Member Info for booboobooboo

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?

Zumore

I suspect they started the GPR work in September and as we witnessed last time RGM did exploration work there 7 years ago the weather beat them from fully completing the whole area but have managed to complete a significant part of the work and will be returning for a few weeks after the rainy season to finish.

I would be very surprised if I am wrong about that.

As a private bet as much money as you like Stephen we both know RGM have had very serious money issues over the last 12 months and that work has progressed at Mambare in that time which indeed costs money .If one party doesn't pay its way than they get diluted 2-1 .

I think the only bit we don't agree on if I have got this right is the 2-1 dilution .

How do I know the JV contract is dilutive 2-1 cos Bell told me face to face years ago when the tables were turned and it was DNi who wasn't able to contribute fully to licence renewal costs etc.Russell Debney also confirmed this to me .

Of course the new JV partners might not be continuing with the same DNi 2-1 contract but this to me is highly unlikely cos as you know the 2-1 part is there for a very good reason .

In exactly the same way I was right about it not being possible to use the DNi process in PNG for carcinogenic shipping reasons which is the real reason why DSO is being explored but has never been admitted. And I was also right about DNi no longer being our JV partner (RGM kept quite about that one for 2 years) I am right this time too.

As we live and breath RGM is presently a minority shareholder in Mambare and almost certainly would have been served notice to this effect,think about it why would the JV partners want to pay RGM share of the costs for a whole 12 months and beyond when they can simply dilute them out of the picture altogether ,particularly when you consider RGM have been messing them around for the last 2 years resulting in them very nearly losing the licence altogether ,which is another thing I was also right about.

Business is business ,the contract is the contract and the covenant is the covenant .

It is entire possible this is indeed the plan, don't pay anything together to costs ,get diluted , the JV list Battery Metals on the ASX ,RGM sell whats left of their stake and focus on energy storage instead.

My point is very simple ,there nothing wrong with that so long as shareholder are aware.

Thank you , as the final results confirm RGM haven't spent not a single pound on Mambare in calendar 2019,surely we can all agree on that and that we can all also already that a lot of work has taken place there .

When one party fails to contribute to a works budget they signed the other party serves notice after 3 to 6 months period , at that stage the other party has time to respond if they don't dilution at 2 -1 takes place .

I am happy to except theres a very slim possibility the JV have exercised leniency but I suspect its a simple technically issue . Stephen to clear this all up as its getting a bit boring , I suggest I stop going on about it and when the next Mambare RNS is announced if it shows 50% I will owe you personally £150 and if its less then 50% you'll owe me £150.

Do you want to shake hands on that and we will leave it there.

Taken from todays finals RNS,notice the absence of " 50% " which has been included in all cases since the JV was created back in 2010.They can't be honest and state the present % holding because they just can't and because they obviously feel the news of their holding dropping by 25% -35% would have a detrimental effect on the SP when they need to try and get it up before the next even bigger fund raising .Its starting to look like the companies entire focus is going to be on battery energy storage which is fine and I hope it works for them .My point is they need to inform shareholders when major changes like this happen ,absence of information is intentionally mislead investors into potentially making investments they otherwise wouldn't have made.

Mambare Nickel-Cobalt Project " ............." - the Company's nickel-cobalt project at Mambare in Papua New Guinea (PNG), continued to make progress despite the lack of capital available to facilitate operations with the Company's joint venture partners during the period. Application for the renewal of the EL1390 exploration licences, encompassing the project were submitted to the PNG authorities in early March 2019, and the accompanying Warden's Hearing took place in April 2019. A successful renewal of these licences is pending and will cover the period June 2019 to June 2021. Also, during the year, the existing resource was updated to the current JORC 2012 code. The joint venture partners have proposed a work plan to focus on ground penetrating radar activities and studying opportunities to progress a direct shipping ore operation at the project.

Beautifully articulated ,

bless you thanks

Of course Helpful and Stephen have to say that cos there are up to their necks in this.

SL and SP have either of you asked Scott about this 2-1 Mambare dilution arrangement yet?

Just give him a ring?

Scott doesn't know anything about exploration in Mambare and look what happened there absolutely nothing resulting in them very nealyr losing the asset altogether and finished with the JVP taking full control diluting RGM down to single digits.

Scott didn't know anything about the hirer car business and look what happened there ,he lost the entire investment within 6 months.

Scott didn't know anything about coal either but that didn't stop him from successfully investing £2M twice and he lost the lot on both occasions almost instantly .

Scott didn't know anything about oil and gas but didn't stop him from investing in CZN losing 92% and is by far the best investment he's ever made .

Needless to say Scott doesn't know anything about gas power stations either so its obvious where this is going .

Todays RNS endorses my belief Scott has a no commitment policy towards Mambare and is allowing RGM holding to be diluted down to single figures % .

James Parson can't change 2 -1 dilution in exactly the same way Stephen Lundy can't .

We are now at a 52 week low and the fall will almost certainly continue.Those who bought in on the.0004p ramp will within 12 months know how it feels to be a member of the 99.7% RGM losers club.

Can someone remind me how many days we have until the loan deadline?

thanks