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They are pursuing between $2.5m and $11m but it could be more as the RNS states the 'loss of opportunity for profit'
More news on this is imminent as per this podcast
https://www.youtube.com/watch?time_continue=3&v=b7NhtSppRe8&feature=emb_logo&ab_channel=Proactive
Looking good
Does anyone here know the amount of damages being claimed in this legal matter? TIA. GLA
Everything going in the right direction.
DYOR
Couldn’t agree more Hopingforbags
We won a court case after a similar situation in Columbia, but the defendants couldn’t pay us. Eventually we took shares in Para Resources in leu, which subsequently collapsed and were eventually given to another party because we didn’t have cash to pay them. Money we did get quickly disappeared into other failed projects. I don’t think this time it will be any different
Re your comments re AB - I have to admit that I to was very critical of AB for not delivering over my holding period but at the moment he seems to be doing all the right things.
I was critical to him personally saying “RRR was just a one man band and more akin to a supermarket who bought things and hoped someone came in and bought them!”
Now with the spin outs, the appointment of management on major projects and the activity from AB himself ………. this now feels like a real company.
Fingers crossed for the court case ……and the bigger one to follow
Personal plea - can we sell something so we have the cashflow to develop the many many many undervalued assets we have.
AJ
You do realise bell end has done mulitiple consolidations back to square one to cover
his financial failures and rainbow chasing over the past 12 years
The king of the dog ate my homework excuses, lth's will remember the sale of the
Greenland DSO Iron ore asset to some Russians , the money never turned up
Bell classic at the time , the money is stuck in a Cypriot bank , nice grasp at current
news (run on the Cyprus banks)
Strangely the asset and the multi millions , never mentioned or saw the light of day again
after things settled to normality in Cyprus
The asset did appear on a sale for £1 plus some carried debt, with another company several
years later and they did not buy it from RRR hmmmmmmmm
If he had sat on his hands and done nothing , when holding 28% of Jupiter Mines (spun out
from rrr originally its asset) and did a roaring ground floor to 14p in 2010? he even sold some
shares to buy his daughter a house (wedding gift as I remember)
RRR would be worth a fortune and low share base around £5 a share
if only he had sat on his hands back then lol
Was a poster on here a few years back oberon or similar , ex director of the company, as he always
said , AB has had success in the past and probably will again BUT anything to do with Bell buyer
beware and expect to be diluted to death until it happens as HNW Peter Gyllenhammer also found
out to his cost as with sister company RGM also spun out of RRR ,he drove into the ground and lost
after similar mass dilutions and consolidations.
Law of averages say's he has to hit another winner after 11 years of abject failure and rewarding
himself with 3 for the price of 1 annual share awards on top of his salary.
Know the man and plan your strategy accordingly , you will make money , how long he lets you
keep it before another PRUDENT placing is another matter lol
GLA , Bell a roller coaster not for the feint hearted , never a buy and hold , more of a buy, rise, slice
fall, add again , rinse repeat many times and build up a safe low ave/freebie holding and then wait
for the day , his next Jupiter mines comes along.
;))
Wont be posting again , still have a small holding and watching with interest for another
2010 style rise , ground floor to 14p, lightning could strike twice lol
More good news.
Cote d'ivoire next.
DYOR
One way or the other we will end up with serious monies IMHO. AB can't put in the public domain his strategy and all the steps he intends to take: firstly, the NOMAD would say that is your wish list not facts and, secondly, why would you want the other side to know your plans before you execute them?
I have seen the order and I can read French. What RRR has said about the order is correct. NB I did law as part of my degree but I am not a lawyer: what it says is pretty plain.
The next step is the damages award. We should know shortly; then it starts to get interesting. Many a slip twixt cup and lip and all that good stuff but the trolls on here were saying that AB had messed up "again", that he was wasting money, he would get nowhere etc and, oh, he was sitting on his fat bottom doing nothing for the company except milking it dry.
Well it looks to me like he has been a busy little bunny.
DYOR
Helpful how confident are you in us eventually receiving money in the bank from these parties? Many of us will remember how long it has taken to get the El Limon royalties. I do not know the level of corruption in the DRC or how politics work there.
It is a process. We have to through it. The order establishes ownership. VUP is not the only party we have a claim against. Having established ownership in DRC law we can take the next legal steps both in DRC and outside DRC.
Next should be the award of damages.
Pathfinder for years have been trying via the UK courts to enforce its "rights" in Mozambique. It has failed because it has never obtained an order in Mozambique establishing its rights. A UK or Swiss court would take the order re ownership as established fact.
DYOR
Cryptic twitter words to me. Not sure what RRR are saying there? As for the RNS I do not understand why AB made such a point about us being granted an order but it does not mean we are guaranteed getting the cash in due course. It was as though AB thinks it might be difficult to get cash in the bank and this may be a reason why some people may have been spooked into selling.
https://twitter.com/RRR_RedRock/status/1479025869691760642?t=aCoYtYtOLkRP27INR6Khng&s=19
"has obtained Orders against VUP and others"
Orders: plural
Others: not just VUP
Gecamines still has $15mil out of the $20mil.
As always, let's see..
Goods news on the face of it but I suspect this may be a phrrhic victory financially given the comments made in the RNS on RRR’s likelihood of actually collecting the debt. Does anyone have any knowledge of VUP and their financial standing? (ability to pay). GLA
Well whatever the number ends up being it will a large one relative to RRR's market capitalisation.
No wonder Helpful
Market was betting on this news over last few days
Very, very good.
Establishes ownership in DRC law. Glencore had better get its cheque book out
DYOR
It is rather interesting that Outback Gold have a market cap of £33m, they are currently a pure exploration play in the same location as the Red Rock/Power Metals JV, in their presentation you can clearly see that the RRR/POW JV (marked in yellow) has a larger licence area than Outback in the Ballarat gold 'hot spot'
https://outbackgoldfields.com/projects/overview/
So it is not without foundation that New Ballarat Gold could easily attain a £20m m/cap in due course as Andrew Bell has suggested, RRR own 51%.
IPO on the TSX of a company with licences near Red Rock at Fosterville in Aus, bodes well for the New Ballarat Gold AIM IPO where RRR has a 51% interest. Trading starts on the 6th.
Https://twitter.com/Outback_gf/status/1478437601103155204?s=20
I look in occasionally. It must be ten years since this was 50p plus since then its lost 98 to 99% of its value. I got out with a 50% loss moons ago.
Dilution is allways at the expense of the shareholder. Good luck to any new shareholders but there ten year record is SP losses and the snakes are always considerably longer than the ladders. Perhaps 2022 will be the year RRR has a gain but don't bet your shirt on it !!!
Looks like the market makers have no stock.
Looking a lot better.
Some decent hard news this week and we are off t'races.
DYOR
I finally believe the lack of share issues in 2021 is starting to bite the market, this morning there are no quotes available on small orders and a premium is being asked for anything over 150,000 shares.
This is the perfect scenario in view of the news rich period ahead, the share price could respond positively on thin volume disproportionally.
Looks like patience may be rewarded soon enough.