The very worst corporate governance 2 of 219 Nov 2023 07:38
The Investor relations page of any good company will have succinct highlights celebrating their recent success. What have they done what can they boast about. So, what are RRR’s four highlights on the current site?
https://www.rrrplc.com/investors/
- 0.95% interest in Jupiter Mines. Oh, we wish. The audited accounts for June 2021 show our holding as 0.53% and the accounts for 2022 show it as zero. We own zero shares in Jupiter it was disposed of in full over 3 years ago.
- $250k annual royalties from Limon. We have received no royalties but in the audited accounts we may in the future, but they will be nowhere near that level here that needs revisiting.
- $600k of dividends from Jupiter Mines in 2019. Yes, we remember Bell said it would underpin RRR in perpetuity and negate the need for future share issues. He frittered the lot in less than two years on the Steptoe’s yard collection of assets we have now.
- 6.89% holding in African Battery Metals (ABM) . This is the best one of all mind blowing it’s a highlight. In late 2018 - Bell and Paul Johnson personally invested 20k each and RRR 100k (the 6.89% holding ) to bring ABM out of suspension and repay its creditors. It never traded and is now listed as a dormant company on company’s house. Johnson resigned as Director this year - RRR share has been written off.
Mr Bell if this is your companies highlights, we have a real problem. Each one of them represents an abject failure of the company many have invested in.
Good governance is important. RRR need to remove the contents of the highlights page and include in it something much more up to date ? Perhaps linked to your recent asset review. The governance of the company needs a complete root and branch review.
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