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Yes
What a complete **** show. It's sad to see it end this way and shareholders get wiped out. It did look like something positive would be on the horizon with the SISP until Transamine put the final nail in. Can't really blame them as they are looking after themselves and who wouldn't after the way this BOD have acted with money.
Hopefully something good happens in the coming days. The asset must be valuable to someone, but I suspect this latest development will mean that it will be sold on the cheap.
As for suing the BOD, it is something I agree with but will these people even have any money to be sued for at this point? The amount of people suing them might make the legal fees higher than it is worth.
The Approx $6M (CAD) that Transamine paid up front for the copper last Nov makes them a creditor - the copper delivered to the warehouse, that they first held back the $0.5M in week one (reported on first comeback hearing) of the SISP put cash pressures
Last Thursday we heard that they were holding back $1.7M and that the Monitors lawyers were talking with Transamine lawyers to try and resolve
Transamine do not have to buy the copper - and they have gone from 90% on delivery to warehouse to 100% according to Bradbury Affidavit
There is no cash to now pay the staff and contractors have been insisting on payments up front, so the DIP cash has gone and nothing coming in
The Board with the Monitor, will now be going to all those parties that contacted them and the ones the monitor contacted about RMM, to see if anyone wants to make an indicative offer (probably by noon tmrw) - they will likely try and complete a deal over the weekend but if they cant or dont feel they can get a sensible deal in a short enough time, then they will apply for bankruptcy
The staff were told last night that unless there is a possible resolution by the weekend, the mine will go cold (ie Care & Maintenance will end)
The opportunity to market this business and get reasonable returns for all was still real with the SISP and DIP Funders - now its 90/10 against us as shareholders as CCAA does not consider shareholders in their duties
So its not over until the fat lady sings but she is now standing up and clearing her throat
Such an absolute waste of a mining opportunity
We have heard some of the Secured Creditors are looking at sueing BOD and certainly RIG will be.
RIG maybe split into 2, those holders at a death but also those that sold for a big loss after September, but will need to wait on the lawyers advice about that possibility
Fingers crossed for a miracle and a couple of parties in an auction today/tmrw
Feel free to follow RIG on Face book or other channels
Transamine are listed as a secure creditor to the tune of 4.5M in the creditors list released recently. I assume they fear not being paid back for forward sold copper or something
Does anyone have a view as to why transamine is not paying?
RMM and Grant Thornton are applying to the court regarding this non payment and other SISP matters.
I don't think it's quite the end yet, but clearly an operational mine is worth more than a closed mine.
Is it worth £9m more than it's debts?
>They would have done if i had of got the job. I could just about manage an on/off switch.
Chief Light Officer (Senior Executive) - CLOSE for short
@ antharrylol,do they have any electricians left to turn the lights off?
night night everyone.
They would have done if i had of got the job. I could just about manage an on/off switch.
Now rmm will be in auction by court order asap and hopefully we will get few buyers to bid for a good producing mine .copper is $4+ ,we have a billion pound copper in underground and mine is in much better position than before in terms of production side .so we will find lots of buyers including Glencore and will get good price if bidding war start between them.
What a crock of sh#t !!
>So much for the great recovery specialist.
wreck-over-y
So much for the great recovery specialist.
Unless all of this is some 4D chess by Brad Mills to get the creditors to cooperate.
There were many red flags that appeared when you look back in hindsight but the main one that stands out is the incompetence of the BOD. Mistake after mistake and we stayed because of the asset. Seems trust in the BOD is the number one most important thing and judge them by what they do. My biggest regret was not crystallising my loss the second I saw the RNS in September, that decision alone cost me about £10k extra in losses.
Same story playing out at COPL right now, shareholders being destroyed by a BOD who don't give a **** about shareholders.
Big one for me is hiding of costs for a long time, failure to hedge when they could have, pathetic director buys to fake +ve sentiment. Good old 20/20 hindsight
>What's everyone's takeaways from this disaster?
- If there is a 'character' dominating the discussion board - run
- Assets, economic environment, potential etc. mean nothing if BoD are morally corrupt
- Look at BOD's actions, not words
do they have any electricians left to turn the lights off?
night night everyone
What's everyone's takeaways from this disaster?
Remember when John Meyer said Transamine would not let Rambler go under.
Also, that Bradbury is good at 'banging heads together'. We sure are banging our heads together, against the wall.
We never had Transamine down as the problem kids.
Maybe they are seeing an opportunity with another miner to force a quick sale
There has been a lot of interest in Rambler from solicited and unsolicited parties and maybe there will be a quick auction this week to save it
Anyone that has the cash available to do a deal is in the pound seat.
So let’s see if this has been a set up to force the sale for $1
Let’s hope not but it wouldn’t be the first time
Very sad news tonight that Rambler is closed
Sounds like Transamine (who buy the copper) have refused to pay for it and therefore no cash coming in to pay the bills.
Unless something can happen quickly the company will go into receivership within days.
If that happens we understand the Crown take back the mineral rights and not even the secured creditors will receive their money.
Sounds like RIP RMM ??
Let’s hope Transamine can be turned around but after lawyers trying for the last 2 weeks I guess they won’t.
Yeah.
I noticed an interesting thread between Martin and the primate got pulled.
I was interested in that one, as Martin made the assertion that the ML went with the demise of Rambler. So, ergo, the suspected cheap takeover long touted wouldn't work.
As much as I find chimps presence distasteful. I did have to agree that if the former was the case, then it seemed odd. E.G. that a simple transfer was the likely result of a new owner etc. The Newfoundland article did seem to support the latter ...
There was no response to that, and then the thread got whacked....?
There is a lot of smoke and mirrors presently, that I dislike. It would be nice then to see some resolution sooner rather than later for all those left "genuine", and still genuinely invested, or indeed, those who have suffered on the back of this clearly disengenuous management.
Cheers.
seems a lot of posts getting deleted all of a sudden.
Almost like someone wants this board closed down.
What’s your big news Moon, one of your chickens just laid a double yolker!?!
of which nature?