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Member Info for MrMagic


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Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 879
Number of Share Chat Posts (last 30 days): 31

Last Posted: Sun 14:39


Post Distribution over the last 30 days




Sun 14:39

Hi Helpful

So, liabilities as at 31st Dec were �5.3m as per the RNS.

You are aware of course that a portion of the Steelmin back-to-back financing had already been paid down before 31st Dec. RRR issued lots of Convertible Loan Notes at 0.8p (some of which you hold) and used the proceeds to pay down that loan. Thus it was somewhat surprising to see the current liabilities at �5.3m at 31st Dec.

Let's look at the truth of the final repayment of that back-to-back loan. The RNS you highlighted quite clearly states:

"Red Rock will now repay US$3,000,899 in full settlement of its obligations to the institutional investors that provided the back to back financing for its Loan to Steelmin"

USD $3m is approx. �2.2m in real money.

So we had liabilities of �5.3m as at 31st Dec and then in Feb approx. �2.2m of that was paid off as a result of Steelmin repaying their loan.

Now by my maths that would have left liabilities of �3.1m.

There was cash left over from Steelmin's repayment as per your RNS, stated as �976,525.46 and US$912,457.90 so approx. �1.6m. Has it been used to pay down liabilities or not? We don't know.

There is cash from the shares sold for the Jupiter IPO and cash due from the El Limon prom note.

The point to be made here is that you can't have it both ways. You are waxing lyrical about there being lots of cash in the bank but at the same time ignoring liabilities. I find that disingenuous. If available cash is used to pay down liabilities then how much cash is actually left?

Happy to be corrected on any of the figures. Simply looking to understand the complete picture.
Fri 22:47

How are you getting on with those current liabilities Helpful . . . . ?

Seems none of the rampers want to discuss it
Fri 13:27

Helpful - "Well they have paid before when they said they would. Why should it be any different now?"

Actually RRR had to make a Request for Arbitration to the International Chamber of Commerce ("ICC") in relation to certain disputes with CML and its parent company in order to get them to recognise the promissory note and its terms. RNS 5th April refers.
Fri 13:22

Helpful - "When the El Limon money comes back (probably next week) then the cash on deposit will be pretty close to RRR's total market capitalisation"

Great, cash is one side of the coin. So on the other side, what do you believe the current liabilities to be at RRR ?

The recent half year report (period to 31st Dec 2017) stated current liabilities at �5.3m

Where do you think they stand now?
21 May '18

The 5 year chart does not lie !

http://www.iii.co.uk/investment/detail?type=chart&display=chart&code=cotn%3ARRR.L&it=le&timeframe=5y&index=&versus=&linetype=line&Go=Plot+&overlay=&overlay2=&overlay3=&overlay4=&indicator=&indicator2=&indicator3=&indicator4=&chartwidth=500&buylines=on&triggers=on

Catastrophic performance. The recent bag doesn't even register.

Another big 2m sell (�18k) today. Absolutely should have been a holdings RNS from PG if all these big trades have all been his sells but in the absence of such RNSs one has to think someone else is selling.
18 May '18

The Jupiter IPO (not Jupiter itself) is the huge damp squib. The feckless rampers on here were suggesting the JMS SP would go stratospheric, up to 70c-80c. These chumps are utterly laughable. The JMS SP is currently below the IPO price. As I am sure you are aware that means there is no chance of the RRR JMS shares being let out of escrow when Jupiter release their next half year report. It looks likely that the shares will remain in escrow until Jupiter release their Annual report for 2019. Who knows how much value will have been lost from the holding by then? Maybe the JMS SP will rally but somehow I doubt it.

Trading volume for JMS has been absolutely and somewhat embarrassingly (imo) pitiful since the IPO. A few nillion traded each day which for a company with 1.95 BILLION in issue is a disaster imo (a % of those are in escrow).

So yes, Jupiter IPO has imo been a huge damp squib and the rampers who over-hyped it quickly crawled back under their rocks I noticed. They will all reappear once Steelmin production begins of that I have no doubt.
17 May '18

As ever Helpful you are late in your discovery of news. The Steelmin articles have been posted already, 1-2 days ago I think. The issue here is that things are clearly nowhere near where they had hoped. Production was supposed to begin at the outset of 2018, then the target moved to March, then it moved to April and then it moved to May. We are now more than half way through May and still full production has not started. The articles being posted are merely a few tests. There are still delays. One of the delays is that they are awaiting filters to be delivered as per this article which says:

"In the second half of May we expect delivery of filter bags, whose delivery is a little late, although it was contracted back in November last year and paid off properly" (Google translation)

https://jajce-online.com/2018/05/14/steelmin-bh-ce-prema-ekoloskim-standardima-proizvoditi-25-000-tona-frosilicija/

No-one is pretending anything about the Steelmin venture. However the reality is that there is no royalty involved there, RRR simply owns a share of the company so as far as I can see, nothing is coming our way unless RRR can somehow sell their share of the company for a profit or unless Steelmin pay a dividend, both of which seem fairly unlikely to me personally. Steelmin borrowed at least EUR 6.8m so one assumes the first priority from any profits is repaying those debts.
17 May '18

No Maestro the sad people are the ones spouting utter tripe and fantastical valuations to try and dupe unsuspecting punters. You spent week trying to ramp this and now that the Jupiter IPO has been the latest damp squib you quickly disappeared. Absolutely shameless. Of course everyone knows you'll be back soon enough to try and ramp the Steelmin production. Hopefully most will have learned to ignore you and DTOR.
15 May '18

PorridgeOats - "We don't know the details of the loan they took to pay back RRR or how much more they needed to borrow"

On the contrary, we know that they borrowed EUR 3.8m from RRR which they have since refinanced with a "Luxembourg Investment Vehicle" and we also know that they borrowed a further EUR 3m from Christof Industries and OeKb, Osterreicheische Kontrollbank AG (as per the June RNS).

So that's at least EUR 6.8m of debt presumably on top of any debt they already had (and you can read their 2016 annual report for clues in that dept)

You can read their Filing History here which shows numerous share allocations and the appointment of AB as a director:

https://beta.companieshouse.gov.uk/company/07734349/filing-history

And you can read their last filed accounts/report for period to end of Dec 2016 here:

https://beta.companieshouse.gov.uk/company/07734349/filing-history/MzE3Mzk2Njg4OWFkaXF6a2N4/document?format=pdf&download=0

Makes for interesting reading. According to that report, at that time they had just EUR 17k in the bank.

Debtors - EUR 3m
Creditors: amounts falling due within 1 year - EUR 2m
Creditors: amounts falling due after 1 year - EUR 1.2m

The notes section highlights that Steelmin believed that the creditors for that EUR 1.2m above were in breach of contract and that they were seeking legal advice.

The report also stated that during the reporting period Steelmin advanced EUR 1m to its subsidiary, Steelmin BH Limited Liability Jajce and that as at the balance sheet date, Steelmin BH owed EUR 2.9m to Steelmin Limited.

It also stated that another of its subsidiaries, Steel Minerals Pty Limited, owed Steelmin Limited EUR 979,401 as at the balance sheet date.

This is all history of course, the report is up to 30 Dec 2016, but useful research nonetheless.
14 May '18

How's that oil and gas going at Shoats Creek Helpful? lol


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