Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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Apologies previous post was mistakenly talking about RRR
Numbers for RGM 2012-2019 are:
Total Losses above - £21,333,507
Total raised above - £10,245,634
Total Admin above - £6,560,120
RGM has also previously lowered the nominal share price from 0.1p to 0.01p
Consolidated the shares on a 1-20 basis
Consolidated the shares again on a 1-100 basis
As with RRR I'd consider myself an idiot to buy shares here
DYOR
wilbury - "Sit it out it's the virus that's F'ed it all up ."
The virus has absolutely nothing to do with the dire fortunes here and at RGM imo. I see there are a tiny number of rampers around desperately trying to pull the "Virus Joker" card .
The SP decimations of both companies are entirely the result of a BOD running the company as a lifestyle venture imo. The business model ensures continual SP decline being as it is, founded on endless dilution of shareholders via the issuing of billions of pieces of worthless confetti placing shares whilst the BOD continue to use cash to pay lucrative salaries and utterly ridiculous levels of Admin. That is where most of the money goes. As a result there is seldom any shareholder value to be had. The company has already done 2 capital reorganisations as a result of the SP dropping to catastrophic levels.
The first was to lower the nominal share price from 0.1p to 0.01p. A simple move that allowed the greedy BOD to continue diluting shareholders when the SP had dropped to 0.1p. Had they not lowered the nominal SP, English Law would have prevented them issuing more shares.
The second was a share consolidation on a 1-25 basis (or 1-20 can't remember)
Nothing will ever change here whilst the BOD remain in place. The company was incorporated in 2004 and for 15+ years all it has done is continually issue billions of worthless confetti placing shares, expended untold £millions on Admin and other expenses, gotten it's fingers into numerous prospective pies and left in its wake a long trail of miserably (and embarrassingly) failed ventures.
It is the very definition of an AIM lifestyle venture imo which simply provides money to the BOD at the expense of naïve mug punters.
The charts show the true story and the Annual Reports highlight the disgusting figures
From 2012-2019:
Total Losses incurred - £39,792,939
Total Cash Raised - £16,326,957
Total Spent on Admin - £12,770,280
Utterly preposterous situation. I'd consider myself an absolute idiot to buy shares in such a company
DYOR
Some of us have been waiting for 10 years plus.
Sit it out it's the virus that's F'ed it all up ........just wait and see how things pan out and shove it in the bottom draw for six months.
I agree Duke. The Annual Reports don't lie.
ANNUAL REPORT RESULTS
=======================
2012 - Loss of £2,112,350 - Admin £1,091,108 - Cash raised £907,090
2013 - Loss of £5,166,017 - Admin £1,224,013 - Cash raised £3,327,678
2014 - Loss of £1,508,812 - Admin £881,947 - Cash raised £1,212,805
2015 - Loss of £5,888,742 - Admin £964,761 - Cash raised £1,049,765
2016 - Loss of £1,965,722 - Admin £594,733 - Cash raised £781,595
2017 - Loss of £534,267 - Admin £414,943 - Cash raised £1,576,701
2018 - Loss of £1,549,619 - Admin £735,697 - Cash raised £1,150,000
2019 - Loss of £2,607,978 - Admin £652,918 - Cash raised £240,000
Total Losses above - £21,333,507
Total raised above - £10,245,634
Total Admin above - £6,560,120
Directors keep paying themselves despite the yearly losses made. Just look how much of the raised cash disappears in Admin alone !! It's crazy. Certainly what I personally would call an AIM lifestyle outfit. Barge pole for me.
DYOR
Agree with your disappointment. The bod here have proved to be a shambles. However slate cleaned up recently and buying suggests a turn in the tide. Every dog has its day and all that.. At least 3 trade buys at the 5k mark so not punt money buying in this morning.
Introduction of the Chinese owned Sinom Group as a new locked in cornerstone investor in Regency (held through its subsidiary Base Asia Pacific Limited ("Base Asia")) with an initial 7.97% equity position...... INITIAL 7.97%....
Looking very good here... Hhhmmmm
I'm going to try my luck. Bigish buys 4k, 5k.....recent sale of czn stake.....
No.
Unusually high volume. Worth a punt?
Is it not cringworthy to see the level of grovelling by RGM shareholders? They call on the good doctor to give the company a mention and drag the mug punter in. Why not?. He holds shares here and touted a share price of 10p in the heady days of the tight squeeze. Needs to bail himself. Did the routine obsequious interview which managed to raise no interest and lower the share price. Now the vacuous pump and dump. Nothing happening in PNG because of a state of emergency until June. No Mambare, no WoWoGap. Nickel price is down because there is no interest in the metal because of impending worldwide recession. Bad timing for Mr Parsons. Are those shovels ready in downtown Southport? £1,300,000 from two cash raises since December. Nothing to show. There is a need to offload shares at 0.8p to mug punters to placate placees or the next cash raise won't be so easy. Please, please good doctor is there nothing you can prescribe to pump this share? Please, please, pretty please.
Or could be an ISA b&b, highly unlikely though. Who would thunk it?
2 x 1 million purchase....
It appears Covid-19 even has an affect on the WoWoGap project in the far reaches of PNG where there is a State of E mergency until 1st June 2020. The proposed meetings between the licensing authorities and the local village people and RMI concerning EL1165 (the exploration license) have been put on hold until after the state of emergency has been lifted. I think it was estimated that getting authorisation for EL1165 would take about 9 months so perhaps no movement until March 2021? Plenty of time for Mr Parsons to discuss any synergies. Who would have thunk it?
Thursday
Got money back ! Free ride warrants still in play ! Trend setter perhaps !
The partial lock in with YA PN II Ltd and Riverfort Global Capital of 18,174,545 shares was announced on the 7th February 2020. RGM shares ended that day on 3.08p. Heady heights. Today the share price is just over 0.8p. The partial lock in ends in June 2020, that's next month. What has RGM achieved during that lock in?
It has seen its share of the Mambare flagship reduced to 41%. After paying out cash and shares. With a possibility of the share reduced to 35% ( more cash and shares).
It has bought some of the debt in the company that runs the WoWoGap nickel project ( more cash and shares).
It has raised further cash, the second time in a few months, and issued further shares at 0.8p.
It has been trying to get the peaky blinder in downtown Southport " shovel ready".
There is a cost to holding these shares. Whether compulsory or by choice. Prepare for many more shares to be issued when the "cornerstone investor" arrives mid year.
Probably so far under they have written it off and can't be bothered selling.
I'd like to know where all the big guns have gone that were promoting this share a couple of months ago! Maybe they have already got out?
Think Stephen Pearce was one of them as I recall?
Parsons & Co have only been here 4 months. In that short time they have:
1. Issued over 7 billion more shares to the 1.5 billion that were in issue when they arrived
2. Consolidated the shares on a colossal 1-100 basis (resulting in there being 86m shares in issue)
3. Then in 4 months subsequently increased the shares in issue from 86m to 168m
4. Managed to wipe off 76% of the share price (was 3.5p post consolidation, now a laughable 0.825p)
This is imo business as usual for RGM and similar lifestyle AIM outfits like RRR. The business model is one of perpetual
issuing of worthless confetti to raise cash which in the main gets frittered away on salaries and Admin and other stuff that adds no value to shareholders.
Just look at the Admin expenditure here (from Annual Reports):
2012 - Admin £1,091,108
2013 - Admin £1,224,013
2014 - Admin £881,947
2015 - Admin £964,761
2016 - Admin £594,733
2017 - Admin £414,943
2018 - Admin £735,697
2019 - Admin £652,918
Total Admin above - £6,560,120
In the same time period the company made Total Losses of £21,333,507 and raised £10,245,634 in cash from confetti.
Plain to see where most of the cash ends up. Not in the ground on projects but going to salaries and Admin.
It's a business model that delivers no value to shareholders. Perpetual dilution simply continually destroys a share price which is why this company has already now had to perform 2 share consolidations. In 2015 it was consolidated on a 1-20 basis and in 2019 it was consolidated on a 1-100 basis. That's a combined factor of 2000 !!!!
It would mean that today's pathetic SP of 0.825p would really be 0.0004125p without the consolidations !
Total sucker share imo. A very very clear avoid for me personally
DYOR
Brilliant news for the peaky blinder in downtown Southport. A lack of people flocking to the seaside means buckets and spades are going cheap on the promenade. That astute deal maker Mr Parsons can buy a job lot for the "shovel ready" plant. Options and placing to go with it. A Covid-19 bonus.
If you mean most investors are keeping themselves at least 2 metres away from the RGM buy button. Then yes I can why you say that. :)
Covid has absolutely nothing to do with RGM
The SP has been utterly decimated (again!) by industrial levels of issued confetti and yet another share consolidation. It's never going to change. There is no upside to shares like RRR and RGM except for the directors who continue to take salaries despite years of failure. Here's what Scott Kaintz has taken in salaries and other emoluments over the years:
Scott Kaintz Emoluments RGM
2019 - £82,844
2018 - £91,271
2017 - £113,261
2016 - £91,385
2015 - £81,578
2014 - £55,617
2013 - £58,573
2012 - £37,541
Total - £612,070
Remember every year they made a loss. It's director reward for total failure, at the continual expense of shareholders.
Boiler room sound bites and lame rhetoric are not going to help you here. Just empty words that make you look silly.
The facts tell the truth and the facts are all in the Annual Reports
DYOR
Covid-19 has brought about the demise of the markets... For those healthy enough and economically able to invest...Regency bring an excellent return... Momentum is shifting here soon enough... plenty upside...