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Member Info for MrMagic

Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 7,422
Number of Share Chat Posts (last 30 days): 151

Last Posted: Today 11:22

Post Distribution over the last 30 days

Today 11:22

"So that would mean giving a new buyer many months to do due dilligence (TIRESOME) but remember first we would have to find that new buyer. "

Well, according to AB (Miningmaven interview 13th May 2014) there were 10 buyers being considered in an open process and NMC was the one deemed the most professional. So according to that, no shortage of potentials out there.

However, we've already had Ashmont Resources look at the mine, perform due diligence, and then fail to sign a deal. Ashmont have 3 gold related projects in Colombia so I conclude they understand the salient factors involved in mining in this part of the world.

NMC have similarly done their due diligence and so far have failed to complete a deal. The LOI between RRR and NMC was announced some 5 and a half months ago on 13th May. Recently however, (16th Oct), we were informed via a newsletter that :

"The shareholders agreement at Four Points Mining meant that to control the operation fully, you needed to control 60% of the shares, rather than 50%".

Thus NMC are now in the process of acquiring an 11% holding from a local FPM shareholder, a transaction that is expected to complete on 24th Nov. Once this is completed, a subsequent purchase of RRR's 50% would take them to 61%.

At present RRR have a Letter Of Intent with NMC. I'm no expert but past RNSs lead me to assume/expect that to progress the deal further, a formal offer or definitive agreement will have to be drawn up and the various legal parties will need to ratify and agree it. If that process begins after 24th Nov it seems unlikely to me (remembering how many months of legal deliberations took place for the Greenland deal) that it would be done within 1 week, which is what would be needed for the deal to complete within the month of Nov. I'm open to alternative views on this but overall I'm guessing that this will drag on well past Nov. In many ways it is perhaps no big deal how long it takes to complete just so long as it does.

In the meantime the full end of year accounts which are due soon (last year's were published 29th Nov) will give us a clear picture of where we stand financially and the coming AGM (last year's was in Dec) will tell us how much share allocation (if any) AB wants authority for in 2015. These 2 milestones are the more significant interests in the short term imho.
Tue 14:27

Didn't know about your "1 hr rule" and haven't read anything to that effect. Is the ability to not declare for an hour something only for large investors ? I did find a number of sites talking about "After Hours Trading" like this one:

So clearly there is nothing sinister about such trades. We used to see a lot of "Price Monitoring Extensions" here which I thought were to allow a little extra time for certain people to trade but I suspect I am wrong about that too now.

Is there a way to determine if trades like the one last night are straight AFT trades or whether they are normal trades that weren't declared for an hour? How do you know that trade took place at 16:08 for example?
Tue 12:54

This has happened before. Can anyone explain to me how it is possible to trade at 17:08 when the markets close at 16:30 and when there has been no "extension RNS"?
Mon 12:42

lols mate. whatever.

Final results are going to be the real test. We'll see just how much debt HAS been paid off.
Mon 12:32

I mean "supposedly up as a result of 7 piddly trades". I don't believe that. There must be other trades going on in the background. Real SP is 0.20-0.21 ish, not contesting that. Just irks me that they move the SP so much on what visibly is so little.

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