Member Info for MrMagic

Captainslapper - "You forgot to mention, shoats creek, steelmin"

Funnily enough so did the BOD here !!!!!

Jupiter put out a bit of good news and the BOD here are all over it like a rash releasing an RNS to tell everyone about it.

But when one of their projects STEELMIN goes into Administration they stay quiet and there's no RNS at all !!!!

Despicable behaviour imo

As was failing to RNS to the markets loans and transactions with Amulet Diamonds and more recently the £1.1m loan to Steelmin which of course will presumably now be written off as the Steelmin assets look to have been given over to the secured creditor Thalos. Another absolute kick in the teeth for shareholders here.

This BOD has to go, they are simply untrustworthy and treat shareholders with utter disdain imo. DYOR.

TDT2 has it bang on the money. A divi of USD $319,554.77 equates to just £252k. Peanuts.

This BOD fritter away approx. £850,000 a year just on Admin Expenses (see Annual Report)

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

A divi of £252k goes nowhere.

As at 31st Dec the company had only £27k in the bank (see Half Year Report)

But it also had Current Liabilities of £2.7m

So . . . . .

Dividend received approx. £252k

But against that liabilities of £2.7m, ridiculous Admin Expenses of circa £850,000, Other project Costs, probably on-going legal costs for Kenya and so on.

Small wonder there is a sudden bout of fervent ramping here. Confetti dilution is nailed on imo. How could it not be?

The company has already requested and been granted authority to issue up to 400m more shares in 2019.

There are a whole bunch of outstanding Convertible Loan Notes and tons of warrants to boot.

As TDT2 rightly says, any cash that comes into the RRR coffers is simply exposed to this preposterous expenditure
on Admin Expenses. RRR has so far received over £1m from Jupiter's 3 separate share buy-back exercises and a further c£750k in total from a couple of dividend payments.

Yet shareholders here have NOT BEEN GIVEN A SINGLE PENNY of any of those bonuses/divis.

The money simply seeps away in crazy director salaries and expenses and spurious projects.

It has all become a bit of a joke TBH. Nothing but a lifestyle venture for the BOD here imo.

DYOR

DPGSJPM - "Also another £20k bid at 0.53 still to be filled"

lol

If you're so confident why not just pay asking price or even 0.60p ?! What's 10% when you believe this will multi-bag ?! Where's your 3% holding? Honestly fooling no-one here. Ramp on old chum.

Resident ramper going at it extra hard and like clockwork dredges up the old "jam tomorrow" billy bull about Mt Ida. A project that Jupiter mothballed back in 2012 and which has remained mothballed ever since. I've lost count of how many times these chumps have tried to ramp this particular project, shamelessly.

Problem is they really have naff all else to ramp here.

Greenland project has now been sold off for £1
Ivory Coast project went nowhere
El Limon gold mine was sold off for a song and royalties are paltry
Shoats Creek oil project is being written off
Steelmin is now in Administration leaving RRR with a £1.1m debt owed which will have to be written off imo

There's really nothing for the rampers to go at here which is why, time and time again, they pull the Mt Ida project out of the bag, dust it off and try to present it as something imminent and tangible when the reality is it is a mothballed project that will take years to ever come to fruition should Jupiter ever decide to do anything with it.

There is NO ROYALTY in practice, there is just an agreed royalty deal for a project which is sadly mothballed and which has been on care and maintenance for years.

The effort being put in by the shameless rampers suggests to me personally that confetti is on its way again.

Which of course would not surprise me in the least given that the company only had a mere £27k in the bank at end Dec.

Also at end Dec there were Current Liabilities of £2.7m plus there will be project costs and doubtless on-going legal costs for the Kenya debacle plus this BOD get through a staggering c£850,000 just on Admin Expenses a year !!!!

So where is the cash going to come from? Recent confetti issue raised £323k and the Jupiter dividend approx. £250k. Small change in the grand scheme. Doesn't even cover the Admin Expenses here.

Where is the cash going to come from?? Placings of course.
Authority already established to issue up to 400m more shares here this year at the last AGM.

Look at the string of sells in the list today. I wonder what's coming ?!!

DYOR

Akatheloed

If you believe in ABM why are you on a chat board ramping it instead of sitting back confidently?

I took a quick look at your posts. Nuff said I think :

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

your beloved UKOG seems to have done nothing but tank. You have my sympathies.

DYOR

DBGSJPM - "It is an exploration mining company. Projects fail."

Laughable mate. Both RRR and RGM have been going since 2004. That 15 years of failure for both.

£millions upon £millions raised through dilutive share issues and most of it frittered away on lucrative director salaries and various expenses.

15 years and yet still, neither company has managed to put in place a project that produces good strong recurring revenue that can meet the overheads and running costs of the company. I can only personally conclude that these are not mining companies at all, but simply confetti generation machines that exist for the personal enrichment of the BOD.

Nothing will ever change here whist that BOD remains. They must go now. It's patently clear what their MO is and their dire track record is there for all to see. They don't care one jot imo about shareholders here as is patently clear from their refusal to RNS key transactions and events like Amulet diamonds and Steelmin loans. Shareholders will continue to get diluted, plain and simple, it's what this BOD do. DYOR.

DBGSJPM - "When you are right (which you won’t be), we can have a discussion and you can say I told you so."

Thanks but I've already had that conversation with numerous rampers before you, many of whom have turned tail and now post it like it is on the boards. I've called this share right for years which is of absolutely no merit because the Modus Operandi of this BOD and its dire track record are so well established that anyone can see it. All people have to do is look at the past projects, the £millions raised via dilution, the £millions frittered on BOD salaries and Admin Expenses, the options the BOD granted themselves despite yearly failure, the lowering of the nominal share price, the share consolidation and the various transactions and events that have occurred that they BOD chose not to RNS to investors/markets. It's really not difficult.

But there will always be little rampsters desperately trying to peddle "jam tomorrow" nonsense to lure the mugpunters in.

Roll on the next batch of useless confetti ! It is utterly inevitable imo. SP only going one way.

DYOR

Lovely flannel and evasion rhetoric DBGSJPM but readers will of course note you make no comment on the dire cash situation.

And yep, 2 more buys have "flooded in" lols !!! Big time ! approx £2500 total. Laughable.

Seems few want to give the recent placees of the 0.51p placing shares a quick flip profit. Not surprising really.

Why pay more than the placing price for shares here? Madness imo.

The mugpuntery is wearing extremely thin now for the rampers typical "jam tomorrow" Billy bull.

They've heard it all before over the past 5 years and more. Same old same old.

Fact is the track record here is absolutely dire. £millions raised, £millions wasted on Admin Expenses and salaries
for a useless BOD who treat the share (imo) as a personal lifestyle outfit. SP utterly decimated by repeated dilution.

Placings will get more and more difficult imo but they will come as night follows day.

Ramp on

Hugs

Still no answers from the clowns ramping this POS about where the cash is going to come from.

Just £27k in the bank as at 31st Dec

Current Liabilities £2.7m
Admin Expenses c£850,000 a year
Project Costs ?? anyone's guess

Recent placing of 63m shares at 0.51p only raised £323k.
Jupiter divi will net approx £250k

Doesn't even cover the preposterous Admin Expenses !!!

Where's the cash going to come from? Dilution, dilution, dilution !

As always. DYOR

Shameless Rampster: "A little bit of buying and we turn blue!! "

What a joker !

2 sells and 1 buy of £487

lol Big time !!!

Desperate Stephen, just desperate

HawaiifiveO - " interesting that Bell, Kaintz and Stephen Pearce have all been buyers of stock over recent months. "

Not in the least bit interesting. In order to maintain voting control they need to keep up with or ahead of the larger investors. Otherwise they can't keep the lifestyle gravy train running for themselves.

Dreaming Porridge. AB won't sell the Jupiter shares, they're the only thing here of any real value imo.

He will simply continue to dilute existing holders as he has always done. They have authority to issue up to 400m shares this year. They will get through that first before selling the silver cutlery. imo. DYOR

So . . . .

Cash in bank at 31st Dec was a mere £27k (see half year report)

Current liabilities at 31st Dec were a much bigger £2.7m

Plus this BOD get through an astonishing c£850,000 each year just on Admin Expenses

Hmmm, where is the cash going to come from to :

1. Fund those ridiculous Admin Expenses?
2. Pay down the liabilities?
3. Fund projects?

They just pulled in £323k from a placing of 63m shares at 0.51p, and they will get circa £250k from the Jupiter divi.
Those combined won't even cover the Admin Expenses !

So where is the cash going to come from?

I think we can safely assume, more dilution. It's what this BOD have done for years.

Bear in mind that generally speaking they seem to have to issue shares with the added sweeteners of warrants which also come out of the allocation I believe.

They have established authority to issue up to 400m more shares here this year. If 63m shares only raised £323k, how are they going to generate £2.7m for liabilities and £850,000 for Admin Expenses and whatever funds the projects need? Pawn off the Jupiter shares??

DBGSJPM - "and importantly who will happily increase their holdings in the company through secondary mkt"

Secondary market (NexExchange) hasn't seen any RRR trades for many months, here's the link:

http://www.nexexchange.com/member?securityid=2074406

DBGSJPM - "if the board doesn’t deliver, they’ll be forced out when they don’t have controlling rights"

Your most naïve comment thus far. Bell is far too shrewd to allow his lucrative position to be usurped by city boys. He will dilute them all to oblivion imo. Look at RGM, it was attempted was it not? Yet he's still there. He managed to get a General Meeting organised to vote through waiving of pre-emption rights and to be able to issue up to 2 billion ore shares. Same old.

Your "jam tomorrow" rhetoric has been tried here countless times and many like myself have been here long enough to see such pumpers leave with their tail between their legs. Over and over and over.

Nothing will ever change here whilst the BOD remain in place. All that will happen is continued dilution, raising cash to fund salaries and expenses, jumping from one prospective project to the next.

Greenland sold off for £1
El Limon sold for a song
Ivory Coast gone nowhere
Shoats Creek written off
Steelmin in Administration leaving RRR with a £1.1m debt
Kenya licenses revoked, now in long drawn out legal battles.

and so on.

Nothing will change. The Modus Operandi is extremely well established here.

DYOR

DBGSJPM - "All companies raise funds of debt and equity markets"

LMAO. The difference is whether that raised money is frittered away on paying lucrative director salaries and expenses or whether the money goes into the ground and adds shareholder value. The track record here is there for all to see. Literally £millions and £millions raised and £millions and £millions frittered away on Admin Expenses. Let's have the facts:

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

A total of £11,328,985

Where is all that money? What value was delivered to shareholders by sinking it into Admin Expenses?

None. None at all. It simply enriches the lifestyle of this BOD

Everyone knows it so quit trying to pull the wool over people's eyes.

DYOR

. To think otherwise again shows the entire lack of understanding on this board of how capital markets and growth works. The difference here is what’s to come, and importantly who will happily increase their holdings in the company through secondary mkt and new shares. That’s what you’re missing. It’s a change of guard here. Couldn’t care less what has happened before. And if the board doesn’t deliver, they’ll be forced out when they don’t have controlling rights.

Bid showing above (0.50p) is now below the recent placing price of 0.51p. Company just placed 63m shares at that price.

Previous support at 0.6p has obviously been smashed and more confetti is imo likely as the company sought and gained authority to issue up to 400m shares this year at the recent AGM. Some key facts:

Cash in bank at 31st Dec - just £27k (Half year report)

Current Liabilities at 31st Dec - £2.7m (Half year report)

BOD expenditure on Admin Expenses - c£850,000 per a year (Annual report)

Other Project Costs - £306,666 (Annual report)

Steelmin is the latest venture to go Belly up. Steelmin went into Administration at end of Feb. The administrators are PWC who have listed Red Rock (see pg 27 below) as one of the creditors with a debt owing of £1,106,943. Reading the proposal it doesn't look to me personally like RRR will get anything back.

https://www.pwc.co.uk/business-recovery/administrations/assets/steelmin_proposals.pdf

There are also a load of Convertible Loan Notes outstanding from last year which were rolled on for another year and as always a ton of warrants at various prices.

Company just raised £323k from that 63m placing and will get about £250k from the Jupiter dividend.

Rampers tired old promises of "jam tomorrow" are clearly not tickling the markets imo. Hardy surprising given the dire situation above. SP only going one way if/when dilution continues. Be sure to DYOR.

I agree SuperRoty Dilution is what Mr Bell excels at. You only have to look at his other 2 companies, RRR and RGM to see how the SP's have been utterly devastated there. Take a look at the long term charts of both companies to see what he has presided over and how he operates:

http://oi67.tinypic.com/2e0ie7k.jpg

Basically death spiral financing and then either nominal share value change and/or share consolidation when the SP gets trashed to an embarrassing level. Will the same happen here? Time will tell. DYOR.

I see the Bid has now gone into the 20s . . just. Now the dividend is done with I reckon it will slowly trickle back down to former levels. Worth keeping an eye on.

With 63m shares just placed at 0.51p I can't see the SP going anywhere anytime soon. The BOD established authority to issue up to 400m more shares in 2019 so presumably more useless confetti to come. DYOR

Congratulations on such a decent result tqhussain. Pretty impressive here.