Member Info for MrMagic

Companies house info is hardly research. Basic public domain info for anyone to read on any registered company.

Just thought it was interesting that's all

https://beta.companieshouse.gov.uk/company/05225394/charges/ZSUzLZH0vK3NqO3rx5CDZx7kwoQ

Looks like CRT has a charge over lots of things

Half Year report just released stated in regards to Steelmin:

"do not have high expectations here, and have written off our equity and a portion of debt amounting to £256,510.56"

https://www.investegate.co.uk/red-rock-resources--rrr-/rns/half-year-report/201903290700054012U/

That was the first clue that some other lending had occurred as like you said previous RNSs stated that Steelmin had repaid ALL monies owed. Rampers clearly didn't want to talk about it on the boards. Obv now why.

@booboo

https://www.pwc.co.uk/services/business-recovery/administrations/steelminlimited.html

"Edward John Macnamara and Peter David Dickens were appointed joint administrators of Steelmin Limited on 28 February 2019. "

AM01 - Notice of Administrator's Appointment
https://www.pwc.co.uk/business-recovery/administrations/assets/steelmin_am01.pdf

Companies House - Steelmin - Company Status - In Administration
https://beta.companieshouse.gov.uk/company/07734349

The "Record Date" for the Jupiter Dividend was today. That is, as I understand it, the date on which you had to hold shares to be eligible for a share of the dividend.

That means tomorrow all those traders who quickly bought shares for a slice of that cherry will likely sell back out as quickly as possible. I may be wrong but that is my speculation. I predict the JMS SP will slide back down to former doldrum levels. Anyone concur?

let's not forget either that the lickspittle rampsters like Helpful were keen to tell us that "Steelmin cost us nothing" and they even said we made a slight profit on the exchange rate !!!! Doesn't seem that way now does it?!

Showing 15% down above. Not good.

BOD established authority to issue up to 2 BILLION shares here. Can only end one way imo. DYOR

The wider problem for ordinary PIs is that, if this BOD won't RNS transactions and loans with Amulet Diamonds and Steelmin, then what else are they not RNS'ing??? You just can't take anything for granted and all the farcical fantasy valuations by the usual ramp merchants is just smoke and mirrors imo. DYOR.

joebop - "Too wily to fall foul of the fca."

Whilst that may well be the case the net result is that the BOD clearly don't want shareholders to know certain transactions that they engage in.

The loans/transactions with Amulet Diamonds were not RNS'd and effectively concealed for 5 montsh until the Annual Report. Despicable behaviour imo.

This £1m debt with Steelmin (AFAIK) hasn't been RNS'd. Again despicable behaviour.

Steelmin going into Administration also wasn't RNS'd. Appalling given it is a RRR project/venture.

The net result imo is that this BOD simply can not be trusted. They treat shareholders incredibly badly.

It is the larger investors that you feel for really. They should get together imo and get rid of the BOD and put an end to this total nonsense.

Don't forget peeps that many trades don't appear in the trade list here because they were conducted on the secondary market (NexExchange). You can see the trades there using this link:

http://www.nexexchange.com/member?securityid=2074408

You can see there the 2 big trades at 0.05p of approx. 40m shares each.

a little research turned up the PricewaterhouseCoopers Administration proposal below. Worth a read imo :

Joint Administrators' Proposals for Achieving Purpose of the Administration

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

Some snippets:

Back in Feb 2018 when RRR were waxing lyrical about Steelmin having repaid their debts, it seems Steelmin were just borrowing millions from another party thus:

"The Company obtained lending of c. €9.0m from Thalos in February 2018 which was used to make significant
investments in the Group’s operating plant and also funded research and development"

(Thalos is a secured creditor - Thalos Investment Platform S.A acting on behalf of its compartment,
Thalos XII)

the document goes on to say:

"As a result of the sale of the assets of the Company the secured creditor, Thalos, has recovered 98% of its debt
and has released the Company in full from any liabilities and obligations owed to it under the financing
arrangements. Thalos’ lending as at the date of the administration was c. €9.6m and is secured by a debenture
dated 20 February 2018. This security gives Thalos fixed and floating charges over all the Company’s assets."

it also states:

"An inspection was undertaken on 7 March 2019 and we received a free market valuation for the Company’s land
and buildings of €1.1m. The valuation for the operations of the Steelmin Group as a whole was €6.7m."

Funny but I feel sure I remember the feckless rampers here saying Steelmin was worth many multiples of that lol !

and finally we get the answer to the conundrum set by the recent Half Year Report which said:

"We do not have high expectations here, and have written off our equity and a portion of debt amounting to £256,510.56"

What was this debt? How much was it in total and why was it not RNS'd? We were told in the 21st Feb 2018 RNS that:

"[Steelmin] has repaid in full the amounts outstanding to Red Rock"

So it was somewhat surprising to read in the Half Year report that there were still debts. Well the PWC document above reveals now what that debt is/was on page 27

RRR is listed there as a creditor/claimant and the debt is £1,106,943

Why weren't shareholders informed of this debt? or did I miss an RNS somewhere . . . . .

Quite right TDT2. Writing is already on the wall for Cobalt use in electric car batteries imo.

11 Lithium-Ion Battery Makers That Don’t Need Cobalt

https://www.greentechmedia.com/articles/read/11-lithium-ion-battery-makers-that-dont-need-cobalt

Company Apologetic - "Come on Trolls, get story straight"

Was there gold at El Limon? How did that pan out?
Was there gold in the Ivory Coast? How did that pan out?
Was there iron ore in Greenland? How did that pan out?
Was there oil at Shoats Creek? How did that pan out?
Was there steel at Steelmin? How did that pan out?

El Limon practically given away and royalties that will take lifetimes to recoup
Ivory Coast went nowhere
Greenland now sold off for £1
Shoats Creek being written off
Steelmin in Administration

BOD still taking lucrative salaries despite abject failure
BOD still expending horrific amounts on Admin Expenses (c£850,000 a year)
BOD still requesting and being granted authority to issue millions more shares (up to 400m this year)
BOD still diluting, 63m just issued at 0.51p

Is there copper/cobalt at Musonoi? Who cares? The track record and Modus Operandi of this BOD is very well established. Shareholders never see anything.

3 Jupiter share buy-backs and 2 dividend payments netting RRR close to £1.75m.

Not a single penny of it was passed onto RRR shareholders. It's an empty cup.

An empty cup sitting next to an empty jam jar labelled "tomorrow's jam".

DYOR

Scott Kaintz - Executive Director and CEO of Curzon is also Executive Director, COO and CFO of RRR.

Curzon just posted its Annual Report

Loss of USD $1.95m

Admin Expenses - $1,363,949

Nuff said

Company Apologetic - "As to that cobalt article that is from July 2018 ie., it is nearly a year old."

Here's an article dated 21 Feb 2019

https://www.mining-technology.com/comment/rocky-outlook-for-investors-of-cobalt/

"Rocky outlook for investors of cobalt"

"The demand for cobalt has failed to rise as expected and could stay low for the foreseeable future prompting a rethink by rare earth investors. "

"But rather than see prices go up, cobalt has slumped 30% since the start of 2019,"

"While, for the time being, the market can absorb supply cutbacks without sending the price upwards again, the suggestion is that low prices are here to stay"

"Use of cobalt in electric cars will decline over time"

"Tesla, the US automotive company, stated an ambition to get close to zero usage and breakthroughs such as the development of the switched-reluctance motor could soon do away with the need for rare earth materials in electric motors altogether. "

"if predictions concerning the decline in the quantity of cobalt per product needed are true, long-term investors will lose out. "

Another absolute laughable bit of billy here:

"We continue to be entirely focussed on cost reduction, strategic disposals, and the generation of new revenue streams to the Company, in order to make this a net cash generating business."

"By early 2016 we aim to start delivering meaningful revenue streams to Red Rock, reducing and before long eliminating the need to fund externally our much reduced costs of operation"

REALITY - recent Annual Report stated that this BOD spent £849,518 just on Admin Expenses last year plus a further £306,666 on "Other Project Costs"

As at 30 June 2018 the Annual Report stated there was £2.2m cash in the bank

6 months later the Half Year Report stated that as at 31st Dec 2018 cash was just £27k

Where did all that money go? ! !!

DYOR

Quite right Colin. One learns quickly to largely ignore anything that Bell puts out especially if not RNS'd. Mostly just flannel, fluff and bluster. Some classics below, compare the ramping BS with the reality:

El Limon
------------
"Management estimates capital expenditure for the expansion to 150tpd to be c US$2m, with only marginal, incremental expenditure being required to increase this to 250tpd. In the longer term, its ambition is to increase throughput to 400tpd and potentially to as high as 1,000tpd" - (from company broker)

REALITY - The mine was eventually more or less given away in a sale that was imo awful for shareholders here. RRR are left with a royalty that will take some 134 years to recoup at the last RNS'd royalty revenue rate

Greenland
---------------
"[the company will] receive a cash consideration payment (gross of any commission payable to IMP) that could vary between $10.7M and $16.1M USD dependent on ultimate NGL shareholder acceptance levels"

"The sale process has gone smoothly and efficiently and we look forward to an early conclusion and to planning 2013 field activities in Greenland"

REALITY - Sale never happened and Greenland was sold off last year for just £1 !!!

Shoats Creek
------------------
"This achievement brings what we hope will be a growing revenue stream to Red Rock as a more diversified natural resource Company."

"Once the Company has the stability that will come from onshore oil and gas revenues, the undervaluation of its other assets will, we firmly believe, become more appreciated."

REALITY - Shoats Creek has been a dismal failure and is now being written off

Steelmin
------------

"We see this as a sound cash-generative business that will have quality management and customers, generally stable margins"

"Overall, the Board of Red Rock believes that Steelmin constitutes an outstanding opportunity that will drive Red Rock forward along the road to becoming a multi-project natural resource producer"

REALITY - Steelmin has been another classic RRR failure and is now in Administration

https://business.financialpost.com/investing/these-battery-skeptics-think-cobalt-and-lithium-prices-are-overcooked

"In the case of cobalt, supply will exceed demand by 652 tons this year, and that will widen to 20,842 tons next year, Wood Mackenzie Ltd. forecasts. The surplus is expected to send prices tumbling to an average of US$62,502 a ton in 2019, down 23 per cent from the forecast for this year, according to the London-based research and consulting firm. By 2022, the price will average just US$44,585"

lol same old with these parasites

Loss of USD $1.95m

Admin Expenses - $1,363,949

Shocking

Company Apologetic - "Kenya was not neglected or ignored."

Really?

Seems the locals and government hold a different opinion:

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

"the Mining ministry and the county government which complain that 26 years that the firms have held on to the land is a long time and the land needs to be used for development projects that benefit locals."

"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."

DYOR