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Just as a follow up to my post below, and as it may help others that have similarly suffered here in some small way ....
It's taken some months to come back. But the HMRC CGT duty have now agreed the concept outlined below.
E.G. that the RMM shares that I held in a share dealing account (NOT the ones from an ISA moved lately there by my broker). Are qualifying for negligible value due to the Rambler wind up and Canadian sell off (nil coming back basically). That further, the sum total of purchases made including any fees. Can then be claimed and offset (as a capital loss), against any future or current tax year capital gains.
Small beer agree. But with CGT limits being progressively cut. One may at least use the loss here to bolster gains elsewhere without being taxed. Assuming the general malaise that is AIM ever rights itself and we start making any monies.
HTH.
@funds.
Sadly, & as Defrost Kelley used to so memorably say....
"This man is dead Jim"....
As posted some months back. At least donuse the defunct shares in your SD accounts to claim:
A) the negligible value.
B) that this is a full capital loss, to then offset V any future gains.
Write to the HMRC CG discipline now to claim that. I have.
The only caveat is that you may find shares in your SD Acc, that originated bought in your ISA. Your broker moved them there when RMM delisted, as it's illegal to hold them there in that situation tba.
But as they were bought in the ISA wrapper. Nothing can be claimed on them by precedent sadly.
HTH.
Can someone please clarify for me just so I can put this one to bed. For anyone that still held shares in this failure of a company is their money gone and never to be seen again?
Luckily I only had a fairly small holding in this one but it's disappeared from my Hargreaves Lansdown account so I'm assuming I can put it down as a 100% loss and forget about it.
BOD ...bastard of directors.
They say that only logic should govern share dealings, never sentiment. I broke that rule in the case of RMM - and I'm sure many others on here did, too.
Never again!
I really did feel confident about the prospects for the company for quite a while but that confidence gradually evaporated as time went by and we watched the sheer ineptitude of the 'CFO' and the deceptions of the BoD.
Luckily, I got out with just the cuff of my shirt ripped off! I managed to hang on to most of it - though it was pretty valueless and threadbare by then!
I encountered many characters on this BB and was always grateful for advice from the likes of Cornish etc; I hope that none of you are in real trouble due to believing in these lying bastds on the BoD.
Perhaps we should form a RMM survivors club and meet annually in a phone box somewhere? Maybe our old friend Moon with his sagacious advice and punditry could organise and chair it? GLA.
All done, there's an update on the Rambler webpage press release
Xenor i agree with your post about AIM ...........I also do not think you understand. I am not telling the general chat board i was right. What i am doing is highlighting a poster called KNOW0 who argued these assets would not be sold cheap. He was delusional as were many as to the value of in the ground resource that is deemed uneconomical to mine needing a new feasibility.
perhaps they will learn something.
But i do not think their initial research and investment was wrong , we all got sucked in by bad management.
Good luck on future investments everyone and important to not see it as a complete loss as you learn from these examples.
I am sorry if i have offended anyone.
I'm not sure why you needed your own thread for a response.
Regardless of how right you were, there's never any reason to come on to a board telling people who lost a lot of money "I told you so". People already know you were right. I suspected this outcome could happen when I took my scraps at 10p, but never felt the need to worry people.
I agree that everyone needs to learn from this experience. 100% on never trusting the BOD too much. You need some trust otherwise you shouldn't invest, but always be suspicious. Rarely do they have your interests in mind.
The problem is you are screwed no matter how much research you or people you trust do, if the company is lying to you about its financial position. You like to have a go at Know0 but he is a victim of this BOD's misinformation just like the rest of us.
Noticing a lot of shares on AIM have or are going the same way as RMM. There are turd shows everywhere. The market is corrupt.
What a load of cherry picked tosh
Of course i thought this was a good investment right up until the fatal RNS hence why i was invested so Heavily. I am disgusted at the company.
What i am referring to Xenor is the fact i said from that point this would wind up in admin and shareholders would receive nothing. At which point i was told By the likes of KNOWO that he thought that was codswallop along with many other posters saying i was wrong.
So where is the all seeing eye now , if he came on here now he would likely spin it but the hard facts are he was a victim of his own ego with his daft valuations.
Its important we all learn from this and never trust management again .......look at HZM same set of crooks.
Of course i am going to come on here and say i was right after all i was the only one taking sense.
I still think RMM should of been a good investment but we were let down by management.
My point always was that the actual value of a failed mine and resource is pennies on the pound.
Good luck on your future investments.
"I tried to educate people on the asset value and said it was mostly worthless but constantly got slandered."
Why would people take any notice of what you say? Back when I first invested here in April 2021 you were ramping the crap out of this stock and talking of £3 share prices over the next year or two. You couldn't have gotten this any further wrong.
The lesson learned here is to not believe a word anyone says on a BB. So many ramps, charts and other comments from influential people and yet this turned out to be a turd.
That said, I blame the BOD 100%. They misled all of us and even the ramps were based on misleading information so I can't blame them. I probably even ramped it myself back then. We were all screwed over by the BOD, and the blame is firmly on them.
But please don't come here saying "I told you so" because you were spoonfed lies just like the rest of us.
The only thing I care about now is that the BOD face justice for misleading investors. I seem to remember the discord group had a lawsuit ongoing, but there hasn't been any updates. Maybe it failed.
It does not surprise me that their is not enough to pay secured creditors and imagine the poor bloke in the food restaurant owed 300 grand plus and all the unsecured creditors. This is pretty low of Bradbury and co as this situation was so much worse. What on earth was he doing drilling and hiring and why did he not cut down the swollen workforce instead of doing it near collapse. So many questions.
But for many the only thing that can be learned is a billion pound in the ground copper is worth not a lot when its bust and mismanaged into the ground.
Sorry for all shareholders her including myself that lost one of the biggest amounts granted it could of been a lot worse but i find solace in knowing i was misled and only invested on the information the crook Bradbury was telling us up until months before it collapsed.
I hope people do take the directors to task but i said shareholders would get ZIP but was accused of causing people distress. It turns out it was a lot worse outcome than that as the local suppliers and small guys plus the royalty guys are fleeced as well.
The new company will prove up the asset and prob do a new feasibility as i predicted and not re-open it.
I tried to educate people on the asset value and said it was mostly worthless but constantly got slandered.
It is important to learn from this ..........we all got sucked in.
Mostly feel sorry for people like Cornish who provided some real value-added insight and many times put their foot forward to stand up for the BoD. Never underestimate the extent of human psychopathology, I guess. Good luck to those 'people' taking that money to the afterlife, hope they choke on it.
This is the end, beautiful friends,the end.
I last posted these words at the demise of Sirius Minerals.
I always knew that Sirius would fail but it was worth trading to the end.
Remember those sales that they posted that were worth nothing.
And how their value was so fiercely defended.
I saw rambler as the opposite to Sirius as they were mining and selling product. I did think they would succeed.......oh well..
Black on white:
https://docs.grantthornton.ca/document-folder/viewer/docul8LWsxcWho7J/4880856620380763689
Page 9
[34] The purchase price is insufficient to pay out all secured creditors. The unsecured creditors receive nothing.
Amazing, isn't it, that the filter has no problem with poo (Liverpool), but does have with ars3.
Keep up the good work.
I now see why the asterisks keep appearing. It's because I am a Liverpool supporter. ;-)
below should say ****nal221! technical glitches...
thank you ****nal211. this is just another dreadful example of the exploitation of "small guy" investors, creditors and employees by a corrupt management and other insiders. we have been shockingly let down by the system and i have simply tried to use the knowledge that i have to put up a fight. your kind note has made it feel worthwhile.
Leah16
Not a holder, but followed what has happened since the corrupt BOD put out the Rns of which on memory was around July last year.
Your post on the response was excellent & if there is any chance for holders to get something back then I hope you do.
Good luck
Mister director was buying new trucks not long ago, probably to make shure that rmm will go bankrupt. Criminal that…
The Official Receiver's office confirjmed to me that Begbies ahd been appointed as the liquidator. My response is below.
Dear Naveda,
The whole point of my detailed notice to you as part of this process was that the Court-appointed Official Receiver would enlist a thorough independent investigation of the directors behind this despicable scenario. TRhe Board have destroyed the lives and livelihoods of thousands of people thought their greed and financial mismanagement and blatant misrepresentations when the company of such rich potential was already trading insolvent. Instead you have simply passed the liquidation buck to the very practitioner that the directors themselves had appointed. The small investors on AIM were wiped out overnight and the directors and secured creditors will come out whole on the firsesale and on the deals made on the restructured project.
The Official Receiver was appointed by the court to protect against financial mismanagement at board level on this scale. The process achieves absolutely nothing to proect the real victims on such a large scale and the directors will achieve a quiet liquidation via their own appointee.
It is clear that the Official Receiver is just another bureaucratic waste of taxpayers' hard earned money.
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Taking a bridging loan was fatal. Desperate. And fatal.
Shame on you.could not run a huge potential mine despite of huge reserve with exceptional reserve because of lack of financing and mismanagement of our 40 years mining expert CEO .
The whole thing was a complete scum of some white collar criminals according to one of the PI.
Good luck to those who were benefited from rambler destruction and hope one day they will have to answer to some one in somewhere.