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You didn't say but probably because it is your contention that it will never happen but...
If and when RRR announces that the Migori licenses have been finally re-issued under the Mining Act 2016 and that it has signed a JV, any chance of you getting back in your box?
xx
Apart from 2 small buys totally £229 the trade list this week is just a sea of red sells. Doesn't bode well.
I smell confetti coming but I could of course be wrong
I'm mindful that last Oct RRR chose to change its broker to Pello Capital, which is of course just old friends Cornhill Capital renamed.
Cornhill were fined over £210,000 by the London Stock Exchange for the forward selling of placing shares at New World Oil & Gas which subsequently delisted.
https://www.sharesoc.org/blog/regulations-and-law/cornhill-capital-fined-over-aim-placing/
DYOR
Hope all is well and you are fighting the good fight.
I do a bit of trading in the FTSE 100, NYSE and NASDAQ. That way I can use the currency exchange to my advantage. I keep an eye on this one. If you day trade and are ruthless with closing your position you probably may benefit here. I am not ruthless and since I have been bitten so dramatically by RRR in the past that I am dramatically exponentially shy. Made some money on Tesla and NYSE:SPCE but out of both and just sticking to boring stocks for moment.
In AIM terms I am not investing but view this market as an intelectual exercise. I learn a lot. So I am always surprised at Mr Bell who surely deserves some kind of anti-Darwin award. He is someone who adapts, evolves and refuses to die, so I wish all holders well as usual. There are many faces to trading.
As an intellectual exercise I keep an eye on SLE. Without going into great detail, it is paying a divi of 6p on an sp of approx 27p (cob today) ex-divi date is the 7th so qualification date to purchase is tomorrow. I think it will drop much more than 6p on the 7th. I love AIM in a freaky and twisted fashion.
Keep posting as this can be an enlightening board even for the old lags.
Cheers.
Hi Pat!
It's always great to see a familiar name pop up who I haven't seen post in a while. Hope you are keeping well?
And like you I've been avoiding the dregs of AIM and investing in better quality companies lately. I've not been doing too bad in them. And yes avoiding AIM enables better sleeps. :)
Helpful - "It is a matter of public record that Red Rock had no interest in Kenya/Mid Migori before August 2009 when the deal was announced with Kansai. So your assertion that it was sat on for 26 years is misleading. There was no JORC resource in place when RRR got involved."
Not my opinions Stephen, they are those that were reported in Kenyan news. I should have provided the link which is here:
https://mobile.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/1950106-3829916-v3b95i/index.html
"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme"
"Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”
"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."
In answer to your question about what will happen if RRR are given another license, my view is not a lot. No-one seemed particularly interested in RRR before the license was revoked. Migori was just yet another project which RRR had its fingers in and which seemed to be going nowhere. A license does not equate to valuable minerals coming out of the ground and being sold for a profit. It's just a license. Where would the money come from to develop anything?
The recent Half Year Report stated that cash and cash equivalents were just £139k. With Admin running at £584k a year I can't see how they would be able to do anything. They'd have to let someone else develop and thus give away most of the rights to the project. So no, if they get another license I doubt this will have any positive impact here at all. It might even go the other way as it would indicate loads more money will be sunk into the next "Blue Whale" ! Of course that won't stop the die hard rampers desperately trying to pump the stock on that tiny bit of license news should it happen. They've already tried it 2 or 3 times in anticipation poor devils. Same old.
Nothing is going to change here while ever the BOD remain in place. They have one established business model which is to get lots of fingers in lots of pies to tempt the mugpunters whilst constantly diluting shareholders, failing to deliver any shareholder value and continuing to take ridiculous amounts in salaries and expenses throughout.
It's a share for suckers imo.
DYOR
Hi Everyone,
Harmony as ever. Apart from a few companies I would take a flamethrower to the AIM cesspit. Sticking with the majors allows me to sleep better at night (mostly).
Good Luck.
It is a matter of public record that Red Rock had no interest in Kenya/Mid Migori before August 2009 when the deal was announced with Kansai. So your assertion that it was sat on for 26 years is misleading. There was no JORC resource in place when RRR got involved.
https://www.rrrplc.com/wp-content/uploads/2017/02/RRR_RedRockResources23.08.2010.pdf
This might help you understand the background.
DYOR
I am posting your nonsense here so you can't have it deleted when the Migori license is issued.
I note that you didn't take the bait: so what will you say when the Migori license issues are resolved?
lols Helpful
You mean the Migori license that RRR had revoked because Migori had sat on it for 26 years doing very little ?! Good luck with that.
Meanwhile, take comfort in the fact that there are now only 162 working days to go before you have to kick your worthless CLNs down the road for a 4th consecutive year . Even with the conversion price having been lowered from 0.8p to 0.6p, at the current 0.2p levels you need the share to bag twice just to be close to a position where you can consider converting but it's a nailed on certainty for me that by the time December comes around the confetti machine here will have been well oiled and Bell will have issued millions more shares at discount to keep himself in salary and expenses. So SP only going further and further South imo.
By then it will probably time for another share consolidation to try and make the SP look respectable again !
Nothing will ever change here until BOD are removed.
DYOR
in around 3 week for when the Columbian 'El Limon' gold mine sale was completed.
When the intended sale was announced by RRR in May 2014 it didn't look too bad. It was $5 million with an initial $2.5 million cash payment, then a $1.5 million promissory note to be cashed a year later, then the last $1 million in royalties from the gold mine. However over those next few months RRR made announcements and the deal got weaker and weaker. I believe it ended up $450,000 first tranch, then in later periods two $250,000 payments, then a $1 million promissory note, then the final $3 million would come from royalty payments from the gold mine.
My memory is sketchy but I recall most of the prom note was paid in PARA resources shares. And I have no clue how much royalty payments RRR have received these past five years. Because AB doesn't brag about it then I can't imagine much in Royalty payments.
I seem to recall. When RRR first announced the intended sale in 2014 the RRR share price was near 0.27p: when the sale completed a year later it was down to 0.07p.
So those who say if you wait patiently for a deal to complete then you will be rewarded. Well that is certainly not true with that El Limon' gold mine sale.
Losses made each year, plus amounts raised in cash through dilution placings and amounts expended on Admin
2012 - Loss of £1,962,882 --- raised £4,441,844 - Admin £2,275,786
2013 - Loss of £22,105,562 -- raised £4,103,795 - Admin £4,751,948
2014 - Loss of £4,113,460 --- raised £2,723,861 - Admin £1,563,808
2015 - Loss of £8,411,541 --- raised £2,327,377 - Admin £1,334,404
2016 - Loss of £283,280 ----- raised £1,155,323 - Admin £758,351
2017 - Loss of £1,114,213 --- raised £300,000 --- Admin £644,688
2018 - Profit £78,120 ------- raised £421,668 --- Admin £849,518
2019 - Loss of £1,723,881 --- raised £853,089 --- Admin £591,777
Total Raised - £16,326,957
Total Admin - £12,770,280
Plain to see that Bell & Co fritter the lion's share of available cash on Admin and other expenses. £12m out of £16m raised above. Absolutely shocking imo. This is why the SP is always decimated, a constant drip drip loss of value. This is why the company has to constantly dilute shareholders.
Remove Bell and the rest of the BOD in its entirety, remove this expensive and useless baggage, and the horrific expenditures on Admin and the share might one day have a chance to go a little North. Until then however this well established lifestyle "business model" will ensure that the SP constantly goes South imo.
DYOR
https://twitter.com/RRR_RedRock/status/1257573300257140738?s=19
Come Thursday (May 7th) it will be exactly 5 years to the day that RRR rnsed that the licenses had been revoked:.
https://www.investegate.co.uk/red-rock-resources--rrr-/rns/kenya-update/201505070700154135M/
Vbeckers, yes it only seems like yesterday when you, I and others were suffering in this hellhole. Then came along that awful Elephant oil deal and the seller absolutely pulverised this share price further.
lols Helpful
You mean the Migori license that RRR had revoked because Migori had sat on it for 26 years doing very little ?! Good luck with that.
Meanwhile, take comfort in the fact that there are now only 162 working days to go before you have to kick your worthless CLNs down the road for a 4th consecutive year . Even with the conversion price having been lowered from 0.8p to 0.6p, at the current 0.2p levels you need the share to bag twice just to be close to a position where you can consider converting but it's a nailed on certainty for me that by the time December comes around the confetti machine here will have been well oiled and Bell will have issued millions more shares at discount to keep himself in salary and expenses. So SP only going further and further South imo.
By then it will probably time for another share consolidation to try and make the SP look respectable again !
Nothing will ever change here until BOD are removed.
DYOR
When RRR gets the Migori license issued and does the promised JV, any chance you will give it a rest with your nonsensical witterings?
SK is CEO at Curzon and RGM: both are doing deals, he has to prioritise. There is only so much time in the day.
xx
Significant holder James Asquith dumped 5.4m of his shares last Thursday reducing his holding from 4.56 % to 3.68 %
One can only assume more dumping will follow.
Scott Kaintz , executive director and COO and CFO of the Company, is demoted to being a non-executive director whilst a new CFO is appointed.
Hmmmm
Only last August poster Helpful here posted the following:
17 Aug 2019 - "If it has not been taken private there is a reason, as will become clear shortly. We may still take it private."
"One other large shareholder wanted us to liquidate the company last September and we said no."
So, a large holder is dumping shares,
Kaintz is being replaced,
RRR started selling it's RGM holdings in Feb . . . .
Helpful is desperately posting links . . .
Is the company readying itself to go private I wonder ?
Man I wouldn't want to have my hard-earned stuck in this POS if it went private.
I'll be looking out for more dumping and increased ramping to help those holders sell their shares
DYOR
From the POW website, this shows where the licenses are situated..
https://www.powermetalresources.com/s/52/australia
This is interesting..... ECR had licenses to the North and sold them to Fosterville South Ltd.
https://www.lse.co.uk/rns/ECR/sale-of-exploration-licences-for-cash-2eqw7hpj4uidtjz.html
https://gsv.vic.gov.au/sd_weave/anonymous.html
You can search the licenses on this link.
DYOR
Andrew Bell is so bad for Red Rock shareholders.
When he sits on other boards you see he has no qualms about dipping into Red Rock's funds when he needs money for his other companies.
(1) He was on the board at Steelmin. He lends them £1.1 million of Red Rock's money without asking or RNSing RRR shareholders.
(2) He was CEO & Chairman of RGM. RGM were doing a coal joint venture with Legacy hill resources. He lends Legacy hill resources £267,000 of Red Rock's money without asking or RNSing RRR shareholders.
Both amounts of money weren't paid back and were later written off by RRR.
(3) Going on the board at ABM (now POW) he used £100,000 of Red Rock money for an ABM fundraise. RRR received ABM (now POW) shares. Because Bell is on the POW board little chance of Red Rock selling their POW shares. So effectively Bell of Red Rock gifted his other company POW £100,000.
(4) Bell sits on the board at Jupiter. This is to the advantage of Bell (extra wage) but not to the advantage of Red Rock because Red Rock own 17 million Jupiter shares and I cannot ever see Bell offloading all of them for fear that if he did so he would lose his board seat at Jupiter and his Jupiter paypacket. So to me a definite conflict of interest.
Yes i know this is all a repeat of my other posts. And I will stop posting on this thread (for many months) because it is really exasperating to me that Bell remains here when he is so obviously terrible news for RRR shareholders.
Colin. I recall Legacy hill being in the offices upstairs from RRR/RGM.
The Legacy hill founder Sarandhi Rajan is apparently a millionaire many times over yet Bell of RRR lent Rajan's Legacy hill £267,000 . Of course it was never paid back.
Andrew Bell's Regency mines were the one's doing business with Legacy hill. So I don't know why Bell was using Red Rock's money to loan Legacy hill money. RRR shareholders were getting nothing out of it.
I agree with you Mr Magic, Bell and others need to go. On numerous occasions Bell doesn't even bother to inform the market about price sensitive news. For example p*ss*ng the company's money away without informing shareholders.
PWC managed the administration of Steelmin. It's proposal documents which list all the unsecured creditors showed Steelmin owing a debt to RRR of £1,106,943.
https://www.pwc.co.uk/business-recovery/administrations/assets/steelmin_proposals.pdf
As you highlight, chairman Bell here did not RNS this loan to shareholders and markets which I found incredible. Incredible because for a tinpot AIM lifestyle company with tiny MCAP it's hard to understand how it could be legal to make such a significant loan without releasing any RNS (tho doubtless it was legal and that's AIM for you !) but more incredible is the sheer callous disregard for shareholders in not having even the basic courtesy to inform them of such a large loan to such a shaky struggling company as Steelmin.
Even throughout 2019, after Steelmin went into Administration in Feb of that year, Bell did not put out any RNS to inform shareholders and markets that it had actually gone into Administration despite RRR having a 22% stake in the business. Again simply unforgiveable and appalling behaviour.
Worse still for me is the total incompetence in making such a loan on an UNSECURED basis. As stated RRR has a tiny MCAP and to give over £1m of valuable cash to the shaky Steelmin business without any security is just awful for shareholders. Consequently when PWC wrapped it all up, no surprise that all the value and assets in the company went to SECURED investors leaving nothing for RRR.
Bell is a total liability here imo and was too at RGM which he has now left.
His track record is awful and he has left a trail of failed projects in his wake which have sapped company resources and he expends utterly preposterous amounts on salaries, admin and other expenses which imo negate all value from assets and holdings leaving nothing for shareholders. His MO is far too well established here and it is one of constant dilution via worthless confetti issues and CLNs and the like.
There is no question that the BOD here must go, in their entirety, before the share can ever have a hope of going anywhere.
15 long years this company has been incorporated and they still haven't got it into any self-sustaining shape or form (other than as a confetti generating machine). It is for me nothing but a lifestyle vehicle there for their own personal enrichment at the expense of shareholders. Countless losses made year on year yet they continue to reward themselves with lucrative salaries and free shares. It's a total joke.
The BOD must be removed simple as.
DYOR
Didn't Legacy Hill share office space with RGM and RRR?