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Helpful - "RRR has a chunk of shares issued at 2.75p"
Which as you are well aware is only the tip of the iceberg of the enormous amounts of confetti RGM issued at that post consolidation equiv price.
Just a few weeks ago RGM had 1.5 billion shares in issue. The BOD then issued over 7 billion more at the price of 0.0275p. This flooded the existing issue such that those discounted shares then represented over 80% of the resulting issue.
The shares were then consolidated on a 1-100 basis, meaning that the equivalent share issue price was 2.75p
Note that RGM had already had a share consolidation on a 1-20 basis just 4 years earlier in 2015.
It doesn't take much common sense imo to realise that RGM shares are not worth anything over 2.75p and those that imo foolishly bought at prices of 3p and higher were just giving beneficiaries of the 2.75p shares a quick easy profit at their expense imo.
Nothing ever changes either at RRR or RGM. They are imo dilution pits that issue endless amounts of useless confetti which are dumped onto naïve and unsavvy mugpunters. Most of the cash raised goes to director salaries and admin and other expenses. They are imo sucker stocks. DYOR
How is it going with your Australian friend? Not getting any more inside information with instructions to deramp RGM? Has he kissed and made up with RGM? What happened to all your predictions that you expounded non-stop with such certainty?
1. RGM has not been diluted in the JV
2. The JV is now looking for a mutually beneficial way forward
3. They are looking to get a DSO operation going
4. RRR has a chunk of shares issued at 2.75p
5. Learn to read.
You have shown that you are not an honest poster and just interested in trying to manipulate people. I saw your post stating that you weren't interested in RGM any more now that Andrew Bell was out. So all that puffed certainty was all about personal enmity to AB? Same here I should say.
DYOR
But Helpful, you don't own any RRR,thats what you and Magic have in common.
Helpful - "fine but the assets are the assets."
Oh if only that were true, but of course you know it isn't. The age old sleight of hand "sum of the parts" valuation trick just doesn't fly anymore as you well know. The value of the assets is NOT the face value. Absolutely not. This greedy BOD expend inordinate amounts of cash on salaries, admin and other expenses as you very well know.
Between 2012 and 2017 they raised over £15m via various share issues. In the same period they expended over £11m on admin and other expenses. That is frankly atrocious and it is why the assets are only worth a fraction of their face value.
Here's the historical and damning set of facts concerning these overheads taken from Annual Reports:
2012 - Admin £2,275,786
2013 - Admin £4,751,948
2014 - Admin £1,563,808
2015 - Admin £1,334,404
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518
2019 - Admin £591,777
One can see readily where the lion's share of any available monies end up. It delivers ZERO shareholder value imo.
The value of assets are NOT the face value. Even the Jupiter shares which might seem a straightforward valuation.
Considered by many the "crown jewels" of this share, last year Bell cashed in 1.5m of those precious shares to raise approx. £300k. They didn't directly RNS this sale, investors had to work out that it had happened by comparing the declared Jupiter holding in 2 separate RNSs and deduce the difference. With no RNS put out to explain that sale of Jupiter shares and thus no reason given one can only draw the conclusion that the cash was needed to pay salaries and expenses.
Hence as you can see, the value of the Jupiter shares is NOT the face value you see quoted on the ASX. It is imo about 30% of that because this BOD will fritter away huge amounts of the value of those shares on salaries and admin expenses.
That you continually ignore this and can't be honest about the situation tells me all I need to know to totally ignore all your "jam tomorrow" rhetoric. The 10yr chart here tells the true story of how this share rolls. DYOR.
Yep but much less than the value of the CLNs.
Plus I have a shed full of warrants.
You need to chill. If your argument is that RRR's assets are a heap of dog poo, you need to do your analysis again. If your argument is that AB has let you down and will again, fine but the assets are the assets. The licenses should have be issued in the weeks after the September announcement but these things always take longer than we want. I can assure you that I regularly and constantly impress upon AB how much the license being issued matters.
If the response is that the license being issued is all smoke and mirrors, again go and do your analysis. Start with reading the Mining Act 2016 which is the relevant law. Following the recommendation by the MRB, the license being issued should follow as night follows day.
DYOR
Comedy hour again here I see. A naïve punter might be swayed by Helpful's diatribe of hopes, dreams and otherwise forward looking nonsense but some of us have been here long enough to know the fella. He posted relentlessly on Mayan Energy board for years whilst the BOD brutally diluted shareholders over and over and over utterly destroying the SP.
Never ever fall for the "jam tomorrow" rhetoric with shares like this imo or you will lose a great deal of money.
Always look at the facts in the Half Year and Annual Reports. The most recently published Annual Report (to June) told us that :
1. There was only £64k in the bank and
2. Total Current Liabilities were £2.8m
That's clearly imo the reason the CLNs were not repaid in Dec and had to be rolled over for a third year running.
Do your research and do it well.
Helpful - One question, if you answer that I wont post on her for a good while and leave you ramp away. Apart from the CLN`s, have you bought shares in RRR on the market ?
Duke, you are really are funny.
1. I am not underwater. I have CLNs, I got paid my interest in 2019 and now in 2020.
2. The CLNs are secured. They are due for repayment in December 2020. If RRR can't or won't pay then we take the security.
3. I am not locked in, the CLNs rank ahead of the equity. If I forced a wind up then the CLNs get repaid first.
4. If it was an issue, I could forced repayment of the CLNs on 19/12.
5. I know how close we are here to realising value.
6. Forcing a wind up now means locking in the value of the Migori assets and the DRC assets as they stand now.
7. We are about to see progress on Migori and DRC.
8. Migori is down to the Kenyans following the Mining Act 2016 and the law in Kenya. One way or another the licenses will get issued because the MRB has made the recommendation that they should be issued. The law says that they will now be issued. https://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/RRR/14232628.html
9. DRC is fine. There were local issues that have now been resolved. On Musonoi, we just need to progress the JORC report and on Luanshimba they need to do a bit of trenching. "At the second joint venture, with Congo Galaxy, where initial results from exploration at the Luanshimba license, reported on 21 December 2018, identified a 2 km by 500m copper-cobalt anomaly and a 1.4 km by 300m copper-cobalt anomaly, the Company is planning a low cost programme including ground geophysics and pitting to further define the mineralisation potential, and decide drill target"
10. The key next stage is the final grant of the Migori licenses; execution the previously referred to JV and progress on DRC. All should be done in the next three months.
11. In the meantime JMS is making progress (increasingly it looks like something will happen on the iron ore assets in the next 12 months), Para is making progress with El Limon and Power Metals seems to me to be making progress.
We have six licenses in the DRC in highly prospective areas. I am sure we will do very well out of it in due course. The big issue will be, do we bring them into production or sell out at the next big value inflection point?
So, come back in 12 months and tell me how I am locked in.
PS I see you are one of the trolls that posts on RGM about how AB lost you all your money. FYI I was one of the CLN holders and converted at 2.75p in new money. I had 3% plus before the deal and 3% plus after the deal. I sold a few well over 3.5p.
Maybe you should worry about your own investments a bit more than mine.
DYOR
Helpful - "meantime the interest payments on the CLNs have been very handy."
Posted by Helpful 18 Jan 2019 -
"In fact, if we thought we were only getting the 10% coupon on the CLNs we probably wouldn't do them. "
CLNs have now been rolled over for the third time so Helpful clearly unable to get his money out. So the poor chap has effectively been forced to hold CLNs for 3 years for just the paltry interest rate, something he stated he wouldn't do. You have to feel for him TBH.
Posted 06 Sep 2018 -
"I look forward to converting my loan notes and making some decent money here"
Didn't happen did it old son? Your analyses and predictions are historically . . . well let's just say pants !
On Steelmin
Posted 28 Nov 2018 -
"Steelmin has a value whether that be euro 4 mil or euro 20 mil or some other figure"
Steelmin of course went into Administration Feb 2019 leaving a £1.1m debt to RRR
On Amulet Diamonds
Posted 27 Nov 2018 -
"It looks a good deal to me: Gareth Penney won't be stopping at this deal. He will want to build a serious diamond business and RRR is in on the ground floor."
RRR of course stated later that the Amulet Diamond "investment" would be written off.
On Taking RRR private
Posted 20 Jun 2018 -
"I can tell you now that if we are lingering around this price come September and RRR has made the progress I think it will on the various assets, that I will personally arrange for it to be taken private."
Just lols at that one.
I thought the interest payments on the CLN's had been rolled over.
Will you do the same and tell us how much you have lost when you cash out . . . lol You are underwater here, locked in and IMO no hope of ever getting out with a profit.
Hey Duke, I will let you know much I have made when I cash out: in the meantime the interest payments on the CLNs have been very handy.
DYOR
Helpful is imo locked in here like so many before him. He owns many of the £1m or so outstanding Convertible Loan Notes which have recently had to be rolled over for the third year running. His cash is locked into those Notes and they haven't been repaid by RRR but instead have been rolled over yet again. The conversion price has recently been lowered to help them have a better opportunity to convert but it will never happen imo. The long term chart here shows that the SP just continues Southward and that imo is due to the excessive combination of director salaries and preposterous amounts expended on admin and other expenses. Follow the rampers at your peril. DYOR and do it well.
Helpful - Wonder if this extract from half yearly report in March last year will help you wake up and smell the coffee -
"Red Rock continues to make progress with the restoration of its rights over its Kenyan gold assets, and on 22 October 2018 was able to announce the settlement of legal proceedings after three years. The Company and its local associate have applied for the regrant of the licenses under the transitional provisions of the new Mining Act, and finalisation of this matter will be a key objective for the remaining part of the financial year ending June 2019."
Don't believe what Andrew whispers in your ear ! How do you know when Andrew Bell is lying - His lips move !
License or not it will make absolutely no difference to the SP here. As I said before nobody imo was interested in Migori BEFORE the license was revoked. It doesn't actually matter what fantastical project is dreamed up in whatever faraway place because the fact remains that the same greedy BOD are in place which means close to 75% of available monies goes to Admin and other expenses, thereby removing all value in the share for investors.
Between 2012 and 2017 this BOD raised over £15m via share issues
In the same period they spent over £11m on Admin and other expenses
Absolutely ridiculous and could only be described as a lifestyle company for the personal enrichment of the BOD.
It's laughable that you and the larger holders have not ousted the BOD. They have clearly gotten the better of you imo.
Historical amounts frittered on Admin Expenses
2012 - Admin £2,275,786
2013 - Admin £4,751,948
2014 - Admin £1,563,808
2015 - Admin £1,334,404
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518
Total joke as others have stated. Add to this your own threats posted on here in Aug about taking the company private and/or liquidating it and the share has become uninvestable. Your comments 17th Aug:
"If it has not been taken private there is a reason, as will become clear shortly. We may still take it private."
"One other large shareholder wanted us to liquidate the company last September and we said no."
Uninvestable, simple as imo. DYOR
Funny guy.
Your confidence is misplaced.
If you check out the Kenyan Mining Act 2016 you will see that there is a process to be followed: the MRB has recommended that the licences are issued to RRR. The law dictates that we should be issued the licences: we are just waiting on the bureaucracy issuing the letter inviting us to pay the requisite fees.
DYOR
How long has Migori been imminent now . . lol lol lol lol !!!!!!!!!!!! This company is an absolute Joke run by 2 of the biggest useless Parasites on AIM - and Sadly for Helpful they sucked him in hook line and sinker. Quite confident Helpful is the one running the RRR twitter account posting absolute BS all the time. Big trading day here yesterday - 5 trades totalling less than £130. Andrew Bell you are the weakest link - Goodbye !
Sorry, Migori, not Igor. Damn autocorrect :(
Even if a Igor’s is successful, how can we trust AB won’t put the profits into the next Steelmin or Amulet?
Umm, because they don't need finance, business acumen or reputation to make a go of it. Nor is time a concern to them in the same way to them as it is to a loss-making company.
Migori won't make the slightest sot of difference here. Nobody was interested in it before the license was revoked imo.
Just another pipe dream.
If Migori is so bad ,how come 100's of locals without mining licences mine by hand what they can get there every day to feed their families ?
Migori won't make the slightest sot of difference here. Nobody was interested in it before the license was revoked imo.
Just another pipe dream.
Just waiting...… When the Migori license gets issued is in the control of the Kenyans. All RRR can do is meet all the requirements for the license to be issued.
Everything else looks to be going well but Migori is the one that matters in the short term.
DYOR
Agreed Duke. Large holders here have done their money imo. They are idiots if they think they can steer this company forward with the same old BOD in place. But then how many poor unfortunate large investors have we seen come and go before with their tails between their legs? Just over a year ago 13% holder Daniel Sklan (d_s_) dumped his remaining shares and left damning comments on LSE here:
https://www.lse.co.uk/profiles/d_s_/
Then last year another 13% holder Peter Gyllenhammar started selling his holding down at Christmas and steady dumped right through 2019. I believe he now only has 3% left unless I missed a holding RNS.
Over at RGM Bell was managed out it seems. Can't imagine why that hasn't happened here but I guess Bell has gotten the better of people like poster Helpful who holds many of the outstanding CLNs here. Time will tell. Either way the behaviours of the BOD here and the statements of Helpful concerning the possibility that the large holders may take this private have made the share uninvestable imo.
Posted by Helpful 17th Aug 2019 here on LSE:
"If it has not been taken private there is a reason, as will become clear shortly. We may still take it private."
"One other large shareholder wanted us to liquidate the company last September and we said no."
DYOR
5 trades in the last 4 trading days says it all ! Andrew Bell has to go if this company is ever going to go anywhere ! Whilst he is in charge everyone just waiting for the next pump so he can get more dilution away.