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MD how can I get out if share is suspended?
It is the 30th of December and tomorrow is new years eve and all you have in your life is posting the same diatribe over and over again. Is your life so devoid of family and friends that your only source of pleasure is causing anxiety to people who have invested money in good faith and who are worried about whether they will get it back. Get a life and move on and to everyone on this board green box the horrible little toad and let him talk to himself. If RMM pull through what are you going to do with yourself?
Default is an event. It's triggered and the relevant clauses in the contract apply. Undoing default requires repayment of the loan, interest and fees in their entirety.
It's in the contract at Companies House.
What nosence mine sold sme ppl really like to scare ppl
The loan is about 25million with fees and 9.75% interest (minimum) compounding monthly. RMM had one years grace period and defaulted on the first payment date.
That is abysmal.
Best case scenario is the loan is repaid via profits from mining and control is returned to the company. If copper hits $12k per ton next year the debt could be repaid in 18months and the suspension lifted. Or the mine could be sold once its sufficiently profitable, to recover the debt.
Would seem that the apportioning of recommendations today identifies the readers hopes!
I'm waiting for the lifting of the suspension RNS.
U see we am in best discussions then ever before question is now the time it take .
@free.
It's easiest to fear the worst agree. I have a similar worst case for my shares too. I am under no allusions to the difficulties in the current macro climate etc.
But as we are where we are. If one still holds. Let's simply see it in writing and go from there is my attitude. We may be surprised ...?
I have no time for silly pumpers ignoring the critical situation agree. But equally for those returning that have sold for loss purely looking to drive sentiment while suspended as low as possible. Such that, even a passable deal may cause people to sell in "relief", and facilitate their reentry. So obvious .....
I am assuming that very few are hear as good Samaritans purely from the goodness of their hearts ...... But maybe the current crop really are ...... Lol ....
Cheers.
I've mentally written mine off. I recognise that, in the light of that, holding on to my shares is not a rational investment decision.
You do realise that FUD, de/ramping don't apply to suspended shares?
Blue post on 27/9.....
"Yes me too - bought in at 35p and just sold at 4.8 pence - lost £4000 recovered £500.
Boo Hoo.
Thanks Blue".
So whatever happens here, and as said many times. Awaiting the deal/no deal RNS to land in 2023.
Like a few others, from his own words this poster is no longer a "fellow Rambler" anymore. So why 3 months on is he returning again to advise that our games up ..... Emmmm I wonder?
Once again. Am waiting for next year's official Comms. Till then it's FUDster city clearly. Yawn.
>>Someone mentioned that on event of default everything passes over to the lender. This is not true.
Mates rates. Read the contract A default event has been raised (reported in the RNS). Title is now under control of the lender until 100% of all debt interest and fees are repaid. Lender has power of attorney and appointment of administrator is optional.
RMM is effectively under administration, Google what this means and how it operates in practice.
Fellow Ramblers - the equity is gone - whatever happens the debt needs to be restructured and in these situations the equity gets wiped out - and then reset by the new money that comes in - they dont give the old shareholders a free ride i am afraid - so yes the mining assets may re-emerge but under a wholly different debt structure and so the equity that we have is toilet paper - the business may survive but we will lose 95% or more of our equity as the capital is restructured, and converted. Please understand that you / we have lost our money. Sorry - thanks Blue
I'm still not sure if SmartPunter is a troll account. The irony is just too tasty.
The voice of reason
Just wanted to weigh in on one point. Someone mentioned that on event of default everything passes over to the lender. This is not true.
Firstly, there is a difference between an event of default and the lender calling in the loan under their rights detailed in the loan. In effect, due to the default they would be able to demand repayment, enforcing their security to the amount of the capital amount of the loan, accrued interest & associated costs. The issue here, I would imagine a large portion of their security would come from the value of the Ming Mine based on its reserves. I do not anticipate there is sufficient realisable assets to repay the debt.
The fact they have not done so is likely due to them realising having an operating mining company is potentially more valuable to them at this moment than trying to achieve a fire sale of a distressed asset or because discussions are positive towards a solution. I anticipate them coming to an one year interest only extension, I see the forward selling / hedging of copper being part of their negotiations to sure up cashflow and I anticipate they too are waiting for the full cost cutting measures, financial reports and strategy to assess their lending position before deciding to extend the loan or foreclose.
There is no passing of control to the lender, they are not miner, they simply are able to demand funds under their agreement… the issue for the investor if this is not repaid out of readily realisable assets which do not impact operations (which let’s be honest…. This is unlikely) they will take this chunk out of the mine (which they can’t) or RMM will have to raise from another lender or equity.
Just let it go and move on with your life - you have made your point and there is no need for you to post any further. I have not written of my investment in RMM and that is my belief.
You made a topic just for me to answer. And apparently to insult me. Shooting the messenger wouldn't change the loan default terms, I worked in commercial loans very similar to this and they are vicious in default to protect the shareholders. The lenders shareholders.
Yes I'm a ****ed off investor who was encouraged to double my investment on frankly false assurances by the former management.
You should write RMM off in your mind there is nothing else you can do.
By force their hand I meant Newgen could have immediately demanded repayment on 1/11/22 when they were in default. You never answered my questions I posed to you so I will take it that you are an ex investor worried that you made a wrong decision. If the Company has no say in any aspect of the mine how has it been able to enter into two hedge agreements, reduce costs by $1m per month etc. Your agenda is quite obvious as is your spiteful personality.
>>! If they were going to have forced the Company`s hand
What "hand" is that? They only action they can take is pay back the loan in full.
The company has absolutely no say in any aspect of the mine or any other asset.
Unless the copper price rockets and the loan is paid back quicker shareholders are totally flecked.
That`s what I was saying - a claim or charge call it what you like. It does not mean they legally own the asset as you were inferring and can do with it what they want! If they were going to have forced the Company`s hand they would have done so by now. Anyway, what is your angle? Why are you here trying to continually worry investors - we all know the situation we are currently in . If you are still invested you should want success or have you completely sold out and can`t stand the the thought that it may prove to be a big mistake!
You are about a popular on this board as Ebeneezar Scrooge so do us all favour and crawl back under your stone.
Looking at the contract (pretty standard), default on the loan and everything is taken over by Newgen.
Until the loan and all interest accrued is paid in full the assets are complely under control of the lender.
Hence the suspension.
. You can check in Companies House, charges are recorded there.
https://find-and-update.company-information.service.gov.uk/company/05101822/charges
As you can Newgen have fixed, floating charges over all property of the company
Hope you had a lovely Christmas Duffy. Nice to see you in good spirits again. Keep up the great work pal
`fined` not `fine`