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Helpful - I wouldn’t waste your time with these people that don’t even own any shares here. The share price and assets, with subsequent gain to come and positivity around RRR does all the talking. They are just embarrassing at this point how wrong they are because they lost some money a DECADE ago! That they think by blabbering on a forum will deter anyone is laughable in itself. Onwards
You obviously don't understand Human interaction.
We have other positions elsewhere with CLNs and loans: one is an IPO in the next couple of weeks, one is an RTO, another is an RTO where we converted to facilitate the RTO. We have an adult conversation and come to an agreed position.
In the case of RRR, I don't see repayment being an issue but we will likely convert on or before the 19/12. A lot of news in the pipeline for RRR that will take the SP higher.
So what would have happened last year when Bell wanted to rollover the CLNs for another year, if you had refused to do so?
Helpful: "Why would we not convert given the current price level? By converting on 19/12 we maximise our position."
By maximising your position I assume you mean you are going to wait 3 months to collect an additional 3% interest? When right now you could convert and get shares at 0.60p which is around 80% discount to the current buy price.
In 3 months time the share price could have crashed. They should sack you because your advice to them to hang on for 3 more months is stupid.
As usual, you are making uninformed assumptions.
Why would we not convert given the current price level? By converting on 19/12 we maximise our position.
You also assume that we convert and sell. Maybe we want to convert on 19/12 and hold?
Your mindset is that we were and are locked in; that was never the case and I have made it clear to you but you know better.
In my view RRR is well under-valued.
I think it depends what's in the detail of the CLN agreements. So only the holders know.
Tell me what you think Mr Magic and I'll tell you whether I think you are correct or not
You have missed my point. I will repeat, what happens come 19th Dec when they refuse to convert?
Well Mr Magic from my understanding they are under no obligation to convert. Unless you know different?
Zu - "At present they are refusing to do convert. I think refusing to do so is utterly bizarre."
Think it through Zumore. What happens if the CLN holders refuse to convert ?
Couldn’t agree more. Was stupid beyond beggars belief To sell a top asset, but so many traders do the same and lose by trying to be cleaver When all they needed to do was hold. I bought in at 11p. Three times I have been burnt by RRR and it hurts. I do understand the bitterness of those who has suffered similar loses because in any normal company the chairman - CEO or both would have simply been removed. I just hope Andrew is fundamentally honest and wants to be thought of as a good entrepreneur and not a greedy sell interested charlatan. As they say what goes around comes around. Anyway if AB cannot make a multi million Pound (£50+m) company now with the bulls lined up and stacked in our favour then he really would be as useless as they come, however if he can then I would consider him managing to keep the lights on during a commodity bear market damn good. It’s up to you Andrew!!! What kind of man are you?
Last one was 2010 RRR and sister company RGM roared to 12p and 14p
Bell sold some cheapies to buy his Daughter a house and then sold everyone
else down the river
selling off most of the big asset of Jupiter to chase multiple rainbow failures
if he had sat on his hands and done nothing would now be pulling in around
£8-10 Million a year in Jupiter Tshipi dividends
taking into account the dilutions/consolidations those 12p and 14p would be
a few quid each in real terms now
Last post should've said:
"At present they are refusing to convert"
No Playtime no envy of CLN holders or with poster 'longterm'. After all CLN holders only have 3 more months to convert their loan notes into 0.60p shares if they don't they will expire. At present they are refusing to do convert. I think refusing to do so is utterly bizarre.
Likewise poster 'Longterm' says he bought 33 million RRR shares at 0.20p. So 500% up but he still wants more. To me that's greedy. He obviously doesn't know Andrew Bell's track record. Prolonged rises here are rare. So because I think he's pushing his luck no envy on that front either.
Common think a JV may work for Kenya
As for CLN holders or long term making xyz who cares. Share price up and everyone makes money as long as they haven’t shorted the stock. It really seems petty Zumore to what I can tell is nothing more than envy. One thing is being critical of the company and yes AB has done some stupid stuff beyond anyone’s imagination and I agree is sometimes coy in some of his RNS’s (of course all in my opinion only), but now he has the opportunity to prove himself To the market that he isn’t out for himself and If he really is interested to leave a mark then there is no better set up for him to do this. .Anyway Let’s hope he does get on with listing gold assets, listing Iron ore assets, JV Kenya and get the SP up to double digits soon.
Could be Colin. Lots of money need here.
Surely the money has to come from a new issue of shares?
Andrew Bell in a interview the other week also said RRR were planning the next exploration phase in Congo.
Where is this money?
Seems to me Red Rock are promising the earth to shareholders/potential investors but they don't actually have the money. They seem to be a company totally living beyond their means.
Red rocks Kenyan prospecting licenses were renewed On 2nd August 2020.
Above 2018 RNS says that within 3 months of licenses renewel Red Rock must pay Kansai mining:
(1) $2.5m payable in cash
(2) a $1m promissory note payable 15 months after issue
Just a couple of weeks ago RRR chairman Andrew Bell confirmed that these payments do still need to be paid by Red Rock.
Unless they can find a rich partner where do Red Rock find that money?
Red rocks Kenyan prospecting licences were renewed On 2nd August 2020.
This is an extract from the Kenyan 2016 mining act:
77. (1) "The holder of a prospecting licence shall -
- commence prospecting operations within three
months of the grant of the prospecting licence or a
period specified in the approved programme for
- undertake prospecting operations in accordance
with the approved programme of prospecting
- ensure that the amount of work and expenditure
specified in the approved programme of prospecting operations is actually expended in the course of undertaking prospecting operations within the deadlines stipulated"
Later on it says:
"Where the expenditure specified in the approved
programme for prospecting operations in sub-section (1) is not expended during the term of a prospecting
licence, it shall be paid to the ministry in a manner as may be prescribed by Regulations made under this Act."
Seems to me the above Kenyan mining act puts a stop to companies trying to bulls*** them.
- Companies need to start the work within 3 months.
-Have to agree to amounts spent.
-If not spent they need to pay the government that money.
I would imagine to get licences renewed Andrew Bell must have promised that huge amounts would be spent. Let's hope Red Rock really do have a rich partner lined up to fund it because Red Rock certainly don't have the money.
Link to the Red Rock 7th September Slovakian asset RNS:
Above RNS says Red Rock will be giving the Slovakian asset seller €350,000 in Red Rock shares. But RNS also says:
"Red Rock will be responsible for certain expenditures ("Committed Expenditure") of the Joint Venture in the period after execution of the Option, which is expected to amount to not less than €100,000 in 2020"
Not less than €100,000 is a strange way of saying "more than €100,000". So that could mean a €million for all we know. All we know is that it will cost at least €100,000.
Poster 'Helpful' set up the £830,000 convertible loan note with Red Rock. He personally owns some of the loan notes. It gives 12% yearly interest. So Red Rock now owe his lenders a total of near £900,000.
The loan note holders can convert that near £900,000 into 0.60p share up until 19th December 2020. They don't have to convert all at once because the loan notes are broken up into £1000 loan notes.
So because of that it is totally understandable that 'Helpful' spends a lot of time on this thread trying to encourage people to buy into Red Rock.
Congratulations to poster 'Longterm' who bought in around 0.20p. What was it 33 million shares? So now worth around £330,000.
With that many shares to eventually offload I can certainly see why you are encouraging people to buy into Red Rock.