We would love to hear your thoughts about our site and services, please take our survey 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.
Indeed. On his own admissions, he was investing a few years back expecting dividends from a company with no income.
The only things that people can really throw at AB are going back into Steelmin and wasting money on the diamond deal.
It has been a long old wait but IMHO we are getting there.
DYOR
As predicted here come the ramping aliases. What a pile of nonsense Winteris. This company has been (cough) "exploring" for 14 years and still hasn't been able to make itself an income generative business. That's because the BOD spend so much on expenses, and FYI you are wrong, those expenses have been going back up.
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518 plus "Other" Project costs of £306k
Let's also have the facts about cash..
Cash in bank at end Dec was £27k
Total Current Liabilities at that time were a significant £2.7m (remember MCAP here is just £3m)
Since then they raised £323k from a dilutive placing
Received approx. £250k from a Jupiter dividend
Received approx. £300k by selling down 1.5m of the "family silver" Jupiter shares
The Admin Expenses (last year £approx. £850,000) pretty much accounts for the above income so where is the cash to pay down those £2.7m current liabilities and any project costs ???
Between 2012 and 2017 this BOD raised over £15m cash from dilution/placings
In the same period they spent over £11m on Admin and other expenses. That's where the money goes.
Where is the shareholder value? None. And now the company has a MCAP of just £3m.
Nothing will change here imo until Bell & Co leave the company and a decent management team come in that don't run the company as a lifestyle venture for their personal enrichment.
Apart from that, grateful to you Winteris for suddenly creating an account here on LSE to ramp this POS thereby confirming to me personally that a placing is coming. I certainly won't be falling for the ramping spiel on the run up to that.
No point buying here until after the 19th Dec CLN repayment date imo. I'll wait to see if the placing drops or they pawn off more Jupiter shares or roll the CLNs over for yet another year. Either way SP only going south imo.
DYOR
Helpful - "You never know, we might agree to roll the CLNs. 10% is a decent interest rate."
Just laughable. That would be nothing short of admission of defeat and failure on your part.
So-called High Net Worth investors hanging around a POS AIM stock for 3 years just looking for 10% !!!
Do your clients really sign up for a measly 10% and put their cash into an AIM shares with one of teh worst track records and BOD out there?
Any way you cut it, all options look pitiful here
If a placing drops (which I predict) then the SP plummets into the 0.3p levels
If Jupiter shares are sold to pay off CLNs then again SP plummets to 0.3p levels
If the CLNs are kicked down the road for a 3rd year it's simply admission that the company can't afford to repay them indicating dire financial situation, so again the SP will suffer.
The truth is if the BOD here didn't fritter away the lion's share of available cash on salaries and expenses there might be some value but as it is there is none whatsoever imo. Last year they expended approx. £850,000 just on Admin Expenses alone. Small wonder they rolled the CLNs on for a 2nd year back then !! As at end Dec 2018 they only had £27k in the bank according to the Half Year Report. Pretty dire.
Things have even gotten so bad that the BOD no longer bother keeping markets and shareholders aware of loans and transactions.
They did transactions and loans with Amulet Diamonds and failed to RNS that to markets
They loaned Steelmin a further £1.1m and failed to RNS that to the markets
Pretty despicable and arrogant behaviour imo and means that anyone investing is doing so blind as how can you know what other loans and transactions have been done that you are not aware of??
The company subsequently said the Amulet loans will be written off and as we know Steelmin went into Administration last Feb so that £1.1m is gone too and RRR still haven't even RNS'd that Steelmin went into Administration all these months later, surely an SP affecting event !!!
I'm not fooled by the pathetic lickspittle rampers here. They are holding CLNs which they will never be able to convert imo and doubtless simply want to get their money back as soon as possible and are clinging their hopes on the next update RNS.
Regardless my point remains that there is absolutely no point buying before 19th Dec deadline. Might as well see if they
do a horrifically discounted placing with new broker Cornhill Capital (now renamed Pello) or if they pawn off more Jupiter shares. SP will be in the 0.3p levels before end of the year imo.
DYOR
You never know, we might agree to roll the CLNs. 10% is a decent interest rate.
Migori has been imminent and remains imminent. Congo will be progressed in the near term.
DYOR
HA When you been in this share so long you know the patterns - They don't eve try and hide it anymore . . . lol Yes I agree with magic - There are only 2 ways RRR can pay the CLN`s, one is by way of a placing and the other the selling of JMS shares. Looks like its just another step closer to the end of the road for RRR. Whilst A Bell and S Kaintz remain in charge nothing will change - How long people been waiting on Kenya ?? It was imminent a long long time ago - Congo - Another dead duck never ever going to return anything - Just the lastest ramp angle which has failed miserably.
Only 14 working days now before the deadline for repayment of the £1m Convertible Loan Notes arrives.
I note that the Ask above has risen to 0.50p but the Bid remains at 0.40p. Same old same old. Not fooled.
More indication for me of an imminent placing.
My guess is that any placing would be done at 0.35p or worse.
If a placing is imminent then expect a flurry of increased ramping and at least one Update RNS full of forward looking
"jam tomorrow" statements.
The SP will plummet into 0.3 levels on any placing or pawning off of Jupiter shares imo.
Hence, for me, absolutely no point buying before that 19th Dec deadline imo. Might as well wait the 14 days and see if a placing does appear.
DYOR
lol Dougal. Only interesting if you're a participant in the likely placing. Would that be you?
DYOR
https://twitter.com/Lazerblue/status/1200782546600112130?s=19
Tick tock, 4 weeks before the £1m worth of CLNs need to be repaid somehow unless the holders are happy to have them rolled forward for yet another (3rd) year ! Confetti O'clock? You decide.
https://twitter.com/Trader__007/status/1199355493766062085?s=20
Ah, Helpful is back ! Hasn't posted here since 11th Nov, over 2 weeks ! I assume because you have been "inside".
Will you be participating in a placing by any chance? Just a guess . . .
He got Got, boo. He's not running. Stitched up like a kipper.
You gorra lol.
Well said Magic, Andrew Bell UKIP'S candidate for Buckingham and the biggest posh wide boy you'll ever likely to meet has successfully turned a winning hand i.e. Jupiter Mines into a losing one.
I really am hoping he wins , what s total paper bag merchant , with a track record like his it is insane to put himself on the public radar .
A public school boy error.....
You have to feel for poor Helpful, having to post scattergun random Twitter links and other stuff to push contrarian (realistic) posts down the page. 6/7 silly little posts made where one would have done. Helpful is clearly well under here and owns some of the £1m outstanding Convertible Loan Notes which he will never get to convert. Those notes are due for repayment this 19th Dec.
As at end Dec 2018 the company only had £27k in the bank (see Half Year Report)
They also had Total Current Liabilities of £2.7m
Since then they:
- raised £323k from a dilutive placing at 0.50p (look how the SP has tanked since)
- rec'd approx. £250k from a Jupiter dividend
- Sold 1.5m of the "family silver" Jupiter shares to get I guess about £300k
- Another Jupiter dividend is due
Against that are those £2.7m liabilities and the fact that this BOD got through approx. £850,000 last year just on Admin Expenses alone and of course any actual project costs.
Those £1m worth of CLNs have already been kicked down the road from last December, extending their term for a further 12 months and thus incurring shareholders another year of 10% interest on them. They are due to be repaid this 19th Dec.
Where will the money come from for that?
and for the preposterous amounts frittered on Admin and other expenses?
and the remaining liabilities?
It is surely either more dilution with confetti placings or more pawning off of the "family silver" Jupiter shares.
The company has just changed its broker back to Cornhill Capital. I think we can therefore guess which route
Bell will opt for !!
I predict there will be plenty of opportunity to buy these shares in the 0.3p levels before the year is out. All imho.
DYOR
https://twitter.com/chrisjparrish/status/1193930828813864966?s=20
Looks like the Nzuri/Kalongwe deal is finally going through.. https://wcsecure.weblink.com.au/pdf/NZC/02165527.pdf
FYI Kalongwe currently a non-producing copper and cobalt asset
https://wcsecure.weblink.com.au/pdf/NZC/02167835.pdf
Nzuri reckons that the is 302,000 tonnes of copper at Kalongwe along with 47,200 tonnes of cobalt. Kalongwe is a good analogue for Musonoi. RRR reckons that there is 400,000 tonnes of copper at Musonoi along with 24,000 tonnes of cobalt and the required infrastructure is pretty much already there.
DYOR
https://twitter.com/AndyHomeMetals/status/1193895011915575297?s=20
The Company expects to produce a doré bar 2-3 times per month, ramping up to 2,500-3,000 ounces of Au per month during Q1 2020
https://twitter.com/ParaResources/status/1192452700228767744?s=20
So long Madpat.
Nothing changes here, nor will it ever imo while ever the existing BOD remain in position.
Just waiting myself for the inevitable confetti dilution that I believe will come in order to pay down the £1m Convertible Loan Notes whose deadline is 19th Dec. I fully expect a little flurry of pithy Update RNS before that happens to "tickle the fish" so that's what I personally will be looking out for. The fact they just hooked back up with Cornhill as their broker underpins this for me. If I'm right I reckon the SP here will fall into the 0.3p's in no time at all.
As you say, Bell already did a share consolidation here when the SP was at embarrassing levels. Since then the continual dilution has simply continued to decimate the SP. Just take a look at the 7yr+ chart, it's abysmal and demonstrates perfectly the result of a company run as a lifestyle venture. Where does all the money go? Most of it goes to Admin and other expenses. Admin alone ran at approx. £850,000 last year. Between 2012 and 2017 over £11m was expended on Admin and other expenses. Just preposterous. DYOR
Hi, I guess that time has come to share. I lost at least 60k on this share. I , initially, made money so I was hopeful. I am now out, only just recently. In terms of downside... I had millions of shares here but when the company decided to consolidate shares to up the value for AIM purposes when it went to an unsustainable s.p. It took out my ability to to make money outside shorting. I am still moral enough not to participate in that market, I simply buy and sell and stick to the top 250 and NYSE. GLA MP out.
It's still not absolute certain that Andrew Bell will be trying to become the Brexit Party MP for Buckingham. But it must have surely caught his eye that many would be MPs are using their twitter accounts https://twitter.com/jessphillips/status/1190222848763318274 to ask people to donate money to help fund their election campaign.
If Bell does run to try to be the Buckingham MP and he decides that crowdfunding indeed IS the way to help fund his chauffeur driven door to door election campaigning. I don't know of any (certainly not me!) but surely there must be some investors, former investors of Red Rock, Regency mines or POW who will help fund his election bid?
Hope our esteemed leader was able to take his golf clubs with him.
https://twitter.com/RRR_RedRock/status/1191939410633379841?s=19
Fingers very crossed.