ADVFN31 Dec 2018 12:43
*Had a quick look at Regency noting I've no personal interest or axes to grind.
The following: S Pearce, M Lancaster, P and J Johnson and K Morge hold 27.23% shares in Regency.
RGM seem to have steamed ahead on their assets and should have contingency plans for cash shortfalls. [Or maybe it is a bit of a gambit: At least OK at the outset but in a bit of a pickle as time advanced.]
[Lots of prospects but needs at least £3 million in the bank for tidying over purposes. Interesting to see if confident buyers at 0.55p - 0.85p jump in at these low levels and whether Bell and Kaintz dig deep - that's something for investors to keep their beady eyes on. RGM cheap on assets and very high risk on bank balance.]
[Remembering the words of an advisor, "the most important thing is getting the money in". Second, "keep your wallet and cheque book under lock and key". Third, "don't employ anyone unless they are profitable to the company on the first day". Pay directors mainly in high priced options including expenses, 100% if possible, it concentrates the minds of the best and quickly dumps the useless, joy riders and pathetic. Chair persons have a habit of saying how brilliant their fellow directors are and bolsters their position, wages, expenses, free shares, options, jollies and, buck-she or maybe Buck's War as with William F Kelly's well known book.]
The company said its priority for 2019 is to restructure its balance sheet from short-term to longer-term liabilities so that the impact of expected cash flows from coal production at MET can “strengthen the financing capability of our developing nickel-cobalt operations at Mambare, and make us financially self-sufficient”. [Noting White Energy had coal plans that brought in plenty of cash but the Annual Report showed their venture in fact made losses not profits. Nickel developments are tough, ask Poseidon Nickel, unless you get 4% to 6% nickel then all the world is wonderful, ask Sirius Minerals.]
The miner repaid its entire US$835,115 loan facility at the start of the year after a £1.055mln equity raise.
18,181,818 new ordinary shares of 0.01p each ("Shares") will be issued under the Fundraise at a price of 0.55p per ordinary share on the same terms as described in the "Business Update, Strategic Financing and Director Participation" announcement of 11 January 2018, together with 1 for 1 warrants exercisable at a price of 1p for twenty-four months. The warrants have an accelerator for conversion in that the company can compel conversion of the warrants within the exercise period in the event that the volume weighted average price of Shares equals or exceeds 3.5p for ten consecutive business days.
EsTeq with its small interest in Whitecar, under 6%, looks to be a cash guzzler and in expansion mode. So even if worth just under half a million smackers there is no short term joy in cash receipts coming forth. As to the 80% holding in Allied Energy it looks quite early stage, maybe a cash sh
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