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To following link to PWC provides a very helpful summary of what it is:
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-ccaa.html
Sorry Moon, that message went off half written. Should have read:
Well it is better than having failed to restart operations and folded. The question is whether the $5M, with copper at the current price, is enough for us to operate at full production and start digging ourselves out of this debt millstone that it around our neck, or whether it is just there to provide a buffer while the assets are sold off. The fact that we should be back operating tomorrow gives me some confidence. What do you reckon?
Best wishes,
Prof
Moon,
Well it is better than having failed to restart operations and folded. The question is whether the $5 M, wiht c
Reopening planned for tomorrow and:
'Directors and management of Rambler are expected to remain responsible for the day-to-day operations of the Company, under the general oversight of the Monitor.'
But what does all this mean for the medium to long term?
RMMCL has entered into a conditional DIP agreement for a loan of US$5.0 million with RMM Debt Limited Partnership by its General Partner RMM General Partner Inc., representing certain senior secured lenders to RMMCL. The DIP is contingent on Court approval and will be secured by the assets of RMMCL and the guarantors, including Rambler, 1948, and RML, and will be used to support the operation while in the CCAA process.
Hi Grg,
I believe that there is a cost to an RNS (not sure how much) so this could be about saving cash.
I agree generally however that comms with shareholders leaves a lot to be desired both in terms of frequency and content.
Best wishes,
Prof
Thanks Luna, I was looking for that.
Best wishes,
Prof
Laurus,
She is the COO and I think MD of a division.
Best wishes,
Prof
Mike, Seis, Jonah,
Thank you all for responding and clarifying.
Best wishes,
Prof
Thanks Ilja.
Prof
Hi Mikie,
Thanks for the points. I was excited on one listen but will do as you suggest and listen again and see what extra exciting news I pick up.
Do we know why only 30% is exposed to market prices? Is it hedging - and if so for how long; or is related to something else and if so what?
Thanks,
Prof
Thanks for clarifying. Could I suggest that in the future announcements that is made clear as it does cause a little nervousness when a PDMR sells 90,000 shares over a few days.
Thanks as always of the great job you do.
Best wishes,
Prof
Hi Seis,
I know what you mean ref RNS. It was certainly not something you could only read once. It made a lot more sense on rereading after listening to Leon's presentation.
Best wishes,
Prof
Hi Seis,
The following is taken from this week's RNS and is Leon's words. To me it suggests that we should see some production of copper at all times during the upgrade.
'Based on the initial review of our technical teams, Roan can be expanded in phases to more than double its current capacity, while avoiding a complete shutdown of operations to accommodate the full upgrade. The initial phase will expand and upgrade the material handling and classification circuits, to accommodate the simultaneous processing of copper tailings and copper containing ROM material, which immediately facilitates the implementation of the first Northern linked refining project at Luanshya, and the supply of further third-party ROM material.'
Did you read it differently?
Best wishes,
Prof
VBig,
I agree that it would be nice to see him hold / buy more however he will no doubt have millions of options at different strike prices and that is what will tie his interests with ours.
Best wishes,
Prof
If he was just going through the motions to reassure the market then I can't help but think that he would have waited rather than do it on top of yesterday's (and Leon and Colin's). Between the 3 of them that is nearly 900,000 shares since the RNS. Sure it would be more but I do take it as a genuine view that they feel the SP is undervalued after the drop.
Thanks to all who posted responses. Some stuff that I had not thought of so very useful thank you. Not sure what to think at all now!
Best wishes,
Prof
Hi Strummer,
Thanks for your thoughts.
I think the deal with Elemental was that CEY would provide a minimum of 1200 oz of gold a year in each of the first three years of the agreement. The deal was RNSed in Apr 22 so presumably the first year end is around Apr 23, arguably therefore there is no default until CEY are not able to deliver that in year, hence why the RNS now with 2 or 3 months to go.
I am not saying this is good comms to the shareholders at all and I agree that the apparent pumping of the share over the summer period seems strange however I wonder whether they are legally OK with regards to the Elemental deal in not saying anything until now.
Best wishes,
Prof
If NewGen are the the primary creditor they will take precedence over all else. If Elemental under their deal are classified as a creditor too then they would presumably be behind NewGen for payment. If that is the case why would NewGen let money go out the door to Elemental? Presumably it is in NewGen's interest to either have the monies going to them to minimise what is owed to them or have it go to the suppliers who are key for the day to day running of the mine to ensure continued revenue. I would be grateful for any thoughts as to whether that logic is correct of flawed. Best wishes, Prof
Moon,
Will be interesting to hear what you make of it with eyes on the ground.
Have a good visit,
Prof