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Started: Nonsence, 14 May 2024 09:40
Last post: whatwhatkid, 20 May 2024 08:04
Had gold too
Over $5 such a shame
Rambler board what did you do .shame on you for ruining lives of so many people.
With this copper price share price would be 70p+ atleast .
Copper is 4.24/lb .
Tb what did u do to rambler innocent shareholders. What would be rambler share price with this sort of copper price just imagine .
Rambler BOD .....
No shame whatsoever after ruined so many investors,creditors ,employees lives .
Just wonder how TB and his team sleeps at night ?
Started: chopper99, 7 Nov 2023 12:28
Last post: StrummerJones, 22 Jan 2024 06:38
Just as a follow up to my post below, and as it may help others that have similarly suffered here in some small way ....
It's taken some months to come back. But the HMRC CGT duty have now agreed the concept outlined below.
E.G. that the RMM shares that I held in a share dealing account (NOT the ones from an ISA moved lately there by my broker). Are qualifying for negligible value due to the Rambler wind up and Canadian sell off (nil coming back basically). That further, the sum total of purchases made including any fees. Can then be claimed and offset (as a capital loss), against any future or current tax year capital gains.
Small beer agree. But with CGT limits being progressively cut. One may at least use the loss here to bolster gains elsewhere without being taxed. Assuming the general malaise that is AIM ever rights itself and we start making any monies.
HTH.
@funds.
Sadly, & as Defrost Kelley used to so memorably say....
"This man is dead Jim"....
As posted some months back. At least donuse the defunct shares in your SD accounts to claim:
A) the negligible value.
B) that this is a full capital loss, to then offset V any future gains.
Write to the HMRC CG discipline now to claim that. I have.
The only caveat is that you may find shares in your SD Acc, that originated bought in your ISA. Your broker moved them there when RMM delisted, as it's illegal to hold them there in that situation tba.
But as they were bought in the ISA wrapper. Nothing can be claimed on them by precedent sadly.
HTH.
Can someone please clarify for me just so I can put this one to bed. For anyone that still held shares in this failure of a company is their money gone and never to be seen again?
Luckily I only had a fairly small holding in this one but it's disappeared from my Hargreaves Lansdown account so I'm assuming I can put it down as a 100% loss and forget about it.
BOD ...bastard of directors.
They say that only logic should govern share dealings, never sentiment. I broke that rule in the case of RMM - and I'm sure many others on here did, too.
Never again!
I really did feel confident about the prospects for the company for quite a while but that confidence gradually evaporated as time went by and we watched the sheer ineptitude of the 'CFO' and the deceptions of the BoD.
Luckily, I got out with just the cuff of my shirt ripped off! I managed to hang on to most of it - though it was pretty valueless and threadbare by then!
I encountered many characters on this BB and was always grateful for advice from the likes of Cornish etc; I hope that none of you are in real trouble due to believing in these lying bastds on the BoD.
Perhaps we should form a RMM survivors club and meet annually in a phone box somewhere? Maybe our old friend Moon with his sagacious advice and punditry could organise and chair it? GLA.
Started: Bowser1, 26 Oct 2023 16:41
Last post: Bowser1, 26 Oct 2023 16:41
All done, there's an update on the Rambler webpage press release
Started: Ftseinvestor, 30 Sep 2023 04:38
Last post: Xenor, 25 Oct 2023 14:10
"I tried to educate people on the asset value and said it was mostly worthless but constantly got slandered."
Why would people take any notice of what you say? Back when I first invested here in April 2021 you were ramping the crap out of this stock and talking of £3 share prices over the next year or two. You couldn't have gotten this any further wrong.
The lesson learned here is to not believe a word anyone says on a BB. So many ramps, charts and other comments from influential people and yet this turned out to be a turd.
That said, I blame the BOD 100%. They misled all of us and even the ramps were based on misleading information so I can't blame them. I probably even ramped it myself back then. We were all screwed over by the BOD, and the blame is firmly on them.
But please don't come here saying "I told you so" because you were spoonfed lies just like the rest of us.
The only thing I care about now is that the BOD face justice for misleading investors. I seem to remember the discord group had a lawsuit ongoing, but there hasn't been any updates. Maybe it failed.
Black on white:
https://docs.grantthornton.ca/document-folder/viewer/docul8LWsxcWho7J/4880856620380763689
Page 9
[34] The purchase price is insufficient to pay out all secured creditors. The unsecured creditors receive nothing.
Amazing, isn't it, that the filter has no problem with poo (Liverpool), but does have with ars3.
Keep up the good work.
I now see why the asterisks keep appearing. It's because I am a Liverpool supporter. ;-)
Started: LaurenLouise2, 18 Oct 2023 19:15
Last post: micru, 18 Oct 2023 21:46
Mostly feel sorry for people like Cornish who provided some real value-added insight and many times put their foot forward to stand up for the BoD. Never underestimate the extent of human psychopathology, I guess. Good luck to those 'people' taking that money to the afterlife, hope they choke on it.
This is the end, beautiful friends,the end.
I last posted these words at the demise of Sirius Minerals.
I always knew that Sirius would fail but it was worth trading to the end.
Remember those sales that they posted that were worth nothing.
And how their value was so fiercely defended.
I saw rambler as the opposite to Sirius as they were mining and selling product. I did think they would succeed.......oh well..
Mister director was buying new trucks not long ago, probably to make shure that rmm will go bankrupt. Criminal that…
Started: WhiteMan, 17 Sep 2023 17:23
Last post: WhiteMan, 25 Sep 2023 07:03
Heathfield,
You are totally correct. I am thankful for the correction. Sorry for my wishful thinking.
But as a footnote, why did we have such huge losses in 2022? I remember a shutdown for some weeks, but never expected it to be such a worse year than 2021.
Either way unfortunately it is a huge loss and I will be moving on.
WhiteMan,
I think you need to look at the report on the 6th March which highlights the debt position. All debt costs have been converted to USD as detailed in the reports. USD 35m in secured debt, USD 20m in unsecured debt, USD 5m in administration / DIP agreement costs. DIP costs will be paid first, then secured debt, unsecured debt and then shareholders get what's left.
Acquisition value of AUD 65m which converts to USD42m as current exchange rate. USD 42m covers DIP, secured debt and USD 2m towards the USD 20m unsecured debt. Shareholders will not get a penny.
Shocking situation. I like many have lost quite a tidy sum here but it's done and we need to move on
Blue square....sadly I think you are right.
White man put up a good arguement...are you able to deconstruct his view ?
MUST BE A FULL MOON
All of the purchase monies go to pay off the existing debts, firstly to secured creditors, then unsecured etc. Shareholders are at the bottom of the list.
Our shares are worthless, the company that you owned is in administration.
You'll get nothing for your shares...
Considering 50mil $a are roughly 26mil pounds, I guess we will get only a compensation of 4 pence a share.
Last post: bbrinkw, 20 Sep 2023 15:52
From Auteco Minerals about purchase of Green Bay Cu & Au.
"“It is very rare for a copper asset of this size and grade with a resource of this magnitude and such immense growth potential to come up anywhere in the world, let alone in a tier-one mining location like the province of Newfoundland and Labrador."
Started: coolbeans44, 1 Sep 2023 00:04
Last post: StanAccy, 17 Sep 2023 13:36
Which companies are the RMM management now involved with?
Just to say that if anyone else wants to write to the Official Receiver's team to urge that the directors and management are fully investigated under the Compulsory Liquidation process in the light of the financial mismanagment and public misrepresentations relied upon by retail investors then please write to the following two email addresses and quote the reference below in the subject heading. Perhaps more messages will add some weight. My previous posting on LSE sets out below the types of points I made in my own email. (Feel free to pass this on to RIG as well.)
orlondon@insolvency.gov.uk
naveda.arqum@insolvency.gov.uk
Ref: LQD6908589 - Rambler Metals & Mining PLC
I wrote a detailed email to the office of the Official Receiver who is dealing with RMM's Compulsory Liquidation. The Official Receiver is a government officer appointed by the Courts. I gave an outline of the Rambler situation and its consequences for the individual investors in the UK, the trail of financial mismanagement and misrepresention, and the "fire sale" in Canada of an apparently "world class" asset, which is due to be ratified on 11 Sept - which will benefit a select few to the full detriment of individual investors, local creditors and employees. I said that Plinian Capital - owned by Brad Mills - has initiated the Compulsory Liquidation because a large shareholder group voted to block a voluntary liquidation process which woud have been controlled by the directors, and we now urge that the directors are fully investigated. I received a prompt response that my email has been received and has been forwarded to the "Examiner" for review.
I hope that by informing the Official Receiver's team that there are such contentious issues the case can be escalated for a more thorough investigation of the directors and management. We are not creditors with power but it's the best we could do to raise our red flags to the Official Receiver and ask for a full investigation. I just hope it helps.
Hopefully all will be a lot clearer for us on 11th September and we can do what we need to.
The company has gone into compulsory liquidation as of 9 August. The petitioner was a creditor, Plinian Capital (owned by Brad Mills). He (and the directors) will obviously want a quick and quiet liquidation with minimal investigation. However, the Official Receiver now has the case and there must be an investigation - which is good. I have lost £32,000 (even buying at a low price) which is no fun. I have contacted the Business Insolvencey Service for advice and I am going to see if we can get as much pressure as possible in the investigation. Nothing to lose and at least we try to get heard. Its obviously better than if we had quietly allowed a voluntary liquidation.
Started: Dalesman100, 11 Sep 2023 08:55
Last post: Dalesman100, 11 Sep 2023 08:55
Is today a landmark day ?
Is there to be some decision making today or am I blowing in the wind here.
My wife and I are due to lose out massively on promises but kept
Started: Dalesman100, 1 Sep 2023 09:13
Last post: Dalesman100, 1 Sep 2023 09:13
Please can anyone explain this in a few words.
All the best to you all.
Https://www.torys.com/en/our-latest-thinking/publications/2023/04/bc-court-refuses-to-grant-a-reverse-vesting-order
The Court echoed the judicial view that RVOs are not the norm and should be granted only in extraordinary circumstances. Building on recent RVO decisions such as Harte Gold, Quest University Canada and Just Energy Group Inc., the Court recognized that heightened scrutiny and diligence must be applied to RVOs because they lack many of the key statutory safeguards that normally provide economic stakeholders with a “voice” in the debtor’s restructuring.
Relevant reading on reverse vesting orders through a case study of another failed Canadian miner:
https://www.blakes.com/insights/bulletins/2022/below-the-surface-a-deeper-look-at-harte-gold-and
Thanks for the update. It's all confusing and I am not sure how but I will trust what you say! No massive change as I wrote this off months ago
Just seem this? Still not sure what it means for shareholders? Shows as they have purchased all the shares for A$65m
The Company is pleased to announce that the Successful Bidder, AuTECO Minerals Limited (ASX:AUT)
(“AuTECO”), and the Company in consultation with the Monitor and the DIP Lenders, have completed
negotiating and have executed a Subscription Agreement (“SA”) that sees AuTECO acquiring all of the
shares of the Company for total consideration of A$65 million, pending approval of the transaction by the
Court and other customary conditions for a transaction of this nature. The transaction comprises upfront
consideration of A$35 million in cash and A$15 million in shares, followed by an additional A$7.5 million
cash payment and A$7.5 million in shares within 18 months.
Mirror announcement now out by Rambler:
https://www.ramblermines.com/storage/press-releases/rambler--press-release-08-31-23-1693502805.pdf
Started: Ftseinvestor, 25 Aug 2023 17:54
Last post: Ftseinvestor, 25 Aug 2023 17:54
Do they have any shame ? Criminals ...shame on you...looted money from innocent investors ...destroy lives of so many families of creditors ,suppliers, employees ,investors .look at the mirror everyday and remember you are a criminal.
Started: Dalesman100, 14 Aug 2023 09:12
Last post: SmartPunter, 22 Aug 2023 12:47
Not one the administrator has to care about.
There are many types of stakeholders in a company.....
Shareholders are one of these.
Stakeholders, not shareholders.
The creditors.
Last communication on the website:
"Once a successful bidder is selected pursuant to the SISP, a further communication will be made to stakeholders"
These assclowns just can't help themselves, can they? Diabolical lying scum to the very end.
All this woulda-coulda-shoulda talk reminds me of the 'Old man yells at cloud' from The Simpsons.
https://knowyourmeme.com/memes/old-man-yells-at-cloud
Started: YugoBoss, 18 Aug 2023 12:43
Last post: micru, 18 Aug 2023 13:34
Well, we can also speculate as to why they did not specify the offer amount. Or at least state the reasons why this cannot be disclosed just now.
Guess we'll find out either way - 21 more sleeps. ( ͡° ͜ʖ ͡°)
Seems to me that the only thing worth speculating about,now,is how much the successful bidder is paying.....
And more importantly what is the level of payment above which there could be a payment to shareholders...
RMMC Website update.
August 18, 2023
Rambler Metals and Mining Canada Limited (RMMCL) ("Rambler" or the "Company"), a copper and gold producer, explorer, and developer, is pleased to share an update on the completion of Phase 3 of the Sales and Investment Solicitation Process (“SISP”).
The Company is pleased to announce that, in consultation with the Company and the DIP Lenders, the Monitor has selected a Successful Bidder pursuant to the SISP. The Company and the DIP Lenders are supportive of the Successful Bidder’s Phase 3 binding offer, and the Company and Monitor are working diligently with the Successful Bidder to finalize Definitive Agreements prior to the upcoming sale approval application on September 11, 2023.
A further communication will be made to stakeholders ahead of the next scheduled court hearing on September 11, 2023.
Started: Nonsence, 18 Aug 2023 09:10
Last post: StrummerJones, 18 Aug 2023 11:53
Briefing out.
No financial detail of agreed sale. Next info likely 11/9 it says.
News here is well overdue even based on original schedule
Been a painful wait
Dabbled into rusoro mining I mentioned on here
They are in line for a $1.4bn payout.
With their current mcap there's a 6x upside
Can only be bought on HL as its a Canadian miner
Makes the potential lost here bareable
Disregard. Look at his post history. It's like a slightly more literate moon.
How certain are you?
Didn't you mention a $97m bid
Started: Tardis, 11 Aug 2023 21:07
Last post: Tardis, 13 Aug 2023 21:47
They have indeed been moved from ISA account to Investment account (non-ISA). Thanks
@tardis, logged onto smart investor (barclays) my RMM shares are still in my portfolio. (Sunday 13th)
If they were in an ISA, that's what happened. It's (unfortunately) standard practice. I have the same.
Thanks Strummer. Likewise mine were in ISA, so I will look to see if they appear in the non-ISA account. I hadn’t even thought to look there. Didn’t get too worried as also doubt will get anything back.
@Tardis.
If it's of use. Mine and my wife's holdings via Iweb (Halifax).
Are all still visible. No valuations of course as delisted etc.
But the overall total number of shares is still present.
What they did do about a month after the delist end of April, was move the 9 tenths of our shares we had in ISA's into the linked share dealing accounts.
These are now in the SH accounts with status of "Inward Stock Adjustment".
Not holding out great expectations. But academically be interested if there is any left over monies to holders. As to if that proportionally would be credited back to the ISA's or left dandling in the SH acc.... It should be passed back. As though you can't hold the delisted stocks in the ISA by the rules. That's where the investment was made, and if HMRC are to refuse you making a CGT loss as it's now in a SH account due to that fact (originally ISA money). So then logically, any monies arising from shares purchased originally in the ISA wrapper should be returned there!
But suspect that's going to be academic, and if it isn't we will still have to context our brokers to fight to make even that happen.... :-s
Hth.
Started: R2-D2, 10 Aug 2023 17:11
Last post: aimtitan, 11 Aug 2023 03:36
Agree , hopefully today!
If you check the original timelines:
https://www.ramblermines.com/storage/press-releases/rambler---sisp-extensions---05-30-2023-1685533504.pdf
Selection of successful bidder was 7 days after the deadline, definitive documentation took another week.
The original Phase 3 deadline was Jul 21, then delayed by 10 days. Original Definitive Documentation deadline was Aug 4. Delayed by 10 days is Aug 14. So, hopefully news tomorrow or Monday-Tuesday.
Why don't they hurry up and put us out of our misery?
Started: Dalesman100, 4 Aug 2023 13:42
Last post: Dalesman100, 4 Aug 2023 22:58
Yes ' when I say a possible JV ' I meant two completely different companies other than Rambler.
God forbid RMM were still around.
Sorry below meant to say removed Rambler from Plinian Capital website, not Mandalay Resources.
If it is on the cards, doubt Bradfart Mills will be part of it. Removed Rambler assets from Mandalay Resources website. And if someone wants to come in and is successful here, why would they share that success with the parasitic clowns who ran it into the ground in the first place?
So in this context, a JV would have to be a joint bid?
And think it's totally normal to have the delay on the announcement here. Jul 31 was never meant to be the date of next news. It's merely the bid deadline, they probably now need time to go over the details. So update next week, maybe by Aug 11. That then gives them a full month to conclude the SISP on Sept 11, as re-iterated in last announcement.
Could it be that there will be a JV here.
Less financially painful should it fail yet again
Started: Nonsence, 4 Aug 2023 09:06
Last post: Nonsence, 4 Aug 2023 09:06
Good luck to other bidders.let have them a bull fight
Started: YugoBoss, 31 Jul 2023 06:44
Last post: R2-D2, 4 Aug 2023 08:21
Looking like today or Monday for an update, although I hope it's going to auction.
Well, soon the wait will be over.
Today at 5pm Newfoundland time all successful bids will be in.
I would guess an update on Wednesday/ Thursday this week.
Started: R2-D2, 26 Jul 2023 17:23
Last post: StrummerJones, 27 Jul 2023 11:21
I assume that with the 10 day add. That the RMM website may see an update on the bidding process/status at least early next week. It's the least we are owed.
That's the only "official" source I was aware of. Please correct if misunderstood.
Personally I had written this off. The extension made me think that competition was there, despite no formal confirmation of the parties etc, which was obviously positive rather than a perfunctory or unopposed grab?
I still am tbh highly skeptical that existing holders will see anything once the creditors and board take their cut.
But I guess it will be worth checking the company pages next week to see if any more detail is let out.
I hope I am wrong on this one of course.
I can't disagree with you micru
In March this year, there was a confirmed sale for $35M of the Kun Manie copper sulphide asset in a very remote part of Russia (google and have a laugh at how remote). The buyer was Russian (so can be ascertained got for cheap, as the process wasn't exactly internationally competitive). It is just a prospect with just a completed feasibility study. No power infrastructure, not even road infrastructure, not to mention mining infrastructure and equipment.
You would be deranged to think that an asset like one in Rambler's possession would go for 35-50 million, not to mention the debt. That would be criminal.
Bid among 3 parties should be interesting. It's takes hundred of millions dollars and few good years to build a copper mine in production stage .
You already know the worst outcome is nothing. What bad outcome are you expecting? Double nothing?
Started: Tardis, 20 Jul 2023 22:50
Last post: micru, 21 Jul 2023 12:03
There are probably several factors that can make this true.
Bigger companies will have better quality and more cost-effective partnerships with vendors/contractors (should they be required). A lot of internal expertise and quality control -> less risk and associated costs from negative consequences. Larger pool of equipment. Efficiencies from economies of scale. Political/trade connections.
By the time they get up and running, we will possibly be in a more favourable macro environment as well.
Does anyone think a bigger mining company could run Rambler’s mines profitably where the current jokers failed miserably?
I also interpreted the deadline extension is more a positive than a negative. If someone asked for an extension for a bid of £3.50, they wouldn't bother. If there was nothing, they'd just be going through the motions. Let's see.
So there could be numerous interested parties through to Stage 2, as per the "significant interest" statement.
I also think this is why additional time is now required due to the significant interest and numerous bids received with probably different financing options.
We will all find out soon.