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Oh dear !
https://www.lse.co.uk/rns/RGM/regency-mines-plc-update-on-metallurgical-coal-interests-jrk4pcu43hy7deh.html
Project share reduced to just 25%, Cyprus lender now in to prop up the funding, still more funding needed, investment only worth $430k
Can't imagine the company apologists can polish that one ! But watch them try !
I agree that the CEO of para in that video demonstrates confidence and professionalism, a man that you would trust with your money. It translates extremely well to the investor, the really difference is the managements financial personal commitments of $30m - and sound asset picking strategy. Pumping in cash rather than receiving shares in lieu, and not lashing millions in share option handouts is a major investment signal. A big big difference from companies like RRR and RRL. I am very disappointed that we don’t get all the information that one would expect and as Magic has completely correctly stated, amulet Diamonds 1/2m for a small market cap of £3m is a lot to not openly RNS, the loan to Steelmin unsecured isn’t even a rookies mistake, it’s plane stupidity in my opinion, again 30% of mkt. cap, way too risky, and Shoats creek, candy sweets, etc..is just winging it. I’m ok with greenland falling through, called it wrong but that occasionally happens. The really issue is that when making deals and seeing no RNS, having no measurable strategy in place, management being paid over 30% of all administrative expenses, and generally nothing to show for it after many years, it causes complete resentment. I pray that Migori does come back with a great active mid-tier JV and not some bad rep Aim junior notorious for Mgt self interest which I could name a few where it looks like CEOs rolling door, you shake my hand and I’ll do yours later. I hope DRC is so good that companies want to offer insane amounts. I hope dividends start to come back to the investors. I hope the Mgt show that they really care and if things don’t happen, they’re open about it. I hope to see Mgt taking pay cuts temporarily if need be for a couple of years rather than diluting. All of this are my opinions only but I am seeing very little to prove that Mr magic is wrong at the moment and I would more than anything like to see him proved wrong because that means I’m making money.
Helpful still keeping well schtumm about the cash situation. Still posting silly twitter links to push realistic or contrarian posts off the top. Speaks volumes.
DYOR
Great interview.
https://twitter.com/ParaResources/status/1148283282015969280?s=19
Apologetic: "How about AB has simply forgotten to remove the charge?"
Did he also forget to RNS the loan in the first place to inform shareholders what was going on?
Did he also just forget to RNS the loans and transactions with Amulet Diamonds?
Did he also just forget to RNS the additional £1.1m loan to Steelmin?
Did he also just forget to RNS shareholder to inform that that Steelmin had gone into Administration?
Your persistence in desperately trying to be a company apologetic is simply embarrassing now.
If the BOD don't RNS the kind of loans and transactions listed above, then what else are they not RNS'ing??? That situation makes the investing proposition a complete non starter imo. If shareholders are not going to be openly and honestly kept informed then the share is uninvestable. Simple as.
DYOR
How about AB has simply forgotten to remove the charge?
Magic,
Evidently its clear, RRR had taken out a loan secured against their assets in February, which is still outstanding. Its also a fact we don't know how much they borrowed. The facts are obvious, I for one, wouldn't trust Bell as far as i could throw him.
Notable that Helpful is still not mentioning the cash situation and funding requirements.
From Half Year Report (to 31st Dec):
Cash in bank - just £27k
Total Current Liabilities - £2.7m
From Annual Report:
Admin Expenses - £849k
Other Project Expenses - £306k
It appears that at some point in February Charles Topham loaned some cash which was secured on building and other assets as stated in the Outstanding Charge on Companies House here:
https://beta.companieshouse.gov.uk/company/05225394/charges
Amount of loan unknown. It wasn't RNS'd AFAIK
Since Dec RRR has raised £323k via a placing of 63m shares at 0.51p
It has received a Jupiter dividend of circa £250k and may get a further £300k bonus divi
I'm personally seeing therefore a gap between available cash and all those liabilities.
Where will the cash come from? I can only assume more dilution.
Any comments on cash vs liabilities Helpful . . . . .?
DYOR
Helpful: "Steelmin was a thing not the next big thing: two things went wrong, electricity prices went through the roof (and are still high) and AB made an unsecured loan to Steelmin"
Laughable, I mean really laughable.
Would you expect someone going into say gold mining to not be aware of the gold prices and their forecasted future prices? Can you imagine say a cruise line trying to operate WITHOUT understanding the price of fuel and the likely direction fuel prices will take in the future?! No of course not. Such businesses will trip up very easily and be out of business in no time.
Further still, can you imagine a cruise line NOT having some kind of contingency plan in place for the eventuality of sudden high fuel prices? Nope. Just unthinkable to operate without such basic risk management.
So what we have seen here with RRR and Steelmin imo is naff all due diligence, really really poor management of a project obviously without looking at electricty price forecasts and worse still, having no contingency plan or backup in place for when/if electricity prices rise sharply. There is no excuse here. Bell has a seat on the board. RRR owned 22% of the project which is significant. The "management" of the project appears to be appalling imo.
To then lend a further £1.1m unsecured is not simply ridiculous, it goes far beyond that imo.
There is form here. It seemed to me personally during the last public conference call that RRR held that they weren't at all in control of the Migori project. A Migori director jumped on the call to ask what was going on which shattered any illusions for me of there being any kind of meaningful working relationship. Then there was the Greenland sale debacle with the lawyers and so on.
It's failure after failure here. The fact that Bell is choosing NOT to RNS key events like that Steelmin £1.1m loan adds more concern as to what is going on and where all the money is going.
As I said, for me, it's totally uninvestable.
DYOR
And as for Amulet did Bell know stuff?
Helpful, Would you say you know stuff? And if so, how long have you known stuff? A few years?
Chart knows a lot more stuff!
So chart 1 - Unhelpful 0
Well as usual people who think they know everything end up proving they know nothing.
Steelmin was a thing not the next big thing: two things went wrong, electricity prices went through the roof (and are still high) and AB made an unsecured loan to Steelmin. The former no one has any control over and the latter was a mistake.
AB should have kept his hand in his pocket.
As the Zen Master said, let's see!
Helpful: "I know nothing. First I have heard of it. This sort of nonsense will be stopping shortly."
lol Stephen. This sort of nonsense is why the share is, imo, uninvestable. PI's have no idea what is going on at RRR central. Loans with Amulet Diamonds are made without being RNS'd, loans with Steelmin similarly, projects go into Administration and that's not RNS'd, now a new company has been formed and RRR is a subscriber and Relevant Legal Entity and that too is not RNS'd.
You'd be investing blind imo. When there are 100's of other AIM companies to go at with better BODs without the horrific track record that this lot have, why would anyone dwell here?
You will never imo get to exercise your outstanding CLNs but at least they are earning you 10% interest !
Definitely a share to DYOR
"This sort of nonsense will be stopping shortly".... you say that, but you also said
"if we are lingering around this price come September and RRR has made the progress I think it will on the various assets, that I will personally arrange for it to be taken private"
when the price was 0.85 and you thought Steelmin was the next big thing and now we're sub 0.50 with no cash so forgive me if I think you're talking crap
Maybe instead of extending you CLNs you should try and become a director of one of those Support companies, my guess would be that's where the real money is
It's really looking like your idea of DYOR is just believing anything Bell tells you, you really need to wake up
Para resources down 2 cents today helpless. Guess you need to pull at these straws now that you can’t do that ramp any more
I know nothing. First I have heard of it. This sort of nonsense will be stopping shortly.
Good news for MMS and JMS.
Hopefully, there will good news August time.
https://web.tmxmoney.com/article.php?newsid=8427543441209924&qm_symbol=MMS
https://beta.companieshouse.gov.uk/company/08484404
mmmm, a spiderweb of Support/Consultancy companies when you drilldown into the affiliations from this company
You appear to be correct TDT
https://beta.companieshouse.gov.uk/company/11857467/filing-history
RRR PLC is listed as the Relevant Legal Entity and a subscriber of 1000 shares
This happened on 4th March which is 4 months go.
Once again no RNS here. Is that because it's Red Rock PLC ?
https://twitter.com/whenallelsefails/justpostanyold/linktotakeattention/awayfromthis/utterpos
Getting the next Jam jar ready, what can you tell us about this Helpful
https://beta . companieshouse . gov . uk/company/11857467