken over- the country is lawless,close on a 1000 incidents of armed gang attacks throughout the country recorded over the last 18 months.
The BOD must know the situation yet write it up as good progress?
Rumour has it that AB stepped down from POW before he faced a vote for removal as there was the possibility of a motion being put before the BOD for just that.
No BOD member worth his salt wants that on his record.
Bells style at interviews is to waffle on, he never ever seems to talk about delivering meaningful shareholder value, I think if Red Rock won £20m on the lottery Bell would find some way of making it sound uncertain or with caveats.
So the latest 'episode' is to chase lithium targets here there or anywhere, he mentions Zimbabwe and Congo, well how many projects does Red Rock need ? A cash strapped junior company continually adding new projects without delivering any meaningful shareholder value from the plethora of existing projects, its truly pathetic.
Whilst it is true that Bell needs shareholder authority to issue shares to raise cash one suspects he is still free to issue shares to vendors or via CLN's, the issue is one of trust and the market simply does not trust him. Most vendors are quick to sell stock despite assurances.
Bell will never change, he will continues the status quo until he is removed from office, it has to be at the next AGM.
Lots of interviews by AB recently but hardly anyone is buying? Must be a reason why.
https://twitter.com/StockBoxMedia/status/1491026837111439364?s=20&t=efYVb-KoFbjQWxymDG8XCA
Link to Q&A details
https://tinyurl.com/2p9d73yr
Due this week.
They are requesting questions, email address in link below
https://twitter.com/**********/status/1490595296325386243?s=20&t=P16KV0630rkSfY-nk2EglQ
https://twitter.com/wmiddelkoop/status/1490684543879237633?s=20&t=ctketKl-wsy6WJlOyZKcbA
Are public companies no longer required to hold an AGM within 6 months of its financial year end?
Bell is totally correct in one aspect, he needs to deliver, prove value by monetising a project, nothing else will suffice.
I am not totally convinced a JV is the answer in Kenya unless it involves some form of up front cash payment to Red Rock, one example of a poor JV was that of Oriole Resources who entered into a 6 year JV with Iamgold at a Senegal gold project, there was no up front cash payment and 6 years is a very long time. The terms were a $4m spend over 4 years and then $4m over 2 years for 70%. Oriole share price failed to respond to this deal as Iamgold were very slow in reporting results and took ages to complete the drilling, at the same time nearby licences were changing hands for $100's of millions because of a major discovery close by, Oriole are locked in to the JV and could not monetise their large licence area however, they now wait to see if the partner will enter into year 5 or pull out.
Any JV needs to be very well structured, almost certainly would need a significant up front cash payment to Red Rock, can Bell deliver such a deal, unlikely IMO, a outright project sale would deliver the value that every Red Rock shareholder deserves. It is VERY interesting that Bell has historically suggested that if a windfall came Red Rock's way he would prefer NOT to pay a special dividend to shareholders, that attitude is totally unacceptable.
So the ball is in Bell's court, I remain of the opinion that he is a liability to shareholders and Red Rock will always sell at a significant 'Bell discount' to true value, the clock is ticking down, he needs to get the share price far higher before the AGM, even if the major shareholders foolishly (IMO) vote to keep him in office others will have a very different opinion.
Yes he is in last chance saloon !
Helpfull
Six targets in a few weeks. Most "targets"have been in the RRR rinse and repeat cycle for years. Over promise under deliver. Jam tommorrow. Tread carefully here.
Well Mt Ida does look like they intend to have a good go at it.
It looks me that they would bring a partner in. RRR has three and a half bites of the cherry re Mt Ida: two $4mil stage payments, the royalty and then the shares in Juno.
I expect Elephant to list mid March, they are well on with S1 process.
It looks to me that they don't want to list New Ballarat till the drill results are in.
Hopefully, when this next round of news is out some of the seriously nasty people who hang around here will clear off.
As to a placing: any placing would need to be approved by a GM.
DYOR
I don't think that I have ever seen such a blatant PR RNS, especially without any tangible figures. Smells like an AB pile of .......... ahead of a placing, which for speed will not be open to PI's. So watch out for a $1m dilution or loan!
AB still driving the heavy train, what an absolute thrush…
have you noticed how very few of them ever take photos or videos of their projects? For AIM management it's like camera or video doesn't exist.
I suspect the reason for this is that management know that AIM investors can make unseen projects look grandiose in their imaginations. However with video or camera all the shareholder would see would be empty blank landscapes. So I'm sure in the end AIM management conclude that it's best to leave these unseen projects to the investors imaginations.
The 18th November 2020 Red Rock RNS said:
"Issue of a $1,000,000 Promissory Note payable in fifteen months to Kansai"
So 15 months later would mean Red Rock would need to pay Kansai the $1 million by 18th February 2022.
www.lse.co.uk/rns/RRR/issue-of-shares-warrants-update-on-kenya-and-tvr-l4rmchq87c2n74w.html
.........
On top of the above Red Rock also paid Kansai $2.5 million. They paid $1 million in cash + in this March 2021 RNS they additionally paid Kansai $1.5 million in shares.
https://www.lse.co.uk/rns/RRR/kansai-completion-of-purchase-oefz6bk6g15lboo.html
If you look in the above RNS you'll see that Stephen Lundy's (or poster HELPFUL's) company BESPOKE CAPITAL SOLUTIONS clients were meant to be buying over half of Kansai's shares. In the same RNS Bell effectively says Kansai would hold onto their shares but from the date they were given those shares (see 22nd March 2021 RNS. Also see the RRR chart) the Red Rock share price collapsed.
Whether in the end Stephen Lundy's clients took those shares I don't know but whoever took them seem to hammer them into to the market. So beware in a couple of weeks if Kansai get handed more shares.
It is interesting that the post from Longterm has received 12 recommendations, it shows that there are many disgruntled investors holding Red Rock shares and will act against Andrew Bell at the soon to be announced AGM .
IF the major shareholders support Bell then they really do need to have their heads examined, they are significantly under water themselves and need to use their holdings to ensure he is moved aside and replaced as CEO and Chairman, the last Annual Report stated Bell being CEO and Chairman is poor governance and would be addressed, it has not happened.
Bell is the Boris Johnson of AIM, he will not resign, he needs removing by shareholders, the one and only chance is coming shortly, to think Red Rock could not survive without Bell (as implied by Helpful) is sheer nonsense, one of the more ludicrous reasons suggested is that Bell speaks French .
If Bell was removed and a more dynamic/trusted CEO with a new team Red Rock PLC would become a entirely different investment proposition, a company name change would not go amiss either to compliment the new personnel
Bell really is in the last chance saloon, he urgently needs to deliver a significant and sustainable value event to save his own skin, will it happen ??
Looking good from our house.
As I said, a lot going on.
Bell reminds me to a degree plenty of hot air. Inability to fall on sword. In it for numero uno
Key difference is there is a mechanism for Boris to go and it seems that's a matter of when rather than if.
AB will no doubt be here for a lot longer.
Not an investment for me
Why on earth would anyone buy in the market to take control here when there is a literal THIRTEEN (13) YEAR pattern of dilute, rinse and repeat. What, buy 30m shares, price rise, dilution, directors pay themselves and issue themselves more reward options? What a stupid comment.
And you say bid you for your stock? Firstly you don’t technically own it yourself, and clearly can’t call any shots, and secondly, doesn’t sound like the confidence of someone saying this will be multiples higher(for several years now, and it of course, hasn’t).
Then we come round to your other points about ‘we wouldn’t be where we are - no, we wouldn’t, and that would also mean we wouldn’t have paid out Bells salary alone in 13 years which equals the entire market cap currently (wow), nor would we have sold down the only good assets this company had (liquid stock) to fund more failed projects. Remind me, how many projects have successfully come online for an explorer/junior? Zero with any success in a decade.
The ONLY reason I bought 4.5% of this company prior was because the market cap was supported by the valuation of JMS shares (again, had bell done nothing with that it would be worth $100m+ now), but that’s being sold down to ‘fund’ more projects that are fluff. Same thing, 13 years later. Comedy show. Incapable and totally incompetent of actually completing a deal successfully, just court cases over and over and selling good assets to pay for hopeful ones that seem to fail every time. And RRAL wasn’t that meant to be October you said? Then December? Then January? Now pushed again a few months? Gosh it really is Groundhog Day