Member Info for MrMagic

Partridge - "Has the lock in been fair to shareholders of RRR? RRR were happily selling these puppies at 3p before the lock in. The share price is now 1p, a third of what they were getting. What have the shareholders of RRR gained from the lock in? "

It's matterless because none of the assets or holdings at RRR equate to value for actual shareholders imo. Approx 75% of available cash goes to Admin and other expenses. So when holdings are sold, the money goes into the RRR coffers and then is exposed to that preposterous expenditure on admin. No value for shareholders. Never was. Never will be. Not unless and until the entire BOD is removed and replaced. Same goes for RGM. imo. DYOR

Previous posts of Helpful on the RRR thread . . . . (try not to laugh):

Helpful LSE Post 11 Nov 2017

"I funded the loan notes and took some personally. You don't know what you are talking about.
It is a good each way bet. If things work out I expect to be out end January 18 with a
significant profit. Do your own research or get someone who can do it to do it for you."

Helpful LSE 12 Feb 2018

"I hold some of the CLNs and know most of the other people who hold them. They have a life
of 14 months and accrue a coupon of 10%. Why would anyone in their right mind convert now
when the conversion price is 0.8p?"

Helpful LSE 12 Mar 2018

I have some of the CLNs and know where most of the others reside.
I will not be converting any at this price. Take some time to do some research: why convert
now, when I can hold for pretty much no risk and convert later at a higher price.
Every month I wait gives me more shares at the conversion price."

CLNs at RRR have now been rolled over for a 3rd year and the conversion price has been lowered from 0.8p to 0.6p and the interest rate increased from 10% to 12%.

To reiterate, conversion price is 0.6p. Current RRR share price is 0.165p

As I said to Helpful numerous times, he will never get to convert the CLNs imo. I have zero sympathy.

DYOR

MCAP now about £1m lol

Admin last year was £652,918

Total joke like RRR. You have to feel for all the mugs who fell for the ramping during the colossal confetti issue and
1-100 consolidation. Then again, there is so much dire history here that people deserve to lose their money if they didn't do any research, even the most basic trawl of the annual reports which tell you everything you need to know.

DYOR

Of course it's not just my personal view. Former 13% holder here Daniel Sklan posted the following here on LSE in Mar 2018:

Daniel Sklan : 12 Mar 2018

"Whilst Magic generally takes a negative view (quite justified) pretty much everything that he says is factually correct.

This business has been run by an individual who doesnt have very much business sense. The reason that RRR eventually downsized and cut but primarily on staff was my continued harassment of AB.

Due to the continued issuing of new shares in this company to pay the "operational costs" and "directors salaries" I saw my holding in this company drop from just over 13% to under 3%!"

https://www.lse.co.uk/profiles/d_s_/

Sklan sold out his remaining holding AUg 2018.

Another 13% holder, Peter Gyllenhammer began dumping his holding Christmas 2018 and steady sold chunks throughout 2019.

Nothing will ever change here until the BOD go. Just the same old endless "jam tomorrow" rhetoric and continual issuing of confetti shares and CLNS. imo.

DYOR

Ludeck: "Well clearly the past behaviours of the BOD aren't entirely responsible"

In the words of the inimitable John McEnroe "You can not be serious !"

Let's check the history. . . . as always

THIS DAY IN HISTORY . . . . 13th March

13 Mar 2012 : SP 67.50
13 Mar 2013 : SP 21.88 (68% drop)
13 Mar 2014 : SP 9.88 (55% drop)
13 Mar 2015 : SP 2.00 (80% drop)
13 Mar 2016 : SP 0.45 (78% drop)
13 Mar 2017 : SP 0.68 (29% gain)
13 Mar 2018 : SP 1.10 (38% gain)
13 Mar 2019 : SP 0.65 (41% drop)
13 Mar 2020 : Sp 0.18 (72% drop)

Pretty catastrophic and clearly nothing whatsoever to do with Coronavirus or commodities imo. Simply the result of a terrible BOD who run the company as a lifestyle venture and who spend untold £millions on director salaries and admin and other expenses.

The BOD has to go, simple as. Until the large holders get it done, all value in assets and holdings will continue to seep away to those preposterous levels of admin and expenses.

DYOR

ther0xbury - "What the hell is causing this?"

imo, the continuing presence of the same old BOD who have presided over utter SP devastation here for over 10 years.

Their MO is singular and far too well established now for anyone imo to assign them any credibility.

Dilute, take salaries, spend £millions on admin, rinse, repeat

Large holders here need to take the bull by the horns and kick out ALL the BOD once and for all. Stop dithering about.

DYOR

@IG

You clearly haven't done your research. I've been posting about this share and RRR for many years as have many others who totally know the score with Bell & Kaintz. Neither do I think there is any turnaround here at all. The original BOD have not been completely removed. They got rid of Abbot and left Costello. Nobody is going to consider this any kind of "new start" imo while ever that situation persists.

If there were a turnaround you'd expect a completely different Modus Operandi from the BOD here.

RRR and RGM have historically and relentlessly been dilution pits. The MO is a rinse repeat of issuing billions of confetti shares at discount to cronies like Cornhill and Yorkville, get plenty of fingers in lots of project pies, none of which ever come to any fruition, put out lots of chirpy wordsmithed RNSs, whilst continually taking £millions in director salaries and admin expenses.

I don't see any turnaround, only more of the usual nonsense.

All they've done is exactly the same. Issued millions of shares at discount to crony lenders, then yet again consolidated the shares, this time on a colossal 1-100 basis (only 5 years ago they were consolidated on a 1-20 basis) .

Nothing will ever change with these companies unless and until THE ENTIRE original BOD and all associated cronies are removed from the picture. Since that has not happened, there is no reason at all to talk in terms of any "new start" or turnaround. Both RRR and RGM have far too much history and have established far too poor reputations for the mugpuntery to be remotely fooled by recent events imo. Ramp on old chum. Everyone else DYOR and do it well.

It was only before Christmas when RRR changed it broker back to old friends Cornhill Capital, the placing specialists (now renamed as Pello).

Doesn't take a genius therefore to see what's coming down the line

Cornhill were fined over £200,000 for the illegal forward selling of placing shares at New World Oil.

Expect another "nothing" update RNS imo and then BAM with the usual dilution.

Total barge pole for me

DYOR

Laughable IG

Company had 1.5bn shares in issue. Issues over 7bn more and consolidates the shares on a colossal 1-100 basis.
What a joke! Lots of shares locked in for 3 month staggered periods some of which will be unlocked soon.
Expect plenty of ramping imo

Looks like the typical "nothing" RNS on the run up to a placing to me

Believe what you will. Same old

DYOR

"I'll keep accumulating on the dips. Soon we will see whether being a buyer or seller at 2.3p is right."

Yep you can but laugh really. Both RRR and RGM are one permanent dip. The 10 yr charts just do not lie.

RGM 10yr catastrophic chart
https://i.postimg.cc/v8kGH6d6/RGM2020-10yr-Chart.png

RRR 10yr catastrophic chart
https://i.postimg.cc/sxCKGZCS/RRR2020-10yr-Chart.png

Both total jokes imo

IG - "Out with the old, in with new. The Restructure in December was a fresh start"

No not really imo and that of others. The "old" is still there in the form of Scott Kaintz, an original board member of both RRR and RGM. While ever he remains there will exist plenty of scepticism. No question, ALL the original BOD must be removed imo.

Aside from that nothing looks particularly different to me. This has been a company run as a lifestyle venture for the BOD imo, endless dilution, share consolidation etc etc. The so called restructure just did more of the same on a gargantuan scale. 1.5 billion shares in issue and they needed to issue over 7 billion more. Unbelievable really. Then a colossal 1-100 share consolidation.

Nope I doubt many will see December as the start of anything new. Just more of the same on a much bigger scale.

IG - "God knows why everyone keeps going on about a placing when they just raised £830k in December"

Probably because Admin costs alone ran at £652,918 last year and £735,697 the year before so that mass issue of confetti
is mostly soaked up by salaries and expenses. Doesn't leave much for actual project work does it?!! Same old.

Total emoluments (salary, benefits etc) of Scott Kaintz, original board member still present

2019 - £82,844
2018 - £91,271
2017 - £113,261
2016 - £91,385
2015 - £81,578
2014 - £55,617
2013 - £58,573
2012 - £37,541

Reward for abject failure to deliver any shareholder value.

Figures from Annual Reports

Losses incurred, amounts frittered on Admin Expenses and amounts of cash raised (i.e. via placings)

2012 - Loss of £2,112,350 - Admin £1,091,108 - Cash raised £907,090
2013 - Loss of £5,166,017 - Admin £1,224,013 - Cash raised £3,327,678
2014 - Loss of £1,508,812 - Admin £881,947 - Cash raised £1,212,805
2015 - Loss of £5,888,742 - Admin £964,761 - Cash raised £1,049,765
2016 - Loss of £1,965,722 - Admin £594,733 - Cash raised £781,595
2017 - Loss of £534,267 - Admin £414,943 - Cash raised £1,576,701
2018 - Loss of £1,549,619 - Admin £735,697 - Cash raised £1,150,000
2019 - Loss of £2,607,978 - Admin £652,918 - Cash raised £240,000

Total Losses above - £21,333,507
Total Admin above - £6,560,120
Total raised above - £10,245,634

Anyone who thinks the above represents an investable company, well good luck to you . . .
Over 50% of cash raised (usually via dilution) is expended on Admin
This is the very definition for me personally of an AIM lifestyle venture, there for the personal enrichment of the BOD at the expense of mugpunters.

Rampers will always attempt to draw people's attention away from such hard facts and try to tell you that today everything has changed and will in some way be different, and yet the long standing track record demonstrates admirably both the Modus Operandi of the company and the devastating result it has on the share price and thus people's holdings.

I recommend people look at the 10yr chart here which I provide a link for below:

https://i.postimg.cc/v8kGH6d6/RGM2020-10yr-Chart.png

As TheDuke imo correctly stated, any rampers here will likely be beneficiaries of cheap discounted placing shares looking to palm them off onto naïve PIs at a tasty profit. Thankfully I am long since immune to the "jam tomorrow" rhetoric they are so fond of posting. Each to their own as always.

DYOR

Worth keeping an eye on the "crown jewels" Jupiter holding here imo.

Bell already cashed in 1.5m of them before last Christmas without any direct RNS and thus without stating why they were being sold and what the cash was for. I personally therefore can only assume it was for salaries and expenses.

It always makes me chuckle when the shameless rampers trot out their lame sound bites like "the MCAP here is underpinned by Jupiter shares" and then you see the BOD strip the value from those shares for salaries and expenses.
What a joke !

So I will be keeping an eye on the holding to see if more value is stripped away by further pawning off of the Jupiter shares.

DYOR

It does rather look like rats leaving the sinking ship. Perhaps it's something to do the things Helpful was telling us about last year?

Posted by Helpful
17 Aug 2019 - "If it has not been taken private there is a reason, as will become clear shortly. We may still take it private."
"One other large shareholder wanted us to liquidate the company last September and we said no."

Definitely wouldn't want to be left holding shares here if they were going to take it private. DYOR

CapSlapper: "What you expect when Tragic keeps posting the same old same old every day?"

What do you expect whan the BOD here keep doing the same thing year in year out?

I predict mass confetti and yet another share consolidation just as RGM has done.

Let's not forget that RRR annouced before Christmas that they had gotten back into bed with old pals Cornhill Capital (now renamed as Pello). Cornhill were fined over £200k by the FCA for forward selling of a placing for New World Oil.

The future here is utterly predictable and it's neither bright nor orange imo.

The falling SP and sells suggest to me that those in the know are bailing before the hammer falls. I shall accordingly stay very well clear.

DYOR

Agree Duke or have those (cough) tightly held locked in shares been simply unlocked again?!!!

Either way its a total avoid for me personally. Share is untennable until and unless they remove all the previous BODs and until they cease with the "death spiral" dilution. Otherwise same old same old

Between 2012 and 2017 this BOD raised over £15m cash by way of various dilutive confetti share issues

In the same period they expended over £11m just on Admin and Other Expenses.

All in the Annual Reports. What a total joke.

Amounts frittered away just on Admin Expenses through the years.

2012 - Admin £2,275,786
2013 - Admin £4,751,948
2014 - Admin £1,563,808
2015 - Admin £1,334,404
2016 - Admin £758,351
2017 - Admin £644,688
2018 - Admin £849,518
2019 - Admin £591,777

DYOR