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Just noticed this on the loser board.glad to be longtime out of this pile of excrement.cant be long now surely before this runs out of road.Its been running on borrowed time for years.surely the sheriff of aim should have been warning peeps.
Same old same old
Cash in the bank - just £139K
Total Current Liabilities - £2.36m
Admin Expenses - £282K
Other Expenses - £132K
Staff wages, pension etc - £144K, equiv to £288K per year
Directors continue to reward themselves handsomely for abject failure to deliver any shareholder value and for the continued destruction of the share price. Just laughable.
And this from Annual Report 2018
"The entire interest in Melville Bay was sold on 29 June 2018 for £1"
Yet in today's Interim Report as Cgull highlights there are £97,000 of expenses for Greenland. lols
Nothing changes. Company is simply uninvestable imo. As all the reports testify, the lion's share of any monies just goes towards Salaries, Admin and other expenses. The charts simply don't lie. Whether it is 3 months, 1 year or 10 years the charts all show the same SP destruction caused imo by this BOD's relentless running of the company as a lifestyle venture.
See charts here:
https://i.postimg.cc/7hsWGf1Y/RRR3-Charts.png
DYOR
Totally as expected. Payroll increased. £97k Greenland? "General expenses" LOL.
should be full of excuses and loaded with debt.
SOUTH AFRICA DECLARES 21 DAY LOCKDOWN
"Jupiter Mines Limited (“Jupiter”) (ASX: JMS) advises that the South African Government has
declared a 21 day lockdown in response to the ongoing COVID-19 situation, commencing
midnight on Thursday 26 March.
It is understood this lockdown will extend to include operations at the Tshipi Borwa Manganese
Mine (“Tshipi”). The Board of Tshipi will meet shortly to evaluate the obligations and to assess the
effect on the business.
Shareholders will be advised of the outcomes as soon as possible"
Is that where the "Greenland" money is lodged?
The way the RNS was written was to imply the machine was there, as was the naughty video but some bright spark spotted the semantic subterfuge and called it out. The Cypriot bank, the ..............
I thought that the RGM highwaller contractor that was on site at the Rosa Mine was the man rather than the man plus machine.
It does. A lot of truth-lite companies are having a torrid time. Directors have lost a lot of "value" from their shareholdings. Whether accrued or paid for. What is needed is the RGM highwaller contractor on site at Rosa mine. It must be ready by now after the "refurb". I have a link to the video if you need to see it again.
Especially so with the Coronavirus fear collapsing the prices of many of the top tier ftse companies.
You would think now for companies like Red Rock fundraising will be particularly difficult. Also when investors in AIM become confident again instead of investing in dogs like RRR they may instead switch from doggy AIM companies and instead look for big profits in the crashed out top tier ftse companies.
So this crisis could well kill off some of these low class dog t**d AIM companies.
How's the Jupiter share price holding up given the current rout of all commodity stocks?
Of course it's not just my personal view. Former 13% holder here Daniel Sklan posted the following here on LSE in Mar 2018:
Daniel Sklan : 12 Mar 2018
"Whilst Magic generally takes a negative view (quite justified) pretty much everything that he says is factually correct.
This business has been run by an individual who doesnt have very much business sense. The reason that RRR eventually downsized and cut but primarily on staff was my continued harassment of AB.
Due to the continued issuing of new shares in this company to pay the "operational costs" and "directors salaries" I saw my holding in this company drop from just over 13% to under 3%!"
https://www.lse.co.uk/profiles/d_s_/
Sklan sold out his remaining holding AUg 2018.
Another 13% holder, Peter Gyllenhammer began dumping his holding Christmas 2018 and steady sold chunks throughout 2019.
Nothing will ever change here until the BOD go. Just the same old endless "jam tomorrow" rhetoric and continual issuing of confetti shares and CLNS. imo.
DYOR
Ludeck: "Well clearly the past behaviours of the BOD aren't entirely responsible"
In the words of the inimitable John McEnroe "You can not be serious !"
Let's check the history. . . . as always
THIS DAY IN HISTORY . . . . 13th March
13 Mar 2012 : SP 67.50
13 Mar 2013 : SP 21.88 (68% drop)
13 Mar 2014 : SP 9.88 (55% drop)
13 Mar 2015 : SP 2.00 (80% drop)
13 Mar 2016 : SP 0.45 (78% drop)
13 Mar 2017 : SP 0.68 (29% gain)
13 Mar 2018 : SP 1.10 (38% gain)
13 Mar 2019 : SP 0.65 (41% drop)
13 Mar 2020 : Sp 0.18 (72% drop)
Pretty catastrophic and clearly nothing whatsoever to do with Coronavirus or commodities imo. Simply the result of a terrible BOD who run the company as a lifestyle venture and who spend untold £millions on director salaries and admin and other expenses.
The BOD has to go, simple as. Until the large holders get it done, all value in assets and holdings will continue to seep away to those preposterous levels of admin and expenses.
DYOR
Well clearly the past behaviours of the BOD aren't entirely responsible. Commodity producers and explorers have taken a massive hit over recent days for reasons that I am sure anyone here is well aware. Worst hit, of course, are the companies with the least diversification, and the least secure financial position. Some will recover. For those, the current malaise represents an outstanding investment proposal for those who aren't already balls-deep. For the riskiest, the shakiest and the dodgiest, there is every chance that this will be the straw that breaks the camels back. I suspect most here have a firm opinion of which camp RRR falls into, @helpful included.
ther0xbury - "What the hell is causing this?"
imo, the continuing presence of the same old BOD who have presided over utter SP devastation here for over 10 years.
Their MO is singular and far too well established now for anyone imo to assign them any credibility.
Dilute, take salaries, spend £millions on admin, rinse, repeat
Large holders here need to take the bull by the horns and kick out ALL the BOD once and for all. Stop dithering about.
DYOR
I was disappointed when it went to 0.4s, now 0.16s!
What the hell is causing this?
Now down to .02 per share. 10% of what we bought them for.
@Helpful - your thoughts on the loan facility?
It was only before Christmas when RRR changed it broker back to old friends Cornhill Capital, the placing specialists (now renamed as Pello).
Doesn't take a genius therefore to see what's coming down the line
Cornhill were fined over £200,000 for the illegal forward selling of placing shares at New World Oil.
Expect another "nothing" update RNS imo and then BAM with the usual dilution.
Total barge pole for me
DYOR
"Further to the announcement of 27 June 2019, the final $100,000 of payments to the vendors has now been made, through the payment of $50,000 in cash."
Today RRR publicly admitted they are paying their Congo JV Partners in CASH....
It is so bland.....Placing soon is what that signals to me.
Looks like the typical "nothing" RNS on the run up to a placing to me
Believe what you will. Same old
DYOR
@Helpful - your thoughts on the loan facility?
Remember
If somebody was to say to you, they've got an easy money investment for you, guaranteed to be paid back in a year, nice interest, your money absolutely protected and can't lose.
Assume it's s scam and run a mile.
My long belief on Lundy or "helpful" is that his posts on here are nothing to do with appealing to new Red Rock Shareholders. Instead it seems directly aimed at his clients who he persuaded to invest in this awful mess. His pretence to his clients is that everything is near for RRR, all the good things are just around the corner. It's exactly how Bell does it with the RRR shareholders.
Years ago Lundy persuaded some of his clients that it would be a good idea to lend RRR money in the form of a one year convertible loan note. But year after year he gives his clients excuses why they need to extend the loan by another year. Come the end of this year I'm sure no loan repayment instead he will be giving his pathetic excuses again to his Investor clients why they should extend the loan for yet another year.
Most know he associates him self with these awful dog s*** companies. He persuaded his clients to loan Scott Kaintz company (also of RRR) Curzon energy money. That loan also wasn't repaid and had to be extended. He persuaded his clients to loan RGM money. Recently RGM did a mass dilution so that loan was paid back but only by way of RGM shares.
Nightmare words you definitely don't want to hear "Stephen Lundy is my new financial advisor". All these dog **** companies he persuades people to invest in.
Something very strange here. Take this past week, I believe on two different days RRR dropped near 20%. Yet look at Lundy's twitter and you'll see him creeping around Bell by posting articles to him and giving him links. If I was his client I would think his Bell palliness meant more alignment to Red Rock than ever getting my loan money back.
It's all incredibly murky.