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End of March lock in over. Smells of cash raise required. Times have changed. No cash available. Any news of the legal proceedings and Mambare that was expected by the end of Q1? You'll be told when appropriate. Mug punters, it is your duty to buy the shares. Go on. Go on. I dare you.
Tiiimberrrrrrrrr......
Nothing will ever change with RRR and RGM, both imo lifestyle companies. All they do is issue billions of worthless confetti shares to raise cash and then the cash seeps away via salaries, admin and other expenses. The figures are horrific if you look at each Annual report.
ANNUAL REPORT RESULTS
=====================
2012 - Loss of £2,112,350 - Admin £1,091,108 - Cash raised £907,090
2013 - Loss of £5,166,017 - Admin £1,224,013 - Cash raised £3,327,678
2014 - Loss of £1,508,812 - Admin £881,947 - Cash raised £1,212,805
2015 - Loss of £5,888,742 - Admin £964,761 - Cash raised £1,049,765
2016 - Loss of £1,965,722 - Admin £594,733 - Cash raised £781,595
2017 - Loss of £534,267 - Admin £414,943 - Cash raised £1,576,701
2018 - Loss of £1,549,619 - Admin £735,697 - Cash raised £1,150,000
2019 - Loss of £2,607,978 - Admin £652,918 - Cash raised £240,000
Total Losses above - £21,333,507
Total Admin above - £6,560,120
Total cash raised above - £10,245,634
Just unbelievable. £10m cash raised and £6.5m of it went to Admin !!
They got rid of Bell but left Kaintz here which means nothing has really changed imo.
Scott Kaintz Emoluments RGM (salary, pension etc)
2019 - £82,844
2018 - £91,271
2017 - £113,261
2016 - £91,385
2015 - £81,578
2014 - £55,617
2013 - £58,573
2012 - £37,541
Total - £612,070
Nice work if you can get it . . . . .
So very glad I'm not a naïve mugpunter any more and am immune to the BS ramping that goes on with RRR and RGM.
Half Year Report just last week stated Admin Expenses as £371K for the 6 month period, equiv to £742K for a year !!!
The company doesn't even have a £1m MCAP it's £853K !!
Yet is spending equiv of £742K a year just on bloody Admin ! What a total joke!
As with RRR, for me these are nothing but lifestyle ventures for the personal enrichment of the BODs.
For me, both totally uninvestable
DYOR
It might be worth reading the Coro RNS issued today. An early vehicle of Mr Parsons. Involved in oil and gas. But the same MO as RGM. The model is broken. Coro is a case of raising cash on the back of investor euphoria and selling on placing shares at profit whilst introducing debt at exorbitant rates. Great when times are good. Those times are gone. The same model here but later in the " feel good " cycle. Too late. No euphoria. No share placing profit. No cash available, although cash is needed. 0.1p seems a long way off now. But it could happen. And that's in "new " money. Where is the exit door?
Cannot believe they kept the bumbling Kaintz on having removed Bell - only a month or so ago he said RGM was not a 3p share suggesting it would go far higher - well he was right on one count - it is no longer a 3p share, it is a 1p share.
The arrival of Parsons & Co both here and AST has been a disaster so far from a share price perspective.
Who in their right mind would get involved in a heavily discounted placing here? Who are you going to flip the confetti to?
https://mobile.twitter.com/BrokermanDaniel/status/1245305359151046656