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1. Have you looked at Elephant Oil and what UOG have said about farming in?
2. Do you know where we are up to with Migori? Do you know where are up to with the Migori JV AB has promised?
3. Do you know how far we are on with producing the JORC report for Musonoi?
4. Do know how far down the road JMS is with farming down its iron ore interests
5. 4 is relevant to the JMS SP and to RRR's royalty on Mount Ida and the stage payments that are owed.
6. Do you know where Para is up to with its production at El Limon and if RRR intends to sell its holdings in Para?
7. 6 is relevant to RRR's royalty from El Limon.
8. Do you know what RRR's plans are for its five/six DRC licenses other than Musonoi?
9. Do you know what is happening on the Ivory Coast licenses?
10. There are others.
DYOR
The best case scenario is another fund raise, it doesn't get any better i'm afraid.
UJO has a fair chance to recover some losses, this on the other hand, ive looked but can't see it anywhere.
Where's the cash going to comre from. Jupiter divi's are nowhere near enough for the funding needs.
£2.7m liabilities as at 31st Dec
c£850,000 a year on Admin expenses
Project Costs
Other Project Costs
Legal costs
. . . . .
Where is the cash going to come from. Naff all income and only a bit of bunce from Jupiter divis (£250k just received and maybe another £300k to come)
I can only see one possibility. . . . . the usual dilution.
Rampers seem reluctant to face up to the cash challenge here imo. When's the next placing ???
DYOR
I know AB goes to Kenya occasionally. I belief the Nairobi golf courses are quite good.
https://twitter.com/tfondas1/status/1136556279839809539
Q1 19 royalty about $17,470: projected Q4 19 about $75,800.
AB currently in Kenya: I wonder what he is doing there?
DYOR
Back in August large investor Peter Gyllenhammar held over 12% of the shares here with a holding in excess of 66m shares. He has since been steadily dumping those shares for the past 6 or 7 months chunk by chunk. Not easy of course when there are few mugpunters remaining these days to take up the shares (imo).
Despite all these months passing by he still holds over 32m shares (4.77%) so this process looks set to go on and on perhaps for many more months. It can imo only serve to suppress the SP as any snippet of news will likely be sold into.
I can only speculate that he is thoroughly displeased with the way the company has progressed and/or perhaps not happy with the company decision NOT to RNS key loans and transactions with Amulet Diamonds or perhaps not happy that the Steelmin project has now totally failed with Steelmin going into Administration leaving a debt of £1.1m owed to RRR. Maybe he's simply not happy that the company had £2.2m cash at end June and then 6 months later there was only £27k cash left (see Half Year Report).
For myself I can only envisage more and more dilution here as there is precious little income and yet imo lots of funding needed. The Half Year Report told us that Current Liabilities were £2.7m and the Annual Report told us that this BOD get through c£850,000 a year just on Admin Expenses. There are obviously also project costs and "other" project costs (£306k last year) and presumably legal costs for Kenya perhaps. So where is the cash going to materialise from for all of this???
They recently raised £323k from a placing at 0.51p and got c£250k from the Jupiter divi and may get another bonus divi of around £300k.
That really doesn't amount to much compared with the liabilities and funding needs as far as I can see.
Dilution simply seems to me to be inevitable. Presumably why the BOD established authority at the last AGM to issue up to 400m more shares here this year ! DYOR well imho.
Certainly narcissistic and deluded enough to be.
I see you are giving investment advice, again.
So everyone is fully informed, can you confirm how much you lost in your personal name and how much in your SIPP?
People will then be able to take a view on how good or bad your investment advice is.
xx
DBG, Are you Bell?
Great post Magic - thanks for sharing.
Message:
* Amount raised decreasing every year (substantially)
* Losses also becoming smaller every year
Great job highlighting that Nevis.
Also worth noting every year (as a mining exploration company, which will inevitably have duds along the way), the proximity to a world class asset is now here to exploit. All the bashing about confetti, all the predictions about 0.40p, all the negative comments that there is a seller out there - and yet the last 6 weeks have rewarded you with the share price ticking up, and more substantial buying than selling. Go figure hey.
The long and short of it is simply this. While ever this BOD remain in control, any monies will be soaked up in salaries, Admin and other expenses and a fair amount squandered on disperate projects in far flung places that mostly fail.
Greenland has been sold for just £1
Shoats Creek is being written off
Steelmin is now in Administration leaving a £1.1m debt that imo won't be recovered
El Limon was sold for a song and royalties are essentially meaningless
Ivory Coast went nowhere
and so on
The smart move is to invest directly in Jupiter where you WILL GET a share of the various dividends.
No RRR shareholder gets any share of the Jupiter dividends that come into the RRR coffers. The company received approx £1m from Jupiter share buy backs and a further £750k from 2 dividends and may now get another £300k divi to boot. NOT A SINGLE PENNY of it has ever been passed onto RRR shareholders. The BOD burned through approx £850,000 simply on Admin Expenses last year.
Cash in the bank at 31st Dec was just £27k
Current Liabilities were £2.7m
Admin Expenses run around £850k a year
Other Project Costs were £306k last year
Then you have actual Project Costs and Legal Costs
That's a fair amount of cash needed. Yet . . . . .
They only raised £323k recently through a dilutive placing
They got £250k from the recent Jupiter divi
Anyone seeing the discrepancy there between cash needed and cash coming in?
Where will the cash come from?
Dilution imo, hence you've got the usual suspects ramping like good uns.
Buy, hold or sell but be sure to DYOR
Apologies for 1/2 double post
Losses, monies raised and Admin
2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000
Total Raised - £15,052,200
Amounts expended on Admin/Other Expenses
2012 - 2,275,786
2013 - 4,751,948
2014 - 1,563,808
2015 - 1,334,404
2016 - 758,351
2017 - 644,688
2018 - 849,518
Total frittered on Expenses : £11,328,985
DGBSJPM: "The magic commenter guy always talks about confetti of share issues (there will be, to fund this project, if you all get your heads out the sand and look forward, it is how every company grows"
Wow the comedy value here is endless and it would be funny were it not actually tragic that such people mislead mugpunters so badly. This company has diluted shareholders for years, it is what it does, and it has utterly failed to grow throughout that time. Founded in 2004, both RRR and RGM despite 15 years of this BOD nonsense have still not been able to get the companies in a position where good projects are generating significant regular income that both meets the overheads and funds future projects. So this incredibly lame strap line that boiler room style rampsters always come up with about "all AIM companies issuing confetti" is frankly absurd.
As always I shall dissolve the company apologist lackey's drivel with facts. Here are the losses made by the company year on year and the amounts they raised via confetti issues and the amounts squandered on Admin and other expenses. It becomes patently clear from the facts that there is absolutely zero value to share holders from such dilution. The only thing that grows is the BOD's personal enrichment.
2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000
2018 - Profit of £78,120 - raised ????
Total Raised - £15,052,200
Amounts expended on Admin/Other Expenses
2012 - 2,275,786
2013 - 4,751,948
2014 - 1,563,808
2015 - 1,334,404
2016 - 758,351
2017 - 644,688
2018 - 849,518
£11,328,985
DBG, You make me chuckle.
Do you keep a straight face as you type that?
Well funny you should raise the point of multiple purchasers buying less than 2.9%. The problem is the fact that you suggest it, that it raises the question, are you a concert party?
If you are a concert party then you need to disclose, 1 that you are a concert party and 2 when your combined shareholding is over 3%.
Already had a chat with AB about this point.
FYI I have some of the 0.51p shares with warrants and expect to do very well in due course.
DYOR
Not due any TR1 if a group of investors buy 2.9% each. Think about that for a second. Why should a bunch of people on a board like this (for example) get market info for free and know peoples future buying (or selling) intentions. So doubt you see holdings info anytime soon. Also, (and this one is good), The magic commenter guy always talks about confetti of share issues (there will be, to fund this project, if you all get your heads out the sand and look forward, it is how every company grows, but issuing of shares at the right level to the right investors is not a bad thing) unfortunately, in the past this company got those investors wrong, who failed to follow through and support the company, but this contradictory fool Magic says ‘bargain price shares of 0.51p issued” - you got it right, bargain price. Then the rest he says is sprouting and backwards looking, as most others on here. Granted, turbulent few years, but simplistic retail investors sitting there banging out the same tune are the ones that always miss the big tickets. That’s why they are called retail investors. People sat here, being negative for weeks now (and the SP only been stable if not creeped up, despite the ‘selling from previous large holder), what have you actually achieved?
If you go back and have a look at when his TR1s have been issued and the trades for the relevant days you will see that is he is selling via a combination of matched bargain and in the market. It is possible to match up his trades with the disposals declared on the TR1s.
It looks to me that he sold another 1mil shares in the market on Friday.
Anyway, I still think we are due a TR1 from somebody,.
DYOR
Here is the 22nd September 2017 holding RNS http://www.lse.co.uk/share-regulatory-news.asp?shareprice=RRR&ArticleCode=ou4dkxzh&ArticleHeadline=Holdings_in_Company which announces Peter Gyllenhammar had arrived at RRR. Scroll further down same RNS announces MTR had just sold up.
Do you think PG knows what's coming?
Even a hint of what is in the offing?
A clue perhaps?
A scintilla of a notion?
Good point TDT. If i remember correctly that is exactly how Peter Gyllenhammar first arrived in RRR when he acquired all of Metal tigers RRR shares.
Nearly out but no TR1 for the other side.
Helpful: "A few: Priyank just bought £3.74 mil."
And yet still holds less than 3% of the company.
Absolute peanuts for a director or CEO and of the same level that many nefarious AIM dilution CEO's hold in their companies.
Polish the little brown jobbie all you like but the fact remains that 4 of the 6 directors don't hold a single share in the company. What a joke !
Now. . . . where's that fundraise?
A few: Priyank just bought £3.74 mil.
DYOR