Member Info for MrMagic

In reality the only thing that matters is that the BOD, whoever they are on any given day, are able to issue confetti, to raise cash to pay themselves stupid salaries and expend large sums of money on admin and other expenses whilst selling "jam tomorrow" hopes and dreams to mugpunters in the hope that they will buy the worthless confetti.

yep, I fully agree, we must concentrate really hard on a couple of small changes and totally ignore the repeating business model that has been used here over the past 10 years, with confetti being issued over and over and over. I mean it's not like any of the original BOD are still here and it's not like the company has just continued that model by issuing gazillions of discounted shares such that over 80% of the current share issue now in place was issued at 2.75p . . . . . . ..

Oh wait . . . . . . . !

Hawaii - "when this moves it will be fast, you have to be in it to win."

My god you can surely do better than Boiler Room Ramping 101 material ?!

It's like a coiled spring . . .
This will fly . . .
Wouldn't want to be out of this over the weekend

Do you really think mugpunters fall for that absolute BS anymore? I'm afraid they don't.

This and RRR are utter POS AIM shares that have nothing but ruthlessly dilute shareholders for years. Sucker stocks imo.

Over 80% of the current stock in issue was recently issued at 2.75p. Worthless confetti and your presence here is confirmation for me that certain holders are getting very jittery about not being able to flip them onto mugpunters.
Same old. SP is going nowhere here for a long time. There are millions of 2.75p shares waiting in the wings to be released in 3 month periods. That's what you call a perpetual overhang. Shares are not worth anything above 2.75p imo. I'd consider myself an idiot to buy at any price north of 2.75p and given the mass share issue a few weeks ago I can't see any investment proposition here. Just the age old "jam tomorrow" hopes and dreams story to try and shift confetti shares.

DYOR

Recent Annual Report here (to June) stated:

Cash in th ebank : just £64k

Total Current Liabilities: £2.8m

Admin Expenses : £591K

Says it all really. The £1m or so outstanding Convertible Loan Notes had to be rolled over for the 3rd year running last Dec presumably because there isn't the cash to pay them off. Poster Helpful is stuck with many of those CLNs, locked in.
Same old. DYOR

I personally doubt Parsons even comes into consideration. RRR and RGM have such bad repuatations imo as pure AIM lifestyle ventures for the personal enrichment of the BOD that people have learned to stay away. Both companies are serial diluters who have always hooked up with the likes of Yorkville. What I would these days call sucker stocks. They just churn out confetti, projects never go anywhere, the confetti is sold onto naive mugpunters for a quick profit and they are left holding the baby, meanwhile the BOD take lots of cash in salaries and admin and other expenses. This is how it has been for years and why Bell had to go here. Unfortunately they didn't remove all of the old BOD and that will remain a problem for many I would think. Pointless to expect anything to be different with these companies imo. They will continue to just keep issuing the confetti at discount to crony lenders and the SP will continue Southward until it becomes necessary once again to perform a share consolidation to hide the embarrasment.

Share here consolidated 20 to 1 in 2015
Consolidated again 100 to 1 last Dec 2019

Same old.

Shares are not worth anything over 2.75p and likely less than that imo. DYOR

RRR holding went from 6.5% to 4.91%. By my calcs that's about 1.4m shares unless I've gone wrong so expect another late reported trade imo.

Partridge - "Was that a 500,000 delayed sale. I wonder who is selling"

Keep up old bean. It was Bell over at Red Rock Resources.

https://www.lse.co.uk/rns/RRR/holdings-in-company-hwh1pbz1tbah5z1.html

RRR sold 24.5% of it's holding in RGM

Looks like they don't buy the ramping tosh spouted here either. Explains the sudden experience of past RRR rampers too.

Same old

Stephen - "The shares were issued after the GM, after the consolidation, and the number was millions, not billions"

As per the RNS concerning rounding shares which stated:

"and accordingly be a suitable number to issue 7,170,440,985 new ordinary shares in a consolidated form of 71,704,410 ordinary shares of £0.0001 each on 24 December 2019."

Tomatoes/Tomatoes indeed. The fact that the ramp squad feel the need to distinguish is frankly laughable and testament to the fact they want to play down what happened Nothing changes of course. Masses of new shares were issued at the equiv price of 2.75p to the extent that over 80% of the resulting share issue comprises (or will) of those 2.75p shares. Slice and dice it anyway you like but it's a turd that can't be polished.

Hawaii - " these shares will soon be gathered by others, sit back and enjoy the upside ahead in my view"

Your sudden presence here is notable as you've previously ramped these POS shares as has Harry who has also suddenly appeared. Strongly suggests a need to shift lots of those 2.75p shares. Good luck with that.

The fact is that the various people involved obviously insisted on shares at 2.75p rather than market rate. So no I don't think that plethora of 2.75p shares is going to be bought up any time soon. Anyone who pays more than 2.75p is just giving those holders a quick easy profit at their expense. History shows us that if people do that then the placees just return for another bite of that lucrative cherry and you get yet another dilution, ad infinitum until punters realise the SP is going nowhere and they are the mugs left holding the baby every time. I actually believe that point came some time ago both with RRR and RGM. They have been dilution pits for years and will never change imo.

Hawaii - "you keep misleading people saying they have issued 7 billion shares it is in fact 70m from 87m issued"

No I really don't. There were 1.5 billion shares in issue. The company then added a further 7 billion+ shares to settle various debts and the like. Those shares were all issued at 0.0275p as per the RNSs which clearly state this. The same RNSs dutifully declared that all those "transition shares" then represented over 80% of the resulting share issue.

The shares were then consolidated on a colossal 1-100 basis. Remember the shares had already been consolidated on a 1-20 basis just 4 years before in 2015 !!

The POST CONSOLIDATION equivalent is that there are now 89m shares in issue and over 80% of them were issued at the post consolidation equivalent price of 2.75p and that is why the SP has so inevitably sunk to that share issue price and the reason why nobody is really interested in paying a premium for that plethora of confetti.

Doubtless your rantings here are the result of personal concern which suggests to me you are one of the recipients of the 2.75p confetti shares and are frustrated that you aren't getting to sell them at an easy quick profit at the expense of naïve mugpunters. I haven't the slightest iota of interest in anything Doc Holiday spouts. His reputation is well known imo and not a good one.

Waiting for material news again is somewhat desperate imo. The number of 2.75p shares issued is huge (at over 80% of the issue) and that is always going to be a drag on the share price. Made worse by the fact that some of the issued shares were locked in for various periods and will start to be released after 3 months have passed from the issue date and then another batch 3 months later and so on. It's essentially like a perpetual placing at 2.75p and imo will see the SP stagnate the entire year. Mugpunters are imo not interested in giving the recipients a quick easy profit at their expense and neither will they be if/when any news is announced. They will always be at a disadvantage to those who got discounted shares and who will imo inevitably sell into any spike. The SP is going nowhere imo and time ticks on to the point where doubtless another confetti issue will be made. Same old. DYOR

More sells appearing at a price below the recent mega confetti issue price of 2.75p (post consol)

100k @ 2.65p and a smaller sell over on the secondary market @ 2.65p

Don't forget to keep an eye on trades on the secondary market BTW which are additional to the trades you see here on LSE
Link below:

http://www.nexexchange.com/member?securityid=2074904

How many more sells like this will follow? There have previously been a few at 2.65p and a few more at 2.70p and 2.75p.

SP is clearly going nowhere imo. Few are going to pay a premium for the plethora of confetti shares issued at 2.75p imo so the holders either have to hold tight and risk running into the next dilution or sell now at break-even or for a small loss. As Partridge highlighted earlier some of the 7 billion+ confetti shares have lock in periods. These are the "Promissory Conversion Shares" which represent 2.6 billion shares issued pre consolidation. After 3 months the first 30% of those shares will be unlocked and available to sell on the market That's about 7.8m shares in today's money, close to 9% of the total issue of 89m. Then after another 3 months, another 30% of the shares get unlocked and so on.

It means there will be a constant influx of 2.75p shares available to the market through the year which will simply mean the SP is going absolutely nowhere imo. It looks to me like some of the confetti holders are proactively dumping now while they can for break-even or small loss. DYOR

Again lol Helpful. POW shares are worth what? About a measly £75k ? Peanuts as you know.
The BOD spend approx. £600k just on Admin Expenses alone !

Keep flogging the dead horse

and that situation will perpetuate Partridge. After another 3 months another batch of 2.75p shares will be "unlocked" and thus free to be palmed off onto (imo) naïve mugpunters. And then after another period another batch and so on.

SP is only going to stagnate here until the next round of dilution comes along at which point all the recipients of the 2.75p shares are going to be extremely worried about being undercut I would think. We've already seen some sells at 2.65p.
Personally I predict there will be more of this as time goes on and as the 2.75p share holders seek to get out at least break-even. Just my opinion. DYOR

Jones1980: "Bunch of jokers, especially Parsons! What a poor RNS
All have zero skin in the game"

IMO that's as sure a confirmation of more impending dilution as you could hope to have. They obviously know the SP is heading South imo and so won't commit to any significant holding here.

With naff all income these "jokers" as you call them will imo be diluting over and over and over and the SP will just go further and further South. The recipients of the 7 billion+ shares issued at 0.0275p (equiv to 2.75p today) must surely be concerned that they are going to be stuck with that useless confetti imo. They won't want to be left holding the baby when the next bunch of confetti is issued at possibly even lower prices. Hence we saw sells last week at 2.65p.

When the BOD have no skin in the game you can be sure it's for a good reason. DYOR

lol Helpful. Keep trying old chum.

Interesting isn't it how LSE above shows the share 1.77% down and yet the trade list shows on 5 trades all of which are tiny buys. Suggests to me there are transactions not yet being shown. Never believe what you see in the trade list as there will always be late reported trades on these shares.

Either way the mugpunters aren't remotely convinced by today's RNSs and the stalemate continues as predicted.
Nobody is interested in giving the beneficiaries of the 7 billion shares issued at 0.0275p (equiv to 2.75p today) a quick easy profit by paying silly money for shares.
The holders of those 2.75p shares obviously don't want to sell for a loss.

So the stalemate continues and the clock ticks on towards the next batch of worthless dilution confetti. The longer that clock ticks the more nervous I would guess those holders become as they will surely fear that the next batch of confetti will be at a discounted price lower than 2.75p. Would the same people be happy to put more cash in here for more discounted shares if their last batch went nowhere? Not sure. Either way, same old same old imo. As with RRR I don't see this going anywhere at all unless and until the original BOD are removed from post and until the "death spiral" business model is ditched. DYOR

A further 481,662 ordinary shares have been issued plus 3,040,567 options and 438,596 warrants

And "a further 168,421 shares and 438,596 warrants (at yesterday's closing price of £0.0285 have been awarded to consultants and advisors for services to be provided during 2020"

Plus "The Company has awarded Scott Kaintz, Chief Executive Officer, 3,040,567 three-year vest, five-year expiry options under the Company's Enterprise Management Scheme, to purchase new ordinary shares of the Company at yesterday's closing price of £0.0285"

Director Holdings are now:

Nigel Burton - 0.14%
Ewen Ainsworth- 0.21%
Scott Kaintz - 0.29%
James Parsons - 0.84%

Which is frankly laughable imo. Shows absolutely zero confidence imo and highly suggests to me that they know they will dilute the carp out of the share going forward. Believe what you will of course and always DYOR.

A typical RGM style RNS full of woolly statements imo. The phrases I picked out:

"in Progress"
"expected"
"with a view to"
"It is expected that"
"can largely be achieved"
"is also considering"
"continuing discussions with debt and equity finance providers"

The usual stuff. I'm staggered that Kaintz and Co still think this kind of approach is still going to tickle the fish and get them to buy up the 7 billion discounted shares issued a few weeks ago at 0.0275p (equiv to 2.75p post consolidation).

Sorry but RRR and RGM have both been here 15 years and have run this dilution business model throughout and utterly destroyed the share prices whilst the BOD continue paying themselves lucrative salaries, granting themselves options and expending inordinate amounts on admin and other expenses.

Try as you might I personally feel that this particular gravy train has reached its terminus. There are far too many people wise to this business model imo which serves only to personally enrich the BOD and equity loan cronies at the expense of ordinary investors. The SP is down today on this "nothing" RNS. Nothing is going to change imo.

Shares imo are worth nothing more than 2.75p as over 80% of the existing share issue was issued at that equiv price.

The RNS essentially confirms for me that more dilution will be forthcoming so the SP is only going South from here imo.

Same old same old.

ALL of the original BOD have to be removed for there to be any change in market sentiment imo. This is much like Labour still thinking they can go forward with Corbyn anywhere near it. Just lunacy imo and total denial. Even then the markets will be sceptical of the same old "lifestyle business model" being perpetuated by the incoming team. DYOR

Even if the revoked license gets reinstated nothing will change here imo. The original BOD must be removed from post for anything to change here imo otherwise the same old business model will keep perpetuating, a model that relies on constant issuing of useless confetti, diluting shareholders, destroying the SP and which only delivers value to the BOD themselves and the cronies receiving discounted shares or CLNs.

The recent Annual Report (to June) stated that :

Cash in the bank was just £64k
Total Current Liabilities were £2.8m

Salaries and Admin and other expenses accounts for a great deal of money. Admin was reported at approx. £600k

So the only question really is when is the next bunch of useless confetti going to be issued? And at what price?

Add to that the fact that this BOD failed to RNS key events and transactions leaving shareholders in the dark and the share simply becomes uninvestable imo.

Loans and transactions with Amulet Diamonds not RNS'd
Loan of £1.1m to the failing Steelmin project not RNS'd
Steelmin going into Administration Feb 2019 not RNS'd
Sale of 1.5m Jupiter shares to raise cash not specifically RNS'd.

Simply uninvestable imo

BOD in totality must be replaced. Simple as.

DYOR

Interesting to see sells below the placing price of 2.75p. Suggests to me personally that the beneficiaries of those 2.75p shares are cutting their losses whilst they can before the SP drops any lower and that equally they see that the SP isn't going anywhere for a long time due to the enormous amount of shares issued at that price.

303,053 shares sold at 2.70p on 28th
250,000 shares sold at 2.675p on 29th

Also a couple more today in the last couple of hours of approx. £10k each at 2.65p/2.66p

Maybe they are nervous of further dilution coming which may be issued at prices below the 2.75p they paid?

Either way doesn't bode well imo

DYOR

Also don't forget that this company was incorporated in 2004 so it has had over 15 years to progress from being a (cough) junior explorer to being a strong income generating company. Yet all it has effectively done is issue billions of shares at ever more discounted prices destroying the SP in the process but giving the BOD a nice salary and copious expenses along the way. It's a well established business model, the problem is it only delivers value to the BOD and their cronies who participate in discounted share issues. imo.