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It's just the next step before being wound up. The use of word "pending delivery of key supplies" suggests those supplies are far from certain to ever come. I'd imagine local suppliers have been unpaid/shafted like Elemental and are now refusing to provide goods/services to the mine, this probably won't change as the financing won't ever come
Why only suspend the mine for a week?
It’s done moon I’m afraid, it looks done….
Zero production, overheads (Bod salaries…etc) still going out the door, suppliers evidently not being paid, gold not delivered as contracted, Newgen not paid, AP not paid
Moon ****** KnowO has tried to contact you him on several occasions after you’ve asked him to, but you have declined ****** moon
Know contact me plz thx u
>>You meant to say the new suppliers when the company has gone into administration are first in line to be paid
Yes, make that clear. The Administrator has to guarantee the best outcome for the creditors, so continued profitable operation must continue.
Creditors can also to asked to continue funding if its in their best interest.
This has really ****ed on my chips today
It is almost impossible to see Rambler surviving now.
If a financing agreement were to be reached, it would be in place by now. I cannot see any benefit of Newgen allowing the mine to cease operating to then subsequently offer finance. 99% sure the game is up
You meant to say the new suppliers when the company has gone into administration are first in line to be paid
I think you are totally wrong when a company goes into administration suppliers are not guaranteed to be paid that’s total rubbish, they will post probably sign a pre pack agreement
During admistration suppliers are guaranteed to be paid over above all other creditors.
This is a protection that administration provides.
Obviously RMM aren't in administration and suppliers don't want to get shafted (they come far behind secure creditors).
If the secure creditors want to get their money back Administration is probably their best option.
No more BoD or shareholders.
A cheap takeover would be a favourable outcome at this stage IMO. Not sure it’s going to happen though. Unless it’s very cheap.
So what point are you making, has its not very clear besides telling us your work history
>>clearly your understanding in insolvency isnt up to scratch
I worked in a bridge lender for six years developing systems to manage the lifecycle of of commercial loans. The precise details/contracts of default loans the documentation of the underwriting, servicing and administration of defaulting loans. £2.2bn of loans.
Final two years the company itself entered administration and I became the entire IT department working with the Admistrator himself as he ran down the loan book to clear the debts. Company exited administration and is still in business.
I think I know how Administration works and especially commercial loans in default.
Update on Financing and Operations
"Rambler <...> announces an update regarding its progress on financing and the status of operations. "
There is literally NO update on financing. They are mocking the shareholders.
Yep looks like we r gunna get shafted, seen this play out like this so many times before
Yeah. Either that or closing for a cheap takeover....?
Production has stopped at the mine as run out of key supplies to keep the mine going, apparently it’s only temporary but it doesn’t bode well
On the ADVFN BB. Apparently some guy knows a mining advisor to GLEN. He asked him to value RMM based on the inferred Cu in the future. After some convoluted extrapolations of what may be there that figure popped out.
It's all pure speculation. Tbh it's not anything much different to what those invested longer term were looking optimistically at some years down the line ( if all went well) & before all the carp happened. A lot of us invested based on the resource potential, plus the very likely need for this product in volume going forwards of course.
It's all a mute point if they go bust or have lost control of the company, or can't agree a saving deal of course.
But I guess it does perhaps illustrate why the share, despite its predicament, attracts the attention of some very dubiously motivated trolls. As someone also said. Why would they be here if the whole setup has no upside....maybe they work for GLEN ;-)
The wait for proper news, not huge over or under assesments goes on therefore....
Where did the £1.66/share come from?
Half of that will make me fly to the moon....
Would a change in ownership of a company require an RNS?
>>>Neither NewGen nor Elemental "control the asset"
Read the ***ing contract
The directors still control everything - the only way that this can change is if either or the following 2 occur
>>1. Directors call in administrators
Lenders call in administratos. See above.
>>>2. A creditor applies to the court to call their loans - then the 1st charge creditor (NewGen in this case) would be able to appoint an administator
You need a judge to call in the loan? What planet is this?
Seriously, quote the contract with the relevant sections that support this BS.
>>>If you miss few thousands dollars monthly mortgage repayment doesn't mean your million dollar house is valueless .
Another one who think it's a regulated residential loan.
Read the contract.
Ermmmmmmm.........
That's a bullsh#t statement!
Price of copper was meant to be less than $3/lb in 2023, so you told us all.
The list can go on and on, all false, scaremongering for a cheap re-entry price.
Best comment today goes to R2-D2
"You are such a tool'
Worked you out in just a few messages, LMAO.
Bring back the Moron notification symbol.
Moonie. Which part of your parts is done. The ramping or deramping. I think you get very confused on which side to butter your toast