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Simon, since you only seem to trust figures that come straight from S&S, I have had a quick look at the company accounts and RNS releases. Let’s see if you trust them…
If you look at Reabold’s RNS from 14th June 2018 then you can see that they acquired Daybreak for a cost of £3,045,000. polaris.brighterir.com/public/reabold_resources/news/rns/story/xlp4pjr
If you then look at page 69 of the Reabold 2020 annual report Reabold-Resources-2020-Annual-Report.pdf (wp-reabold-2023.s3.eu-west-2.amazonaws.com) you can see that they made loan to Reabold California of £6,292,000, total £9.3 million.
Danube we agree is £5 million.
So I apologise, to you, I was wrong before. It was not £15 million wasted on Danube and Daybreak it was “only” £14.3 million.
Are these facts and figures enough for you?
Now I have done your research for you it’s your turn to answer my question: What has happened to the £14.3 million that has been invested in Danbube and Daybreak, which are now labelled by the clowns as "non-core assets"? Also, why were the Reabold California accounts deliberately destroyed?
How is Daybreak at 9.3 million and now worth 42% of $38,000 - the current market cap of Daybreak according to Yahoo finance a fab asset?
https://finance.yahoo.com/quote/DBRM?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuYmluZy5jb20v&guce_referrer_sig=AQAAAJrBkKmfsn9HcQP94GbJfuiv1kA9WbBO6me7AvG3GFUFOASDUNPPq-WudnGQXy-T3yzW-gatiXs81ugjW2paUf6gVcZ4QHQJj4iRoOCgbEPogWDRSEk_kaDuHDDv_1ET57QdP2UQMBLPFXbDQJMakl5-Wj2waZtiiCKjMEswBNzR
How is £5 million into Danube, now worth nothing a fab asset?
For the second time Simon, the destruction of the accounts took place at Reabold California, which was nothing to do with Kamran Sattar and was all to do with Reabold and S&S.
Why won't you answer any questions put to you on the massive value destruction that S&S has carried out during their time at Reabold?
Simon says: "Kamran needs to be careful as he owns 40% of Daybreak and if he is fiddling the accounts over the pond he will be doing time on his next trip."
Except the accounts that were destroyed related to Reabold California which Kamran had nothing to do with and was a wholly owned subsidiary of Gaelic Resources, which is an Isle of Man based company that is wholly owned by, you've guessed it: Reabold Resources.
It isn't Kamran who has to worry about the disappearing accounts, nor even Daybreak. This is yet another mess that is completely the responsibility of Reabold Resources and it's joint CEOs...
Simon, since you only seem to trust figures that come straight from S&S, I have had a quick look at the company accounts and RNS releases. Let’s see if you trust them…
If you look at Reabold’s RNS from 14th June 2018 then you can see that they acquired Daybreak for a cost of £3,045,000. https://polaris.brighterir.com/public/reabold_resources/news/rns/story/xlp4pjr
If you then look at page 69 of the Reabold 2020 annual report https://wp-reabold-2023.s3.eu-west-2.amazonaws.com/media/2023/01/Reabold-Resources-2020-Annual-Report.pdf you can see that they made loan to Reabold California of £6,292,000, total £9.3 million.
Danube we agree is £5 million.
So I apologise, to you, I was wrong before. It was not £15 million wasted on Danube and Daybreak it was “only” £14.3 million.
Are these facts and figures enough for you?
Now I have done your research for you it’s your turn to answer my question: What has happened to the £14.3 million that has been invested in Danbube and Daybreak, which are now labelled by the clowns as "non-core assets"? Also, why were the Reabold California accounts deliberately destroyed?
Simon, since you only seem to trust figures that come straight from S&S, I have had a quick look at the company accounts and RNS releases. Let’s see if you trust them…
If you look at Reabold’s RNS from 14th June 2018 then you can see that they acquired Daybreak for a cost of £3,045,000. polaris.brighterir.com/public/reabold_resources/news/rns/story/xlp4pjr
If you then look at page 69 of the Reabold 2020 annual report Reabold-Resources-2020-Annual-Report.pdf (wp-reabold-2023.s3.eu-west-2.amazonaws.com) you can see that they made loan to Reabold California of £6,292,000, total £9.3 million.
Danube we agree is £5 million.
So I apologise, to you, I was wrong before. It was not £15 million wasted on Danube and Daybreak it was “only” £14.3 million.
Are these facts and figures enough for you?
Now I have done your research for you it’s your turn to answer my question: What has happened to the £14.3 million that has been invested in Danbube and Daybreak, which are now labelled by the clowns as "non-core assets"? Also, why were the Reabold California accounts deliberately destroyed?
Also, please ask them if it is their normal business behaviour not to keep any copies of accounting records but to let them all be held in one place giving a single point of failure. and, if so, would they consider this normal industry-wide practice.
I look forward to reading their response.
Don't forget to point them in the direction of the evidence Simon, it can be found here: directly from the CEO of Daybreak https://twitter.com/Heid_oil/status/1737910217189318887/photo/1
Obviously, S&S never respond to normal punters but since you seem to have a very close relationship with them, being their voice on these forums, then I am sure that they will respond to you.
It would definitely be very helpful to all investors for them to respond to these very serious allegations from the man who took ownership of Reabold California as opposed to doing what they normally do and just ignoring questions that they do not like to answer.
Simon, all the information on money spent on acquisitions is on page 6 of the business plan on the Reabold Requisition website: https://www.reaboldrequisition.com/wp-content/uploads/Reabold-Busness-Plan-V6-18-12-23.pdf
So why do you claim it is wrong?
So Simon, if you claim that those figures bear no resemblance to reality then how much do you think has been spent on Daybreak and Danube ?
You must know if you are saying that these figures are wrong, unless you are just obfuscating in order to hide just how bad S&S's investments have been.
The only way West Newton will not be drilled is by sticking with S&S who promised to drill it last year and lied. They have no facility to raise the money that is required now they have wasted millions on the failure that is Colle Santo.
It's good you are back Simon, perhaps you would care to answer the question that has been put to you and your pro-board crew repeatedly with no answer:
What has happened to the £15+ million that has been invested in Danbube and Daybreak, which are now labelled by the clowns as "non-core assets"? Also, why were the Reabold California accounts deliberately destroyed?
There are so many almost impossible things that would have to go right for Colle Santo to make any money that it simply does not make any sense as an investment, other than for S&S to try to win the requisition.
They have to complete the environmental approval process which took two years last time before being rejected.
They have to prove that their drilling and production will not damage the Bomba dam, which is almost impossible.
They have to get the full permission of the Italian ministry in the face of massive local opposition.
They have to successfully produce in the two year test period when it is very unclear how they would even distribute any gas for sale that they produce without a pipeline or an LNG plant.
If they get permission to produce long-term they have to raise $66 million to build an LNG plant.
Then they have to hope that LNEnergy either distribute dividends or list so they can cash out.
There are so many obstacles to RBD every being able to get any money out of Colle Santo that I cannot see how it will ever happen. Even if they get permission to produce which seems almost impossible then the $66 million that needs to be spent on the LNG plant will dilute the RBD shareholding into almost nothing without mentioning the amount of revenue that will go straight to LNE and it’s directors.
Simple answers.
a) They have paid themselves over £4 million over 5 years - since being appointed in 2017 and the last set of accounts from 2022.
b) Zero
c) About £18 million if you included Colle Santo.
d) Less than a year before the Shell money is gone by previous standards. Quicker if they invest more money in untradeable private entities.
e) Since they have not given any timelines for drilling West Newton I doubt it will happen this year. Some other new and shiny project will require money that can once again be put into a private company and will then disappear.
e) No idea. Masochism?
And two more questions.
Why would they invest £4.5 million in Colle Santo while knowing that it will almost certainly never produce?
Why were Reabold California's company accounts destroyed?
The requisition team have put up a response to the interviews that S&S did on Friday on the website:
https://www.reaboldrequisition.com/wp-content/uploads/Response-to-Interviews-23.12.2023.pdf
It's pretty damning.
Another question that I could do with input on is whether anyone here thinks that the disappearance of an entire year of Reabold California accounts does not raise very major concerns about S&S's stewardship of our money?