Rainbow Rare Earths Phalaborwa project shaping up to be one of the lowest cost producers globally. Watch the video here.
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Is this good or bad?
List of creditors is quite an interesting document.
In case anyone was wondering, like I was, unsecured creditors all total up to around $20.5M
Certainly seems the turnaround king, much heralded on the board, has made a right Royal **** up of this and, in all likelihood, wiped shareholders out.
Is that the maths here?
Assuming the entire thing goes up for sale, would the maths be:
Total sale value MINUS secured creditors owed MINUS unsecured creditors owed MINUS fees etc. DIVIDED BY number of shares? Is that the shareholder share price?
For reference, Amur Minerals recently finalised the disposal of their Kun Manie asset in a very remote part of Russia with no road network or other infrastructure, no producing mine, for $35M to some Russian guy:
https://www.lse.co.uk/rns/AMC/completion-of-disposal-of-kun-manie-for-us35m-4gjuytrx7zjmwma.html
It's not a definite that the mine must be sold. The Court can order the continuation of operations with the creditors required to be patient. Let's see what they come up with.
However, it is very difficult to see from these numbers how RMM was in great shape in July. Bradbury simply lied. That is repugnant.
Micru
Essentially total sales value less all debtors of any sort including taxation, pension shortfall, less exorbitant fees from any lawyers, administration/ liquidators divided by shares in issue. But take heart, if its negative, as it most likely will be, then you won't owe anything. Your shareholding is simply worth zero, absolutely nowt. Welcome to AIM investment. Another one to carry forward as a capital loss.
> It's not a definite that the mine must be sold.
I say we sacrifice the Little Dear :-)
They claim 117m assets, item 4 in the revised rns has accounts.
Operating profit is less than a million.
>I was hoping "After Hours RNS" was some sort of new adult late night programme.
Everything can be a fetish if you try hard enough.