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There's a chance they may be using the CVL to sell the rights to RMMC to someone (BM...) for next to nothing. If there's anything left from RMMC, they get it, and don't have to share it.
"Company stresses there can be no assurance with respect to the levels of recovery, if any, for unsecured creditors or shareholders."
As with Joules, I had for my sins, this was word for word what they gave us... "thank you for your cash, now we'll sell it to ourselves and you get jack".
Oh well.
"If this materialises, we really do live in a simulation."
Love that.
Red or blue pill?
Wouldn't you say Moon?
If this materialises, we really do live in a simulation.
good one Red
Rumour has it that Moon has put together a bid of £20m plus debt. Apparently travelling out to the mine again.
>after TB has been paid his contract out
This one hurts
If they can sell in a decent price .
FOR THE AVOIDANCE OF DOUBT - the delisting is because Rambler UK has now gone in receivership - its not a Private Co any longer - it is insolvent and will at some time in the future be wound up.
The Administrator is now waiting to see if we will get anything from Rambler Canada as the unsecured creditor and as the 100% shareholders of Rambler Canada (inc LD entity)
The receiver wont wind up the company until all is done with Rambler Canada - but its not that RMM UK is a private co, its in receivership and in its own right will not come out of receivership. THIS DOES NOT change the picture of if Rambler Canada sells for a decent sum, then after fees etc, the cash will flow back to Rambler UK (in administration) and if any surplus after TB has been paid his contract out, would be returned to shareholders on RMM UK
DYOR
I came into RMM purely off the back of TB - was and still am a long term SHG holder and it was his performance there which got me involved here. As you say, how things change... £9k down the tube :/
Question is who choose TB to lead rmm and not tracking his activities of spending .
Late to the party and may be last left to switch the lights off but jeez what a complete implosion.
This time last year RMM was reporting record concentrate production levels, copper price was approaching $5/lb, exploration results were positive and management were purchasing a not insignificant amount of shares. Truly incredible that a few weeks later the company would default on its debts and never recover.
Really hope no shareholders have been too badly burnt by this debacle. RMM was always highly leveraged and high risk so hope that prevented too many betting the house on it.
Takeaway messages for me, any operation can fail with poor management. I asked the question on here about Toby Bradbury's credentials prior to investing a while ago as his performance at Shanta was far from glowing and he had seemingly been out of work for the 3 years since. Should have listened to my gut and the guy should never hold a position of significant power again, he's simply not capable.
Lessons learnt and on to the next.....
Trucky, who have you qualified as the two cry babies please?
De-listed.
Just to drive the point home.
Yep look,s like the two cry babies are back for more
lol
the big red shoed soothsayers are back.
thank you both
Loggypunts,
Each to their own but this RNS is an update to pre Easter op RNS.
The situation has been assessed by the company and advisors and they are now in a CVL.
It's a material change and this will have also materially impacted the risk to shareholders.
While I think the overal pathway hasn't changed the situation (IMO) based on this RNS has changed. If it hadn't, they wouldn't have said so in the RNS.
This RNS shows a progression of the situation.
The shares being cancelled was just a bad phrasing on my part, of course it's the listing. I can see what your saying about a race to the exit if they did un suspend, but tbh that was always extremely unlikely IMO.
Ive no reason to bun fight. I'm just saying it's not a case that nothing has changed. The CVL announcement following thevlast update, the increased risk to value realisation and the cancellation of the listing is a change.
Atb
No bun fight
@Fukurokuju9
1) the MAC was announced pre Easter….. doesn’t affect the SISP
2) Correct, as announced pre Easter
3) of course not because a sales is not guaranteed
4) acknowledging that the company is insolvent,puts any director at personal risk if they continue to trade whilst knowing this. So voluntary liquidation protects the directors, hence the advice
5) it is the AIM listing that that has been cancelled, not the shares. This is a good thing for existing shareholders, as there will be bun fight over the shares, and the constant derampers can now toddle off because there will be no opportunity to buy back in
If a sale can be achieved at somewhere approaching fair value, then there will be value for existing shareholders. The realist in me appreciates how big that “if” is, but that fat lady ain’t singing yet (although she may have left her chair)
Know0 I'm not sure how you can say that nothing has changed...
The RNS states the changes....
1. There has been a Material Adverse Change ("MAC") for the purposes of the Companies Creditors Arrangement Act ("CCAA") process
2. As a result of the 'MAC' no further funding will be made available under the DIP (albeit they will find remainder of CCAA process).
3. The risk of insolvency and value realisation has changed; 'it now remains very uncertain whether Rambler will derive any value from the CCAA process.'
4. As of 6th April, following independent advice they're ..'now insolvent and resolved that the only feasible course of action is to place the Company into a Creditors Voluntary Liquidation ("CVL")'
5. While suspected by some it has been confirmed that the shares will be cancelled at the end of the 6 month suspension period.
I can agree it's following the same path as I and others suspected, but today's RNS does have material changes within it. That can't be questioned really.
It's changed.
Atb
Well.. it has completely changed.
Thanks K, also interpreted it as such.
Thé SISP re Rambler Canada continues.
We were never going to be trading RMM again. Any value was always going to be distributed
Not even TB contract goes away by the Voluntary Administration as he will become an unsecured creditor before any distribution of cash to shareholders (if we get true value).
This is purely administrative and nothing has changed for SISP or our shareholdings
DYOR