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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): 10,757
Number of Share Chat Posts (last 30 days): 23

Last Posted: Sun 12:09


Post Distribution over the last 30 days




Sun 12:09

Call me a cynic but I have always believed Steelmin will just extend the loan period (for that fee) and kick the can down the road.
Thu 13:17

Helpful, your rose-tinted view of the world doesn't work for me personally.

Fact is RRR have just requested and been granted authority to issue up to 500m more shares (at the recent AGM).

If they were going to be sat flush with �4m by April then there is no reason at all to request share issuing authority is there?
Thu 12:24

I think PorridgeOats post was probably the most accurate this morning. Despite all the usual chirpy rhetoric from the company apologists here, there was little that was concrete in that RNS.

Steelmin borrowed Euro 3m from Christof Industries and OeKb, Osterreicheische Kontrollbank AG and then also borrowed Euro 3.8m from RRRR so circa Euro 7m in all.

That's a sizeable debt for a company that isn't producing yet.

This agreement with a "Luxembourg investment vehicle" is subject to some rights of withdrawal by the lender so is not yet complete. The fact that it is a "Structuring and Placing" agreement is also interesting. As PorridgeOats says, that presumably means Steelmin will dilute.

I also ask myself, how many pounds of flesh would this Luxembourg vehicle demand from Steelmin to help dig them out of their finance situation? It would be interesting to know the terms of that particular deal I suspect. Surely they will want some significant benefits to provide finance which is to be used to pay off existing financial debt??

Phrases like "intends to repay" and "best efforts basis" don't exude the greatest confidence to me as PorridgeOats highlighted and finally the confirmation that production isn't expected until March 2018 will surely dampen the fervour of some rampsters who have waxed lyrically for weeks about the British Ambassador saying that production would be in December ! lols

All in all this is for me, somewhat of a damp squib RNS. It was always the case that Steelmin intended to refinance its debts, that hasn't changed. What we have today is a first step towards that, an agreement subject to certain rights of withdrawal. Let's hope that completes. If it doesn't complete . . . . well . . . you can guess how markets will react to that imo.

The smart money I suspect will wait to see if that Luxembourg agreement does complete and if Steelmin actually do get into production in March.
14 Jan '18

Sadly the note is not impartial as Align freely admit:

"we only write about those companies that we have conviction in. However, as a consequence of this alignment, our vested interest is in an increase in value in the subject company�s equity. As such, we therefore cannot be seen to be impartial in relation to the outcome of our reports."

http://www.alignresearch.co.uk/legal/

Personally I treat their notes with a pinch of salt.
12 Jan '18

Looks like trading has stalled on the announcement of all those shares being issued at 0.55p

I count just 10 trades here today and zero over on NexExchange.

Hardly a surprise TBH. Why would you pay more than 0.55p for shares if that's the price the company is prepared to issue them at?

And again, most peculiar that the RNS didn't say who the placing has been done with . . . .! Now why would that be?
11 Jan '18

@Stephen

Thanks for highlighting that. I stand corrected and retract my "discount" statement
11 Jan '18

korg: "Death spiral was the main reason to avoid RGM."

So what do you call the issuing of 190m shares at the discount price of 0.55p then ?!!!

Anyone notice that the RNS didn't state who they had raised the money with. Past placings always told you whether it was Cornhill, YA, institutional investors etc.

Oh well. 190m issued, There is still authority to issue a further 410m, Tick tock.
11 Jan '18

The inevitable first chunk of confetti drops. 190m issued at the discount price of 0.55p. Pretty much old school dilution for RRR/RGM. Represents a 33% increase in the number of shares in issue.

Bear in mind that Mr Bell sought and was granted authority at the recent AGM to issue up to 600m more shares this year. So it's not like there was no "fair warning". Believe the shameless rampers at your peril here imo.

SP will surely stagnate now. You'd have to be a supreme fool to pay anything more than 0.55p for shares at this point imo. I most certainly won't be buying any above that price, doing so just fills the pockets of those that diluted your holding. SP usually drops to the placing price fairly quickly anyway.
9 Jan '18

ajax - " you just can't work the markets out sometimes."

Really?!

1,000,000 @ 0.614 �6,140
1,850,000 @ 0.608 �11.25k
1,000,000 @ 0.609 �6,090
1,000,000 @ 0.606 �6,060
2,000,000 @ 0.64 �12.80k
1,991,663 @ 0.65 �12.95k
1,402,343 @ 0.642 �9,003
1,400,000 @ 0.62 �8,680
900,000 @ 0.635 �5,716

Just a few of the trades that appear to be sells. Seems to me some were keen to dump.
Now why would that be . . . . . ?
9 Jan '18

It's pretty shameful how these late reported trades seem to appear with monotonous regularity. 2 x �13k sells after 9am reported late (plus others) and thus show as buys. According to other trades from 09:20-09:50 the Bid/Ask were 0.63-0.67.

Can't believe mugpunters still fall for the (imo) old song and dance routine performed by the regs here.


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