Member Info for MrMagic

Which is exactly what Bell did with the Jupiter shares years ago Zumore

Should have sold them for £25m+ cash. Instead just mostly sat on them whilst their share value utterly tanked and then sold the lion's share of them for an absolute pittance. Appalling management of a shareholder asset imo
Simple conflict of interest that should not be there.

DYOR

Any link for a holding RNS from you Helpful? Do you in fact not even have a significant 3% holding here?

In matter of fact I'm not Helpful even owns 3% here. Not mentioned on the RRR list of significant shareholders.

Care to provide a link to any holding RNS of yours Steven?

It would be somewhat embarrassing after all this hot air and fluff and bluster if you weren't even a significant holder of shares.

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Dropping like a stone.

Looks to me like many don't want to be left holding these as we go into the weekend. Drops in shares due to the covid volatility have been significant. You wake up one morning and a share has been opened up 10%-20% down just like that.
Day traders are in and out like lightening scraping little profits but not hanging around to be mullered by a sudden drop.

The round sells that have been coming in for the past 1-2 weeks here suggests something to me
13% holder Peter Gyllenhammer recently dumping his shares suggests something to me
Long term holders dumping their shares here suggests something to me
The sudden appearance of lame rampers desperately pumping suggests something to me

Seen the whole song and dance routine numerous times over the years here. I don't fall for it any more.

With so many really good companies and shares out there with huge swings offering great trading opportunities I can't understand why anyone gives this a second glance. Cash in the bank was £139k according to the recent Half Year Report.
Says it all really.

Looks to me like the SP is heading South, 7.69% down already according to LSE above. The weekend beckons.

Tick tock

Briarbank - "It may surprise you but RRR was valued at > £30m when its JMS holding was 4% and valued alone at $25m"

No surprise there for most LTHs who know well what happened. Instead of selling those shares at the height of their value old Belly Boy just sat on the shares whilst their value utterly tanked. I have a list of the laughable transactions that occurred which were as follows:

RRR previously had 74m JMS shares worth over £25m

On 30th Mar 2011 - Bell sold 5m shares for a gross consideration of AUD 2,750,000 (55c a share)
On 17th Oct 2012 - Bell sold 14m JMS shares for gross proceeds of AUD 1,540,000 (11c a share)
On 5th July 2013 - Bell sold 40.5m JMS shares for gross proceeds of AUD 2,836,852 (7c per share)
On 14th Jan 2014 - Bell Bought 7,650,000 shares for a cost of AUD 428,400 (5.6c per share)

Totally shocking management of the key shareholder asset here imo. A tiny fraction sold at 55c a share and the lion's share of the holding dumped at a laughable 7c a share. Instead of having £25m cash in the bank Bell simply embarked on years of death spiral dilution to raise cash thereby destroying the share price.

Zumore - "So even though a certain person on this thread makes out it's just a simple process of the Kenyan government signing off the final piece of paperwork."

Yep that certain person has been saying another licence is imminent since 2018 as I posted last week with all his lame ramps.

Zumore - "I actually suspect Red Rock first have to prove they aren't just time wasters and that means proving that they have the money to build a mine."

I would totally agree. It's generally a requirement for any mining licence that you can demonstrate your financial and technical ability to do the work. Some years back, when RRR had applied for 3 exploration licenses for the Ivory Coast project I posted up Bloomberg news article that covered this topic. I have a copy of it in my archive, here's the link. The article is from 2013:

https://www.bloomberg.com/news/articles/2013-04-22/ivory-coast-sets-minimum-investment-level-for-prospect-licenses

It suggested that a company had to demonstrate it had significant financial capital to be able to undertake the work.
RRR never did get those 3 licenses awarded afaik.

In 2016 a new Mining Act was passed in Kenya.

There's a useful read here about mining law in Africa. The final sections about disputes are interesting.

https://www.nortonrosefulbright.com/en-us/knowledge/publications/8664762c/mining-arbitration-in-africa

Fair post AJAYE

So only the interest outstanding for this year which is what maybe £66k?
So all in all the conversion of the CLNs would create what? Some 150 million shares here? Do you concur?

Incidentally do you hold some of the CLNs too?

They just keep a coming. You can't trust the trade list here.

£14k sell at 0.56p occurred at 2pm but not reported until much later.

How much more of this crapola will there be?

The smart are imo getting out before the CLN dilution and indeed any other dilution that may come after.

At a rough guesstimate I suspect that would be some £1.06m which converted at 0.6p would generate about 177m shares here. Am I close?

Helpful - "The amount that gets converted is the capital plus rolled up interest at 0.6p."

Then the dilution will be far worse than I previously stated. There have been 2 and 3/4 years worth of interest so the amount that will be converted must be far bigger than £830,000. Care to tell readers just how much it is?

I understand shameless rampers like yourself and have watched you for years pumping the awful Mayan Energy whilst it utterly decimated the share price to oblivion issuing shares on a galactic scale. This is what you do.

If there is anyone sat in a maisonette bedroom in their pajamas it's yourself endless posting silly twitter links and gold links.

True investors simply don't do that. They invest and simply wait. You have become more desperate and frantic and tetchy as the days have gone by here and as the SP creeps slowly towards your 0.6p conversion price. Even resorting to outright abusive insults today which LSE Admin have had to remove. Tut tut.

I think people can see where the truth lies here.

Dilution is imminent imho via the £830,000 Convertible Loan Notes which are free to be converted when the SP hits 0.6p and which would see some 140m shares added here, roughly 20% of the existing shares in issue. The SP will imo quickly adjust downward on such conversion. Once done I would not be surprised if old Belly boy then dropped a placing which would be a double whammy for holders.

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What's the betting that the buys here are just the CLN holders themselves desperately trying to push the SP up to 0.6p so they can convert? There's £830,000 worth of CLNs waiting according to the RNS. A few £1000 to buy shares to pop the SP above 0.6p is nothing is it compared to how much cash they have locked up in those CLNs . . . .

Can't imagine why any ordinary holder would stay holding whilst the SP here hits that 0.6p conversion price.
Conversion would add approx. 140m shares to the issue for no benefit to shareholders. i.e. pure dilution.

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Hi R0xbury

Well according to the few remaining rampers here (read CLN holders) you're a chump for investing back then when times were different. Your catastrophic losses are just your fault and nothing to do with the fact that:

1. The company here has posted losses totalling over £40m since 2012
2. The company has raised over £16m in cash by brutally diluting shareholders for years with death spiral financing
3. The company has expended over £12m since 2012 just on Admin and expenses
4. Dilution has utterly decimated the SP over the years

and it can't possibly be anything to do with the fact that:

1. Greenland project was an abject failure and was sold off for just £1
2. Ivory Coast project went nowhere and 13% related investor Dan Sklan sold out and left damning remarks on LSE
3. El Limon gold mine was practically given away and the royalty will take untold years to recoup
4. Shoats Creek oil project was an abject failure and has been written off
5. Steelmin project was an abject failure and went into administration Feb 2019
6. Bell loaned a further £1.1m to Steelmin without RNSing the fact before it went bust, money now unrecoverable
7. Kenya/Migori licence got revoked, legal wrangles ensued, RRR are still waiting for another to be issued

and so on and so forth

Yep none of those company actions and abject failures could possibly be the cause of your huge losses here.

No it's all your fault. What were you thinking!!!!

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Hahahaha

That has to be the worst ramp of the year !! 2.5p ?!!!!! just comedy gold.

You can try to spin the numbers any way you please Helpful old chum but here's the bottom line.

Shares all across the market are providing massive opportunities and many are bagging. What you are pathetically suggesting is it is better to sit on £100,000 worth of CLNs that will earn 12% interest instead of converting those CLNs, selling the shares at face value, and putting that money into any number of shares that would double that £100,000 giving 100% return.

Just can't see who you think you are trying to fool here.

Some math

MCAP / Shares in issue = SP

Currently : MCAP (£3.8m) / Shares (697m) = SP (0.555p)

If the CLNs get converted and 138m shares are issued then:

MCAP (£3.8m) / Shares (835m) = SP 0.46p

That's the nub of it. The CLNs are dilution waiting to happen and the only people desperately pumping this POS share are the holders of those CLNs.

13% holder Peter Gyllenhammer has just dumped his shares, hmmm I wonder why?!
Long term holder Briarbank has just dumped his shares

There's simply no tangible reason that I can see for anyone to hold here at this point whilst that imminent threat of a 20% dilution looms if the SP gets to 0.6p. The sensible thing to do is surely to simply take profit, then wait and see if the SP does reach 0.6p and wait for the CLNs to get converted and then buy back at the 20% discounted/rebalanced SP.
Even beyond the CLN conversion price of 0.6p there are then a bunch of warrants waiting in the wings at 0.9p

There are 100s of better shares to put money into imo that don't have those problems imminently facing them.

DYOR

The only thing laughable here is the lame posts from the CLN holders here saying:

"What me? Nooooo I wouldn't convert me loan notes guv, honest me old **** sparra, I love 'em and I'll be holding 'em till 1p"

You can fool some of the people some of the time . . . . .

DYOR

From the RNS details I estimate/calculate that if all the CLNs are converted that will result in the creation of some 140m shares which is about 20% of the existing shares in issue. The MCAP would remain exactly as it is so those new shares will simply serve to dilute existing holders. The CLNs are essentially dilution waiting to happen imo.

With so many other shares currently offering great trading opportunities without the threat of CLN dilution I'm struggling to see why anyone would hold here right now. Surely it would be better to lock in any profit now and then consider coming back later after any CLNs have been converted?

DYOR

lol Helpful

The RNS there clearly states what is outstanding

The SP is close to the 0.6p conversion price of the many outstanding CLNs here. If that price is reached and if holders convert then it will result in the creation of millions of new shares as the RNS below confirms:

"Holders of £830,000 principal value of Notes have to date applied to renew the Notes for twelve months to a new final redemption date of 19 December 2020, with an adjusted interest rate of 12% and an adjusted conversion price of 0.6p per Share. The Warrants of renewing Noteholders have been extended to expire on 19 December 2022, with an adjusted exercise price of 0.9p per Share. "

"The Notes were issued at par and are convertible into Shares at a price of 0.6 pence per Share. Each Note has a denomination of £1,000 and is thus convertible into 166,666 new Shares in the Company. Conversion may take place at any time up to the final redemption date."

I can't personally see why anyone would hold here as/when/if the SP gets to that 0.6p conversion price but each to their own.

DYOR

https://www.lse.co.uk/rns/RRR/renewal-of-convertible-loan-notes-xgpuhep1cydwhuk.html

I believe they were removing Helpful's abusive posts and have a habit of just deleting entire threads rather than just the abusive posts unfortunately so some recaps are now required

Helpful - "RRR holding now worth about £215k plus the warrants."

The company is spending approx. £47,000 every MONTH just on Admin so really £215k doesn't go far does it?!!!