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I have defended both TB and RMM for its perilous financial position previously as I felt they had been quite unlucky in some respects, for example the timing of an inflation/falling copper price at a time of a rapidly expanding mining operation.
However, today's announcement has finally confirmed the true position we are in. Even ignoring the fact that RMM for the past 8 months have almost certainly been failing to comply with disclosure requirements (this cannot possibly be argued as being immaterial to the share price), it has shown that the way the company has been managing cashflow has been nothing short of mind-blowing.
He has continued to invest in exploration/increasing the resource base even as the balance sheet was approaching a cliff edge. He has closed off the option of raising part of the required finance by drip-feeding bad information into the market to hammer the share price prior to suggesting a raise may be required. He has entered into offtake agreements when at the time of being entered it should have been abundantly clear to him that unless copper prices remained at an all time high a default on the new offtake would be inevitable due to the large existing debt with the secured lender.
I previously gave him a pass as I truly believed he couldn't be as bad as to sleep-walk this company into the abyss given his continuing positive sentiments and belief the share price was materially undervalued (as well as purchasing stock himself). Given the information we have now, it is exactly what he has done. It has to be time to go
>(as well as purchasing stock himself)
His purchases were pitiful on the grand scheme of things. Could have also been a deliberate pre-meditated act to show 'well golly gee, I didn't know, your Honour, I genuinely thought the company was doing well, see, I even bought stock!'
There is also Hancon & the non exec directors who took payment in shares, maybe it is going to be sold...
The Hancon situation is far from clear either, why did they need them, what did they do?
They finally hedged in the 3s. But when it hit 4.2.... nothing.
Has to be something going on in the background strikes me... Even before this latest p*as poor RNS.
Can they be selling it ?
If they are they shouldn't be allowed to sell anything not even on Facebook marketplace.
It's like planning to sell your car, first taking a loan taking it to the garage getting everything sorted then parking taking a sledgehammer and wrecking the **** out of it, before taking pictures and posting it on autrader.
>taking a sledgehammer and wrecking the **** out of it
It's a banger m8 trust me bro
TB has always been poor with communication and has hammered the share price on several occasions when there was no need. I remember a year ago when he did that right before a placing, should have been a red flag. Prior to that there was the covid RNSs which made no sense at the time. It's hard for anyone to say TB has acted in the best interests of shareholders.