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and the round sells just keep a comin'
Surely the placing cat is out of the bag now or do people see some other explanation for these sells?
Sells at 0.40p, it's clinging on by its fingertips but totally inevitable that this is going to drop into the 0.3p levels imo. The weather forecast suggested there might be snow in some areas but I'm wondering if he was confused and it was actually just a storm of Christmas confetti !
Naive mugpunters imo who don't know the score here.
That or Helpful & Co, the larger holders who threaten to take this private.
Either way it's a huge avoid for me. SP is only going south from here imo.
DYOR
Hope people have clocked the flurry of nice round sell trades these past 5 days.
Sells of 100,000, 200,000, 300,000, 500,000 etc etc
Where have we seen this before? Of course, prior to dilutive placings over the course of the past 7+ years.
All those sells are at 0.41p or thereabouts. Many people used to say that such trades were forward selling of placing shares. I couldn't say myself as I have no way of knowing. The presence of lots of round sells for me however flashes that red light.
I personally believe any placing will be at 0.3p levels.
The £1m of outstanding CLNs are due for repayment in just 3 days time on 19th Dec. So RRR need to find £1m from somewhere so a placing is a definite possibility imo given they just changed their broker back to Cornhill Capital (Pello) the placing experts who were previously fined over £200k for forward selling placing shares with a New World Oil placing.
If so then any shares bought now are just giving placees a quick easy profit at your expense.
Each to their own but I most certainly won't be buying any shares here before they announce what they are doing with those £1m CLNs. Nor for that matter before the Annual Report is published which is due any time.
I personally believe the SP here is heading into the 0.3p levels because of that CLN repayment issue but that's just my opinion. Believe what you will and always DYOR.
https://twitter.com/SmallCaps_asx/status/1206431034444632064?s=19
Helpful - "Did I mention copper?"
lol lots of times to divert everyone's attention away from the true situation. Also other meaningless tidbits like the price of gold. How are those gold royalties coming lols.
You didn't mention the CLNs though which as you know are due for repayment in 4 days time on 19th Dec and which you personally hold. Guessing you'll be forced to have them rolled on for yet another year. Well done big timer another stonking 10% interest made on AIM ! Big time.
*weep
Did I mention copper?
https://www.mining.com/copper-price-jumps-to-7-month-high-on-trump-trade-deal/
Read and deep Tragic.
I see 2 more trades have flooded in today lol Both showing as sells
Note the recent flurry of block trades at 100,000 and 200,000. Round bock sells always notable imo.
Now only 4 working days until the 19th Dec deadline for repayment of the £1m Convertible Loan Notes.
What will Bell do?
Slip in a last minute dilution to raise the cash? He just changed the broker back to Cornhill Capital (Pello) so a definite possibility.
Sell off more "family silver" Jupiter shares to raise the cash? Would be catastrophic now that the JMS share price has collapsed
Kick the can down the road for yet another year thus incurring a 3rd year of interest charges at 10%?
All options there are poor for shareholders imo. I suspect that's why these round sells are happening. Someone
bailing before the bad news arrives.
Each to their own. Always DYOR
How ironic that Bell has lost his deposit.
lol Helpful. Bell up to his usual antics of course.
Pithy update RNS and then BAM with a placing. Not sure there are many mugs left to fall for it any more.
Meanwhile now only 7 working days until those £1m CLNs are due for repayment. Tick tock.
What will it be?
Dilution to raise the cash?
Pawn off more "family silver" Jupiter shares ?
Roll them on for a 3rd year thereby indicating they can't afford to pay them?
Either way it's dire for shareholders imo and will see the SP hit the 0.3p levels before end of year. DYOR
Fund raise. Our position has been diluted. RRR should be issuing a TR1.
Agreed Ludeck. Was literally a copy and paste from 12 months ago.
Sorry Mr Oats, but unless "bankruptcy" and "yet another embarrassing failure" count as "nothing" in your books, then that's not going to cut it as a summary of Steelmin for 2019.
My post this time last year
“Another year gone with no licence in Kenya. Nothing significant in Columbia. Nothing from Steelmin. Good injections of liquidity through Jupiter and Para resources payments squandered on questionable assets and “admin” costs. Andrew Bell and Scott Kaintz continue to be paid salaries with annual increases larger than the uk market average.
Who thinks I’ll be able to copy and paste this message again at the end of 2019?“
https://www.mining.com/4-charts-that-say-this-time-the-copper-price-surge-could-last/
Cgull - "What happens to the CLN's if the plug is mercifully pulled?"
Well you can bet your bottom dollar that those few large investors holding close to 40% of the shares would sell the assets and run off into the sunset imo. Problem is the JMS SP has crashed and so RRR's holding is only worth about £2.2m now, it was £4m last August. I'm guessing they would likely accept transfer of the shares to themselves rather than cash them in.
It's just yet another reason for me personally to avoid these shares like the plague. Poster Helpful posted this last August:
Helpful 17 Aug 2019 - "If it has not been taken private there is a reason, as will become clear shortly. We may still take it private."
"One other large shareholder wanted us to liquidate the company last September and we said no."
So you can see that at least one large shareholder wanted to pull the plug. Who are these people? PI's surely have no clue as to what they stand for and their motives. So why would PI's invest? Does Bell actually still control the company or is it in reality now controlled by these few holders?
One thing is for sure, if they take it private then PI's could have their cash locked in here for goodness knows how long. Remember when Jupiter went private???
Of course as we have seen time and time again here, large investors come and go with their tail between their legs all the time. Last year 13% holder Daniel Sklan finally dumped his remaining shares and left some damning remarks here on LSE. You can read them here:
https://www.lse.co.uk/profiles/d_s_/
Then another 13% holder Peter Gyllenhammar began dumping his shares last Christmas and has shed shares in chunks throughout this year. He now only has just over 3% I believe. Both sensible investors for cutting their losses and getting out instead of hanging around to lose even more value. SP this time last year was over 0.6p. Today the Bid shows at 0.4p.
It is what it is. IMO just a lifestyle venture run for the personal enrichment of the BOD. That BOD has to go for this share to ever do anything. Otherwise they will just continue taking stupid salaries and expending ridiculous amounts on Admin and other expenses imo thereby destroying all shareholder value and creating the constant need for dilution.
DYOR as always
What happens to the CLN's if the plug is mercifully pulled? Can't even sell this as a shell surely?
Tick Tock
After today there are just 9 working days until the £1m of outstanding Convertible Loan Notes are due for repayment.
What will they do?
A dilutive placing seems most likely to me personally. The company just changed it's broker back to old friends Cornhill Capital, the placing gurus, seems highly indicative TBH.
They could sell more Jupiter shares to raise cash but that would be appalling now that the JMS share price has crashed to AUD 0.25 levels. Would be an awful kick to shareholders imo.
Or the poor old CLN holders like Helpful will have to accept them being rolled over for a 3rd year.
All options look fairly poor to me. As a result I expect the SP here to drop into the 0.3p levels soon enough.
I'll personally watch and wait for wordy Update RNSs which for me will indicate an incoming placing.
Either way I can't see any point buying shares here at least until that 19th Dec deadline for CLN repayment has passed.
Might as well see how they propose to resolve that little conundrum before taking any risk.
DYOR
lol helpful
Truly desperate stuff
When things are bad just wheel out the old "Mt Ida might be a goer" fantasy yet again . . .
How many times now? Lost count
Mt Ida is mothballed indefinitely. The feasibility study highlighted it would cost over £1billion to develop.
Not gonna happen but by all means keep trying to sell the dream to mugpunters.
Look up Mineral Resources. It looks like they are going to start exploiting a site near to Mt Mason and Mt Ida.
If they put the infrastructure in place it would make Mt Mason and Mt Ida much cheaper to exploit.
https://www.proactiveinvestors.com/companies/news/35381/red-rock-resources-completes-mt-ida-royalty-stake-sale--42253.html
RRR has a 0.75% royalty and two stages payments due.
https://www.proactiveinvestors.co.uk/companies/news/42010/red-rock-resources-sees-mixed-outcome-from-mt-ida-suspension-50095.html
The second tranche from the royalty sale, worth A$4 mln, depends on a definite decision to mine, with the final A$4 mln tranche triggered by the start of commercial production at Mt Ida.
The big issues here were rail capacity to Port Esperance, the need for a rail spur and port capacity at Port Esperance.
McArthur Minerals is also going ahead with its Yilgarn project.
https://smallcaps.com.au/macarthur-minerals-australian-investors-advanced-iron-ore-project-asx-debut/
DYOR
You could not be more wrong. I can assure you that AB is made aware on a regular basis that he has shareholders who expect him to deliver. He also owns about 9% of RRR, he wants a result too. It is not for lack of trying: Migori is very close but it has been close for a while. All the company can do is satisfy the law and meet all the requirements for the licenses to be reissued: the Kenyans then have to follow the law and issue the licenses.
DYOR
Get back to CTAG - you know it makes sence Doug'
From RGM RNS:
"The Transaction Shares as a whole would, if the required resolutions are approved at the GM, result in the issuance of 7,170,440,985 Ordinary Shares"
7 billion shares !!
And then a share consolidation. RGM has already had a share consolidation. What a joke.
So post 23/12/2019 RRR will have three liquid investments: JMS, PBR and RGM.
Worth about £290k to RRR earlier. Loads of sales going through.