Obviously we do need to address this issue so as to go from being effectively debt free to debt free so as to remove the clouds once and for all.
Its silly all bickering with one another we all share total distrust of Bell and some of us moaned about him , warning others while others did something about it and got rid of him.We should now all be celebrating this event .
Of course the longer the plateau in the chart continues the more shares that can be taken off the table, for the least amount of cash,seeing as the mechanics of the share buy back are a 105% average 5 days etc .The share buy back would be halted temporarily if the SP was to rise above that threshold.
We have to date averaged a rise of 0.10p a week since the share buyback started ,I can see no reason why that wouldn't cont . particularly taking Jan IPO's into account .GGP are also doing well ATM.
There is also a risk of PNG introducing an export ban or higher export taxes too.
Can anyone remember Mecedesman from this time last year,what was that all about ? Notice how it was Scott who sent them 3 different times discussing Mambare 2019 -2020 budgets
Has anyone else recieved emails from “Scott Kaintz” between him and AB? I got 3 that look like personal internal memo’s?
No...
1) “Full environmental permit application”
2)”budget comments
3) “variation of exploration licence EL1390”
Each have attachments, from “V-Sweeney at Sydney capital partners”
Im not invested here so have no idea what they are on about or why I got sent them?
I dont know what to make of them, they are talking about the budgets going forward, one is about a 30 hole dril program ammendment, its all gobbldygook to me because i know nothing about RGM and what its currently doing.
Can anyone remember Mecedesman from this time last year,what was that all about ? Notice how it was Scott who sent them 3 different times discussing Mambare 2019 -2020 budgets
Has anyone else recieved emails from “Scott Kaintz” between him and AB? I got 3 that look like personal internal memo’s?
No...
1) “Full environmental permit application”
2)”budget comments
3) “variation of exploration licence EL1390”
Each have attachments, from “V-Sweeney at Sydney capital partners”
Im not invested here so have no idea what they are on about or why I got sent them?
I dont know what to make of them, they are talking about the budgets going forward, one is about a 30 hole dril program ammendment, its all gobbldygook to me because i know nothing about RGM and what its currently doing.
Whats really happening here is a twice in a row failed business has come out with a half baked idea in an area it has no knowledge or experience of and is saying to investors ,if you buy shares are a 50% premium to last weeks placing price we will deliver quickly and fast cash revenues.
If someone in real life who has a proven track record of losing a lot of people money said to you give me £10,000 and I will pay you back your £10,000 and more in a few months times , I would consider myself a fool to hand that person any money.
If something sounds too good to be true ,that will be because it is.
Scott Kaintz, Regency CEO, commented: "The Executive team at Regency are delighted to introduce ion Ventures as a strategic partner to the business. ion has a deep project pipeline of energy storage and distributed energy projects in the UK, has comprehensive experience commercialising assets in the sector, and provides Regency line of sight on first project cash flows."
Scott Kaintz, CEO, commented: "I am delighted to report the first of many shaping moves as our new Executive team look to accelerate first revenue from our core projects."
Scott Kaintz, CEO, commented: " is anticipated that the project can achieve first revenue within a short timeframe, with anticipated revenue streams from electricity trading, Short Term Operating Reserve ("STOR"), Enhanced Frequency Response and Private Wire electricity sales."
The new buzz words " cash flow, first revenue " they are trying to get investors to part with their money above 0.0275p on the back of these empty phases without so much as putting forward a basic business plan showing the mechanism as to how short term cash flow can be achieved.
If IV have experience at delivering quick cash flow "fast" in this field then why on earth would they choose to be JV-ing with no experience RGM?
RGM has a proven track record of being a failure and should not be making these sorts of claims.
Whats not being mentioned ATM is the need for as many of those 7 billion new shares to be off loaded above 0.0275p ASAP enabling the participants to invest their profits all over again into the inevitable January fund raising .
Remember RGM still hold £750k worth of debts with absolutely no money in the bank post a successful January Sydney meeting and average an expenditure cost of £850k pa on admin.
Its going to be a hard one for the the dream sellers to pump IMO.
Zumore don’t let Stephens hypnotising and normalising of events at SOU influence u , remember he’s really a snake that hasn’t eaten for a long time .
Helpful, you are correct, this will easily be resolved between the 2 parties in January proved RGM is serious about paying their share.Whats different about this time around as opposed to last time is , when it was DNi's turn to be served a buy-out notice (whatever that is ) DNi had no means to even pay the £60k they owed RGM . That may be the significant difference legally/contractually and is why RGM have a case , to at the very least maintain some if not all of their holding ,after all RGM leniency last time around is what allowed the metallurgist to become partners in the first place.
Its been crazy that its the metallurgist partners that have been doing and paying for all the exploration work while the exploration partners sits back in London doing and paying for nothing .Thats the wrong way around ,in the same way RGM have happily paid ion Venture in shares for consultancy work on their behave RGM should acknowledge in January they haven't been doing their fair share over the last year.
Stephen Pearce
Its all in the RNS's , work has taken place there during 2019 and its a basic fact RGM have been skint for the whole of 2019 .
2-1 dilution has been known about by investors for nearly 10 years , theres nothing wrong in putting those 3 pieces of information together and speculating as to whether RGM had changed focus .
If RGM remain 100% focused on Mambare and they really mean it when they say its their flagship asset then they have got a funny way of showing it ,activity there could have justified half a dozen RNS's over the last 12 months but investors only got 1 during the whole of 2019 which was weirdly played down and suggests they may have lost interest preferring their focus to go on peaker plants instead.
The only way to prove your committed to something is to get your wallet out in January , RGM isn't big enough to juggle more than one project while activity is taking place in Mambare and it is wrong to expect a load of metallurgists to pay your share of the costs while you go off chasing new dreams .
I don't know how much the metallurgists have spent on Mambare in 2019 or are planning to spend in 2020 but whatever it is ,its going to be a lot more than RGM have been use to spending on external projects/non admin costs over the last few years.
Its very much make your mind up time for them peaky plants or Mambare ?(PP may have to go on the back burner for a while.)
Having both isn't an option unless they wish to inflict even more enormous levels of dilution on their shareholder having only just issued 7 billion new shares.
I am very glad these issues have at last been drawn to RGM shareholders attention .
It would now appear I have been painting too rosy a picture when i envisage RGM getting diluted 2 -1 by former DNi employees . It now transpires we have past that stage suggesting these issues have been festering for some time.It must take quiet a few letters of notice before getting to a legal stage and the only reason I can think of for legal action is to seize all of the asset .
Taken from the 24th July RNS 2019
" Battery Metals Pty Ltd ("BMA"). BMA has signed an agreement with the Company by which it has been substituted for DNI as a member of all agreements previously in place. "
So the contract terms and conditions remained unchanged only BMA was replaced by DNi.
Taken from the July 16th RNS 2016
" DNi had been unable to meet approved expenditure calls, and Regency had issued default notices followed by a buy-out notice and had begun discussions with Direct Nickel to take over DNI's share of the project. "
So clearly there is a mechanism in the unchanged contract that allows one of the parties to seize 100% of the asset should the other party not respond to a plural of default notices , followed by a final buy-out notice .
It would appear we are at that stage now and I think it responsible to assume this process started some time ago (6 months,minimum 3 notices ago) so RGM have clearly been keeping investors in the dark for near on half a year.
It would also appear that we now find ourselves at the absolute MERCY of former DNi employees who I am almost certain have every legal rights to take over RGM's share of the project.
As always you just can't make this share up , if former DNi employees take what is legally theirs to take it is going to leave RGM with only one last remaining asset , a battery storage division that values itself at £400k (£80k per 20%) equating to 0.45p.
If correct its starting to look like those .00275p placing participants are going to find themselves joining the 99.7% RGM losers club very SHORTly.
I am so incredibly disappointed that this has been allowed to get to this point .On RGM very first day of their 2nd reincarnation it announces legal action is being taken by its flagship JV partners .
Ha! A MOU. Mr Parsons favourite. Not legally binding. An agreement about agreeing. Dangling a carrot. Sheer contempt for investors. The carrot for donkeys. An agreement today to pay in shares. More shares. Many more shares. In exchange for your money. How many times can a person be fooled? There are billions of these shares waiting to be issued.
Beautifully articulated ,
Bless you.
" IV will support the Company, initially on a consultancy basis and will be issued shares in Regency as consideration."
Basically this is being dressed up as a JV to cashflow when in reality IV are being employed by RGM on a consultancy basis and are being paid in shares for no other reason other than none of the RGM management have the skills.
Its the same old problem none of the BoD are qualified to know anything about anything related to the portfolio they are managing ,it wouldn't surprise me to hear they can't even wire a plug.
This is exactly the reason why our JV partners on the other side of the world can't see a use for RGM anymore.
They're just not very useful.
You think it will go that low, that quick , maybe . If they want to halt a 2 -1 notice than they will have to do another placing in January, assuming the JV showed mercy that is.
But surely if they are planning to borrow £30M the lender will need a security deposit (I am of course speculating ) of 20% (£6million) which is how they are planning/hoping to get the capitalisation above £10m which i am guessing again may be part of the covenant (common practise ).If it is something like the above then theres going to be a monster about of confetti arriving in the New Year which might explain why they have chosen to consolidate at 100 -1 this time around instead of the previous consolidation ratio of 20 -1.
The 20% shareholder has sold his stake in AES for 3% of Regency Mines ,the £80k part of the deal should we go above £10m has simply been added to protect his 3% holding i.e. his holding is 3% non dilutive in other words, his holding will remain at around 3% after a monster confetti event during his 6 month lock in period .
" In exchange for selling their 20% stake in AES to Regency, the minority shareholders will be issued 2,461,538 new ordinary shares in the Company following the 1 for 100 consolidation expected to be implemented on 24 December 2019, locked in for six months with further share issues (up to a maximum of £80,000 calculated using the 10-day volume weighted average price) being made in the event of AES securing approximately £30m of funds for the Southport Energy Centre at the special project vehicle ("SPV") level, and Regency trading at a market capitalisation of at least £10 million for five consecutive trading days."
It also says shareholders but I thought there was only one individual.
Worth noting the deal valued AES at £400k.
Good Morning Zumore
Your posts are persuading me booboo.
Apart from money the unknowledgeable RGM management seem of little use to the Mambare JV partners.
Not quite correct but nearly ,they are not even good for the money .
You have to look at this from the JV partners perspective . After 3 years the JV partners have worked out what we both know, RGM are bunch of useless fools that lie a lot . The original idea was one party do most of the geology develop side while the other party who's expertise is more into large capital finance becomes more active in the later final stages.
But thats not how its worked out and it now appears its the JV partner thats doing everything.
ie RGM is of no use
Here is RGM serving DNi notice 3 and a 1/2 years ago and that was just for £60k , this is why I am confident notice has been served on RGM this time around seeing as we are exactly halfway though a 2 year work program that appears to have some very high end associated costs.
Why wouldn't they? Think about it the whole of 2019 has been an absolute nightmare for RGM and up until 2 weeks ago looked like we were almost certainly going to go bankrupt .Issuing default notices followed by a buy-out notice would be completely reasonable for the JV partners to do under the circumstances .What else could they have done?
"Regency holds a 50% direct interest in the Mambare nickel-cobalt laterite project located in Papua New Guinea. The project was operated as a joint venture with Direct Nickel Ltd ("DNi"). DNi had been unable to meet approved expenditure calls, and Regency had issued default notices followed by a buy-out notice and had begun discussions with Direct Nickel to take over DNI's share of the project."
My final point of the weekend and is worth noting ,its not my fault RGM nearly bankrupted themselves this year with huge debts and as a consequence failed to pay their agreed share of a 2 year Mambare work program which may have resulted in them now being a minority shareholder if they are lucky .
It is someones fault though.
God Bless...
Zumore
Yes I think you are starting to get the picture poor old SP and SL have bought in HEAVY believing we are 50% shareholders in Mambare when we most certainly aren't . ,why would you continue JV-ing with Laurel and Hardy when they have "handed you on a plate "contractually a 2-1 option to dilute them all the way to the Blue Ridge Mountains of Virginia via Rosa Mine and Beyond?
I can remember you calculating AB being a natural braggar in Nov last year during the Met Coal comedy episode , a winning and very convincing argument ,provided you knew the individual .
They are lucky to have us . If it wasn't for our relentless hard work over the years for no financial gain they would of had no idea whats really happening .
ps
can you remind who we bought the Bluff coal asset off that lose us all our wealth ? I am confused as to why we signed our money away before finance loans were agreed?
What do you think about that?
Why did the seller even allow it?
God Bless
FACT , money has been spent on Mambare, FACT all that money has been paid for by the JV partners,FACT RGM haven't contributed to any of it ,FACT RGM sign a budget agreement before the work started . FACT there is going to be a meeting in Sydney .FACT both AB and Russell Debney told me there was a dilutionary mechanism set at 2-1 should one party for whatever reason not pay there share.FACT RGM don't have any of the necessary skills ,knowledge etc (their distance from PNG doesn't help either ) to be of much use to the JV Australian based partnership its suppose to be 50 -50 when it comes to heavy lifting too not just one party doing all the work.
SPECULATION What we don't know is what the budget for the 2 year work program was set at and whether RGM £800k will cover it or if RGM are committed to paying any of it and seeing as that money is overdue now would that led to an immediate fund raising straight after the new years break.
SPECULATION What we also don't know is whether our JV partners would be willing to allow RGM to pay their share of the costs ,RGM have after all slipped up ,we don't know but maybe the JV partners like the idea of themselves taking a greater share as they are contractually entitled to do .After all they have been doing all the work and may be wealthy enough to not need the RGM late money.
SP are you going to be attending the AGM?
Wouldn't it be funny if MTR haven't even bought any of their own shares today.
Or they do but its a big one right at the end of play.
Finally,
I think we both/all agreed work has taken place and RGM haven't paid a penny towards it,
Stephen what do you imagine the JV contract to be , are you saying RGM should be given more time i.e. leniency should be exercised or hard luck to the JVP for being stupid enough to pay RGM share .
Basically I don't understand what you are saying?