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Member Info for MrMagic

Member Since: Mon, 13th Jun 2011

Number of Share Chat Posts (all time): 7,584
Number of Share Chat Posts (last 30 days): 36

Last Posted: Fri 14:56

Post Distribution over the last 30 days

Fri 14:56

Yup. On 23rd Dec 2014.

"Accordingly, each of the 2,371,116,172 existing ordinary shares of 0.1p each in the capital of the Company ("Existing Ordinary Shares") will be subdivided into one deferred share of 0.09p each ("Deferred Shares") and one new Ordinary Share of 0.01p each ("New Ordinary Shares")."

So shares can now be issued (should they be required) right the way down to 0.01p.
Fri 08:31

19th Nov - "the Company currently awaits draft legal documentation on the transaction. "

21st Nov - "The parties have orally agreed, and Red Rock has confirmed in writing, some changes to the timing of the payments. "

30th Jan - "The Company has received and reviewed draft agreements and made agreed changes. "

Seems incredibly slow progress. If we are still dealing with draft documentation then to my mind we still have a long way to go. Docs need to be finalised, vetted by lawyers, signed, initialled etc etc.

Either way, that update hasn't provided anything useful to me personally re Colombia. It has been yet another RNS, Newsletter opportunity missed to update us on the critical factor of whether or not NMC have managed to successfully acquire the additional 11.2% from minority FPM shareholders. This is now the elephant in the room for me.
Thu 19:08

The news situation, imo, is poor. For me, RRR seems to have a habit of "clamming up" at times. Additionally, and as I have highlighted before, the RNSs often lack continuity, by which I mean that something important will be mentioned in one RNS and then never be subsequently referred to in later RNSs. The company really does not help itself in this respect. It is not, imo, a communication "style" that engenders confidence, rather I suspect it makes some PIs cynical and will tend to make them expect the worse, rightly or wrongly.

Recent examples I have noted are:

RNS 13th Oct - "NMC has informed the Company that it has made an initial payment on this contract which is for completion on 24 November."

over 3 months later. . . no update on this important milestone.

RNS 22nd Dec - "The Company's management met with NMC in the United States last week where progress was made on the key points and expects to make a further announcement shortly."

37 days later . . . . no further announcement forthcoming

RNS 6th Jan - "Now that we are out of the holiday period, we shall concentrate on speeding up the paperwork for that sale. "

22 days later . . . . nothing regarding paperwork.

All we have had since is a very short statement in the Newsletter of 9th Jan where it said simply:

"We are of course giving priority to expediting the transactions in Colombia where we are disposing of our

interest in a gold mine and processing plant; although the process slowed over the holiday season we were

standing by ready to act. "

The company has in the past stated that it will only update shareholders if/when there is something to update with. However, at this time I would suggest that there MUST be something to update with. e.g.

1. The NMC purchase of the 11.2% holding, due to complete way back on 24th Nov 2014 MUST have news. It either completed or it did not. Thus RRR imo, can and should tell us where it stands.

2. AB's trip to the US MUST surely have involved discussion of why NMC have so far failed to complete on our deal and what it is they are currently waiting on before completing. Thus RRR imo, can and should tell us what those dependencies are.

3. The "paperwork" for the sale at any point in time has a defined status. i.e. it is in draft, or it is finalised, or being approved by lawyers, or being signed and initialled and so on. Thus, imo, RRR can and should update us on where the paperwork stands.

In summary I personally see no excuse for not having put out a Colombia Update RNS this month.
Tue 23:17

Sorry to hear that. I hope she swiftly recovers to full health. Also good to get perspective in one's life.
Tue 18:05

"slowly selling 250 million into the market would be so tedious and of course would harm the price."

Have you worked out how many millions of shares would be involved in the $550,000 Magna Convertible Loan Note even at current SP let alone at 10% discount to the average of the three lowest VWAPs over the 15 trading days immediately preceding the date of the conversion ?!

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