Member Info for MrMagic

JMS Divi, Para shares, royalty etc etc

None of that will change anything here and shareholders will never se a penny of any
success imo. The lion's share of any available monies goes to BOD salaries and
preposterous expenses.

Between 2012 and 2017 this BOD raised over £15m from devastating dilutions
In the same period they expended over £11m on Admin and other expenses.

That's where the money goes. That's why the SP chart here is just one long freefall
slide and has been for years.

Constantly pumped by the few remaining rampsters who are well down on their punts
here and / or sat locked in holding some of the £1m+ outstanding Convertible Loan Notes
which they will never get to convert. The deadline for those CLNs is this 19th Dec.

Where will the money come from to pay them down? It's either horrible dilution or
more pawning off of the "family silver" Jupiter shares imo.

Either of those will see this SP sink into the 0.3p levels imo.

Don't get duped by the ramper here who holds CLNs. Be sure to DYOR and do it well.

As mentioned earlier, the deadline for the £1m or so outstanding Convertible Loan Notes is fast aproaching, 19th Dec.

No amount of posting frivolous Twitter links is going to change that.

Where is the cash going to come from to pay them off? Surely Bell won't kick the can down the road again and roll them on for a 3rd year !! They attract 10% interest so that would be a poor result.

I predict he will cash in precious "family silver" Jupiter shares to pay down the CLNs which imo delivers zero value to shareholders here. If/when that happens I expect the SP to tank into the 0.3ps, just my opinion. Not good.

DYOR

Short term is more worrying imo.

The deadline for the £1m or so outstanding Convertible Loan Notes is fast aproaching (19th Dec)

Where will the cash come from to pay those off??? Or are they going to kick the can down the road for a 3rd year? I rather suspect Bell will pawn off more Jupiter shares to raise the cash.

This is an empty cup for ordinary holders imo. Most of the available cash goes to salaries and expenses thus stripping the value from the share constantly. This, imo, is why the fantasy "sum of the parts" valuations of shameless stock pumpers like Helpful are utterly misleading and worthless. DYOR well.

For me personally the game was up a long time ago.

The more recent actions of this BOD in failing to RNS loans and transactions with Amulet Diamonds, failing to RNS a £1.1m loan to Steelmin before it went into Administration, even failing to RNS that Steelmin DID go into Administration, are all testaments to an arrogant BOD who simply can not be trusted. Shareholders are imo treated with contempt.

You'd be investing totally blind here, not know what other loans have been agreed behind closed doors !

The lion's share of available monies goes to salaries and expenses which imo destroys all value here.

I see Helpful is still peddling the "jam tomorrow" nonsense. Hard to believe anyone falls for it any more but if they do they thoroughly deserve to lose their money.

Migori sat doing naff all for years which I believe is why they had the license revoked in the first place. The Kenyan news reported it thus:

https://mobile.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/1950106-3829916-v3b95i/index.html

"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme. Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”

"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."

If a new license is granted then so what? Nothing particularly happened before the license was revoked so why should
anything different happen if they get it back? Where is there any cash to fund any development?

The former criticism of Migori/Red Rock as highlghted above was that :

"it has only been getting into joint ventures. It has all along been an intermediary."

So drumming up a JV is hardly going to impress the locals is it?!

Just the same old "jam tomorrow" hot air from the fervant rampster here who remains locked in and stuck with a useless bunch of Convertible Loan Notes which imo he will never be able to convert. DYOR.

Booboo : "Less or no further dividends from JMP next year as a result of lower Mg prices will mean normal service dilution now resumes ."

In truth the Jupiter divi's never covered even the overheads here imo. Admin expenses alone last year were an utterly
preposterous c£850,000. For a failed AIM tiddler with £3m MCAP that's a ridiculous wastage imo.

Cash in the bank as at end Dec was just £27k
Total Current Liabilities at that time were £2.7m

Since then they've only raised £323k from a dilutive placing
Received approx £250k from a Jupiter divi
And now they have resorted to selling down the "family silver" Jupiter shares selling 1.5m of them for around £300k

When the company has naff all assets of any value (imo) then that's pretty much like asset stripping.

I don't see the investment proposition here at all. It's either going to be more dilution or continual pawning off
of the Jupiter shares which are the only thing with value imo.

The BOD saps all value from shareholders imo through ridiculous expenditure on salaries, Admin and other expenses.

Between 2012 and 2017 they raised over £15m from dilutive placings
In the same period they expended over £11m in admin and other expenses.

That's close to 75% of available cash being lost to expenses. Just farcical.

It's for this reason that fantasy valuations by rampers like Helpful are just misleading drivel.

The "sum of the parts" nonsense just doesn't apply here because this BOD soak up the value in salaries and expenses.

It is for me just a lifestyle venture for the personal enrichment of the BOD

DYOR and do it well.

Desperado: "There is such a thing as a member's voluntary liquidation. A large shareholder last year wanted us to put the company into an orderly wind up and we said no. We said no because we anticipated the DRC licenses coming good and we expected the Migori licenses to be sorted."

It's laughable that you think that whole situation is in any way attractive to prospestive buyers here. What you are describing is a situation where private holders are calling the shots here. Why should anyone invest in you and your chums? Really what's the track record? What AIM shares have you run? You're suggesting that at any moment a large investor might order the wind up of the company, and if they did, what would there be left for ordinary PI's? I guess there would be nothing. Hardly a situation that is going to make people put their hard earned in here. It all looks pretty poor to me.

As at end Dec the company only had £27k in the bank
At that time it had total current liabilities of £2.7m

Admin Expenses alone ran at approx £850,000 last year

They raised £323k from a dilutive placing
Received about £250k from a Jupiter divi
Now they've started selling the "family silver" Jupiter shares selling 1.5m of them for I guess just over £300k.

No RNS forthcoming to state what that cash is to be used for, so it's fair to assume it's the same old salaries and expenses.
Hardly a good thing when the company is flogging off its only decent asset (imo) to pay wages and expenses.

Between 2012 and 2017 this company raised over £15m from dilutive placings
In the same period it expended over £11m on admin and other expenses

That's a staggeringly shocking amount frittered away that delivers naff all shareholder value. Same old same old.

This remains for me a total lifestyle venture for the personal enrichment of the BOD. That there are now people like yourself and other holders influencing things is a further reason for me to not touch this with a barge pole. DYOR.

Desperado: "You could only take this view if you don't understand what it is that you are talking about. As I have said multiple times, I have mainly CLNs: how can I be locked in?

I understand it perfectly. You have valuable cash locked up in this POS in the form of useless CLNs. You can't convert them because the conversion price is 0.8p and imo you'll never get to convert them. The long term charts here show plainly that the SP here just continues southward ad infinitum, the result of endless dilution, preposterous expenditure on Admin and other expenses and dubious loans and transactions made by this disastrous BOD.

You're making just 10% interest on the loan notes on an annual basis. As a self professed owner of a degree in Quantitative Business Analysis I find it utterly laughable that you think the best use of your cash is to earn a poxy 10% in a POS AIM stock like this one. Hell you get 5% just sticking it safely in a bank !! If 10% is the extent of your earnings and ambitions then God help your clients !! Bottom line is that your cash is locked into a disastrous AIM share earning paltry amounts of interest. That you can't admit you're losing in that situation is another testimony to your lack of ability. Sure, you literally can't lose money in theory because it's earning interest, but the reality is that's cash that should be earning you 40%+ if you were anything like a decent investor of AIM. For a measly 10% you can just put cash in any FTSE blue chip stock and you know it.

So the reality is just the same as people who put their cash into premium bonds. They naively think they can't lose but the truth is they ARE losing every day their money remains deposited because the money should be making far better returns elsewhere.

Ramp on old chum. Honestly fooling nobody here with the rhetoric.

Locked In Ramper: "The time to buy assets is when no one wants them. RRR is a classic."

Ho ho ho, if I had a quid for every shameless ramping muppet that spouted this mantra on this board over the years I'd be a rich chappy.

The fact is you are the owner of some of the £1m outstanding CLNs here which you will never imo get to convert (convert price being 0.8p). One can only wonder how your clients must be feeling if you led them into this POS.

The 7yr+ charts here tell investors all they need to know about the imo appalling Modus Operandi of the BOD. Endless brutal dilution accompanied by preposterous expenditure on Admin and other expenses and a trail of failed ventures in far flung places.

Between 2012 and 2017 this BOD raised over £15m via dilution
In the same period they expended over £11m on Admin and other expenses.

It's plain to see where all the cash goes and thus where the value for shareholders here seeps away into nothing whilst enriching the bank accounts of the BOD.

They've now resorted to selling the "family silver" Jupiter shares, the only real asset of value imo. Not a great sign. Once they are gone, they are gone.

Countless millions raised via dilution over the years but today sat languishing with an MCAP of just £3m. Should tell savvy punters all they need to know. It's imo just a lifestyle venture for Bell & his cronies. DYOR

Doesn't look good. Lots of sizeable sells going on for days now.

Today SP 13% down

Those who bought at 0.058p levels yesterday are already well down on their punt.

Bell has jumped the sinking ship.

Worth remembering that the nominal share value here is 0.01p. You can't issue shares below that nominal value so the closer the SP gets to 0.01p the closer you get to not being able to issue confetti placings to raise cash. Of course Bell already brought both RRR and RGM to such a state before. The nominal share values of both companies was previously 0.1p but he simply lowered the nominal share value to 0.01p and carried on diluting shareholders. He also did share consolidations with both companies imo to try and make the SP's look less embarrassing, but inevitably the disgusting MO results in continued SP destruction so here we are all over again.

This share appears to me to have run its course now and Bell has accordingly waltzed off into the sunset. Are the remaining large holders going to take it private? Who knows?

DYOR

So two big £11.25k sells yesterday, 2.5m shares ish

Guessing that's Gyllenhammar still trying to shed these POS shares

Last reported he had 32,250,000 which was 4.77%

So dumping another 12m puts him past the 3% threshold . Probably half way there if these are his sells. Large holders fumping never a great sign imo. DYOR

ludeck - "Must be regretting that already."

Not half !! As they say there's one born every minute!

The large sell and others last week I wonder if that's 13% holder Gyllenhammar still trying to dump. He was last reported as having just 4.77% left but still had 32m shares at that point. He's been dumping his 13% holding since last Christmas .

Locked in ramper said : "yada yada yada forecaasts, hopes, dreams and fantasies"

Meanwhile in reality land, Para Resources said:

"For the current year to May, El Limon processed 7,166.4 metric tonnes (“mt”) of rock, producing 778.8 oz of gold"

So a paltry 778 oz over 5 months, or 155oz per month.

Para go on to say:

"Cash flow break-even occurs at production of 300 ounces per month representing 25% of capacity"

So nowhere near break even point at that time then !

http://pararesourcesinc.com/para-resources-provides-corporate-update/

Thanks for the jolly wheeze Helpful old chum but I leaned long ago that the reality sucks. Para have been forecasting wonderful things for a very long time. The reality for RRR has been paltry returns.

Last RNS'd quarterly royalty revenue for RRR was stated as $13,658 for the quarter ending March 2018. There have (afaik) been no quarterly figures RNS'd since, for, imo, very obvious reasons. At that quarterly revenue rate it would take about 134 years to recoup that $3m royalty. Just laughable.

But hey, ramp on old chum, this time next year Rodders . . . . .

Ramping seems to be increasingly fervent by the poor locked in punter today. SO many like him have gone before and left with their tails between their legs. Nothing will ever change here under the chairmanship of this same BOD. Here's what former 13%+ holder Daniel Sklan had to say on the matter:

"After holding RRR shares for a considerable number of years and seeing my holding drop from over 13% to under 2% and value drop by over 90% due to the constant “fund raising” and issuing of new shares; I have finally had enough and sold all my shares.
Let’s be honest - doesn’t matter how much money RRR receives it will always disappear paying "misc. expenses", directors salaries and investing in white elephants; sorry I meant Elephant Oil and various other ridiculous investments. I simply can’t understand how a business manages to plough through so much money with so little to show for it."

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

Another 13% holder, Peter Gyllenhammer has been steadly dumping his holding since last Christmas. Now down to just 4.77%. He will surely imo sell into any news or rise.

Rampers here just jump from promoting one project to another as each successive one becomes a failure.

Greenland failed
El Limon failed
Shoats Creek Failed
Steelmin Failed
etc etc

It's a trail of failed ventures, ridicuous expenditure on Admin and other expenses, and endless dilution. Worse still the BOD have now twice conducted loans with 3rd party companies (Amulet Diamonds and Steelmin) and failed to RNS the events to the markets. One can not know therefore what is going on, you'd be investing blind. Totally untrustworthy.

It's a dead horse imo being flogged by those currently locked in who obviously want to get out. DYOR

Helpful looks to be getting desperate. Locked in holding some of the £1m outstanding CLNs here with no hope of being able to convert them. Only has himself to blame. Shameless ramping of an utter POS AIM stock isn't going to save him. Nobody was remotely interested in MIgori before the license was revoked imo. Go look at the 2014 chart and see. The chart is just one huge ski slope of SP value destruction caused by the actions of the existing BOD who have diluted shareholders ruthlessly and expended utterly preposterous amounts on Admin and other expenses.

Between 2012 and 2017 the BOD raised over £15m from dilutive placings and the like.
In the same period they expended over £11m just on Admin and other expenses.

Helpful can wax lyrical all he likes to try and dupe punters to help him exit here but the fact remains that this BOD's crazy expenditure on expenses robs shareholders of all value regardless of any current project. It's a pure lifestyle venture imo. DYOR.

Of course if the license is reinstated then there will inevitably be a funding requirement.

RRR only had £27k in the bank as at end Dec 2018 and at that time also had Total Current Liabilities of £2.7m. They also burn through approx £850,000 a year just on Admin Expenses.

Since Dec they raised £323k from a dilutive placing and received approx £250k from a Jupiter dividend and they've just sold 1.5m Jupiter shares for a bit of extra bunce without stating the purpose of that transaction so I have to assume the money is purely for Admin, salaries and expenses. The Jupiter shares are really the only thing of value here imo so beginning to sell the family silver so to speak to keep the lights on is not a good sign.

If significant funds will be required to do something with Migori then more of those precious Jupiter shares are going to be pawned off or else Bell will come begging to the markets cap in hand with another dilutive placing. Either way shareholder value seeps away as it has always done under the chairmanship of Bell & Co.

For me personally, it doesn't look at all good for the foreseeable imo. I don't personally buy the rhetoric of posters here who are locked in and holding some of the £1m worth of outstanding CLNS which will need to be paid come Dec. DYOR.

All looks very desperate to me. As I remember nobody was particularly interested in the Migori project before the license was revoked. It was adding little to no value to the SP imo, as the long term chart shows the SP just continued to plummet anyway. So even if the license was restored I can't see that it would make the slightest difference here. Here's what the Kenya journal sites said at the time the licenses were revoked:

https://www.nation.co.ke/business/Row-over-permits-robs-Migori-gold-of-its-glitter/996-3829916-5t3ec6z/index.html

"Among the grounds for the revocation was that Mid Migori has held the areas for over 26 years without concluding the exploration programme. Further, that the firm had never done any exploration work since it was granted the licences and that “it has only been getting into joint ventures. It has all along been an intermediary.”

"The company had been obtaining renewals of licences through promises of heavy investment in exploration work but which have never been honoured, the court heard. The ministry also blames Red Rock for the alleged non-performance by its partner, on account of its shareholding in the latter."

lol. Helpful has done his money like all those before him. Poor fella.

Bell could sell any number of Jupiter shares tomorrow to fund some amazing adventure with some tin pot outfit (elephant oil, amulet diamonds anyone?) loaning them monies that are unsecured, and non interest bearing and so on and there's naff all you'd be able to do about it. Then the loan gets written off later on. Where's your Administration equity at that point? And as iRick stated you have no idea what other loans and transactions might already have been conducted given they didn't RNS the Amulet loans or the Steelmin £1.1m loan. This share has imo become totally uninvestable so the SP is imo going nowehere but down and its looking pretty obvious that you'll eventually be leaving with your tail between your legs in due course. Till then of course, ramp on old chum like a goodun.

DYOR

Helpful : "On RRR I have an equity position and the CLNs: as has been pointed out, I can't lose on the CLNs"

LMAO

You're essentially admitting to abject failure.

Why? Because for nigh on 2 years you've had your hard earned cash locked up in useless CLNs which you have no hope of converting (exercise price 0.8p). The CLN's attract 10% interest. So what you are presenting to readers here, and to your business clients is that as an investor, the best you can achieve is a laughable 10% and you have to go to AIM and to a failure like RRR to do that ! That's actually dire imho.

I'd say you are actually losing money just like people who leave their cash in premium bonds. Whilst it's sat there locked in, it's not making the kind of return it should be making esp on AIM. Either that's true or you are conceding to all that your great fantastic investing skills are only capable of delivering a measely 10% anyway. So really, fooling nobody.

Bottom line, you're never gonna get to convert the CLNs any you're cash is locked in for 2 years only earning 10% pa. You could get 5% without going near AIM much less this POS !

Boiler room material at best. Failed completely to do his research and failed completely to realise the large numbers of people who have experience of the share and who understand how the BOD operate. Thought he could just pump away like any other stock. In effect ran into a black tie dinner convention of experts dressed as chicken and proceeded to try and dupe everyone with defacto boiler room sound bites. Deserved to lose money as he clearly did.