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A single buy has flooded in today valued at £19
A single sell at £2.22 also
Heady volume indeed !
Nothing to see, move along please!
https://twitter.com/deepsouthres/status/1210652461565906944?s=19
Let's be honest i've seen you on twitter creeping around AB trying to please him by giving him news information links.
AB can see your weakness. We can see your weakness. AB takes advantage of your weakness.
A bit of friendly advice. Separate yourself from AB. He is not your friend. You need distance and then maybe next year you'll be able to pull the trigger so you and your clients can get paid back. Good luck!
On 18th December you posted: "PS if we forced conversion we would have to bid for the company: which is not something I want to do at this time"
How is this so? Surely if RRR cashed in £1 million of Jupiter shares and then paid you back in £1 million cash this wouldn't have forced you to bid for RRR. Alternatively if RRR had done a £1 million placing and then paid you back the £1 million in cash this again wouldn't have forced you to bid for the company. The only way i could see this happening is if RRR had paid the loan lenders in £1 million in of RRR shares and this had sent one of your lenders over 50%. But if you had lent RRR in cash and the loan conversion price hadn't been hit then why on earth would you accept being paid back in RRR shares?
Like others have said yesterdays RRR rns was one of the most pathetic excuse making rnses of all time. AB certainly doesn't believe in "I am the leader and therefore take full responsibility for all of my decisions." Let's be honest you have little chance of getting paid back next year: i'm sure AB will have numerous excuses why you shouldn't be repaid again next year.
Most boards are now of the same opinion.Bods get very well paid for the running of companies into the ground. Must be the most sort after jobs.
Mr M has absolutely nailed it in his last post ! Think Andrew Bell will milk this company for as much as he can over the next 2 years, whilst achieving nothing and will imo sell off the Jupiter share and then retire leaving the company and shareholders high and dry. But hey - Migori is imminent and the Congo is worth billion . . . . hahahahahahahahah
I think Mr M injects a dose of realism to counter the absolute BS spouted by those pumping this share for all it's worth.
Worth also noting . . .
Half Year Report stated Total Current Liabilities as £2.7m as at end Dec 2018
With cash in the bank just £27K at that time.
Full Year Report now tells us Current Liabilities are £2.8m as at end June 2019
And that cash in the bank was just £64K
So liabilities are not reducing but of course director salaries and lots of expenses are being paid regardless. That's where the lion's share of any monies go. They can't pay down the £1m outstanding Convertible Loan Notes but if it comes to the BOD's salaries and expenses, no problems at all.
Anyone who thinks that's a business model worth investing in frankly needs a "check up from the neck up" imo.
Former 13% holder Daniel Sklan dumped his remaining shares last year and left rather damning comments on LSE here, have a read:
https://www.lse.co.uk/profiles/d_s_/
Another former 13% holder, Peter Gyllenhammar began dumping his holding this time last year and sold chunks throughout 2019. Last reported I think he was down to just over 3%.
But hey if you want to believe the "jam tomorrow" twaddle of the tiny contingent of ramping posters here then fill your boots.
£2.8m liabilities
£64K cash
£600K a year on Admin Expenses
Same BOD in place since the devastation began
What's not to like . . . . . . ?!
Final Results out
Laughable as always. Significant loss, all the usual gumpf.
Admin Expenses approx £600K
Business Development £302K
Other Project Costs £158K
Cash in the bank just £63K as at end June.
Small wonder the CLNs had to be rolled on for a 3rd year. lol at Helpful suggesting they had a choice.
Colombia royalties remain utterly paltry and will take years upon years to recoup the first $2m. It will never happen in our lifetimes imo.
Then this pearler slipped in to boot:
"On 11 April 2019 The Company's 100% owned subsidiary, RRR Coal Limited, agreed a loan facility of up to US$1,000,000 with Riverfort Global Opportunities PCC Limited and YA II PN Limited. The terms of the loan call for US$400,000 to be transferred to the borrower, with additional tranches available to the lenders at their absolute discretion. The notes are secured by 5,500,000 shares in Jupiter Mines Limited, which were transferred from the Company to the borrowers as well as by a corporate guarantee executed by Red Rock Resources plc. The notes carry an interest rate of 10% and come with a 7.5% implementation fee and are repayable over a period ending in April 2020. A total of US$200,000 has been drawn down on the facility to date."
So Jupiter shares as ever used as security and the only currency of value here. The company cashed in 1.5m of them this year raising I assume about £300k. Now 5.5m of them have been transferred to borrowers. In no time at all the only asset of any real value here, the JMS shares, will have been frittered away.
Same old same old
It's an empty cup. Just a lifestyle venture for the personal enrichment of the BOD.
Why haven't the larger holders ousted the useless BOD here?
Why haven't director salaries been curtailed?
Why isn't there an embargo on expenses?
SP only going south, as always and with posters like Helpful stating that a large investor called for the company to be put into liquidation, the future looks bleak for ordinary PIs imo.
DYOR
Captainslapper: "hoping against hope for it to fail"
That you can't see that it has already long since failed and remained a faliure for many years is testimony to your naivety imo. The losses are staggering and have ammassed in their millions.
So laughable in fact that they now cite those horrendous losses as a benefit that can be used to avoid taxation of any future profit. You couldn't make it up really.
I have been confidently predicting these past few months that the SP here would be in the 0.3p levels by end of the year. Today we can see the sells below 0.4p so as ever my take on this POS is spot on. They have clearly been unable to repay the £1m outstanding CLNs, any available cash tends to get squandered on director salaries and preposterous amounts of expenses.
It will only ever go one way, Southward and the 10yr chart demonstrates this more than adequately.
Nothing will change unless and until the BOD are removed imo. The larger investors who together hold close to 40% of the shares have so far failed to remove the BOD. That means imo they are either stupid or that they can't remove the BOD. Their cash is now locked in here and imo will steadily lose value. DYOR
If i ever seen a rns this it blame everyone but themselves -- rns award of the year
What a complete load of utter bo11ocks. Blame everything except managerial incompetence! Let's face it, this year has been no different from any other for RRR, just a slippery downhill slope for investers.....
Merry Christmas everyone.
Helpful: "Some trades going through"
lol, and doubtless tomorrow we'll see a late reported large sell. The mugpuntery doesn't seem to fall for this stuff any more. Volume is essentially non existent. Can't bl;ame you for getting the conversion price lowered on your useless CLNs. As I told you before your chance of ever converting them at 0.8p was totally zero. Even at 0.6p I suspect you'll struggle unless you can drum up the pump and dump of the century. Good luck with that.
Some trades going through: it looks like one person doing it.
lol slapper
I made 20% on a blue chip FTSE share in the past 3 months. Only a total idiot would stick hard earned cash in this POS hoping for nothign but a laughable 10% ! My god it's been one of the worst industrial dilution lifestyle companies on AIM and the same old BOD ar estill in place !!
CLN holders are surely quite frustrated. Cash locked in now for the third year running and the only way to get it back out is more dilution, asset stripping of the "family silver" Jupiter shares or winding the company up and again asset stripping. Small wonder they had to sit on their backsides for a 3rd year running and got the company to lower the conversion price and increase the interest rate. This time next year expect a rinse repeat.
The whole situation is laughable imo. Bell went and wasted £1.1m of valuable shareholder cash by loaning it to the failing Steelmin venture. He didn't RNS that loan either which imo was absolute shocking arrogance and disdain for shareholders. Had he not made that wreckless loan there would be £1m to pay off these stupid CLNs. As it is, the Half Year Report revealed that the company only had £27k in the bank at end Dec 2018. Nothing ever changes here. There is no investment proposition that I can see because the BOD sap away all teh value in silly salaries and admin and other expenses. Spent approx £850,000 just on admin last year alone, this for an AIM tiddler with £3m MCAP. Too many people now wise to the share imo and the total lack of volume . . . . well , speaks volumes ! DYOR
Another point worth making is that if they can't afford to pay back £1m of CLNs then where will they get any cash to develop projects?
At end Dec 2018 the company only had £27k in the bank and had Total Current Liabilities of £2.7m.
They raised £323k since via a placing, received approx £250k from a Jupiter divi and raised approx £300k from the sale of 1.5m "family silver" Jupiter shares. That pretty much accounts for the Admin expenses of £850k a year so where will cash come from for any major project spend?
One can predict that the BOD will keep dipping into those "family silver" Jupiter shares and squandering the dividends in order to keep paying themselves silly salaries and expenses.
Where is the shareholder value in such a business model?
This share for me personally, remains a totally uninvestable lifestyle outfit for the personal enrichment of the BOD.
DYOR
Helpful: "It is not possible to lose money on the CLNs."
This is the kind of nonsense that people who dump their cash into Premium Bonds spout.
They too claim that they can't lose money because they can always pull put their original stake and while ever it sits in the government coffers it has the tiny slim chance of winning money.
Of course the reality is that while ever the money is sitting there earning nothing it ISN'T therefore sat somewhere else where it could earn a great deal more money. Therefore they ARE losing money having their cash sat in Premium Bonds.
Similarly, Helpful and Co are here having to sit with their cash locked in for yet another year. They have had to endure 2 full years so far at the interest rate of 10%. Helpful says they can't lose money, yet what this actually means is that these high net worth investors then are totally incapable of earning more than 10% via their stock market tradings. For if they did have the nouse to invest and make say 30% to 50% returns on the markets then they most assuredly wouldn't be sat here making 10% !! So the truth is that Yes, they are effectively losing money which they could be making elsewhere with the cash, or they really are just not good investors and making 10% is the limit of their abililty. You decide. DYOR
Just utterly laughable !!
The so called (cough) high net worth investors obviously forced to sit on their backsides for yet another year, their cash still locked in here. There can be no stronger indication for me personally that this means the company just can't afford to pay the CLN's without serious asset stripping. CLN holders clearly had no choice at all as all other options would further decimate the share price (i.e. more dilution or sale of Jupiter Shares).
For ordinary shareholders this is dire. Already 2 years of interest on these CLNs at 10% has been incurred which I presume is over £200,000. Now a third year of interest will be incurred at 12% !! It's just valuable cash seeping out of the business.
Couple that with the preposterous amounts expended on Admin and other expenses here (last year approx £850,000 on admin alone!) and you see why the SP only drops further and further into oblivion.
Of course none of this would have been necessary had Bell not (imo) foolishly loaned the failing Steelmin business a further £1.1m behind closed doors, failing to RNS that loan to the markets.
Surely paying outstanding debts should have been the priority. Steelmin subsequently went into Administration last Feb and that cash is now gone.
As others have pointed out, if these clowns actually believed any of the ramping nonsense they spout here then they would be buying the shares at current price in their droves. They have instead insisted on the CLN conversion price being dropped and the interest rate being increased. That tells you all you need to know imo about their frustration and lack of confidence imo. Nothing changes. Current BOD must be removed imo.
DYOR
365
Can someone remind me how many days we have until the loan deadline?
thanks
It is not possible to lose money on the CLNs.
It is also not possible to lose money on the shares. The breakup value is in excess of the market capitalisation.
Manganese is moving back up; the JMS share price will respond. The two competing mines in SA are getting to the end of their life. JMS should have spare rail capacity freed up in two years. At some point that will be reflected in its share price. The only thing stopping JMS producing more Manganese is the availability of rail capacity. In addition, two companies are looking to exploit iron ore assets near JMS's iron ore assets. If Mineral Resources goes ahead with its assets, it will make sense to jointly exploit Mt Mason and Mt Ida. The rail like that Mineral Resources needs to put in will go past Mt Mason and Mt Ida.
https://www.mineralresources.com.au/
https://www.asx.com.au/asxpdf/20191120/pdf/44brgcfqglwrh4.pdf
JMS quarterly report came out yesterday
https://www.asx.com.au/asxpdf/20191218/pdf/44cp9xvrxy80mn.pdf
This is the current chart for Manganese: as you can see there has been an uptick in prices.
https://www.jupitermines.com/projects/tshipi/manganese-price-information
DYOR
Agreed then - We will watch this space ! not about getting one up on each other and believe it or not I don't want anyone losing money except for AB and SK. At some point mind it will hit home to you just how untrustworthy these 2 guys are and how you can not believe a word they tell you. Anyways good luck in your investment and hope you don't lose toooo much 1
1. Your opinion
3. Not true: liquid investments JMS, RGM, PBR and POW. DRC can be developed by JV and/or project level finance. The amount required for the immediate work programme is de minimis.
4. Another one who never reads anything: both copper and cobalt are on a price upswing. Chentun is buying Kalongwe from Nzuri and there are other deals being done. Kalongwe is a direct analogue for Musonoi.
7. So you agree that we could have forced the repayment
8. By your own admission the JMS dividends more than cover overheads. The sale of RGM, PBR, POW would far more than is required to move DRC along.
Anyway, lets watch this space. I am sure you don't want to do it but if you read the Kenyan Mining Act 2016 you might understand the process that RRR is going through with regard to Migori. Everyone else has to go through the exact same process, Barrick recently did it. The company has confirmed that he has done all that is required of it to meet the conditions for the issue of the two licenses.
DYOR
We will see who the cleverclogs is in time -You are seriously deluded or very blinkered.
1. Migori has been imminent for month/years now - In my opinion aint ever going to happen.
2. No Migori - No JV
3. No Migori = Nn JV = RRR still cash poor
4. Musonoi - Nothing is ever going to happen here, the country is in disarray and mines closing there rather than opening due to price drops in base metals making them uneconomical, so why the hell would anyone touch these with a barge pole.
5. See point 4
6. see point 4
7. Yawn - You had no choice but to kick the can down the road as RRR had no money to pay the CLN`s out - It was either a heavily diluted placing or sell JMS shares , which they still will have to do to Pay Andrew and Scotts obscene remuneration.
8. Robbing Peter to pay Paul but agree on this point - Shame the 200k only goes 1/4 of the way to paying yearly admin fees here at RRR.
PS if we forced conversion we would have to bid for the company: which is not something I want to do at this time.