The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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TW is fully aware but ignores it as Bell has a stand at TW's UK PumpAndDump show. I contacted TW a long while back and pointed out the hypocrisy. His reply was that Bell was his mate with the implication that there were other fish in the sea to fry. Bell had better pray he doesn't fall out with TW as there must be shedloads of ammo in TW's cupboard. You only have to look at his 49 rules for bargepoling a company. I would add a 50th which MrM alluded to. "Companies that use hearsay in their RNS rather than taking direct responsibility".
ColinH100: My losses are even bigger than yours. I keep hanging on.
RRR's own Jupiter shares are now worth more than current Market Cap.
And I remember RRR selling ca. 40milion Jupiter shares at a measly 7c. to clear a £2m loan from Global Now worth over 6x as much. .
That'll bring home the bacon.
I did receive Jupiter shares as a result of my RRR investment. The Jupiter shares are valued at £990, my losses in RRR are 20 times that. Thankyou Mr Bell.
Seems to change inn rrr.one failed project after another and he still gets paid what is a fortune for an incompetent.still his beloved brexit will offer more opportunities to invest in more mad cap investments in all manner of far flung climes.maldives could be a good area for a jolly.
I bet there will be more defenders appearing soon ,bigging it up when the next big dream materialises.amazing tw hasnt caught on to this guy lol.
I have read that report and boy, it is hard not to imagine a similar local scenario explaining (or not, as the case may be) the waterfall charts for this and RGM.
made an interesting tweet the other day. He tweeted:
"Every wondered what skeletons you might find if you booted out a long-serving spivy AIM CEO and got control of the books?
If you read nothing else today, I recommend the Chairman's statement from Origo Partners. A total hoot. "
https://www.investegate.co.uk/origo-partners- https://twitter.com/DkOkenia/status/1045582369078616064
..............
I don't agree with Okenia on everything but in regards to your first paragraph question Okenia "yes i have often wondered that".
Maggie you should contact the RRR chairman. It could be Mr Bell's next big investment for RRR.
Good luck.
Oh dear. I give it an hour before this is gone.
He does seem to be a reckless gambler. I've said this many times before but if he had never found the easy life of AIM, and was instead getting money from his relations for his harebrained investments, then no doubt he would have made them all broke years ago.
Though luckily he found AIM, he has no shame
Endless gambles, endless rambles
many excuses, total shambles
Sack him!
It is worse than that. Bell borrowed the money to lend to Steelmin.
Although RRR didn’t lose anything on Steelmin it was an unacceptably high risk. The fact that Steelmin had to give so much away in exchange for a fully repayable loan shows that nobody else in the world was willing to lend to them. Andrew Bell, on the other hand, was willing to risk the companies only real asset for this loan, making it a make or break deal for the entire company. RRR were lucky to come off unscathed. Next time we might not be so lucky.
In the meantime, we were negotiating with suppliers for the supply of electricity, where we encountered certain problems. Since May, when we started manufacturing and since we had short-term contracts, electricity prices rose drastically. We have planned with the best bidder to conclude the quarterly agreement, ie by the end of this year. But the problem is that the current from 57 euros per MWh (megawatt hour) on the market today has risen to almost 77 euros per MWh, which can be seen on the stock exchange and the internet site: HUDEX - Price Movements - Steelmina BH "Dževad Delić.
This is a drastic increase in prices, and this new situation, as the director said, has led the company to an uncomfortable position and in a situation where there is an uncertain continuation of production by the end of September or the beginning of October.
Delić: It's not about the problems we can influence
Delić: It's not about the problems we can influence
"We consider it important to inform the public that it is not about the issues we can influence. It would simply produce at a cost of 77 euros per MWh of electricity, with loss, which is unacceptable. We spend almost 20,000 MWh of electricity on a monthly basis, so the difference of some 20 euros per MWh is big compared to the start of FeSi (ferrosilicon) production in May, when the electricity price was 57 € / MWh. It is important to emphasize that we are still in constant negotiations with the suppliers of electricity and will contract with those who offer us the best and most favorable offer - Delić emphasized.
Due to excessive current prices, some plants in BiH have stopped production, such as the Aluminijske kombinat Mostar. Companies that deal with similar activity and continue to work, unlike "Steelmina" BH is a different situation because they have long-term contracts, so price changes do not affect them.
- In the future, "Steelmin BH" will enter into longer-term contracts for the supply of electricity over the current year because we were not sure when we would start producing FeSi so we could not make such contracts. The reason is simple, you make a contract and fix the date of the takeover of electricity, and in the event of any problems at the start and the inability to take over the contracted amount of electricity, huge penalties are being paid so that this is a two-blade sword and risk in the world of business and such production where the current participates more than 50 percent in the FeSi product price - Delić emphasized.
The chart doesn't lie. Everything you need to know about this BOD and the dire performance in one graph:
http://oi67.tinypic.com/15k6kh.jpg
Anyone interested in more on the Steemin disaster can read it here. This was published 14th Sept by Jajce Online.
https://jajce-online.com/2018/09/14/steelmin-zbog-poskupljenja-elektricne-energije-tesko-je-nastaviti-proizvodnju/
Copy/paste into Google translate which will detect Bosnian.
Helpful - "in fact they made a profit on the transaction"
Would you care to provide your basic figures in support of that statement?
Helpful you are so flip floppy because when Steelmin owed RRR the huge loan you would've been saying "don't worry If Steelmin don't repay RRR then RRR will get the ferrosilicon plant". You know what, it will be exactly the same outcome if Steelmin don't repay the huge loan to these Luxembourg lenders. So you are talking ridiculous!
Again, I see some people don't understand commerce.
Steelmin has a value, it cost RRR nothing (in fact they made a profit on the transaction when the loan was repaid). If it gets sold and the return is say £2mil net of debt then RRR gets £440k. Unless Steelmin is worth nothing net of debt then RRR will have made a profit. It would be better if they sort out their issues but nonetheless there is upside there for RRR.
I was hoping that they could sell it in better circumstances but there is no downside here for RRR only upside.
£440k profit on a 12 month trade costing nothing would be pretty good in most people's books.
Hopefully, they sort it out and get it going properly again. Fingers crossed.
DYOR
Won't be long before RRR has to pay back the loan notes. I wonder how the company will get the cash to pay them back?
Will Peter Gyllenhammar dump his entire holding here like he did recently at Stratex (now Oriole) he has 66m shares, at Oriole retail took the stock in 2 weeks but cannot see that happening here.
He will not be impressed with this update.
MrMagic: "Wonder what that Luxembourg investment Vehicle is now thinking ?!"
Probably "omfg what have we done?"
It seems certain Steelmin won't be able to repay back the huge loan to these Luxembourg lenders and so these Luxembourg lenders will get Steemin's only asset the Ferrosilicon plant. Though because with present electricity costs it would be loss making if it tried to operate then you would think it would be pretty impossible to sell (unless Bell tried to buy it) and so an absolute nightmare and pretty worthless to these Luxembourg lenders. So it seems a nightmare situation for them.
Though of course my greater sympathies lie with the Bosnian Ferrosilicon plant workers who probably thought they had found a long term job. So i do feel sorry for them.
Doesn't look like the Cockrane family were too impressed with the update LOL
Wonder what that Luxembourg investment Vehicle is now thinking ?!
Really grim update. I'd be surprised if we don't see it drop below .6p from here. I reckon that Steelmin project will turn into a money pit.
Applying that logic why aren't all shares that drop in the morning zero by the end of the day? Face it Helpful, you've been had over. You are definitely not the first but, with any luck, nearly the last.