Member Info for MrMagic

Things look dire to me personally

At end Dec 2018 there was only £27k in the bank and the total liabilities were a huge £2.7m

Since then they raised £323k from a dilutive placing and got about £250 from the Jupiter dividend.
Peanuts when Admin Expenses alone run at approx £850,000 a year !!!

Now it seems the company has resorted to selling down the family silver to keep the lights on.

Note the last 2 RNSs entitled Jupiter Updates

The 2nd Aug RNS stated that the Jupiter holding is 18,524,914 shares
The 9th Sept RNS states that the Jupiter holding is 17,024,914 shares

A pretty underhand way to effectively announce that they've sold 1,500,000 Jupiter shares

No straight RNS to tell us that and no statements as to what the money is going to be used for but I assume personally its just the usual regular preposterous churn of salaries, Admin expenses and those liabilities.

When they start selling the family silver its not imo a great sign.

Over at RGM the king rat has finally left the sinking ship. One more to go there imo.
Nothing but mass dilution to come at RGM too imo. They still have authority to issue up to 1.2 billion more shares there.

Hard not to assume that old Bell will jump the sinking ship here too. After the attrocious behaviours, failing to RNS key loans and transactions and years of digusting dilution with the likes of YA Global and Cornhill a resignation here is overdue by the count of many years imo.

DYOR

lol @Suhail

What a chump. He was warned. A tadpole trying to con the long standing sentinels here. He came, he invested, he leaves with his tail between his legs like every other boiler room junky before him. No clue at all about the company and the history of the BOD. Just thought he could ramp it with the Dummies Guide To AIM Ramping book. Coiled spring, the herd will arrive, multibag yada yada.

So long, and thanks for all the laughs !

SP : "I'm even willing to make the sacrifice that he'll be too busy to be involved in RGM business."

I'm willing to bet that even in that situation there would still somehow be preposterous amounts expended on Admin Expenses "

It's a dead duck, like RRR imo. Lifestyle venture for the enrichment of the BOD. imo. DYOR

I agree iRick, all trust has completely gone for me and I doubt investors will touch this with a barge pole now. Problem is that Bell has demonstrated his complete disregard for shareholders by failing to RNS key transactions and loans with 3rd party companies.

He conducted loans and transactions with Amulet Diamonds subscribing for 35,519 shares in the company and also subscribed to USD401,961 of shareholder loans which were unsecured, non-interest bearing and had no fixed maturity or repayment date. None of this was RNS'd to the markets.

He later went on to loan Steelmin a further £1.1m which was also unsecured. This too was not RNS'd to the markets. When the company MCAP is a paltry £3m then a loan of £1.1m is significant imo and shareholders had a right to know that so much valuable cash was being used in that way. Bell denied them that right by refusing to RNS the loan.

Steelmin then went into Administration and according to the PWC proposal all assets were transferred to a secured creditor Thalos Investments. This happened back in February and yet still to this day RRR have not put out any RNS to inform markets and shareholder that a key project in which they held 22% has collapsed and gone into Administration. I find that absolutely incredible because it is surely a market affecting event.

Regardless, what all the above tells me is that this BOD can not be trusted one inch and it also means that any shareholder here has absolutely no idea what is going on with the company unless they are in constant direct contact with the BOD and believe what they are told.

It should now be easy to understand why the "Sum of the parts" valuations by rampers like Helpful are nothing but hogwash. How can anybody know what the "parts" are if this BOD is not RNS'ing key loans and transactions ? Last year Helpful was telling us that Steelmin was worth £millions. He got it horribly wrong. Steelmin is gone. Leaving RRR with a debt of £1.1m which appears to be unrecoverable. Anyone foolish enough to follow his stock promoting antics deserves to lose their money imo.

To invest you need the facts, the FULL facts, and if the BOD is failing to RNS transactions and loans then we don't have the facts. As a result this is now totally uninvestable imo and will remain so until the BOD are removed. DYOR.

Shameless Ramper: "Living in the past"

Another great boiler room standard bit of spiel. Keep 'em coming.

Also continually positing long posts to push contrarian posts down or off the page, another absolute classic boiler room MO.

Hugely disappointed though that you didn't post the "Wouldn't want to be out of this over the weekend" classic.

It's comedy gold if nothing else.

Best joke was you stating that debts have been deferred for 5 years as if that suddenly means that the magic money tree will be sprouting bank notes! Where's the cash going to come from to just pay the Admin and other expenses?

Rampster: "The value of the assets is there regardless of AB and/or anyone else."

Oh not this hillarious "sum of the parts" spiel again !!! How many times have you pulled this one on naive mugpunters?!!!

Where in your list of "parts" is the £2.7m of current liabilities as at end Dec 2018?
Where in your list of "parts" is preposterous annual expenditure on Admin Expenses (£850k last year)

It's just so hillarious seeing these boiler room style muppets constantly trying to pull this fast one on people. Shocking really.

I will say again, between 2012 and 2017 this BOD raised over £15m in cash from dilutions and then spent over £11m of that on Admin and other expenses. There's zero shareholder value for people in that model. It means close to 75% of available money goes to expenses.

So your sum of parts is worth diddly squat

But comedy value yes

Rampster: "so about £330k"

When the BOD expend circa £850,000 in a year on Admin Expenses trifling amounts like that have zero impact imo. That's the reason this share has been on its backside for years and why nothing will ever change here. The lion's share of any available money goes to Admin and other expenses, rather than "into the ground".

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

Accordingly I personally treat this as nothing but a lifestyle venture for the personal enrichment of the BOD at the expense of shareholders who are routinely diluted.
An empty cup that is habitually pumped by imo spivvy city boys and boiler room style rampers using tired old "jam tomorrow" rhetoric. People just don't seem to fall for it anymore, myself included.

DYOR

Shouldn't you be man enough in your position to admit that you made a doosy of a mistake there and retract your figures as they are patently wrong?

That's about as desperate and misleading post from Helpful as you are likely to see imo.

Facts from Para Resources website RNS:

"Cash flow break-even occurs at production of 300 ounces per month representing 25% of capacity."
http://pararesourcesinc.com/para-resources-provides-corporate-update/

300 oz per month is 3600 oz per year just to break even !!!

But even pushing that fact aside your laughable calculations need correcting because you've incorrectly applied the 3% royalty to the entire $3m to be recouped by that royalty.

You know full well that this is incorrect. The 3% royalty is for the first $2m and then it drops to a 0.5% royalty for the final $1m.

Thus even on your lame figures which are already incorrect imo, the calc would be:

$2,000,000 / $108,750 = 18 years
plus
$1,000,000 / $18,125 = 55 years

A total of 73 years !!!!

Either way your desperation to ramp this POS has led you astray and clouded your mind.

Helpful: "El Limon is looking better. It looks like the royalties will be picking up going forward."

Don't make me laugh ! The last RNS'd quarterly rate was just $13,658 for March 2018 at which rate it would take 134 years or so to recoup the $3m. So even if by a miracle of God they suddenly doubled that rate it would still take 67 years !!

That you still try to ramp El Limon is utter desperation imo.

Trade list has been a sea of red for quite a while with only a small smattering of buys.

Confetti incoming???? Or people just bored.

Rampster: "POW currently up 25%:"

Yeah with a 22.22% spread. Same old. Poor form

POW was approx 16% down yesterday. Funnily enough you didn't draw attention to that !

There's nothing but a tiny smattering of about 14 trades today amounting to naff all interest.

Issuing shares to pay down fees, is for me personally, a bit of an obvious clue as to the current position there. Your lame attempts to ramp it don't sway me for a second.

https://www.lse.co.uk/rns/POW/power-metal-issue-of-equity--fgwjo8d8leygvvp.html

9th Aug: 9.8m shares issued to pay off "certain cash fees"

And yet again POW hits the LSE Share Fallers board. 4th from the top today !

Pretty sure the general idea is to create value not destroy it !

LMAO Helpful !

FOr as long as I can remember (and it's prob 7 years now) old Belly boy has been whinging and whining that the markets are overlooking the value of the company. It's laughable TBH. What's happened is the markets and ordinary PI's alike have realised that Mr Bell saps away all the value of the share through his colossal expenditure on Admin and other expenses leaving extremely little for anythng else.

Between 2012 and 2017 Bell raised over £15m from death spiral dilution of shareholders.
In the same period he expended over £11m of that just on Admin and other expenses.

If anything, the markets have OVER valued this share. It is utterly worthless whilst he remains the chairman imo and will never change.

Here again are the parting comments on this very site from Daniel Sklan, a former 13%+ holder here:

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

"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."

A more recent large 13% holder, Peter Gyllenhammar has been steadily selling down his holding here since Christmas. He now only has 4.77%. I wonder why ?!!!

Ramp on old chum

The remarks there are yours, nobody elses. They were lame ramps, turned out to be astronomically wrong and they are but a fraction of your past ramping both here and at MYN, another share you've ramped for years whilst the company brutally raped shareholders through industrial scale dilution. Anyone who listened to you and invested here on the back of it would now be sat on significant losses imho.

You are what you are and I pay no heed to anything you say or post simple as. It's "jam tomorrrow" fantasy rhetoric for the most part which seeks to belittle if not hide the long track record of failure here.

Attempts to oust Bell clearly failed over at RGM as did attempts to stop the continuation of confetti dilution. A special GM was convened and Bell thereby secured authority to issue up to 2 BILLION more shares and to disapply preemptive rights. Job done.

You ramped Shoats Creek, it failed and is being written off, now you are quiet on it
You ramped Steelmin, it is now in Administration, now you are quiet on it
Now you're ramping the next "new kid on the block" ventures, ostensibly hoping that RRR will get another license granted for Migori (the previous one having been revoked) and the DRC Cobalt venture.

You just grasp at anything you think might help get the SP moving so you can convert your Convertible Loan Notes at 0.8p+. Good luck with that !!

In the end nothing will ever change here because, despite all your efforts and those of your chums behind the scenes, Bell & Co are still here running the company. They are responsible for destroying the value here (and thus the SP) through (imo) ridiculous expenditure on Admin and other expenses and constant dilution. As far as I can see Bell still has the better of you all. But regardless what you've just highlighted to everyone else is that you and your chums could take this private if you wanted. Where would that leave ordinary shareholders ? I guess you'd cash in the JMS shares and walk off into the sunset.

In the end, this remains for me uninvestable.

DYOR

Some past pearlers from ramper Helpful, comedy gold:

19 May 2018: "I expect Steelmin to certify commercial production next 2/3 weeks and expect an offer to come for it. The other investors have been in this for a long time and will take a decent offer." 60mil would make everyone think long and hard. Replacement cost is 100mil, so 60mil would be a bargain."

(Steelmin now in Administration leaving a £1.1m debt to RRR)

22 May 2018: "Steelmin looks to have turned out well, contrary to what the ex Wives Club said at the time. "

24 May 2018: "So what is Steelmin worth to RRR? Low end say Euro 2.9mil, high end Euro 9.5mil. If it were me and the offer was Euro 20mil I would say no but Euro 50mil you have to snatch their hand off."

20 June 2018: "Keep hanging around Tragic and this will just get worse for you as things progress."

(SP then 0.87 . . . . SP today 0.50 p)

17 sep 2018: "What are you going to say when we end up with 50% plus of Steelmin for pretty much nothing?"

20 June 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"

Like I said comedy gold. So glad I learned never to follow rampers like yourself.

DYOR

Helpful: "I will let you know how much I take off the table in due course. xx"

Pretty laughable

You've said exactly the same thing befoer about a year ago I believe, can't be bothered to dredge up the quote. Yet you're still here shamelessly promoting this POS stock. You also crowed about selling your CLNS at a nice profit and that failed spectacularly last year and the CLNs had to be rolled over for yet another year and here we are still, SP Bid down at 0.45 and you with zero chance of converting them at 0.8p.

Gonna be even worse when the next round of useless confetti is issued.

I count myself very lucky that I don't fall for the "jam tomorrow" ramping spiel any more.

DYOR

Isdeer: "all the while he's accumulated millions of pounds of investors cash via emoluments"

Indeed, here's the awful history of what just Bell alone has taken out in emoluments (slaaries, fees, benefits etc):

AB's Emoluments at RRR
====================
2018 - £142,965
2017 - £155,243
2016 - £126,661
2015 - £91,495
2014 - £139,008
2013 - £154,746
2012 - £221,729

AB's Emoluments at RGM
====================
2018 - £86,205
2017 - £109,803
2016 - £85,524
2015 - £76,461
2014 - £76,506
2013 - £78,344
2012 - £122,598

Worse still is the preposterous and sickening amounts this despicable BOD have syphoned away in the form of Admin and Other Expenses.

From the Annual Reports:

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

Total Admin and Other Expenses £11,328,985

Just appalling. There will never be any shareholder value here until the BOD are
removed. The majority of cash simply gets frittered away in salaries and expenses.
That's why the SP is where it is and why Bell constantly dilutes shareholders.
It's just ridiculous and has imo become an utter joke.

Add to that the fact that they are now making loans to companies without putting out any RNS's and this has become totally uninvestable.

Hardened rampers like Helpful won't give up flogging the dead horse though

DYOR