Member Info for MrMagic

Resident remaining lone ramper reduced to endlessly posting one liner links to Twitter feeds and PR puff pieces.

Poster Helpful owns some of the £910,000 outstanding Convertible Loan Notes here, exercisable at 0.8p.

Those CLNs are from late 2017, ran for a year, didn't get converted and have now been extended for another year.

I seriously doubt that Helpful will ever get to convert his notes. SP only going one way imo.
That won't however stop him from this facile endless posting of tidbits.

Nothing of course to say about the ever growing list of failed ventures here.

Greenland now sold off for £1
Shoats Creek being written off
Steemin shut down unable to operate at a profit

nor does he mention the sickening £849,518 expended just on Admin Expenses
or the £306,666 on "Other Project Costs"

Nor does he mention the £2.6m Current Liabilities mentioned in the Annual Report.

Just endless one line links to the only thing he has to grasp at this particular juncture. That being the "jam tomorrow" prospects of the latest project, DRC. Same old, same old.

12 months from now he will move on to the next great project whatever that turns out to be. Rinse repeat ad-nauseum !

Correction to my 15:03 post.

I forgot that the AGM resolutions concerning share allocations are always talking about "nominal" share values.

The nominal share price of both RRR and RGM is 0.01p

Thus the resolution asking for £200,000 worth of share allocation is actually asking for authority to issue up to

2 BILLION SHARES !

Investors must decide for themselves how much of such a colossal allocation this BOD are likely to use given the pretty dire financial situation outlined in the RNS.

For 15 years this useless BOD have been running this outfit using the same tired old business model. Essentially the constant issuing of confetti and the engagement in a variety of projects and ventures to keep mugpunters interested. It is a failed model. Despite many £millions raised the company sits today on the verge of disaster.

Past performance is just embarrassingly dire. Here are the results from Annual Reports:

Profit/Loss made and amounts raised by confetti issues

2012 - Loss of £2,112,350 - raised £907,090
2013 - Loss of £5,166,017 - raised £3,327,678
2014 - Loss of £1,508,812 - raised £1,212,805
2015 - Loss of £5,888,742 - raised £1,049,765
2016 - Loss of £1,965,722 - raised £781,595
2017 - Loss of £534,267 - raised £1,576,701

Total raised above - £8,855,634

With so many £millions raised one might well ask, how can the company be struggling? Where did all the money go?

Meanwhile throughout this whole sorry affair the BOD have continued to extract lucrative salaries and have expended £millions and £millions on Admin Expenses. It is by any definition, the mark of a pure lifestyle company for the BOD imo.

Here is the long term chart. It highlights adequately the total failure of this business model:

http://oi65.tinypic.com/119mow1.jpg

Despite all these years of utter failure and SP devastation by this BOD they STILL want to persist with this failed business model. The RNS this week confirmed their intention when it said:

"The current business model of Regency . . . relies on the ability to access capital by the issuance of new shares to investors to fund ongoing working capital and project development requirements."

This is ridiculous. This BOD are clearly incapable of delivering anything resembling shareholder value using this business model. All it achieves is the personal enrichment of the BOD at the expense of investors.

I submit that the large investors here would be utterly stupid to allow that business model to continue to be operated by this same useless BOD.

Desperate for authority to dilute it seems. Up to £200,000 worth.

At 0.08p a share that would be another 250m shares by my calcs but the SP is already at 0.08p so how much discount would have to be offered for anyone to fund this ?

And all for what? To allow Bell to just carry on doing what he does?

My advice to large investors. . . .

Insist that the BOD give up their salaries completely and take payment in shares

Insist that Admin expenses are brutally curtailed

Otherwise, its just an exercise in futility

and of course for Steelmin things are even worse.

News articles now predict that electricity prices are going up in Bosnia in 2019 so it seems likely the plant will remain shut down for quite some time. imo.

https://balkangreenenergynews.com/electricity-prices-across-the-region-to-increase-by-up-to-40-in-2019/

"Electricity prices for businesses went up in Croatia this year, while hikes have been announced for 2019 in Serbia, of about 20%, and Bosnia and Herzegovina (BiH), of around 15%."

"Power utility Elektroprivreda BiH (EPBiH) proposed new prices for market buyers, which it says will be well below market prices and slightly higher than those paid by the buyers in 2018."

DYOR

Helpful - "All going very well for RRR right now"

Your stock promoting comments remain utterly laughable to be honest. The recent Annual Report clearly showed how dire many aspects are.

https://www.rrrplc.com/wp-content/uploads/2018/11/2018_RRR_AR18_FINAL_Hyperlinks.pdf

Lowlights included:

Greenland project now sold off for just £1

"The entire interest in Melville Bay was sold on 29 June 2018 for £1, and an additional liability of £183,100 was accrued at 30June 2018 to reflect the Company's obligation to clear the site of the previous exploration camp and to remove residual drilling equipment and supplies"

Shoats Creek being written off

"On 8 May 2018 the Company's partner in the field, Mayan Energy, announced its intention to relinquish its 50% working interest in Shoats Creek and as such the Company intends to write-off its interest in the project."

Steelmin shut down, unable to operate profitably

"The plant is currently closed: it needs some adjustments to achieve its potential and the sharp rise in electricity prices just as it came on stream means that a pause for negotiation of a longer-term tariff will be beneficial."

"the management of the plant has now decided, in the light of exceptionally high spot electricity prices offered to Steelmin, to extend the shutdown until January 2019. An assessment of how the plant may be optimised is being carried out, and the plan is to lock in a long-term electricity supply contract once prices adjust."

Undeclared loans to Amulet Diamonds

"On 19 July 2018 the Company agreed to subscribe for 35,519 common shares in Amulet Diamond Corporation at a subscription price of USD2.76 per common share. The Company further subscribed to USD401,961 of shareholder loans. These shareholder loans are unsecured, non-interest bearing and have no fixed maturity or repayment date.

The company chose NOT to RNS the above transactions to the markets at the time. Shareholders found out when it was mentioned in this Annual Report published months later in Nov. Hugely damaging to trust imo.

Figures from the Annual Report

Annual Report Salient Figures:

Administrative expenses - £849,518
Other Project Costs - £306,666
Directors' emoluments - £330,047 of which
Wages and salaries - £285,500
Total Current Liabilities - £2,653,992

LSE shows RGM 19% down today. Have to feel for those bottom feeders who thought they would have a punt at 0.1p hoping for a bounce. Silly billies.

The situation at RGM is clearly pretty dire as the RNS stated:

From the RNS:

"Regency has been made aware by its JV partners that an immediate requirement for additional working capital of approximately $400,000-500,000 currently exists, and that additional sums may be required over the next six months"

"Immediate funding is required to restart the second highwall miner and to reduce key creditor obligations that have built up during the periods of reduced production towards the end of 2018."

"Regency's capital contributions to the project having fallen behind that of its JV partners"

"The Company currently estimates that a deficit funding situation with its JV partners of approximately $565,000 thus currently exists."

https://www.investegate.co.uk/regency-mines-plc--rgm-/rns/corporate-update/201903110700083845S/

RRR holds shares in RGM which are now worthless. Chairman of RRR is also the Chairman of RGM as most know.

Both companies have had their SPs decimated by relentless dilution

Both companies had their nominal share price lowered from 0.1p to 0.01p allowing dilution to continue

Both companies have had share consolidations

Long term charts show the truth:

RRR - http://oi66.tinypic.com/166izgp

RGM - http://oi65.tinypic.com/119mow1.jpg

Large investor Peter Gyllenhammar has been selling shares and I guess still is.

Showing 19% down above.

The naïve numpties who bought at 0.1p thinking there would be a bounce will now be regretting that decision imo.
Finances appear to be a huge issue here. Seems to me that the large holders have exercised their right to say "enough is enough" to Bell and it's difficult not to agree with them. Close it down imo. Then presumably the limelight moves to Bell's other disaster company, RRR.

Zu,

Admin Expenses alone were stated in the Annual Report as £735,697 for the year.

Where is that kind of money going to come from let alone all the other debts/commitments?!

Don't forget that not all trades appear in the LSE trade list. Some trades are on the Secondary market (nexexchange). Link here:

http://www.nexexchange.com/company-all-latest-trades?isin=GB00BYVT4J08&listingtypeid=PLSU

Cashking - "Does anyone know who Rgm s Auditors are"

Auditor's report is always in the Annual Report after all the Billy BS company waffle pages. In the last RGM report 2018 the auditor's report states:

Keith Fulton (Senior Statutory Auditor)
for and on behalf of Chapman Davis LLP
Chartered Accountants and Statutory Auditors
London, United Kingdom

With the disaster going on at RGM there is obviously an impact to RRR.

According to the recent Annual Report RRR held 1,695,000 shares in RGM. At a sale price of about 0.09p those shares are now worth just £1,525.

The report also stated under "Current trade and other receivables" that Regency owed RRR £203,498

As ever, the value of shares held in other companies is entirely a notional concept. The shares are really only worth what they can be sold at and they have to be sold to realise that value. As we now see the RGM shares are pretty much worthless.

Rampers often harp on about the value of the JMS shares underpinning the MCAP but again for me personally, that is just a notional value. We've seen in the past how previously held JMS shares had immense notional value, worth more than £25m at one point but the CEO here failed to sell them at that high value to acquire all that useful cash. Instead he sat on the shares whilst their value tanked and then subsequently sold 40m of the 74m shares for a pittance. A dire outcome for shareholders imo. The company then embarked on years of catastrophic dilution to raise cash. Really poor management imo.

Here are the past JMS transactions:

On 30th Mar 2011 - RRR sold 5m shares for a gross consideration of AUD 2,750,000 (55c a share)
On 17th Oct 2012 - RRR sold 14m JMS shares for gross proceeds of AUD 1,540,000 (11c a share)
On 5th July 2013 - RRR sold 40.5m JMS shares for gross proceeds of AUD 2,836,852 (7c per share)

Problem is AB is on the board of Jupiter which imo creates a difficulty. It wouldn't look good imo for a Jupiter director to sell the shares he wields. As such I seriously doubt they will ever be sold. Since Jupiter relisted at 40c last April we have had to watch the value of RRR's holding fall from over £4m to around £2.5m when the SP dropped to 24c. The SP has since spiked on the announcement of the latest dividend payment but I have no doubts personally it will drop again as soon as the divi cut off date is reached.

Currently the JMS shares are locked away in an escrow agreement and will remain there at least until mid-2019 imo.

cont . . .

As the RNS freely admits:

"The current business model of Regency . . . relies on the ability to access capital by the issuance of new shares to investors to fund ongoing working capital and project development requirements."

You can only dilute PIs, large holders and the markets so much. Eventually they will all have had their fill of such antics and I personally feel that's the point that has been reached now. Large investors appear to have said "enough is enough" and quite rightly imo. So it looks like Game Over.

Thanks for playing

All imo. DYOR

Really doesn't look good. Small wonder people seem to be getting out with whatever they can at this point.

From yesterday's RNS:

"Regency has been made aware by its JV partners that an immediate requirement for additional working capital of approximately $400,000-500,000 currently exists, and that additional sums may be required over the next six months "

"Immediate funding is required to restart the second highwall miner and to reduce key creditor obligations that have built up during the periods of reduced production towards the end of 2018."

"Regency's capital contributions to the project having fallen behind that of its JV partners"

"The Company currently estimates that a deficit funding situation with its JV partners of approximately $565,000 thus currently exists."

Plus there's the risk of loss of assets thus:

"the Company has been in ongoing discussions with the group of institutional investors regarding several payments that may be due under the terms of the Company's existing loan note. The Company's potential inability to meet these payments may require additional restructuring of its debt load and could result in the Company forfeiting control of its interests in MET and the US coal operations, as these assets have been pledged as collateral to the Company's lenders."

All these dire funding issues and yet a fundraise appears not possible either as the RNS states:

"the Company has considered the possibility of running an open offer or related style of placing using its current authorization and the feedback from the Company's legal and financial advisors is that this is likely to be possible only at significant expense in both time and cost and so is unlikely to be able to meet the Company's short-term requirements"

Trying to blame such a colossal mess on large investors is frankly utterly absurd. It is the continual actions of the BOD over years that have brought the company to such a point imo. Repeated losses and £millions raised via confetti issues and £millions expended in Admin Expenses and little to no shareholder value delivered. Was only ever going to end one way and it now looks like this is that time.

The historic results from Annual Reports:

2012 - Loss of £2,112,350 - raised £907,090
2013 - Loss of £5,166,017 - raised £3,327,678
2014 - Loss of £1,508,812 - raised £1,212,805
2015 - Loss of £5,888,742 - raised £1,049,765
2016 - Loss of £1,965,722 - raised £781,595
2017 - Loss of £534,267 - raised £1,576,701

Total raised above via confetti issues - £8,855,634

Yet today sitting with significant financial issues. Where does all the money go?

Together with RRR these are imo just lifestyle ventures. Never getting anywhere in terms of robust successful projects that deliver significant income streams but just operating a business model of perpetual fundraising.
As the RNS freely admits:

"The current business model of Regency . . . relies on the ability to access capit

Helpful appear to be almost the last long term ramper here. He seems utterly desperate of late just endlessly posting silly twitter links and other links over on RRR. Guessing he is well down on his punt and he freely admits to owning some of the £910,000 outstanding Convertible Loan Notes there, which can only be converted at 0.8p or higher.

Only got himself to blame for his personal position but as you say, what of any clients he has encouraged to invest in these long standing POS companies?

Large investor Peter Gyllenhammar was the seller last Friday. Clearly the despicable late reported 5m was his.

This is the 2nd batch he has sold. He's now gone from 60,000,000 shares to 50,000,000. (9.9% to 8.25%)

So still a long way to go.

Presumably he doesn't believe for one second the Billy BS "jam tomorrow" nonsense of the few remaining lickspittle rampers here. Doesn't auger well imo. DYOR

Just bottom feeders booboo imo. Hoping for some kind of bounce. GL to them but I fear they will learn the hard way. Can't see how RGM will get out of this mess. Even mass dilution doesn't seem feasible. I doubt there are enough punters out there willing to buy the shares. I think ConfettiEttie has squeezed the last out of this one.

Last one out turn off the lights.

p.s. No need for the plane crash reference. Poor taste imo.

https://www.theverge.com/2018/6/21/17488626/elon-musk-cobalt-electric-vehicle-battery-science

"Elon Musk tweeted that batteries for the Tesla Model 3 use less than 3 percent of an expensive chemical called cobalt, and the next generation battery “will use none” of the material that some have called the “blood diamond of batteries.”

Cobalt is a key component of batteries. It’s also the most expensive material in the battery and mined under conditions that often violate human rights. As a result, scientists and startups are rushing to create a cobalt-free battery."

Doesn't seem like cobalt is the smart mineral to go at given the industry seems determined to eradicate it from batteries !

https://www.technologyreview.com/the-download/611518/a-freshly-funded-battery-startup-aims-to-ease-the-cobalt-crunch/

"A freshly funded battery startup aims to ease the cobalt crunch"

"Conamix, a little-known startup based in Ithaca, New York, has raised several million dollars to accelerate its development of cobalt-free materials for lithium-ion batteries, the latest sign that companies are eager to find
alternatives to the increasingly rare and expensive metal."

"Conamix is developing cobalt-free electrode materials that would work in existing manufacturing processes. The company didn't reveal the funding amount, but Bloomberg put the Series A round at $2 million. "

"Tesla's battery partner Panasonic announced last month that it's also working to develop cobalt-free automotive batteries. Others companies like LG Chem, Samsung, and Johnson Matthey are shifting to new chemistries
with higher energy density and less cobalt "

From RNS:

"Regency has been made aware by its JV partners that an immediate requirement for additional working capital of approximately $400,000-500,000 currently exists, and that additional sums may be required over the next six months "

"Immediate funding is required to restart the second highwall miner and to reduce key creditor obligations that have built up during the periods of reduced production towards the end of 2018."

"Regency's capital contributions to the project having fallen behind that of its JV partners"
"The Company currently estimates that a deficit funding situation with its JV partners of approximately $565,000 thus currently exists."

Gonna be lots of chumps out of pocket on this disastrous news imo and the more disreputable amongst them will be shouting "dead cat bounce" and " drop is overdone" and so on. I personally ignore that kind of tosh and thus won't be tempted to buy shares at this point and be left holding the baby whilst they all sell out. Each to their own. DYOR.