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And the worst part is that RGM management raised more cash in the same RNS. That's an extra £470,000 on top of the £831,000 raised in December. As well as giving away over 6% of the company to themselves. No assets were bought. Just more shares issued. Assets, if anything, were lost(at Mambare). All this raising of cash should be seen as a reflection of what Mr Parsons and the BOD are paying themselves. The ordinary shareholder is seeing value lost. These people are demonstrating utter contempt. More of the same to follow.
Good point Partridge.
In RNS RGM are giving the WoWo gap grades and they are obviously trying to give the false impression that they have acquired a new nickel exploration asset. Also on twitter some rampers are doing exactly the same.
To simplify. Australian company RMI owed Hong Kong company Sunom a lot of money. Sunom sold some of that debt to RGM and now Aussie company RMI owe RGM that money.
Though I'm sure RGM are going to try to pressurise RMI to ultimately get that asset. I'm also sure RMI will see RGM purchasing the Sumon debt as an agressive move. So I suspect their will quickly be bad blood between both companies.
To end. RMI presently own the WoWo gap nickel asset and not RGM.
The RGM RNS on 7th April 2020 concerning RMI may be confusing. Remember it was the second RNS that day; the first being the news of the 50/50 JV at Mambare being reduced to a minority partnership of 41% ( potentially 35%) for RGM.
RGM has purchased some of the debt in RMI held by Sinom. It might purchase more at a later date. It has not purchased the WoWo Gap Nickel-Cobalt Project, although one might gain that impression from a cursory read of the RNS. To gain control of ownership it would need to buy out RMI, not it's debt. It might have the intention to put pressure on the representatives of the company via the debt. Naughty, naughty, naughty.
So the outcome of the days work is that RGM has lost control of the Mambare flagship, purchased debt in RMI and NOT the WoWo Gap Nickel-Cobalt Project. A cynic might say there was an effort to hide poor news, but not me.
Oh dear! .5 by 10:30 on Tuesday.
RMI have released an RNS and at the end of the RNS it says:
"RMI notes that Regency’s announcement refers to its “…plan to initiate constructive discussions with
RMI management regarding synergies between its Mambare project and the WoWo Gap nickel-cobalt
project in PNG”. At this stage, Regency have not made any contact with RMI, and no such discussions
have commenced"
Your sincerely
Warwick Davies
.....