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Looks to me more like somebody is trying to engineer the CLN's away notwithstanding "some" have agreed a rollover. If you were running a profitless lifestyle company what would you prefer? Confetti or lose some of the cash?
Happy to take stock off you though..
Quoting for £5.60 in stock.
https://twitter.com/AndrewBRRR/status/1059469194255876098
Once again Maestro, the CLN holders are clearly extremely happy to get a 10% interest rate on their money. Where else can you get that ? Conversion is not on their minds unless by some freak happenstance the SP shot up enough to make them think again. The larger question to be asked is this:
If the company is as rosy as you like to make out, then why does it need to offer 10% interest rates?????
On £1m that's a lot of money wasted. Now they've signed up for another year of that interest. That's good shareholder money disappearing down the drain imo.
but but if you are saying rrr is such rubbish investment why didnt the cln holders request their money back or even request adjustment of cln conversion price as clearly the conversion price is nearly 30% above the current share price.
Still whinging about the past and then use multiple aliases to prove your point.
One wonders whether the CLN holders were interesting in having the shares at all. The CLNs were issued in Nov/Dec 2017. In the first months of 2018 the SP was over 1p and those holders could have converted at 0.8p.
There was one tiny conversion of £50k worth (creating 6.4m shares) but other than that the CLN holders didn't convert. Could have made a nice quick profit but they didn't. Presumably they weren't very confident in the SP continuing to climb from that point, and of course they were proved right as the SP has tanked ever since and lost 40% of it's value in 6 months or so.
The reality I think is that the 10% interest the CLNs earn is the attraction there. AIM is replete with traders trying to constantly scalp 5% or 10% profits on day trades. Here you have a proposition that guarantees 10% without doing a thing. It's easy money.
Meanwhile, as I said, already 40% SP value has been lost since the early months of 2018. Doubtless the result of the Shoats Creek venture going bad with partner Mayan Energy bailing out, and equally the result of the Steelmin venture going bad, with their management saying that they can't now operate at a profit due to high electricity prices.
Previous support at 0.6p levels appears to have gone imo and next support line looks to be at 0.4p looking at the chart. It is what it is.
Annual Report coming in next 2-3 weeks should reveal the true financial situation. No point doing anything until then imo.
Trolls fail to take into account the current sp and the conversion price of the cln's, the CLN holders could have easily requested a lower conversion price.
Again trolls will ignore.
Helpful
They know they are deliberately painting negative picture, RRR has the cash to repay back but they need to explore and create a feasibility study for its cobalt and copper asset, this cost but adds significant value to company.
My reckoning RRR has around £3.5m cash and shares in JMS listed in Australia worth over £3m.
RRR is about to turn to the better.
imho
Helpful - "The CLNs being renewed is good news for the CLN holders and RRR. "
Unquestionably. CLN holders like yourself are "quids in" as you'll now get another year of 10% interest. That will of course be at the expense of existing shareholders because it will be company cash being expended to pay for it which imo is a total waste of funds. Kicking the can down the road simply leaves cash in the bank exposed to the regular drain of Admin and Other Expenses which the half year report put at the equiv of £600k per year.
So yeah, CLN holders and RRR themselves win, RRR shareholders imo lose out, as always.
This company is a joke. Shareholder value? Yeah what's that
Funny!
The CLNs being renewed is good news for the CLN holders and RRR. If RRR had no use for the money it would have repaid the CLNs.
Think about it.
DYOR
troll poster 'Kabaa' a few years ago when he overestimated Red Rock's cash position. He did a post and in that post he estimated that no dilution would happen for 18 months. After Kabaa's bold statement RRR did a placing within a couple of weeks.
So when Red Rock's yearly report comes out i'm not expecting RRR to have an huge amount of available cash.
MrMagic, i'm sure some have said RRR have got £3-£4 million in cash. Let's wait until the annual report in a few weeks because i'm sure they'll be in for a shock when they see how much money RRR had left at the year end 30th June 2018.
Hi MrMagic, yes i remember the $100k payment that RRR had to make because you highlighted it.
And onto the poster 'Helpful' i thought he was going to take RRR private? On the 20th June this year when the RRR share price was around 0.85p he said:
"I can tell you now that if we are lingering around this price come September and RRR has made the progress I think it will on the various assets, that I will personally arrange for it to be taken private. I have been involved in public to privates in the past and one of my mates has done more than anyone else. It is not a big deal."
Hard to get excited about the decision to effectively "kick the can down the road" with the £1m CLNs. As Zumore highlights it surely means more money wasted in paying another year's 10% interest on them and equally means the threat of dilution from those CLNs will hang like a black cloud over everything all throughout 2019. If the company was flush with cash why not just pay down the CLNs and be done with them?
I agree with you Zumore. I highlighted that $100K RNS clause many times before but the rampers stay silent about it.
You are also quite correct that most (if not all) the CLN monies were used to pay down the Steelmin financing as stated clearly in the RNSs. e.g. RNS 10 Nov 2017:
"We shall use the proceeds primarily to reduce our exposure under the back to back financing facilities we took out to enable our investment in the Steelmin ferrosilicon plant at Jajce "
"It comes down to opportunity cost: repaying the CLNs gives the company a certain return of 10% but what does it generate by using the CLN money as wc elsewhere?"
................
Why do you talk like RRR haven't already received the £1 million CLN money? You know they received the £1 million last year and then they spent it. Now they still owe £950,000 on that CLN + the interest on that £950,000 CLN.
into a 20% interest loan over two years. And considering this loan was used solely by RRR to repay back their loan they took out to lend Steelmin money, then it's pretty amazing that some still insist that the loan RRR made to Steelmin was a profitable bit of business.
I doubt that to be true because (a) there is the interest racking up monthly for RRR on this convertible loan note, (b) plus according to the 23rd June 2017 Rns, RRR had to make an additional $100,000 payment to the lenders who they loaned money from so they could lend money to Steelmin. So in my opinion very unlikely that the loan RRR made to Steelmin was ultimately a profitable bit of business.
Here's the extract from 23rd June 2017 rns:
"Investors to receive charge over the Company's shares in JMS, excluding any shares that might be required to participate in JMS buybacks
Investor to receive a potential earn out payment based on the value of the Company's JMS investment at the time of a trade sale or IPO of the Tshipi Manganese mine, the amount payable varying between $0 and $410k, with $100k payable if no such liquidity event occurs by 31 December 2017"
Edit: rrr (not get, predictive text)
Mrtroll
Why is it you only post on get and rgm? These two stocks are affiliated with AB, who do you work for?
that the big shareholders Peter (RRR) and Paul (RGM) are selling down.
I guess if we were to do a song about it. It could go something like this:
Two big investors can't take no more
One name Peter, one name Paul
Sell up Peter, sell up Paul
No more Peter, a placing for Paul
Maestro, resorting to personal insults as always, the mark of boiler room rampers unable to counter the facts put to them.
Why don't you contact the seller(s) who keep putting large round sells in which are presumably taking the SP down here? Probably because it's you right, ramping so you can exit. . . . .
Mrtroll
You continue though, waste your life here..
Last time I purchased at 0.8p and sold 1.2p, this time looking for more.
Maestro - "my average is 0.67p"
Mate everyone has known for ages that you are underwater here, hence your shameless attempts to ramp and dupe investors. Your methods both here and on ADVFN are for me, utterly despicable.
Now, are you going to put up a "sum of the parts" attempt that includes ALL of the parts?