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If one or two of my other investments start to grow (one did today) I will be leaving the environment of Red Rock forever, I was enticed back in a couple of summers ago when Bell was pumping the company in the presence of Tom Winnifrith during an online event called Mineprophets.
My reasoning was (wrongly) that Bell would be very silly to 'promise' certain value events to Winnifrith for fear of a backlash of gigantic proportions that only TW could deliver without delivery - not so, every claim Bell made at the time failed to materialise, no wonder TW backlashed last week suggesting that Bell has failed to sell just one asset/deliver and material dilution is just around the corner.
The fact is if you plough your money in here you are not investing in a well-regulated AIM company, you are investing in Andrew Bell lock stock and barrel. Bell holds all the cards - he is also protected by a layer of 'major shareholders' who see failure as acceptable and happily support him despite delivering no value for the best part of 18 years. How are they incentivised one asks, the last significant dissenter on this BB (a former TR1 holder in RRR) wanted a forensic audit, why?
One suspects there will be no material news-flow for the remainder of the year, the Congo cash is going the same way as everything else Bell has to do with - no-where, shareholders will never see it. The IPO of New Ballarat that was supposed to have happened this time last year will probably not happen for months and months ahead, if ever. It is noticeable that Paul Johnson at POW never mentions the JV anymore, he knows the situation and he knows Bell's record.
Then we have Elephant Oil, clearly, they are struggling to get the listing off the ground, who knows when/if it will happen, even so the 'value' it might bring to Red Rock has been eaten up by a £1m loan that Bell has took out (not RNS'ed BTW) with Prime Resources in June, that money has surely been used in its entirety.
As for Kenya gold, a JV or outright sale Bell puffed up in Q1 - simply an oasis in the desert, it will never happen., Bell likes telling stories you see.
The rest of Red Rock - a hotch-potch of projects that are figments of Bell's imagination, a bit like his Twitter posts which should be read to give prospective investors a flavour of who they are dealing with, go on read them, talk about contrarian viewpoints - he seems to support Putin as an example.
So what now, well a placing or funding round has to be imminent, will it be large or small, one thing for sure the Red Rock treasury is nearly barren - a BOD of Andrew Bell, Scott Kaintz and Alex Borelli - what a dream team NOT !
Over and out for now.
Spec I think the problem is the man never changes.
Since RRR has multiple ongoing projects how hard could it be to release news on something-Elephant IPO status, Australia IPO status, Congo update, Migori status even if only elections are completed and search for JV partner has started
AB should have plenty of time to provide an update while waiting the arbitration results
Welcome to RRR.
No news on Congo or anything for that matter
Helpful you say once DRC is sorted. Would you like to hazard a guess how much longer it will take for the funds to be released and perhaps how much money we might get?
2010 was when AB was regarded as a superhero, RRR had recently acquired Migori and was steaming ahead and the metal market was about to turn but hadn't turned yet.
Classic PI timing. The time to buy assets is when no one else will touch them with a barge pole. Buying because something has gone up so much it is bound to keep going up is just greed and a basic mistake.
For instance, all the e-coin and NFT stuff was a classic bubble. I had people telling me I was stupid for not getting involved. I think at least one of those people has been wiped out. I was asked to get involved with an e-coin start up about three years ago and said no.
Same here. There will be a time to sell and it is not yet clear when that will be. Once DRC is sorted, the next big item is the case against Big G.
DYOR
Helpful,
remember the title is LTH.........and explaining and proving that the only way to survive at all is the guessing and being lucky in the timing.....Whatever way you look at it...if you invested 12 years ago.....£37,500 which is now worth 35p........it's hardly inspiring? and certainly giving zero confidence in choosing to become a Long Term Holder?
I do not blame A.R.McM. Bell for Profconman rip off of CGNR LTHs but I cannot condone a failing CEO of profiteering at the expense of their shareholders. Over and Out.
You got three wrong, you can't blame AB for Conroy Gold. And timing. Both yours and others.
On RGM, AB was right about coal but l out on his timing. Plus he shouldn't have closed on the deal when the other side changed the terms.
DYOR
What you are relying on to make money from the jump in/jump off technique is some poor fecker jumping in and either staying in or jumping off at the wrong time. Enterprises like Red Rock don't make money they're merely a vehicle for shifting it around.
TDT
Are you meaning knowing when to jump back on for a bit.....Helpful?
Read your own earlier post. You might benefit from it.
ok brainspark....but the damage was done long time before "THE asset" and if this find had recovered my £37,500 from 35p to £1.20....soon to be £10 maybe....am I to be expected to be overjoyed?
In the end he found THE asset.
Unfortunately it was stolen from the company and shareholders
We await news in arbitration
I work out that the £14 should actually be 5.6p....he may have missed a share consolidation or two?
Are you totally out of CORA Hawaiifive0?
Completely agree and well said. He’s robbed a living for too long has Mr Bell.
I found this tweet a while back and saved the link - it shows data from 2006 to current, if you had invested £1000 in 2006 it would now be worth £14
https://twitter.com/Oilplayer2009/status/1514899655561261058?s=20&t=nW5n59P-22NxdbT18XJ5CA
30 billion shares issued - the market cap of Red Rock has only exceeded £10m three times in 18 years - £25m raised via placings in that time (excludes CLN's, loans, death spiral funding etc) Andrew Bell must have taken out £2.5m in salary over the period.
It is more than damning, but don't worry the major shareholders have total faith in Mr Bell !
If you had invested £37,500 in this company 12 years ago your £37,500 would have lost £37,499.65....but you would still have your 35p....which is better than some of my 100% losses....lol.
When I last spoke with Andrew Ronald McMillan Bell.....he said he felt it was difficult to make shareholders turn a profit due to capital market conditions!
He doesn't personally seem to have suffered much, however.....and I'm glad I hadn't put all my eggs in the one basket....but I did lose tens of thousands here...and RGM (sister co.)..and a lot more in CGNR..!
It's imperative that you know when to get off the train and back on if you want etc. otherwise your doomed to crash hard....lol!
Still no news. very frustrating
Who is the twit that sold 8m a week ago at 0.35p, looks to me that marked the bottom!!
If you read below I was question from another posters point.
Relax friend and I do like HZM but it may not have bottomed.
HZM is moving forwards to production.
What are the other juniors (still in exploration phase) that dont have 'toxic management"
The purpose of the question is to make comparisons. Is RRR a good value in the current environment or are their better opportunities out there?
I am not aware of any and certainly understand and accept the risk inherent in buying RRR
I'm not comparing anything, you are. You said:-
"What are the other juniors that are funded and bottomed out and don't have 'toxic' management?"
And Horizonte tick all of these boxes. Its not my fault you can't frame a decent question and its not my problem you don't like the reply when you don't.
TDT
You are comparing a £170m m/c company with a £5m m/c?
Of course HZM is better company, bigger board and better asset but can’t compare like for like and their share price isn’t doing great at the moment either.