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Hi Everyone,
Harmony as ever. Apart from a few companies I would take a flamethrower to the AIM cesspit. Sticking with the majors allows me to sleep better at night (mostly).
Good Luck.
It is a matter of public record that Red Rock had no interest in Kenya/Mid Migori before August 2009 when the deal was announced with Kansai. So your assertion that it was sat on for 26 years is misleading. There was no JORC resource in place when RRR got involved.
https://www.rrrplc.com/wp-content/uploads/2017/02/RRR_RedRockResources23.08.2010.pdf
This might help you understand the background.
DYOR
I am posting your nonsense here so you can't have it deleted when the Migori license is issued.
I note that you didn't take the bait: so what will you say when the Migori license issues are resolved?
lols Helpful
You mean the Migori license that RRR had revoked because Migori had sat on it for 26 years doing very little ?! Good luck with that.
Meanwhile, take comfort in the fact that there are now only 162 working days to go before you have to kick your worthless CLNs down the road for a 4th consecutive year . Even with the conversion price having been lowered from 0.8p to 0.6p, at the current 0.2p levels you need the share to bag twice just to be close to a position where you can consider converting but it's a nailed on certainty for me that by the time December comes around the confetti machine here will have been well oiled and Bell will have issued millions more shares at discount to keep himself in salary and expenses. So SP only going further and further South imo.
By then it will probably time for another share consolidation to try and make the SP look respectable again !
Nothing will ever change here until BOD are removed.
DYOR
in around 3 week for when the Columbian 'El Limon' gold mine sale was completed.
When the intended sale was announced by RRR in May 2014 it didn't look too bad. It was $5 million with an initial $2.5 million cash payment, then a $1.5 million promissory note to be cashed a year later, then the last $1 million in royalties from the gold mine. However over those next few months RRR made announcements and the deal got weaker and weaker. I believe it ended up $450,000 first tranch, then in later periods two $250,000 payments, then a $1 million promissory note, then the final $3 million would come from royalty payments from the gold mine.
My memory is sketchy but I recall most of the prom note was paid in PARA resources shares. And I have no clue how much royalty payments RRR have received these past five years. Because AB doesn't brag about it then I can't imagine much in Royalty payments.
I seem to recall. When RRR first announced the intended sale in 2014 the RRR share price was near 0.27p: when the sale completed a year later it was down to 0.07p.
So those who say if you wait patiently for a deal to complete then you will be rewarded. Well that is certainly not true with that El Limon' gold mine sale.
Losses made each year, plus amounts raised in cash through dilution placings and amounts expended on Admin
2012 - Loss of £1,962,882 --- raised £4,441,844 - Admin £2,275,786
2013 - Loss of £22,105,562 -- raised £4,103,795 - Admin £4,751,948
2014 - Loss of £4,113,460 --- raised £2,723,861 - Admin £1,563,808
2015 - Loss of £8,411,541 --- raised £2,327,377 - Admin £1,334,404
2016 - Loss of £283,280 ----- raised £1,155,323 - Admin £758,351
2017 - Loss of £1,114,213 --- raised £300,000 --- Admin £644,688
2018 - Profit £78,120 ------- raised £421,668 --- Admin £849,518
2019 - Loss of £1,723,881 --- raised £853,089 --- Admin £591,777
Total Raised - £16,326,957
Total Admin - £12,770,280
Plain to see that Bell & Co fritter the lion's share of available cash on Admin and other expenses. £12m out of £16m raised above. Absolutely shocking imo. This is why the SP is always decimated, a constant drip drip loss of value. This is why the company has to constantly dilute shareholders.
Remove Bell and the rest of the BOD in its entirety, remove this expensive and useless baggage, and the horrific expenditures on Admin and the share might one day have a chance to go a little North. Until then however this well established lifestyle "business model" will ensure that the SP constantly goes South imo.
DYOR
https://twitter.com/RRR_RedRock/status/1257573300257140738?s=19
Come Thursday (May 7th) it will be exactly 5 years to the day that RRR rnsed that the licenses had been revoked:.
https://www.investegate.co.uk/red-rock-resources--rrr-/rns/kenya-update/201505070700154135M/
Vbeckers, yes it only seems like yesterday when you, I and others were suffering in this hellhole. Then came along that awful Elephant oil deal and the seller absolutely pulverised this share price further.
lols Helpful
You mean the Migori license that RRR had revoked because Migori had sat on it for 26 years doing very little ?! Good luck with that.
Meanwhile, take comfort in the fact that there are now only 162 working days to go before you have to kick your worthless CLNs down the road for a 4th consecutive year . Even with the conversion price having been lowered from 0.8p to 0.6p, at the current 0.2p levels you need the share to bag twice just to be close to a position where you can consider converting but it's a nailed on certainty for me that by the time December comes around the confetti machine here will have been well oiled and Bell will have issued millions more shares at discount to keep himself in salary and expenses. So SP only going further and further South imo.
By then it will probably time for another share consolidation to try and make the SP look respectable again !
Nothing will ever change here until BOD are removed.
DYOR
When RRR gets the Migori license issued and does the promised JV, any chance you will give it a rest with your nonsensical witterings?
SK is CEO at Curzon and RGM: both are doing deals, he has to prioritise. There is only so much time in the day.
xx
Significant holder James Asquith dumped 5.4m of his shares last Thursday reducing his holding from 4.56 % to 3.68 %
One can only assume more dumping will follow.
Scott Kaintz , executive director and COO and CFO of the Company, is demoted to being a non-executive director whilst a new CFO is appointed.
Hmmmm
Only last August poster Helpful here posted the following:
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, a large holder is dumping shares,
Kaintz is being replaced,
RRR started selling it's RGM holdings in Feb . . . .
Helpful is desperately posting links . . .
Is the company readying itself to go private I wonder ?
Man I wouldn't want to have my hard-earned stuck in this POS if it went private.
I'll be looking out for more dumping and increased ramping to help those holders sell their shares
DYOR
From the POW website, this shows where the licenses are situated..
https://www.powermetalresources.com/s/52/australia
This is interesting..... ECR had licenses to the North and sold them to Fosterville South Ltd.
https://www.lse.co.uk/rns/ECR/sale-of-exploration-licences-for-cash-2eqw7hpj4uidtjz.html
https://gsv.vic.gov.au/sd_weave/anonymous.html
You can search the licenses on this link.
DYOR
Andrew Bell is so bad for Red Rock shareholders.
When he sits on other boards you see he has no qualms about dipping into Red Rock's funds when he needs money for his other companies.
(1) He was on the board at Steelmin. He lends them £1.1 million of Red Rock's money without asking or RNSing RRR shareholders.
(2) He was CEO & Chairman of RGM. RGM were doing a coal joint venture with Legacy hill resources. He lends Legacy hill resources £267,000 of Red Rock's money without asking or RNSing RRR shareholders.
Both amounts of money weren't paid back and were later written off by RRR.
(3) Going on the board at ABM (now POW) he used £100,000 of Red Rock money for an ABM fundraise. RRR received ABM (now POW) shares. Because Bell is on the POW board little chance of Red Rock selling their POW shares. So effectively Bell of Red Rock gifted his other company POW £100,000.
(4) Bell sits on the board at Jupiter. This is to the advantage of Bell (extra wage) but not to the advantage of Red Rock because Red Rock own 17 million Jupiter shares and I cannot ever see Bell offloading all of them for fear that if he did so he would lose his board seat at Jupiter and his Jupiter paypacket. So to me a definite conflict of interest.
Yes i know this is all a repeat of my other posts. And I will stop posting on this thread (for many months) because it is really exasperating to me that Bell remains here when he is so obviously terrible news for RRR shareholders.
Colin. I recall Legacy hill being in the offices upstairs from RRR/RGM.
The Legacy hill founder Sarandhi Rajan is apparently a millionaire many times over yet Bell of RRR lent Rajan's Legacy hill £267,000 . Of course it was never paid back.
Andrew Bell's Regency mines were the one's doing business with Legacy hill. So I don't know why Bell was using Red Rock's money to loan Legacy hill money. RRR shareholders were getting nothing out of it.
I agree with you Mr Magic, Bell and others need to go. On numerous occasions Bell doesn't even bother to inform the market about price sensitive news. For example p*ss*ng the company's money away without informing shareholders.
PWC managed the administration of Steelmin. It's proposal documents which list all the unsecured creditors showed Steelmin owing a debt to RRR of £1,106,943.
https://www.pwc.co.uk/business-recovery/administrations/assets/steelmin_proposals.pdf
As you highlight, chairman Bell here did not RNS this loan to shareholders and markets which I found incredible. Incredible because for a tinpot AIM lifestyle company with tiny MCAP it's hard to understand how it could be legal to make such a significant loan without releasing any RNS (tho doubtless it was legal and that's AIM for you !) but more incredible is the sheer callous disregard for shareholders in not having even the basic courtesy to inform them of such a large loan to such a shaky struggling company as Steelmin.
Even throughout 2019, after Steelmin went into Administration in Feb of that year, Bell did not put out any RNS to inform shareholders and markets that it had actually gone into Administration despite RRR having a 22% stake in the business. Again simply unforgiveable and appalling behaviour.
Worse still for me is the total incompetence in making such a loan on an UNSECURED basis. As stated RRR has a tiny MCAP and to give over £1m of valuable cash to the shaky Steelmin business without any security is just awful for shareholders. Consequently when PWC wrapped it all up, no surprise that all the value and assets in the company went to SECURED investors leaving nothing for RRR.
Bell is a total liability here imo and was too at RGM which he has now left.
His track record is awful and he has left a trail of failed projects in his wake which have sapped company resources and he expends utterly preposterous amounts on salaries, admin and other expenses which imo negate all value from assets and holdings leaving nothing for shareholders. His MO is far too well established here and it is one of constant dilution via worthless confetti issues and CLNs and the like.
There is no question that the BOD here must go, in their entirety, before the share can ever have a hope of going anywhere.
15 long years this company has been incorporated and they still haven't got it into any self-sustaining shape or form (other than as a confetti generating machine). It is for me nothing but a lifestyle vehicle there for their own personal enrichment at the expense of shareholders. Countless losses made year on year yet they continue to reward themselves with lucrative salaries and free shares. It's a total joke.
The BOD must be removed simple as.
DYOR
Didn't Legacy Hill share office space with RGM and RRR?
https://m.youtube.com/watch?v=eC3EWHcU2ug
You'll see Bell & Kaintz writing down on a whiteboard that Red Rock would have around £3 million in cash by May that year.
But never RNSed they made over a £1 million in loans to Steelmin that were later written off by RRR.
They made an over $400,000 loan to Amulet diamonds that was only announced many months later. That was also written off by RRR.
RRR also didn't announce that they had made a £267,000 loan to Legacy hill resources (RGM business partner). That was also written off by RRR.
So an huge amount of that £3 million cash was just squandered by Red Rock management. Absolutely astonishing that the inept duo of Andrew Bell and Scott Kaintz are still at RRR.
,.........
Also in last post forget the title. I didn't finish it off.
(1). He is RRR CEO/chairman . He was RGM CEO/chairman.
In 2018 while Andrew Bell was still at RGM, RGM went into a partnership with Legacy hill resources to operate a USA coal mine. It was ultimately a dismal failure.
From Red Rocks December final results it seems that on the quiet RRR lent Legacy hill resources money and it was later written off. Final results RNS says:
"The Company also reviewed an outstanding loan of £267,983 made to Legacy Hill Resources Inc, a US based operator of metallurgical coal assets. Following discussions with Legacy Hill Resources, the view was taken that the Omega metallurgical coal mine, the sole asset of Legacy Hill Resources Inc, had ceased coal production and was unlikely to have residual value sufficient to pay off the loan, and so the decision was made to impair this loan in full"
......
(2). Unbeknownst at the time to RRR shareholders when Andrew Bell was a director at Steelmin on the quiet RRR lent Steelmin £1.01 million in loans. Last year's final results says:
"The Company conducted a review of the loans made to Steelmin Ltd in order to facilitate the restarting of ferrosilicon production in Bosnia, totalling £1.01m, and determined that due to the UK business going into administration and the Bosnian assets being sold off to a third party, that these loans would not likely be recovered and should be impaired in full"
(3) Bell is both Chairman of RRR and POW (formerly ABM). In Jan 2019 RRR took part in an ABM placing for £100,000. https://www.lse.co.uk/rns/RRR/red-rock-resources-update-9gsxw7dz318md8z.html
To me this was RRR giving ABM (now POW) a £100,000 freebie because with the conflicts of interest with Bell being on both boards I doubts RRR or Bell will be selling POW shares.
I recall when Bell was once a Star Striker director and RRR sold some Star Striker shares and the Star Striker board wanted Bell removed. Bell said in an RRR RNS RRR wouldn't sell anymore Star Striker shares. Then he gets forced out and resigns and he quickly sells all the star striker shares.
So also definite a conflict of interest with Bell being a Jupiter director. If Red Rock sold too many Jupiter shares then Bell could well lose his directorship at Jupiter.
The breathtaking thing about Bell is that he never even RNSed these additional loans to Steelmin or the loan to then Regency mines business partner Legacy hill resources. Shareholders basically find out when the loans have been written off.
Let's be honest it's all very murky and he should have been sacked years ago.
did cause a price spike in both companies. Yesterday POW spiked to 0.42p but today's sell price is around 0.25p.
Yesterday I was baffled by the price rises. The POW RNS said:
"POW to pay license application expenses to date amounting to A$2,159 (£1,125) to become a 49.9% shareholder in Red Rock Australasia Pty Limited ("ProjectCo"), a wholly owned and currently non-operating exploration subsidiary of London listed Red Rock Resources plc (LON:RRR) ("Red Rock")"
......
So if we take away the ramp material dressing from yesterday's RRR and POW RNS's they both only announced that POW had spent A$2,159 or £1,125 to apply for an exploration license?
I'm sorry on reflections my title in my last post was a mistake. Instead of 'loud and proud' I should've put 'bragging'.