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So are we really saying RGM 'management' decided to do a deal on terrible terms (the placing at .80p) simply because it had to be seen Parsons was doing something ?
Kaintz is not fit to run a chip shop, only a few months ago he went on Proactive suggesting the shares were dirt cheap at 3p - in short time he issues shares at .80p and warrants nearly 50% below December's placing price of 2.75p, what about the folks who took up that placing?
I am staggered the major shareholders allowed this pathetic deal, what does Pearce have to say about it - the Aussie company is only valued at £1.2m and is near insolvent, without the support of its major shareholder, who now owns 7% of RGM it is insolvent, their half year accounts are heavily qualified.
Goodness knows where the share price will go now, where is the upside coming from, please advise !
Partridge you know how the system works, why try to mislead people? I was formally an insider and on the insider list maintained by the company.
My view conveyed to the company was then and is now that they needed to proceed with the deal. When they started looking at it, the SP was much higher. Whatever JP and RGM did people like you would point the finger. The choice was do a deal on less than perfect terms or wait in which case the accusation would be that the company and directors were doing nothing except burning the company's cash.
My view is that JP needed to show that he was willing and able to do deals and not just sit around picking up his salary. If you put your bias and prejudice to one side and think about it, this is not a bad deal. On a look through basis, it values the RGM shares at about 5p. We have the debt at a large discount to the redemption price.: ask yourself, why would JP want to buy unsecured non-interest bearing debt in a cash strapped ASX company? Just maybe he has a plan... A good outcome would be to agree to convert the debt, wipe out the RMI shareholders on the conversion and reverse Mambare/Vincent's company into RMI.
This a low cost option on the nickel price and Mambare/WoWo Gap. Nickel at $17,000 and this makes decent money. In the short term it costs us nothing to hold it.
I expect that there will be more deals in due course.
DYOR
" Thanks for your concern but I have known about the deal for a while".
That's the trouble about these type of shares. Everyone knows about them. Beforehand. Except the mug punter who buys the shares in good faith. And loses out when there is a cash raise. Mug punters who bought at 3p when Mr Parsons arrived. Mug punters who bought all the way down to 0.8p in hope of a bargain. Mug punters who bought this morning and are already in loss. Not you because you have known about the deal for a "while". Who else knew? The prospect in PNG is irrelevant. Knowing for a "while" is the real news. Mug punters beware.