Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
From RNS:
"Concurrent with the Subscription, the Company will issue 28,000,000 of the Subscription Shares (the "Initial Subscription Shares") to the subscriber at par value, reducing the amount to be ultimately issued under the Agreement. In lieu of applying these shares towards the aggregate number of subscription shares to be issued, the Subscriber may make an additional cash payment to the Company.
The Company will issue to the Subscriber 17,000,000 Shares (the "Fee Shares") (being the equivalent of £66,300 at the latest closing price on AIM) in satisfaction of a fee"
Both amounts of shares will be admitted to trading on Aim on around 19 December.
............
So Red Rock will issue 28 million shares at par value. Looking online it says par value can be another name for nominal value but Red Rock's nominal share value is 0.01p or one hundredth of one penny. Surely Red Rock haven't given the lenders 28 million shares at that price?
So i'm guessing that must be incorrect. So does anybody know what a Red Rock PAR VALUE share would cost?
The market isn't panicking, it's adjusting to the last resort death spiral financing.
Last time the price was 0.3 it ran to 1.2p….if you are a new shareholder at 0.3 he may just deliver nicely - buy when the market panics and people are emotional…makes sense at this price even to understandable negative posters I’m sure!
GL
Don't write him off!! He's had 15 + years and produced nothing to shareholders!
Got my order in. Not triggered yet
Don't write off AB yet.
I suspect he has a few "good" surprises in store
Zumore LOL with my rose colored glasses I hope for a prosperous new year. AB has 30 days to deliver the Congo results
Hi Specinvestor, yes i agree these type of fundraisings are not good for shareholders. Il
Red Rock will be releasing it's annual results by the year end, so they must release that RNS by at the latest Friday 30th December. Like past years i expect Andrew will fill it with lots of excuses.
Years ago Andrew used to release a Christmas newsletter and sign it off with "merry christmas and a prosperous new year". He better not do that this year!
Zumore- I think you are correct. This is the worst type of financing you can get. AB may have no choice given the possible contractual obligation RRR had in their various deals, which again points towards too many deals and lack of detailed financing disclosures for shareholders to know exactly what the next years obligations will be. It also points to AB's naiveite
believing that a Congo deal would happen on time to fund all those obligations
Kimi Who is supporting management here? At the moment there is one choice -AB.
No one else has submitted a name or come forward to say they will run the company
You have to read the finance deal just announced by TNT https://www.investegate.co.uk/tintra-plc--tnt-/rns/us-10-000-000-placement-facility/202212160730019197J/
The terms are pretty much identical to the RRR deal announced yesterday. Note how they have changed the company name
of the provider to make it look like they are industry specialist investors - 'metals' in the case of RRR and 'Fintech' in the case of TNT. This name change and the attempt to make it look like a massive premium is a complete spoof to try and fool private investors. They are trying to mug us all off and my advice is to stear clear of any company using these facilities as the most likely outcome is a complete destruction of the share price.
I’ve seen the gold stolen from a mine before, look no further than this Lemon in Colombia.
Those with shares in RRR a few years ago should recall.
Nowadays they don’t bother stealing the gold, they just take the cash direct from the shares you buy in RRR, aptly named the right ruddy ripoff merchants.
I imagine Helpful has been buying afew this morning.
Everything still to play for . High risk but high reward
"Has anyone before seen a mine stolen which then results in no compensation for the genuine holders?"
Yes indeed two of mine....OXUS (Uzbekistan government) I still invest with the directors in PXC who repositioned in the USA after our mine was stolen....and PFP (still trades on AIM)!
Banburyboy, like you i thought yesterday those 20p and 50p figures were done for comedy effect. Then today you realise there is purpose behind those numbers and if he did a share consolidation the 0.20p price floor would be meaningless and he could then dilute shareholders to his hearts content.
Yes i agree he is definately a wrong un. And TDT remember his father was a politician and they go on forever. So if his health holds up i don't see retirement in the next decade.
How can a company consistently make no money for 15 years and still keep going??
With a chairman who has earned millions from it. And who has made no money!!
The only source of income for this company is fundraising!!
And the fundraising is for Alan bells wage.
Zumore I had never thought the 20p and 50p RNS reference which is nonsensical would be linked to share consolidation but now you say its blindingly obvious. I wonder how much longer Bell can keep this up. Any small-time investor interest will be cut short by the many on here who would scare rampers away in short time. Looks like Bell has completely screwed his last set of high worth investors and Speculative Investor. Unless he's paid them off with secret Congo settlement ( sorry not you Spec you strike me as decent )? I know it's wrong to say that but seriously Bell's conduct is pretty rotten !!
ziquarat
I don't think you're going to have much luck there. Fat boy must be on the verge of retiring. He's milked a tidy sum from Red Rock and Regency over the years, generous pension payments included, so he'll have a jolly old time in retirement at PIs expense.
TDT
robins
Its the DRC! Anything can happen and your recourse to law will be both expensive and unpredictable. I suspect, as somebody suggested earlier, fat boy knows nothing is coming from DRC and, like Greenland, he's just deciding to ignore it.
TDT
I interpreted yesterdays awful RNS meaning potentially billions of extra shares issued.
This nonsense 0.70p price only lasts for 30 days then it reverts to 5 day average minus 8% discount, plus price lowered to the nearest downward tenth. So if in over 30 days the lenders want £100,000 in RRR shares to pay back some of the loan then the price of their shares will be very low.
I also believe AB will allow the lender to convert lower than the 0.20p price floor because if share price is lower than 0.20p and the lender wanted repaying in £100,000 shares if RRR refuse then they will have to make that £100,000 payment in cash + 9% premium. So i can't see Red Rock doing that, so they would either allow them to convert lower or highly likely Red Rock would announce another share consolidation. Note in yesterdays RNS they mentioned fifty pence, twenty pence, i believe that was mentioned because of intentions of a share consolidation.
...,...........
From yesterdays RNS
"Concurrent with the Subscription, the Company will issue 28,000,000 of the Subscription Shares (the "Initial Subscription Shares") to the subscriber at par value (what price is par value?)
The Company will issue to the Subscriber 17,000,000 Shares (the "Fee Shares") (being the equivalent of £66,300 at the latest closing price on AIM) in satisfaction of a fee (so 0.39p a share)
The Company has applied for admission of the Initial Subscription Shares and the Fee Shares to trading on the AIM, and this is expected to become effective on or about 19 December 2022"
.....
So i believe over the next 30 days those above shares will be used by the lender to hammer down the share price. Then by the time they request to be repaid back some of the loan in shares the share price will probably be so low that Red Rock are scrambling to do another share consolidation.
All the above only my opinion. I've been wrong many times in the past.
My break even on this DOG SHEITE SHARE is 01.7p.... thats right...
we are currently at 00.26...
so for me to break even, we have to almost 7 bag from here......
but, i intend to follow dinger bell for the rest of my life and make sure he doesnt do this with any other companies when this one fails
Has anyone before seen a mine stolen which then results in no compensation for the genuine holders? I am just thinking ahead in case no money from Congo arrives. Would we be unique in such a scenario?
That's a bit better post specinvestor 99....... mind you still a bit of a condescending tone to be worked on! nobody's perfect...lol.... And best of luck with your investing specinvestor99.....!
GLA!
It's incredible that anyone can still support this management. Totally delusional. The only time that the share price has closed lower than current levels was at peak COVID selloff. It's down 80% in 2 years and now there's a lovely death spiral in place just to keep that foot firmly on the throat.
Speculative investor I don't know what your average is but I'm guessing 0.7p plus ?
With the 640m share dilution announced yesterday ( agreed the $1.5m provides time) and the resultant dilution to potentially 0.2p on no news. You will need a four bagger to get your money back.
Only chance of that is a settlement of Congo in next six months. Personally I think Congo is dead and Bell is just not saying. He did similer with Greenland and if I recall a mysterious Cypriot lodgement.
I genuinely hope it goes well for you but recent developments and the dilution move this in the risk rather than reward direction.