Member Info for MrMagic

Like I said Helpful, why no RNSs giving the royalty revenues for quarters ending June 2018, Sept 2018, Dec 2018 and March 2019 ????

If they were in any way better than previous reports then Bell would be singing it from the rooftops imo

Nuff said

Wonder why RRR haven't given us any update on El Limon royalty revenue since March 2018 quarter???????

Where were the figures for quarters ending June 2018, Sept 2018, Dec 2018 and March 2019????

Surely the figures couldn't be worse than the last reported rate of $13,658 for march 2018 quarter could they?

DYOR

Would be useful to hear Helpful's view of the cash vs funding requirements situation.

Only £27k cash at 31st Dec

Since then they raised £323k from a confetti placing
Received £250k from Jupiter divi

Not a ton of cash then

Against that there were Current Liabilities of £2.7m at 31st Dec
and the BOD expended approx £850,000 on Admin Expenses last year
plus £306k on Other Project Costs


Where is the cash going to come from?

Like I said earlier, he won't mention the cash situation. Nuff said really. It's not in his interest to provide the full salient information here, you will only get cherry picked nonsense and relentless "jam tomorrow" rhetoric.

Anyone who falls for it deserves to lose their money imo.

When he is willing to post about the Current Liabilities (£2.7m at end Dec) and the Admin Expenses (£850k last year) and project costs and "other" project costs (£306k last year) vs the tiny amount of cash raised (£323k) and divi received (£250k) , then and only then will you get the truth.

And it wont happen, that I can guarantee.

So people MUST do their own research.

For myself, I believe that more dilution is wholly inevitable here

The company has already established authority to issue up to 400m more shares in 2019.

Shocking stuff given the savvy had long since realised White Car was gone.

DIsgusting too that Bell has still not put out any RNS about the Steelmin project at RRR. Steelmin went into Administration back in Feb. Were it not for chat board posters highlighting it, many investors might have still been clueless.

I just can't see how anyone could trust the BOD of these companies. The arrogance and Modus Operandi is abhorrent imo.

Helpful doesn't talk about the cash position either.

Thing is he owns some of the £900k's worth of outstanding CLNs here so it's not in his interest to say it like it is with all the salient information imo. Like the stock pumpers on ADVFN you only ever get the cherry picked morsels they want mugpunters to focus on. I would consider myself utterly stupid to follow their ramping nonsense rather than doing my own research and doing it thoroughly.

Note also that large investor Peter Gyllenhammar has been selling down his 13% holding over many months. Began before last Christmas. I presume it's not that easy to dump so many shares when so few (imo) are interested in buying them and when the Half Year Report highlight the (imo) dire cash position.

PG still has many millions of shares to go if he is selling down completely. You would expect him to sell into any news or positive rise. That will surely hold the SP back. Regardless the only news I personally expect is yet another fundraise !

DYOR

burningspear: "when is the fundraise"

You won't get the lickspittle rampsters to talk about the cash situation here and fundraises oh no !!!

Doesn't fit into the shameless ramping agenda. But there are few left I feel that fall for the Billy BS "Jam tommorow" rhetoric of these clowns. Don't get caught out, DYOR and do it very well.

Cash at 31st Dec was just £27k

Current Liabilities were £2.7m

The BOD spent c£850,000 just on Admin Expenses last year

They also spent £306,666 on "Other" Project Costs (lol)

There must also be regular project costs and probably other costs besides

With naff all income coming in how is all of this going to be paid for?????

Company recently issued 63m pieces of confetti at the bucket price of 0.51p, that raised just £323k

They received £250k from the Jupiter divi and may receive another £300k divi

Very well short of the £2.7m liabilities and £850k Admin and other costs.

Rampers will steer very very clearl of this topic because they know full well what it means.

Dilution, dilution, dilution imo.

This BOD have been diluting shareholders for years and years here and have devastated the share price.
So much so that a few years back the SP reached the nominal share price of 0.1p, a point that would then prevent further shares being issued (at <0.1p). So the greedy BOD just lowered the nominal share price to 0.01p and then carried on diluting shreholders here. Within 12 months they had devastated the SP further and so also conducted a share consolidation on a 20 to 1 basis (could be 25 can't remember).

They will never change. Their business model imo is simply to keep issuing confetti to pay for salaries and expenses. Shareholders pay the price via dilution.

From 2012 to 2017 this BOD raised over £15m via dilution

In the same period they expended over £11m just on Admin and other expenses

That's where most of the money goes. Nothing here for shareholders imo. An empty cup of tomorrow's jam.

Don't fall for the spiel of the shameless promoters imo. Get the facts, all the facts and then make a decision.

Company has already secured authority to issue up to 400m more shares here this year. Dilution is imo inevitable.

I certainly won't get caught by it, will you?

DYOR

Burningspear - "Where has the money gone?"

Indeed !!!!!!!!!

Cash at 30th June - £2.2m
Cash at 31st Dec - £27k

Hmmmmmm

Where's the cash going to comre from. Jupiter divi's are nowhere near enough for the funding needs.

£2.7m liabilities as at 31st Dec
c£850,000 a year on Admin expenses
Project Costs
Other Project Costs
Legal costs
. . . . .

Where is the cash going to come from. Naff all income and only a bit of bunce from Jupiter divis (£250k just received and maybe another £300k to come)

I can only see one possibility. . . . . the usual dilution.

Rampers seem reluctant to face up to the cash challenge here imo. When's the next placing ???

DYOR

Back in August large investor Peter Gyllenhammar held over 12% of the shares here with a holding in excess of 66m shares. He has since been steadily dumping those shares for the past 6 or 7 months chunk by chunk. Not easy of course when there are few mugpunters remaining these days to take up the shares (imo).

Despite all these months passing by he still holds over 32m shares (4.77%) so this process looks set to go on and on perhaps for many more months. It can imo only serve to suppress the SP as any snippet of news will likely be sold into.

I can only speculate that he is thoroughly displeased with the way the company has progressed and/or perhaps not happy with the company decision NOT to RNS key loans and transactions with Amulet Diamonds or perhaps not happy that the Steelmin project has now totally failed with Steelmin going into Administration leaving a debt of £1.1m owed to RRR. Maybe he's simply not happy that the company had £2.2m cash at end June and then 6 months later there was only £27k cash left (see Half Year Report).

For myself I can only envisage more and more dilution here as there is precious little income and yet imo lots of funding needed. The Half Year Report told us that Current Liabilities were £2.7m and the Annual Report told us that this BOD get through c£850,000 a year just on Admin Expenses. There are obviously also project costs and "other" project costs (£306k last year) and presumably legal costs for Kenya perhaps. So where is the cash going to materialise from for all of this???

They recently raised £323k from a placing at 0.51p and got c£250k from the Jupiter divi and may get another bonus divi of around £300k.

That really doesn't amount to much compared with the liabilities and funding needs as far as I can see.

Dilution simply seems to me to be inevitable. Presumably why the BOD established authority at the last AGM to issue up to 400m more shares here this year ! DYOR well imho.

The long and short of it is simply this. While ever this BOD remain in control, any monies will be soaked up in salaries, Admin and other expenses and a fair amount squandered on disperate projects in far flung places that mostly fail.

Greenland has been sold for just £1
Shoats Creek is being written off
Steelmin is now in Administration leaving a £1.1m debt that imo won't be recovered
El Limon was sold for a song and royalties are essentially meaningless
Ivory Coast went nowhere
and so on

The smart move is to invest directly in Jupiter where you WILL GET a share of the various dividends.

No RRR shareholder gets any share of the Jupiter dividends that come into the RRR coffers. The company received approx £1m from Jupiter share buy backs and a further £750k from 2 dividends and may now get another £300k divi to boot. NOT A SINGLE PENNY of it has ever been passed onto RRR shareholders. The BOD burned through approx £850,000 simply on Admin Expenses last year.

Cash in the bank at 31st Dec was just £27k
Current Liabilities were £2.7m
Admin Expenses run around £850k a year
Other Project Costs were £306k last year
Then you have actual Project Costs and Legal Costs

That's a fair amount of cash needed. Yet . . . . .

They only raised £323k recently through a dilutive placing
They got £250k from the recent Jupiter divi

Anyone seeing the discrepancy there between cash needed and cash coming in?

Where will the cash come from?

Dilution imo, hence you've got the usual suspects ramping like good uns.

Buy, hold or sell but be sure to DYOR

Apologies for 1/2 double post

Losses, monies raised and Admin

2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000

Total Raised - £15,052,200

Amounts expended on Admin/Other Expenses

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 frittered on Expenses : £11,328,985

DGBSJPM: "The magic commenter guy always talks about confetti of share issues (there will be, to fund this project, if you all get your heads out the sand and look forward, it is how every company grows"

Wow the comedy value here is endless and it would be funny were it not actually tragic that such people mislead mugpunters so badly. This company has diluted shareholders for years, it is what it does, and it has utterly failed to grow throughout that time. Founded in 2004, both RRR and RGM despite 15 years of this BOD nonsense have still not been able to get the companies in a position where good projects are generating significant regular income that both meets the overheads and funds future projects. So this incredibly lame strap line that boiler room style rampsters always come up with about "all AIM companies issuing confetti" is frankly absurd.

As always I shall dissolve the company apologist lackey's drivel with facts. Here are the losses made by the company year on year and the amounts they raised via confetti issues and the amounts squandered on Admin and other expenses. It becomes patently clear from the facts that there is absolutely zero value to share holders from such dilution. The only thing that grows is the BOD's personal enrichment.

2012 - Loss of £1,962,882 - raised £4,441,844
2013 - Loss of £22,105,562 - raised £4,103,795
2014 - Loss of £4,113,460 - raised £2,723,861
2015 - Loss of £8,411,541 - raised £2,327,377
2016 - Loss of £283,280 - raised £1,155,323
2017 - Loss of £1,114,213 - raised £300,000
2018 - Profit of £78,120 - raised ????
Total Raised - £15,052,200

Amounts expended on Admin/Other Expenses

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

£11,328,985

Helpful: "A few: Priyank just bought £3.74 mil."

And yet still holds less than 3% of the company.

Absolute peanuts for a director or CEO and of the same level that many nefarious AIM dilution CEO's hold in their companies.

Polish the little brown jobbie all you like but the fact remains that 4 of the 6 directors don't hold a single share in the company. What a joke !

Now. . . . where's that fundraise?

Totally got it in one there TDT2. In fact a total slam dunk.

This BOD burn through an utterly preposterous c£850,000 a year on Admin Expenses whilst they continue to dilute shareholders here with confetti placings. Only the supremely naive would fall for the ramping spiel imo.
The Jupiter divi last year and thus far this year amount to about £750k. Not what you call shareholder value.
With that kind of Admin expenditure we can be sure the dilution will continue.

Let's also not forget that there are 6 Jupiter directors. Do you know how many of those Jupiter directors actually hold JMS shares directly? The facts:

Andrew Bell . . . . . . holds ZERO Jupiter shares
Brian Gilberston . . . . holds ZERO Jupiter shares
Sungwon Yoon . . . . . held ZERO Jupiter shares (now resigned)
Yeoungjin Heo . . . . . holds ZERO Jupiter shares
Melissa North . . . . . holds ZERO Jupiter shares

Priyank and Paul Murray are the only two to hold a few.

The others clearly imo don't deem the shares worth digging into their personal pockets to spend their hard earned on !! They instead wield JMS shares from other companies. Bell wields the RRR JMS shares, Gilbertson wields the Pallinghurst shares and Mr Heo wields POSCO shares.

Not what you would call a great advert for the shares imo.

Roll on the next confetti issue of worthless bits of paper . . . . . DYOR

BTW absolutely no need to take my word for any of this. Take instead the words of a former large investor Daniel Sklan who held over 13% of the shares here AND who also had a personal royalty deal established with RRR for its Ivory Coast project. These were his parting words last August here on LSE:

http://www.lse.co.uk/member-info.asp?nick=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."

Nuff said imo. DYOR.

Stretchum: "Whatever you think of bell , he has a point."

Actually, no, he doesn't have a point at all. The problem here IS Mr Bell and the rest of the BOD who, imo, operate this and RGM as pure lifestyle outfits for personal enrichment. It doesn't matter what cash comes into the company, this BOD will whittle through it with lucrative salaries and ridiculous expenses in no time at all, and THAT my friends is why the SP here NEVER equates to the fancy "sum of the parts" assets that the charltans try to present on these boards.

The current pump efforts are 100% consistent with an imminent fundraise imo. Been here far too long to be fooled by this recurring nonsense from feckless rampers.

Something to understand. The company recently did a placing of 63m shares at the bargain price of just 0.51p.

So why weren't these so called enthusiastic buyers not flocking to the company to participate in that placing for shares at 0.51p ???? Yet the chumps here want us to believe that these buyers want to pay much higher prices for their shares. Doesn't add up. At the end of the day these P&D merchants have nothing to offer us but the same old "jam tomorrow" drivel.

The facts are that as at 31st Dec the company only had a mere £27k in the bank (see Half Year Report)

At the same time they had a significant £2.7m of current liabilities.

Plus they expend approx £850,000 a year just on Admin Exepnses

Then there are project costs to bear, and doubtless ongoing legal costs for Kenya.

And the last Annual Report also stated they spent $306,666 on "Other Project Costs"

Where is all the cash going to come from to foot all these requirements?????

Answer . . . . confetti placings imo.

The BOD raised £323k from the recent placing at 0.51p and the Jupiter dividend gave them another £250k

Those 2 sums alone don't even cover the Admin Expenses here let alone the £2.7m liabilities, project costs, legal costs and "other project costs". Even if Jupiter give out a further £300k bonus divi, all that cash is pretty much equivalent to the Admin Expenses here. That's not shareholder value, that is a pure lifestyle AIM business. Diluting exisiting holders to pay for salaries and expenses. A total nonsense.

Small wonder the P&D merchants are working this hard. There aren't many mugpunters left imo who fall for the "jam tomorrow" rhetoric.

More dilution is imo nailed on. Where there is dilution, there are always unscrupulous ramp teams trying to lure unsuspecting mugs to flip their shares onto. Buy, hold or sell but make sure you DYOR here.

The company previously gave us RNSs to tell us the royalty revenue rate for the quarter ending March 2017 and a year later for March 2018. The revenue was paltry, last March being just £13,658 for that March 2018 quarter. Simple calculations then highlighted that it would take a staggering 134 years to recoup the full $3m which is of course utterly laughable imo.

Rampsters waxed lyrical about Para Resources hopes, dreams and forecasts of better production rates in the future, but here we are, over a year later and the BOD here have gone very typically schtuum.

We have learned to our extreme disappointment how this BOD likes to bury bad news and how they simply go quiet instead of honestly and faithfully providing regular production reports "warts n all" to shareholders here.

When the Shoats Creek project completed testing the BOD were quick to put out an RNS stating the juicy testing figures, but once production started there followed months of silence and of course we eventually found out that production rates were extremely disappointing. Of course the Shoats Creek project has since become another RRR failure and is now being written off.

More recently the company conducted transactions and loans with Amulet Diamonds which the BOD chose NOT to RNS to the markets until 5 months after the event when they casually slipped it into the Annual Report. Unbelievable arrogance and disdain for shareholders imo.

Even more recently, another RRR project failed, that of Steelmin which went into Administration at end of Feb this year. Again the BOD here chose not to RNS this fact to the markets.

With such a track record of hiding/supressing key facts and events I come back to the El Limon royalty.

The amounts were paltry last March 2018 quarter. We are now at the end of May in 2019 !!!

Thus where is the Colombia update stating the royalty rvenue for the March quarter 2019 ?

The lack of an update together with the BOD's track record of hiding bad news can only serve to make me personally believe that the royalties must be even worse than last year otherwise I feel sure Bell would be shouting it from the rooftops.

It is for me personally inexcusable that the company doesn't provide simple honest quarterly royalty updates for it's project here. Along with the other dispicable instances of failing to RNS things I fail to see how any investor could ever trust this BOD. If they don't RNS key transactions and loans with 3rd party companies, if they don't RNS when their project partners go into Administration, if they won't RNS simple quarterly royalty figures then frankly what else are they not RNSing??? People are effectively investing totally blind. Why the large investors have not removed the BOD here I can not fathom. Definitely one to DYOR with.