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Leading commentator Josh Mahony from IG - are we seeing a US$ revaluation?


Member Info for MrMagic


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Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 10,346
Number of Share Chat Posts (last 30 days): 80

Last Posted: Today 08:25


Post Distribution over the last 30 days




Today 08:25

From same RNS:

"To fund the Loan, Red Rock has borrowed from YA 11 PN Ltd, on behalf of a group of institutional investors, $4,230,750 on a secured basis for a term of one year bearing interest at 13% p.a. with a renewal option for a further 8 months for a fee (the "Note")"

"The Note is secured against the Company's Jupiter Mines ("Jupiter" or "JMS") holding, the Loan and the Shares"

The above amount was subsequently adjusted to $4,400,000
Tue 15:39

"Looks like there is a buyer and no stock at the current price"

No stock ?!

Mayan quadrupled the number of shares in issue as recently as 27th June, taking it from circa 82m to 338m

Then on 8th August they issued another 265m odd shares taking us to 604m

Then Eddie took his allocation brining us to today's 628m

All those shares issued at 0.3p

Many of the placees are presumably sitting locked in as the SP has dropped below the issue price. There is no shortage of shares with that many millions having been issued, the problem is the placees are presumably reluctant to sell at a small loss at this point in time. I assume though that quite a few have indeed cut their losses as the trade list here has been nothing but a sea of red for a couple of weeks now. Maybe more will follow esp given that Spreadex has chosen to sell some of their holding.
Tue 13:58

As usual diverting the discussion away from topic and attacking the poster. Poor show.

When Epsilon bought into MYN in Nov 16 the usual suspects here were waxing lyrical. Some of their posts:

drillingcrew - "7% Holding just declared - now someone thinks this company is going places!"

Orslega - "No one spends nearly £300,000 to invest with in a AIM micro cap without doing some proper research. They will know that this is a massive opportunity to make some serious money"

peckhamrye1 - "thats a massive holding even at a placing sp.... And i doubt if they bought to loose.

Then in Mar 2017 they were all proved wrong as Epsilon exited their position at what must have been a loss. Subsequently the share continued its disastrous decline, more placings, a massive 400-1 consolidation and even larger dilutions to follow.

Now significant shareholder Spreadex has declared that it has sold a portion of its holding.

So I ask again. If the prospects here are all rosy as you suggest, why would a significant shareholder begin selling?

As with Epsilon, it doesn't look good imo.
Tue 13:08

lols Bigtimber.

So why did significant shareholder Spreadex start selling?

Only last March another significant shareholder, Epsilon, sold down its holding here. After they did more mega-placings ensued and the SP tanked disastrously.
Tue 11:58

I also noted from the placing RNS that dealings in the placing shares were to hit the markets yesterday:

"It is expected that Admission will become effective and dealings in the Placing Shares excluding the Kahn Shares (amounting to 203,666,667 Ordinary Shares in total) will commence on or around 21 August 2017."
Tue 11:56

Jim - "There have been some big buys coming in periodically, one 5m yesterday and one today"

Couldn't the 5m yesterday simply be a "bed and ISA" type move. There are 2 x 2,500,000 sells then a 5m buy ?
Tue 11:54

Hmmm you're right Jim. The timings or info seem off here though . . . .

The placing was announced 8th Aug. It clearly stated the number of shares in issue as 604,156,447.

Spreadex sold 3.3m shares 2 days later on 10th Aug
They notified this on 11th Aug
The holding RNS came out 14th Aug and stated that they held 6.89% after the transaction.

That number was clearly incorrect/misleading.

At the time of the transaction (10th Aug) there were 604,156,447 shares in issue so Spreadex's holding had already been diluted at that point to 4.4% and after their selling of 3.3m shares that holding reduced to 3.86%.

Why then did the holding RNS state 7% and 6.89%?

With the additional shares just announced for Eddie that dilutes the Spreadex holding further down to 3.7%

If they drop below the 3% threshold another holding RNS will be due.
Tue 09:47

As per the RNS of 14th Aug, the significant shareholder, Spreadex, began selling it's holding here reducing it's percentage share from 7% to 6.89% through the sale of 3.3m shares on 10th Aug. I can still see 2 trades of 3,333,333 in the trade list for that date, so I speculated that's Spreadex thought I don't understand why there are 2.

Yesterday I note there were 2 more trades of 3,333,333 at 15:40. Hard not to assume that this is further selling by Spreadex imo and if so we should see another holding RNS as I believe that would take them below 6%.
Tue 09:24

It is almost a full 7 weeks now since AB announced the partial sale of RGM's HHDL share and the proposed investment of some of the proceeds in UKOG shares. Really why should such a sale take this long?

The RNS stated:
"The transaction is conditional on all relevant approvals being received"

One wonders why those approvals were not sought from the outset and before any deal was agreed/announced?

With the rampers having hyped up and waxed lyrical about the potential value of UKOG shares that RGM would acquire should the deal complete, I can imagine the SP would now plummet were the deal to fizzle out and not gain the required approvals. 7 weeks of delay to sell a few shares seems a tad worrying imo.
Mon 09:07

Looks like your holding was decimated here like many others. You said you felt ok to top up last Oct despite needing 500% to break even. As you say, lesson learned. Here's the thing, if a company is having to go the route of "death spiral" financing to stay afloat and operate then there is a reason for it. It's just basic company finances, money in vs money out. Thus unless and until that core situation changes, common sense tells you that dilution will continue. Believing the dubious rhetoric of board posters is a sure way to cloud your judgement and divert your attention away from those core financial figures.

Jam tomorrow never pays the bills today.I'm afraid.

AIM in general is, imo, just a corrupt cesspit of bucket shop promoters and lifestyle companies who exist to milk the markets via endless share issues whilst never delivering anything of substance. There are some genuine stocks who make it up the AIM ladder to become big companies but they are few and far between. Many of the stocks on AIM shouldn't be in business at all and it's high time the government clamped down on them. Placing a cap on the % increase of shares a company can perform in a given year would be a start. That would see most lifestyle companies dissolved and taken off the market imo.

Anyway very good luck in your subsequent ventures.


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