RE: Mr BELL goes back to DRC8 Oct 2022 21:07
It seems Bell is, once again, heading out to the Congo to try and secure the cash Red Rock are rightfully owed, I have a feeling that Bell's future may well be at stake over this, one wonders how much longer the major shareholders will put up with this charade.
It has never been clear exactly what was achieved during the last (6 week) Congo visit, photos of meetings in salubrious settings, positive hints/interviews, then a return home suggesting an imminent arbitration outcome, to date that visit can only be described as a total failure - nothing has resulted from it.
Bell now suggests that he is going back to secure some signatures, well what does that mean exactly, the whole episode is like thick fog, it should be simple to explain but like everything associated with Bell it never is.
It seems Bell has the large shareholder group in his pocket, others have suggested they may be getting 'rewards' to cover their share losses, I estimate the 17% holder must be down, at least, £150k based on TR1 declarations v the share price at the time.
How much longer can Bell retain their support, has he simply outflanked them like all the other historic entities who bought 3%+ stakes, will they finally act, give him an ultimatum, have they in it in them to oust Bell, deal with the shrapnel and then find a suitable replacement BOD. Not sure they have.
If someone like Paul Johnson had the project suite/portfolio Red Rock holds the company would most definitely not be valued in the gutter like it has been through good and bad times over the last 10 years.
Let us see what comes out of the current trip, no doubt there will be speculation concerning a possible $7.5m/$9m cash payout, perhaps the share price bounce like before - time will tell.
DYOR etc
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