WHY RRR CLNS ARE BAD FOR YOUR WEALTH15 Sep 2025 06:02
Dicko - you are getting better. Well done. I did lie about waiting till Monday to post !!
As you confirmed i did not lie (despite you saying i did ) about (1) £10-12m debt (2)Finance charges 134k a month some at 0.5% a day interest (3) CLNs
The most serious of all is CLN's see below ? CLNs makes RRR un-investable IMO . Be very careful Hapless as you as posters on here know are a CLN holder
Audited 30th June 24 accounts had the CLN balance set out in Note 18 bullet three as £638,535 on 30th June 2024. Terms and conditions are disclosed as it’s a statutory requirement.
In RRRs (unaudited) half year report to 31st December 24. The opening balance of CLNs on 30th June 24 is now £2,877,000. ( Table at Note 11).
Why would CLNs go up over £2m for the same date just as the auditors have gone ? Could it be they don’t want SHs last year to know the T&Cs ? Could it be the T&C are usurious? Remember those loans at 25% arrangement fee and 0.5% a day interest that we were all shocked about ?
In the half year to 31st December 24
They added another £605,000 CLN’s for loans and a further £430,000 for interest,
The company won’t tell us any information, so I use the 430k to work out a 34% annual interest rate (what rate do you get on yours Stephen ?) . They really should disclose this like they have always done with other CLN’s. Ask yourself why they don’t?
A further £378,000 was converted.
This leaves a closing balance on CLNs on 31st December 2024 of £3,534,000.
All the above fact. Now the conjecture
- What’s the balance now ? I would estimate £5m
- What does that mean for you if conversion price is 0.025p ? Answer 40bn share. With equal warrants like last issue 80bn shares. Let’s hope it not that bad but its illustrative.
So as Bravemark says we have some seriously wealthy lenders supporting us. Money follows money and soon they will be a lot richer. Lets hope this involves you and CLN and equity holders interest aligns.😊
Still you have a laughable assurance from Helpful that CLN holders will convert high. Are you speaking for yourself Helpful or all CLN holders ? Lets hope you are better than this than your knowledge of TSX rules or estimate of the Soma transaction !!
One light at the end of the tunnel is the audited accounts are due by 31st Dec 25, and the auditors have an obligation to report the CLN’s in full and the entire T&C’s. Let hope the company gets that far.
Sadly, and unforgivably in my opinion Hapless knows all this but continues to encourage investors.
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