Member Info for booboobooboo

Its the first time I have ever seen RGM largest shareholder get diluted and then he doubles up ,normally they get diluted out of the picture never to be seen again , so its going to be interesting to see what happens next .

Stephens problem is by being RGM largest shareholder this pretty much qualifies you to a 24hr, one to one, direct line to the company and as anyone who has a basic grasp of this company knows.....

Thats a very dangerous place to be.

Poor Stephen. In poker it's called "tilted" when you've totally lost the plot, can't think straight and are recklessly throwing your money away.

I actually do like the guy but he's on a path to ruin and nobody can help him.

That just about sums it up for me Zumore,

Andrew Bell, Regency Chairman, comments: "The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies. Once the second mining machine is moved to its new location we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence."

It takes a certain type of person to say this in a public announcement knowing that for the last 3 months HW2 had been taken back by the previous owners for lack of completion payments.

The entire statement is a total pack of lies and is the biggest lie I have ever known him to tell in my 10 years as a commentator and observer of this company .

This should be very easy to prove once the sniffer dogs are in and find the scent.

I suspect we have already surrendered our 47% of MET based on our lack of immediate funding support and that shareholders just haven't been informed of this fact yet.

Taken for 25th Jan RNS

MET Coal production continues at Omega with improved production following operational disruptions during move to new location at end 2018.

Andrew Bell, Regency Chairman, comments: "The key move of a high wall miner at the end of 2018 to a new location should provide three years of coal production and now enables increased output and operating efficiencies. Once the second mining machine is moved to its new location we expect to see overall operations reaching a new level of turnover and profitability. Many other initiatives are under way to tune up performance and increase production, and we look to the future with confidence.

(7 WEEKS LATER)

March 11th RNS

"A failure to agree and borrow the level of originally expected debt funding for the MET joint venture purchase of Omega caused a slow cascade of operational pressure and financial distress to appear in the business. This ultimately resulted in one of the two highwall miners being temporarily idled."

"An IMMEDIATE requirement for additional working capital of approximately $400,000-500,000 currently exists, and that additional sums may be required over the next six months in order to complete the full purchase of Omega."

"IMMEDIATE funding is required to restart the second highwall miner and to reduce key creditor obligations."

It would be reasonable to assume this lack of IMMEDIATE funding can only mean finances have got even worse since March,but thats not Andrew and Scott's biggest IMMEDIATE problem ATM .Their main failure was to not inform shareholders the full payment and purchase of Omega has never been completed resulting in one of the HW's being taken back by the Omega 4 months before.

I am struggling to see how they are going to get out of this huge one.

Zumore

It obvious to me now having scrutinized 11th March's figures we were down to only 1 HW from the end of October onwards .Operating only with 1 of the 2 HW's for the whole of Nov,Dec,Jan and Feb and not informing shareholders of these changes was a huge miscalculation and will, I am confident come back to bite them .

Instead they decided to suggest in the Jan update that savings had been made as a result of cutting overtime and that the 2nd HW was being either relocated ,maintained or holiday period before everything returned back to full capacity ,when in reality it had been confiscated for not making repayments in time,(repayment investors knew nothing about) was totally and intentionally misleading investors.

Not informing shareholders in Aug that the purchase of the new coal asset was not fully completed and that further payments would still be required at a later date was also highly misleading.

In summary the same pair 2 years before that posted a Rosa video of an imminent HW arriving that never was haven't been telling the true about the entire MET deal from the very start .

You would need to earn about £400k to net that kind of money and thats assuming you have no living costs.

You have to question where are they getting £400k from?

Hard to believe but this time last year the same pair participated in a fund raising and purchased less shares then they did today for £100k.

Directors Andrew Bell and Scott Kaintz to invest an aggregate £100,000 cash in the strategic financing to acquire 18,181,818 Shares.

The net £100k after tax and to have it spare you have to award yourself an unbelievably high inflated salary or alternatively make the payment from an account in the Bahamas.

People should be questioning where that sort of spare money came from?

https://twitter.com/AndrewBRRR/status/1118627370393636864

Making videos promoting how climate change isn't happening without a care in the World .

LOL

Still no mention of WC going bankrupt .

Has anyone ever checked back to see if any of the directors have ever sold shares ?

Cos their holdings never appear to go up .

0.54p thats our lowest sell price for 4 years.

I predict that MET coal is to be dropped and the focus to be on battery metals.

We have in effect £300k worth of shares left to issue which should cover most of the admin costs and will bring us close to 2 billion shares in issue ,with our lender holding close to 50% of the business at that stage.

A 10 to 1 consolidation to follow?

The SP should drop soon based on new total shares in issue, over present mkt cap valuation.

Yes thats absolutely right Zumore , I got my figures slight wrong yesterday , basically from here as a best case scenario the most RGM could raise is £300k.

Yes the plea to shareholders for an additional 2 BILLION new shares was to resolve the idle HW, where as in reality that turned out to be yet another one of their lies.

In summary the way this company has been run is an absolute sham-Bells!

August RNS quote .

Andrew Bell, Regency Chairman, comments: "As substantial shareholders in MET we are delighted to see the rapid progress now being made. We have considerable confidence that the specialist coal management Legacy Hill have identified to run the Cedar Bluff projects will deliver results, initially from highwall mining using two leased Caterpillar HW300 highwall miners. Regency looks forward to supporting the operations and expansion of MET in any way it can."

Sept and Oct figures were both around $2M turnover ,as we all know margins were never mentioned , in Nov we were below $1M a month and we have stayed below $1M ever since .

I can see now that Sept and Oct figures weren't enough to pay the 2 x HW's leasing bill for the following quarter so they only leased the one ,hence the staff reduction to 40 from 70 and the much lower turnover from Nov onwards.

They also introduced a new operations CEO at that time.

What RGM failed to do was to inform the market of these changes and the significant effect they were likely to have on future of the entire business.

"Funding to be used to provide funding during the strategic review of operations"

So remaining shareholders have been diluted a further 25% on top of last months 20% dilution just to allow the company breathing space to put together some kind of strategic review.

Paying themselves grossly high salaries in other words.

All the while debts continue to mount as do MET coal operational liabilities estimated to be $300k a month.

The most obvious and almost only survival strategy is to let MET coal go ,its cash burning $300k a month and has become the liability millstone i predicted last year.

In an attempt to create passive income Andrew and Scott have burnt their way through £6,000,000 of shareholders money and left a hangover of £1,000,000 in debts.

Assuming a continuation of our £700k mkt cap tomo , these additional shares should bring us down to 0.05p and when the remaining 1.5B are eventually dumped (taking warrants into account) thats going to take us to 0.025,

Thats 1/40th of a penny!

We really have become fully fledged members of the Penny Share Club.

Agreed, thats one of a whole host of reasons why Mambare is never going to become a mine.

The main one ATM is the latest Mambare licence renewal requires a 2 year expenditure program and we haven't got a penny but does Vince Sweeney know we are underwater ?

So someones going out to Africa with a hand held metal detector, thats about how much their exploration budget can afford.