Member Info for MrMagic

Hawaii: "the confetti share issues with RGM has to stop also. "

You are deluding yourself sadly. RGM (and RRR) have both been dilution pits for years. It will never cease because there's little income and because issuing confetti is the basic business model. It was stated plain as day in an RNS last year in March:

https://www.lse.co.uk/rns/RGM/regency-mines-plc-corporate-update-y89bap8zbuj7876.html

"The current business model of Regency . . . . relies on the ability to access capital by the issuance of new shares to investors to fund ongoing working capital and project development requirements."

Confetti for working capital which as we all know means in no small part the payment of director salaries and ridiculous amounts on expenses.

This will never change imo. You've highlighted perfectly the problem here which is the astronomical amount of shares issued at the discounted price of 0.0275p (2.75p post consolidation). The shares are not worth anything above that price imo which leaves the holders of those shares struggling to dump them onto naive mugpunters at a premium. Small wonder you want some kind of news to try and spike the SP. The problem for those holders is going to be how long before the next pile of useless confetti is issued and at what price? I'd personally expect the next batch to be also discounted which could undermine the 2.75p holders. This cycle never ends imo. It's been steady dilution for the past 7+ years here and at RRR. And yes you are right in regards to Scott Kaintz. It's ridiculous that they removed Bell but left him. The entire old BOD has to go for many mugpunters to even consider looking in here imo. The old BOD here and at RRR have shown themselves to be completely untrustworthy imo. They have to go simple as. DYOR

Helpful - "RRR has a chunk of shares issued at 2.75p"

Which as you are well aware is only the tip of the iceberg of the enormous amounts of confetti RGM issued at that post consolidation equiv price.

Just a few weeks ago RGM had 1.5 billion shares in issue. The BOD then issued over 7 billion more at the price of 0.0275p. This flooded the existing issue such that those discounted shares then represented over 80% of the resulting issue.

The shares were then consolidated on a 1-100 basis, meaning that the equivalent share issue price was 2.75p

Note that RGM had already had a share consolidation on a 1-20 basis just 4 years earlier in 2015.

It doesn't take much common sense imo to realise that RGM shares are not worth anything over 2.75p and those that imo foolishly bought at prices of 3p and higher were just giving beneficiaries of the 2.75p shares a quick easy profit at their expense imo.

Nothing ever changes either at RRR or RGM. They are imo dilution pits that issue endless amounts of useless confetti which are dumped onto naïve and unsavvy mugpunters. Most of the cash raised goes to director salaries and admin and other expenses. They are imo sucker stocks. DYOR

Helpful - "fine but the assets are the assets."

Oh if only that were true, but of course you know it isn't. The age old sleight of hand "sum of the parts" valuation trick just doesn't fly anymore as you well know. The value of the assets is NOT the face value. Absolutely not. This greedy BOD expend inordinate amounts of cash on salaries, admin and other expenses as you very well know.

Between 2012 and 2017 they raised over £15m via various share issues. In the same period they expended over £11m on admin and other expenses. That is frankly atrocious and it is why the assets are only worth a fraction of their face value.

Here's the historical and damning set of facts concerning these overheads taken from Annual Reports:

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

One can see readily where the lion's share of any available monies end up. It delivers ZERO shareholder value imo.

The value of assets are NOT the face value. Even the Jupiter shares which might seem a straightforward valuation.

Considered by many the "crown jewels" of this share, last year Bell cashed in 1.5m of those precious shares to raise approx. £300k. They didn't directly RNS this sale, investors had to work out that it had happened by comparing the declared Jupiter holding in 2 separate RNSs and deduce the difference. With no RNS put out to explain that sale of Jupiter shares and thus no reason given one can only draw the conclusion that the cash was needed to pay salaries and expenses.
Hence as you can see, the value of the Jupiter shares is NOT the face value you see quoted on the ASX. It is imo about 30% of that because this BOD will fritter away huge amounts of the value of those shares on salaries and admin expenses.
That you continually ignore this and can't be honest about the situation tells me all I need to know to totally ignore all your "jam tomorrow" rhetoric. The 10yr chart here tells the true story of how this share rolls. DYOR.

That's lovely rhetoric Mancave but sadly doesn't alter the stark facts which are what really count.

Just a few weeks ago there were 1.5 billion shares in issues here. The BOD then issued over 7 billion more at the price of 0.0275p. This flooded the existing issue such that those discounted shares then represented over 80% of the resulting issue.

The shares were then consolidated on a 1-100 basis, meaning that the equivalent share issue price was 2.75p

Note that this share had already had a share consolidation on a 1-20 basis just 4 years earlier in 2015.

It doesn't take much common sense to realise that the shares here are not worth anything over 2.75p and those that imo foolishly bought at prices of 3p and higher were just giving beneficiaries of the 2.75p shares a quick easy profit at their expense imo. I have followed RRR and RGM for years and one thing is exceedingly clear. They have both always diluted shareholders brutally and thereby destroyed the share price. Just take a look at the 10yr charts to see the devastation.
What I have also observed is that if naïve mugpunters pay stupid prices for shares which were issues at a discount then the placees who made a nice easy profit will keep coming back to the trough for more of the same and the company will happily oblige them. That's the recipe for endless dilution and "death spiral financing", effectively placings at ever lower prices. The SP here has inevitably quickly dropped to that equiv placing price of 2.75p. It will stay there for some time imo because nobody is going to want to sell below that price and lose money. At the same time sensible people won't want to give the confetti holders an easy profit at their expense by paying more than 2.75p for shares. So you have stalemate. The problem is that position doesn't remain forever. Sooner or later the next batch of worthless confetti will be issued to raise cash (not least for salaries and expenses) and that will surely have to be done at discount again. What price will that be? 2p? 1.75p? So holders of the 2.75p shares will be wanting to get shot of them before any subsequent dilution imo and then get a nice new batch of newly discounted shares at the next placing.

The only people who win in these situations imo are the BOD and the crony placees and beneficiaries of discounted shares. All imo. DYOR

Comedy hour again here I see. A naïve punter might be swayed by Helpful's diatribe of hopes, dreams and otherwise forward looking nonsense but some of us have been here long enough to know the fella. He posted relentlessly on Mayan Energy board for years whilst the BOD brutally diluted shareholders over and over and over utterly destroying the SP.

Never ever fall for the "jam tomorrow" rhetoric with shares like this imo or you will lose a great deal of money.

Always look at the facts in the Half Year and Annual Reports. The most recently published Annual Report (to June) told us that :

1. There was only £64k in the bank and
2. Total Current Liabilities were £2.8m

That's clearly imo the reason the CLNs were not repaid in Dec and had to be rolled over for a third year running.

Do your research and do it well.

Helpful - "meantime the interest payments on the CLNs have been very handy."

Posted by Helpful 18 Jan 2019 -
"In fact, if we thought we were only getting the 10% coupon on the CLNs we probably wouldn't do them. "

CLNs have now been rolled over for the third time so Helpful clearly unable to get his money out. So the poor chap has effectively been forced to hold CLNs for 3 years for just the paltry interest rate, something he stated he wouldn't do. You have to feel for him TBH.

Posted 06 Sep 2018 -
"I look forward to converting my loan notes and making some decent money here"

Didn't happen did it old son? Your analyses and predictions are historically . . . well let's just say pants !

On Steelmin
Posted 28 Nov 2018 -
"Steelmin has a value whether that be euro 4 mil or euro 20 mil or some other figure"

Steelmin of course went into Administration Feb 2019 leaving a £1.1m debt to RRR

On Amulet Diamonds
Posted 27 Nov 2018 -
"It looks a good deal to me: Gareth Penney won't be stopping at this deal. He will want to build a serious diamond business and RRR is in on the ground floor."

RRR of course stated later that the Amulet Diamond "investment" would be written off.

On Taking RRR private
Posted 20 Jun 2018 -
"I can tell you now that if we are lingering around this price come September and RRR has made the progress I think it will on the various assets, that I will personally arrange for it to be taken private."

Just lols at that one.

Lol at the rampsters trying to make something out of what is really a nothing RNS. They are having discussions and are still waiting for the exploration licence to be renewed which was applied for March 2019.

From the lack of trades it's clear the fish are not biting with this tidbit of news.

The age old MO of RGM (and RRR) is not going to fly any more. You're just not going to be able to dump billions of confetti shares onto unsuspecting mugpunters anymore on the back of wordy RNSs. You actually have to deliver real results and until you do the share is going nowhere imo.

The share has just been consolidated on a 1-100 basis. Just before that consolidation there were 1.5 billion shares in issue and the company then issued over 7 billion more shares at the price of 0.0275p (equiv to 2.75p now). Rampers imo will almost certainly be beneficiaries of those billions of 2.75p shares looking to dump them for a modest profit onto naïve punters here. Happily I don't fall for the "jam tomorrow" rhetoric anymore of such people. This is and always has been a confetti train. That will continue if people keep paying stupid money for confetti shares. The shares aren't worth anything above 2.75p imo. Over 80% of the total issue was issued at that pacing price. The SP will stay at that level for the foreseeable imo until the next batch of dilution hits.

Rampers obviously would like to be rid of their 2.75p shares before that happens imo. Why would I give them an easy profit at my expense by paying more than 2.75p??

Helpful is imo locked in here like so many before him. He owns many of the £1m or so outstanding Convertible Loan Notes which have recently had to be rolled over for the third year running. His cash is locked into those Notes and they haven't been repaid by RRR but instead have been rolled over yet again. The conversion price has recently been lowered to help them have a better opportunity to convert but it will never happen imo. The long term chart here shows that the SP just continues Southward and that imo is due to the excessive combination of director salaries and preposterous amounts expended on admin and other expenses. Follow the rampers at your peril. DYOR and do it well.

License or not it will make absolutely no difference to the SP here. As I said before nobody imo was interested in Migori BEFORE the license was revoked. It doesn't actually matter what fantastical project is dreamed up in whatever faraway place because the fact remains that the same greedy BOD are in place which means close to 75% of available monies goes to Admin and other expenses, thereby removing all value in the share for investors.

Between 2012 and 2017 this BOD raised over £15m via share issues
In the same period they spent over £11m on Admin and other expenses

Absolutely ridiculous and could only be described as a lifestyle company for the personal enrichment of the BOD.

It's laughable that you and the larger holders have not ousted the BOD. They have clearly gotten the better of you imo.

Historical amounts frittered on Admin Expenses

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

Total joke as others have stated. Add to this your own threats posted on here in Aug about taking the company private and/or liquidating it and the share has become uninvestable. Your comments 17th Aug:

"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."

Uninvestable, simple as imo. DYOR

I don't personally believe any of these rises. It wouldn't surprise me if the same person/people are routinely buying a few shares and then selling them again later in the day to try and make it look like there is volume.

Migori won't make the slightest sot of difference here. Nobody was interested in it before the license was revoked imo.

Just another pipe dream.

Agreed Duke. Large holders here have done their money imo. They are idiots if they think they can steer this company forward with the same old BOD in place. But then how many poor unfortunate large investors have we seen come and go before with their tails between their legs? Just over a year ago 13% holder Daniel Sklan (d_s_) dumped his remaining shares and left damning comments on LSE here:

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

Then last year another 13% holder Peter Gyllenhammar started selling his holding down at Christmas and steady dumped right through 2019. I believe he now only has 3% left unless I missed a holding RNS.

Over at RGM Bell was managed out it seems. Can't imagine why that hasn't happened here but I guess Bell has gotten the better of people like poster Helpful who holds many of the outstanding CLNs here. Time will tell. Either way the behaviours of the BOD here and the statements of Helpful concerning the possibility that the large holders may take this private have made the share uninvestable imo.

Posted by Helpful 17th Aug 2019 here on LSE:

"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."

DYOR

More round sells as I presume the plethora of placing and other shares issued at the equiv of 2.75p are dumped onto mugpunters. Why on earth are people paying 3p for these bits of confetti ?! It's clearly a slow drip drip and will continue for a long time imo because 2.5 billion of the issued shares (pre consolidation) have lock-in periods such that 30% of them will be released in 3 months then another 30% 3 months later and so on. SP is going absolutely nowhere imo because the moment any mugs arrive to pay (imo) silly money for the shares, the recipients of the 2.75p shares will just sell sell sell for an easy profit. What you call a mugs game. DYOR

Unfortunately such basic data does also list the key milestones of the company which include :

- having had the nominal share value reduced from 0.1p to 0.01p
- having had a 20-1 share consolidation in 2015
- having had a 100-1 share consolidation in 2019
- having lost most of its share value over the years
- having constantly diluted shareholders to raise over £10m in the past 7 years

and so on

Hence it's imperative to do one's own research

@Marty re censorship

You can always contribute to the ADVFN pages here:

https://uk.advfn.com/cmn/fbb/thread.php3?id=22200056

Notice the sea of red in the trade list. That's what happens when you have 1.5 billion shares in issue and then issue another 7+ billion at the discounted price of 0.0275p (pre consolidation).

Buyers are simply paying stupid money for shares that were issued at the equiv of 2.75p.
Easy profit for those with placing shares spouting "Jam tomorrow" on chat boards and Twitter. I'm glad I don't fall for that old routine any more.

Many of the issued shares are locked in for varying amounts of times. The 2.5 billion shares issued (pre consol) for Promissory Note holders are locked in for 3 months after which 30% of them are unlocked then after another 3 months another 30% and so on. All of them shares that were issued at the equiv price of 2.75p. Thus anyone paying 3p or more for shares is paying c10%+ premium over the issue price. One can see that throughout the year (imo) there will be this continued selling pressure with holders of 2.75p shares ready and willing to dump them onto anyone prepared to pay more than that for them. SP is only going to stagnate or fall South if more dilution comes.

For the past 15 years this share, incorporated in 2004, just like RRR, has been living off share issues which keep the BOD in a nice salary and which pays for expenses. Ask yourself, what does this company actually produce? What income does it actually have? Here are the historical results taken from Annual Reports, losses made plus amounts of cash raised from confetti issues:

2012 - Loss of £2,112,350 - raised £907,090
2013 - Loss of £5,166,017 - raised £3,327,678
2014 - Loss of £1,508,812 - raised £1,212,805
2015 - Loss of £5,888,742 - raised £1,049,765
2016 - Loss of £1,965,722 - raised £781,595
2017 - Loss of £534,267 - raised £1,576,701
2018 - Loss of £1,549,619 - raised £1,150,000
2019 - Loss of £2,607,978 - raised £240,000

Total raised above - £10,245,634

Each to their own. If you seriously believe there is "jam tomorrow" then fill your boots. After 15 years of dilution and BODs laughing all the way to the bank I think I've established the MO here. Happy to stay well clear. DYOR

£12k sell there i see @ 2.97p.

Clearly a placee or beneficiary of the 7 billion shares just issued at 0.0275p (pre consolidation). A modest 8% profit at the expense of the mugpunter who paid a premium for the (imo) wothless confetti.

£145k is meaningless to RRR Partridge given last year Bell (chairman) burned through approx. £850,000 just on admin expenses alone, this year approx. £591k plus a bunch of other overheads. But yes, there's no reason for RRR to keep hold of the shares now Bell has gone here other than as ramping material (if there's any news) as part of some fake "sum of the parts" valuation nonsense.

The 2.5 billion shares issued here for the promissory note holders have staged lock-in periods. After 3 months 30% are unlocked, then another 3 months another 30% and so on. That will simply create a steady drip drip selling pressure as the year progresses imo. Any news here will be sold into I would think and the likes of Yorkville don't acquire shares in AIM to invest imo but rather to get a quick easy flip profit at the earliest opportunity. SP will go nowhere for quite some time imo and if more dilution comes it will just go South from here. Each to their own though, just be sure to DYOR.

Interesting booboo. Cornhill were fined over £200k by the FCA for forward selling of placing shares. Are you suggesting Yorkville have done likewise?

https://www.lse.co.uk/rns/RGM/director-pdmr-shareholding-iqgiakhykf5jelp.html

"The Company announces that as part of the Placing, approved by shareholders, James Parsons, Executive Chairman, has purchased 727,273 New Ordinary Shares (the "Share Dealing"). "

Stated at 0.84%, shares bought at 0.0275p

Interesting that this RNS contradicts the previous one (and Helpful's associated comments) which said he couldn't participate in the placing.