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We can stay suspended for 6 months...
Economical outlook might look abit better in 6 months..
Nm..
The Exchange will cancel the admission of AIM securities where these have been suspended from trading for six months
"RMM is currently valued at £9 million but owns land containing £1 billion of copper and gold"……which it appears to be incapable of digging up profitably.
MAD8, Well said, had to laugh at that!
Smart Punter et all why dont` you give it a fu@@ing rest!!!!!!!!!!!! Newgen are a lending company not miners. They are secure creditor who cannot take control just like that - if it goes into administration which will no doubt make you happy they are a secure creditor first in line for eventual payment whenever that may be. If Rambler are able to pay their way apart from the legacy payments due I would hope that old creditors would be more than happy to agree a payment schedule to clear and Newgen may be willing to renegotiate a revised loan structure with added incentives for themselves as they may have to wait a while if they try to force the company to go under. I am not saying this will happen but the constant willing of things to end the Company`s existence is more than tiresome - no one knows what the outcome will be!
If I was them I'd take control and keep the mine running, if it can be run in profit.. Sack all irrelevant staff such as management, except for one guy who can identify what can go.
Then find a buyer.
If that doesn't work shut it down and sell the bits for cash.
Smart Punter, if I was wrong then I hold my hands up.
I don’t have experience in this like yourself but I just can’t see how they could just take the asset based on missing a payment.
I appreciate what you’re saying but my feeling is they will work with Rambler as it’s in there interests.
Again happy to be proven wrong but as far as I’m aware they have warrants they can exercise around at 35p worth around 5million
>>Are you kidding me….. So if you miss a payment on your mortgage, you think the bank then owns your property??? Or finance on your car, miss a payment and what they then take the car of your straight away????
Of course it will need sorting but they don’t just take away your property the day after you default on a payment!
This is not a regulated loan.
Its a secured commercial loan.
Break the terms (not just late payment - ANYTHING can be added to protect the lender), even once, and yes, they can take the asset and sell to recover the debt (plus 45% compound penalty interest and ALL fees)
I worked in a company where this happened hundreds of times, BAU.
Regulated loans, like your car or House mortgage are COMPLETLY different, because you are fluffy, protected innocent retail lamb.
know 0 I will contact you this week not a problem at all. as I have said best time ever in rmm hisory i like the fact that it has happened. it was going to happen anyways.. u cant do everything at one time tb. way of thinking great make bussiness do talking for itsself it has. broken records on every moment. best situlation rmm been in. as said i not worryed at all. guess what another picker of mine icon labs coming back to market been one year they was supstened. so i am relexed.
I highly doubt the fantasist has been anywhere near BV or anywhere else in Canada for that matter...!
ÂŁ1 billion is a nice round number provided by the discredited BoD of RMM itself. Whatever the number, it is how much it costs to get out of the ground that is crucial to any future for RMM.
Obviously I’m absolutely gutted the way this has panned out just like everyone else. But worst case scenario they will need to sell and we maybe left with 10-12p which for me is a 50% loss.
When I first bought I was hoping for a ÂŁ1.25-ÂŁ1.50 by 2024.
The BOD have been deceitful and can not be trusted. One way or another we will soon know our faith. Good luck to all as always
Santhi
This is much more serious that a mortgage missed payment
RMM have failed to make interest payments and the first loan repayment
RMM are also overdue on accounts payable.
Can this company continue as a going concern and if so for how long? How much cash is left to pay for stationery, fuel, team lunches, team building trips, florist…. Etc etc etc
Something has to happen pronto….and I fear it will be at the expense of current SH, hope I’m wrong.
Santhi I've seen this played scenario out many times. One of us will be right and hand on heart I honestly hope it's you because it doesn't matter at the end of the day who is right and who is wrong - we all want something at back rather than being wiped out. But I am very doubtful and the suspension of the quote means we are now passengers.
Are you kidding me….. So if you miss a payment on your mortgage, you think the bank then owns your property??? Or finance on your car, miss a payment and what they then take the car of your straight away????
Of course it will need sorting but they don’t just take away your property the day after you default on a payment!
What the hell is wrong is with people. I may have been stupid enough to invest in this share but the rubbish that people post on here sometimes is at a different level…
Is it ironic that it appears that the well qualified recovery specialists with the history of successful turn arounds are the ones that look like they have finally sunk this crock of ****?
>>RMM is currently valued at ÂŁ9 million but owns land containing ÂŁ1 billion of copper and gold.
At this point RMM no longer own the land, the lender does.
Sadly (and I am involved here) I cannot ever recall reading an RNS with a tone like the one yesterday which it came out well for equityholders. The arguments about how much is in the ground and listing those with skin in the game is all well and good. But, as they said in the Godfather, this is business it's not personal. If the parties with the whip hand in potential control of these assets can get that control by wiping out current equity holders they will do so with no conscience or hesitation. Back to Its business, not personal.
Hi ME, thanks. Welcome to change your mind but good to know why, we badly need some info and encouragement atm.
And let's face it, things must be pretty desperate as some of us seem to feel the need to listen to Moon! Sincerely GLA.
Chopper by name and chopper by nature… Glad you are paying so much attention mate. I’m flattered x
For Newgen not to have offered a rescheduling at this stage the position looks very serious. Quite often it is the company who makes the first move and calls in the administrators to protect the asset. A placement could have been done 2 months ago with a rescheduling of the loan/loan extension etc but that boat might have now sailed away. The administrators will try and keep the mine going and try and find a buyer to pay Newgen off. However, if the Administrators deem this not plausible then it will be a fire sale. I hope RMM can complete a placing and keep Newgen on side and the longer these talks go on the more likely the BOD will be forced to protect the asset and involve an administrator.
On Uni Quiz Night - your starter for 10! Who wrote the following?
"Regret not researching and feel a fool for not. Can’t see it ever recovering so no now written off the money. Lesson learned". (On 7/10/22 at 09.00)
Answer:
None other than MarcusExile who is now telling any worried RMM holder to "give their head a wobble" and "needs their head testing"
He thinks Moon is some kind of oracle and advises us " I am not in the least bit worried about my investment."
Out of all the people who post regularly on this bb, imo moon has called right more than anyone else… and don’t think for a minute I’m saying he has Called it right every time.
But moon could you please show us an example of a company that has got its self into a position similar to rmm, where shareholders have come out the other side unscathed.
I mean I know of thousands of examples where shareholders investment become pocket change. For instance people who held shares in rmm before TB took over
In most cases it usually ends up the same old rinse and repeat
I still follow the story here.
I find it hard to understand how anyone can say with such confidence that this won't go bankrupt. Of course it can. Doesn't mean it will, but saying it can't is entirely blinkered to reality.
Let alone suggesting it'll be sold for 15-20 times the suspension price any time soon. It wasn't suspended subject to takeover negotiations lol.
Yes, they've been in discussions for a while with NewGen and NewGen would be aware they will default. It doesn't change the fact that NewGen hold all the cards. RMM suspended to put the cat amongst the pigeons.
Ultimately, the fact it's got to this stage suggests any debt offer to RMM (if their has been one) isn't particularly attractive, or enough to work at this moment.
If NewGen help it doesn't mean it's good for any existing shareholders, add per strummers point on dilution etc.
Their are some significant hurdles to overcome is the facts.
Whatever they get will need to be enough to seriously reduce costs.
I'd imagine whatever the outcome will be released very soon anyway.
Anyone predicting doom and gloom for Rambler needs their head testing and yes I agree with both MOON and KNOW0.
RMM is currently valued at £9 million but owns land containing £1 billion of copper and gold. NewGen have skin in the game. TB, BM and TS have skin in the game. HanCon have skin in the game. Every f***ing person involved has skin in the game and, for that reason, will not let it fail. Regardless of the financial mess we are currently in this is a fully working mine with £1 BILLION IN THE GROUND. Anyone thinking it’s “game over” needs to give their head a wobble. If I could top up tomorrow I would chuck the kitchen sink at it. I hope the delay is due to a buyer negotiating terms but, either way, I am not in the least bit worried about my investment. GLA. Now chill…
Personally I'm kicking myself for not selling these when they announced that the new FD and admitted they didn't know what their financial position was. Eason Chen is a complete muppet. No financial controls at all under his watch.
Other lessons..
1. Hedge when the price of copper is through the roof.
2. It doesn't matter how much resource is underground if you can't dig it up at a sensible cost
3. Similarly, it doesn't matter how much you produce if you can't sell it at a profit. All the focus on production levels this year, without any regard for overall costs, was idiotic.