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I honestly believe if people like you didn't enjoy arguing then i would only have posted around 1000 times on lse. I only meant to make one post this morning but then i fall into the trap of the arguing posters which lures me in to make more posts. So no more posts from me today.
For me.. On the basis that the Agreement, which is subject to some rights of withdrawal by the lender, completes, and on the basis of current exchange rates, we would be left with a net positive balance of some �1.8m on the back to back facility after repayment of all amounts due to and from Red Rock. We would also have a 21-22% shareholding in Steelmin. Seven months after the initial investment by us in Steelmin, this would be a positive outcome. Is the good news here..
It's not really helpful for you to air your mis-reading of RNSes (some might view this as a way of making a subtle jibe at the company - "gosh I thought we were all going to get a case of champagne, looks like that isn't going to happen" style.
This sounds like price-sensitive information that hasn't been released before: "("Steelmin"), a company Red Rock financed so that it could complete the refurbishment and recommissioning of a ferrosilicon smelter in Jajce, Bosnia, has signed a Structuring and Placing Agreement ("Agreement") with a Luxembourg investment vehicle under which Steelmin intends to repay in full the amounts outstanding to Red Rock ("Loan"). " And zumore, to go from a position of saying that Steelmin won't get repaid and RRR will have to issue confetti to now saying (in effect) "yeah we always knew Steelmin loan would be repaid, nothing to see here" is rich, to put it mildly! The bridging loan is on track to be repaid as expected (by everyone except yourself it seems) and RRR will own 22% of Steelmin and have a wad of cash from the transaction. You know, just every now and again Andrew DOES pull a decent deal off (most recently the HHDL / UKOG killing that Regency made)!
Okenia stop being silly. You knew i meant that after RRR loaned Steelmin money (along with the other lenders) i then thought that Steelmin would have sufficient money to complete the work at the plant that could bring the plant into production. But the extract that i highlighted from todays RNS seems to suggest Steelmin require more money to complete the work at the plant.
You can read this in one of 2 ways: Good: If this comes off RRR will be able to pay their debts, have strong cash flow and still retain a diluted 21% of steelmin Bad: Steelmin ran out of money and this loan is needed to top up. The terms of the new loan are not stated but the statement that rrr will own a diluted 21% does not sound promising. It�s also likely that dividends from Steelmin will be put on hold until this loan is paid. The salaries to staff, including to the new member of the board, I am sure will be paid from day one. Before deciding which of the above you choose, remember it is Andrew Bell you are dealing with
"I had previously thought Steelmin had sufficient money to complete work at the plant" Yeah Steelmin took out a big loan just for the hell of it, they didn't need the money (holds head in hands and starts to weep)
These lot are like the ex-wives club. AB could personally deliver gold bars to their front door and they would pull a face. Buybacks on the cards end of Q1 in my view. RRR should be cash rich by then. DYOR
Graphite Tech, it as long been known that Steelmin would first have to take out a loan to repay RRR back their loan and so RRR announcing that Steelmin are seeking to take out a loan to repay RRR back their loan isn't new price sensitive news. So in my opinion RRR should've held off the RNS until Steelmin had actually repaid RRR their loan money. Though i guess new news from todays RNS is: "The Note proceeds would be used primarily for repayment in full of the Red Rock Loan, WITH SOME USED FOR PLANT COMPLETION" I had previously thought Steelmin had sufficient money to complete work at the plant but from the above RNS extract it seems Steelmin have ran out of money and they need to raise new money to complete the plant.
Perhaps AB felt he needed to calm your fears; ----------------------------------------------------------------- RRRThis YA loan versus Steelmin loan4 Jan '18 is not panning out like this RRR chairman predicted all those months ago. Back then he was saying because the YA loan and the Steelmin loan were almost identical then if Steelmin quickly paid RRR back their loan then RRR could repay back YA their loan: he made it seem so straightforward. But the reality is that this YA loan is being slowly shifted onto the RRR shareholders so they can pay it back through RRR dilution. That was NOT how it was supposed to be. If Steelmin haven't repaid RRR by the beginning of February then no doubt this chairman will be raising even more money through dilutive means which will of course will mean RRR shareholders will be expected to pay even more of Red Rock's huge YA loan: like i say that was NOT how this chairman first said YA's huge loan would be repaid back.
Be careful, you are inferring today's news is not true? Fine line you are walking.
You're missing my point GT. I was putting forward the argument that we must be able to rely on RNS's to be factual so that news, such as today's, can be accepted as true.
very undervalued here now, wakey, wakey.
Yes you are right, they should have sat on price sensitive material information in breech of AIM regs.
Probably not the smartest RNS by RRR. In my opinion RRR should've held off releasing an RNS until Steelmin had repaid RRR back their loan. Being cautious and waiting a couple of weeks before releasing an RNS to confirm Steelmin had actually repaid RRR back their loan money would've been sensible. Looking at the todays RNS: "The Agreement provides for a new Steelmin note ("Note") to be placed with investing funds on a BEST EFFORTS BASIS with a target issuance date of end January 2018." "On the basis that the Agreement, which is subject to some rights of withdrawal by the lender, completes" ^^^^^there still looks to be a chance Steelmin's new loan is still not absolutely guaranteed to complete. So like i said a bit hasty of RRR to release todays RNS: they should've waited until Steelmin had got this new loan and repaid it back to RRR.
No mention of the RNS, thought you would have commented on that rather than a defensive reply to Richemondo. Trying to blank that one out?
I would go and have a cold shower Colin
Do you not think important that a Company maintains its integrity by publishing correct information in its RNS's? The outcome of the money stuck in the bank system and the completion bonus to lawyers was never revealed. Investors rely on accurate RNS's to assist them in their investment decisions. That was my point.
Take that Trolls, you fellas going to get roasted on that.
Hey Trolls. Top of the morning.
You must be bored (or short of material) to be bringing up Greenland ..ever considered getting a life and moving on? Dont know why you are here but if you are interested (or just want a more topical area to bash RRR with lol) how about briarbanks info 're Kenyan gold..I've got a feeling that this just might have some legs at the moment..we've had hints of a JV and Acacia (who have been linked with interest in Migori previously and have exploration assets in Kenya and have just sold some 'non core' royal assets for $45m) may well be looking for a nearer term non Tanzanian asset (perhaps a tailings project to start) Oh - guess who has one of those... :)
Did RRR ever get the completion bonus back from the lawyers who handled the transaction?
is the Greenland buyers money still tied up in his Cypriot bank account - that was the last news Bell gave out as to why the sale was going slowly :-)
Weren't the RNSs along the lines of the licenses had expired Bell himself said forget about it, think of the project as being in an oubliette so yes, pretty much oblivion
Greenland is a mirage in my opinion and subject of huge speculation. Why would anyone spend millions and millions of pounds providing the necessary infrastructure when you can mine in Australia and South Africa for a fraction of the cost ? Won't happen in my lifetime I am certain.