The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen 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.
have you noticed how very few of them ever take photos or videos of their projects? For AIM management it's like camera or video doesn't exist.
I suspect the reason for this is that management know that AIM investors can make unseen projects look grandiose in their imaginations. However with video or camera all the shareholder would see would be empty blank landscapes. So I'm sure in the end AIM management conclude that it's best to leave these unseen projects to the investors imaginations.
The 18th November 2020 Red Rock RNS said:
"Issue of a $1,000,000 Promissory Note payable in fifteen months to Kansai"
So 15 months later would mean Red Rock would need to pay Kansai the $1 million by 18th February 2022.
www.lse.co.uk/rns/RRR/issue-of-shares-warrants-update-on-kenya-and-tvr-l4rmchq87c2n74w.html
.........
On top of the above Red Rock also paid Kansai $2.5 million. They paid $1 million in cash + in this March 2021 RNS they additionally paid Kansai $1.5 million in shares.
https://www.lse.co.uk/rns/RRR/kansai-completion-of-purchase-oefz6bk6g15lboo.html
If you look in the above RNS you'll see that Stephen Lundy's (or poster HELPFUL's) company BESPOKE CAPITAL SOLUTIONS clients were meant to be buying over half of Kansai's shares. In the same RNS Bell effectively says Kansai would hold onto their shares but from the date they were given those shares (see 22nd March 2021 RNS. Also see the RRR chart) the Red Rock share price collapsed.
Whether in the end Stephen Lundy's clients took those shares I don't know but whoever took them seem to hammer them into to the market. So beware in a couple of weeks if Kansai get handed more shares.
It is interesting that the post from Longterm has received 12 recommendations, it shows that there are many disgruntled investors holding Red Rock shares and will act against Andrew Bell at the soon to be announced AGM .
IF the major shareholders support Bell then they really do need to have their heads examined, they are significantly under water themselves and need to use their holdings to ensure he is moved aside and replaced as CEO and Chairman, the last Annual Report stated Bell being CEO and Chairman is poor governance and would be addressed, it has not happened.
Bell is the Boris Johnson of AIM, he will not resign, he needs removing by shareholders, the one and only chance is coming shortly, to think Red Rock could not survive without Bell (as implied by Helpful) is sheer nonsense, one of the more ludicrous reasons suggested is that Bell speaks French .
If Bell was removed and a more dynamic/trusted CEO with a new team Red Rock PLC would become a entirely different investment proposition, a company name change would not go amiss either to compliment the new personnel
Bell really is in the last chance saloon, he urgently needs to deliver a significant and sustainable value event to save his own skin, will it happen ??
Looking good from our house.
As I said, a lot going on.
Bell reminds me to a degree plenty of hot air. Inability to fall on sword. In it for numero uno
Key difference is there is a mechanism for Boris to go and it seems that's a matter of when rather than if.
AB will no doubt be here for a lot longer.
Not an investment for me
Why on earth would anyone buy in the market to take control here when there is a literal THIRTEEN (13) YEAR pattern of dilute, rinse and repeat. What, buy 30m shares, price rise, dilution, directors pay themselves and issue themselves more reward options? What a stupid comment.
And you say bid you for your stock? Firstly you don’t technically own it yourself, and clearly can’t call any shots, and secondly, doesn’t sound like the confidence of someone saying this will be multiples higher(for several years now, and it of course, hasn’t).
Then we come round to your other points about ‘we wouldn’t be where we are - no, we wouldn’t, and that would also mean we wouldn’t have paid out Bells salary alone in 13 years which equals the entire market cap currently (wow), nor would we have sold down the only good assets this company had (liquid stock) to fund more failed projects. Remind me, how many projects have successfully come online for an explorer/junior? Zero with any success in a decade.
The ONLY reason I bought 4.5% of this company prior was because the market cap was supported by the valuation of JMS shares (again, had bell done nothing with that it would be worth $100m+ now), but that’s being sold down to ‘fund’ more projects that are fluff. Same thing, 13 years later. Comedy show. Incapable and totally incompetent of actually completing a deal successfully, just court cases over and over and selling good assets to pay for hopeful ones that seem to fail every time. And RRAL wasn’t that meant to be October you said? Then December? Then January? Now pushed again a few months? Gosh it really is Groundhog Day
I have explained multiple times. It is tedious going over the same ground. If you have a better candidate, I am all ears.
If AB had been removed 2 years ago I doubt that we would be where we are re Musonoi and the two other licences (we would have lost them with no recourse) and we would not have RRAL/NBGC. There are multiple other irons in the fire but people choose to ignore them. We would have lost Migori except for AB.
Baby and bathwater etc.
The original timetable on Elephant was that it should list in September but it has taken longer. I now expect it to list mid March time. Nothing to do with AB and the delay is not his fault.
By the end of March I expect both NBGC/RRAL and Elephant to be listed. NBGC is now largely under the control of the new management team and on Elephant I have more influence than AB and I have none. Elephant is now under its own steam and is going through the S1 process.
https://www.investopedia.com/terms/s/sec-form-s-1.asp
The only valid claim against AB is that he takes too long to get things done but that is partly a function of having so much on the go.
DYOR
If you want to call the shots then you have two options: buy in the market or bid us for our stock. Everything is for sale.
xx
I told the ‘CEO’ in March, April and May 2020 (after I became a significant shareholder) to take a pay cut - he of course did not do this, and only offered himself more discount shares. With Covid this was a chance to demonstrate being a strong CEO. Since then, all that has happened is double the amount of shares in issue, more net shareholder value destruction and multiple failed promises. I said to Lundy nearly 2 years ago and a year ago the same thing. Absolutely full of it, and totally indefensible after well over a decade of the same. Will truly go down as one of the worst management teams I’ve ever invested in.
However…this is another brand new week so I’m just waiting for the ‘imminent news’ and ‘next week expect updates’ plume of smoke we have heard for years now.
The question is how much is the 'Bell discount' costing Red Rock shareholders, if RRR was run by a more market friendly CEO you would expect the share price to be multiples higher, it is for this reason I have no understanding why (according to Helpful) the major shareholder does not demand change.
Still no AGM date where Bell is up for re-election, once again Tom Winnifrith is slating AB via Sh@reprophets, suggesting it is last chance salon etc, we have heard this before of course but the crux is Winnifrith (who can drive sentiment) implies Bell will struggle to retain his position unless the share price is materially higher ahead of the AGM.
It is no longer good enough to offer fig leafs of hope, everyone has had enough of promises of significant shareholder value events in XY & Z months down the line, Bell has been claiming a shareholder value event is just around the corner for ever and an age.
Standing back and looking across the portfolio RRR have a number of very good projects and assets that would ordinarily attain a market value north of £25m (see Caracal Gold, their one project in Kenya valued at £26m recently) the market simply does not trust Bell, his previous suggestions of bringing in new management at PLC level to drive value have come to nothing.
The clock is ticking down for Andrew Bell, he needs to deliver something material other than fog, wind and promises.
I said October for a JORC not for a result from Luanshimba. Getting the initial drill results and a JORC are two different things. The JORC will require more drilling, I expect that they will give guidance on how much more drilling is required.
Having a decent asset and a JORC are two different things.
If RRR was going to sell or JV Luanshimba a JORC would not be needed. However, if Luanshimba is to be brought into production then RRR would need a banking feasibility study: can't do a BFS without a JORC.
Lots going on and Luanshimba is only one project.
xx
Comical - now it’s October? It’s been 13 years saying the same stuff. Stephen you are full of nonsense. As is Andrew bell. About time this company got properly assessed. I’m one of the lucky few that made some good money here but became apparent that weeks turn into months and then years.
Total embarrassment that you still sit here peddling people into this. 2 years ago it was the license nonsense in Kenya, now what? Different angle to ‘convince people’?
Rinse and repeat, another project, more fluff, zero substance. 13 years later - has to be the most embarrassing shares out there. Lundy you said a year+ ago how this was going to 22p, all this huff and puff, then a year ago imminently going to 2.5p, never happens. It’s comical how the same rhetoric is peddled.
The day my holding crossed over 3% had Andrew bell call me with the begging bowl out asking for more money. Had people with this company ask me to fund PPs. Where’s all the money gone? A question that people should demand accountability for.
Now it’s more fluff projects and the cherry on top of the cake is ‘all the news flow’ expected over a few weeks is now (again) a few months back - what a farce.
Then we have of course had lundy coming out with ‘oh it was a bear market in commodities’ and now, after stocks cool off from all time highs, I’m sure that will be the next great excuse for this company that the ‘market is weak’ and out of our hands. You’ve had years. Should be ashamed and embarrassed.
More to it than just having the assays.
They have to be input into the model and then the model updated. The geologist then has to give his interpretation and the board has to draw it's conclusions.
My feeling is, good results, needs more work and further drilling, too early to call it a commercial discovery but very encouraging. Next step is drilling to establish a JORC. Ie., pretty standard blurb. I expect the JORC would be ready October time
DYOR
If the board have assays they have a responsibility to release to the market. That comes before the legal case.
Glencore are 'our friends' now?
A comment like that can get one a touch excited
Well the issue is that their is a lot on the go and things always seem to be a bit slower than I would like. In terms of priority, the VUP legal case and our friends at Glencore come first.
Juno Minerals quarterly report, in case you missed it.
https://www.junominerals.com.au/cproot/1069/3/2330091.pdf
DYOR
Helpful, assay's this week?
Andrew has the habit of stating days and they become weeks/months later.
Would be nice to keep to timelines if he has the assay results and an understanding it will be 'within days'.
Piece of **** share can’t believe any morons would still be in here life style company for Andrew and his cronies
https://twitter.com/Ole_S_Hansen/status/1486310962714001418?s=20
If the spin out of Ballarat Gold company is imminent why sell now.? It makes no sense.
Aimoilking looking at your last post I can only assume you dabble in comedy writing.
Multimillionaire Scott gets £100,000 at Red Rock. He is CEO of corcel and his pay has skyrocketed to £214,000. He is also CEO of Curzon energy and that company have been in suspension for 14 months yet his pay there is £169,000.
On reflection he's hardly on the breadline is he?
Scotty does not strike me as someone who is loaded and he probably had to sell some shares in order to find the money to buy the discounted options - anyway he now has several more million shares net than before and AB has another £25k in the RRR coffers to pay Scotty's salary next month.
Why has Scotty sold any shares if we have fantastic things waiting to happen in Australia, DRC and Kenya?
Well, Scotty has effectively increased his stake by selling £10k of shares and buying £25k of options at a favourable price.
This has to be a positive sign, especially if he can see the writing on the wall.