Member Info for MrMagic

JMS shares continue to slowly drip away. Bid price now down to AUD 0.27.

It was AUD 0.40 when Jupiter relisted back in April and at that time RRR's 18m+ shares were worth over £4m

Today those shares are worth just £2.8m

Feel sorry for those people who swallowed the endless hype about the value of Jupiter before the IPO and who must now be staring at losses.

Nice ramp Azoy but the trend you mentioned is clearly disastrous as the long term chart here shows:

http://oi67.tinypic.com/zugjmu.jpg

The performance of the BOD has been tried and tested over a long period and the above chart shows the result.

As the quote goes:

"'Insanity is doing the same thing over and over again, but expecting different results"

We've just had imo a poor Annual Report published highlighting the (imo) ridiculous expenditure on Admin and Other Expenses (over £800,000 a year !!!!!)

Also highlighting that there were still £2.6m of current liabilities as at year end and only £2.2m in cash.

There was also the shocking and controversial revelation that the BOD put over $400,000 into Amulet Diamonds back in July without bothering to RNS that to the markets. On top of that the BOD has once again requested authority to issue shed loads more shares in the coming year, this time it is up to 400m more shares. There are 536m currently in issue so that's a potentially significant amount.

The SP isn't where it is because of a reputation. It's where it is because of the actions of the BOD. Because of their previous relentless dilution of shareholders, because of the string of failed projects, because of the past lack of decent income and so on. Not much has changed really except that Jupiter are now paying out a useful dividend.
Unfortunately this BOD's expenditure on Admin and other expenses and "Other project costs" pretty much eats that dividend right up. So shareholders don't see a penny of it.

I'm not seeing anything particularly different TBH. Just a never ending stream of "new kid on the block" projects to whet the appetites of the mugpunters which the hoards of shameless rampers consistently over-hype. Nothing will change here until the BOD are swapped out imo. GL tho.

lol @ Helpful, ramping like a desperado. Just switching to the most recent project to ramp whilst sweeping the list of previously ramped failures under the carpet.

I could cut/paste loads of twaddle you posted here and on MYN about how good Shoats Creek was going to be.
Now it's being written off and Mayan ran for the hills,

Your comments earlier this year reagrding Steelmin:

18 Jan : "I suggest that you do some proper research. Steelmin is going to a great little asset: EBITDA of circa Euro 10mil on the first phase is not t be sniffed at."

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

Yet here we are, its turned out to be just another useless damp squib, unable to operate at a profit. Looks like your ex Wives club had it right after all!! Go figure !

The most telling fact always remains though. That despite all your fluff and bluster and self professed confidence in the assets, here you still are, day in, day out, ramping the share for all its worth. Sorry but that doesnt show any confidence whatsoever. It shows you are extremely worried.

It simply underpins the fact that you, like so many others have seen your investment drop significanlty in value and presumably so too those of any of your clients you encouraged to buy in here.

Nothing changes. Project after failed project. BOD still expending (imo) ridiculous amounts of shareholder money on Admin and other expenses (over £800,000 per year !!!), BOD still requesting authority to print loads more confetti in the coming year. Ramp on.

booboo: "has this BOD really invested in a company called Candy Sweet?"

Its Australian associate at the time RSL, aqcuired 60% interest in Sugar Dragon Ltd to gain exposure to exclusive license for Candy Crush confectionery sales in Greater China. See RNS 23 Apr 2015.

bspear, Helpful is way down on his investment here as are the other rampers, most of whom moved to ADVFN because it's not mnoderated and thus they can get away with all manner of market abusing rhethoric there. Helpful also holds some of the £1m Convertible Loan Notes here. He thus has a vested interest in ramping the share. He will deny the dire historical track record here as all rampers do saying its not important and that the only thing that matters is the latest new project. Markets don't fall for the spiel anymore imo. They will look at the numbers in the Annual Report and draw their conclusions.

SL - "So RRR has three production licenses with VUP and three exploration licenses with other vendors.

Penny dropping now?"

Let me just cast my mind back a little

RRR applied for 3 licenses to operate in the Ivory Coast
After a long time waiting and not getting them granted they then bought 3 existing licenses off someone else.

All the rampers at the time said exactly the same as you are now, that there was a ton of value, just sitting there in the ground waiting to be dug up.

Where are we now? The original 3 licenses were never achieved and the 3 other licenses came to nothing. Just another project in AB's oubliette.

Shoats Creek saw the same levels of shameless ramping. Oil was going to be gushing, it was going to be a company changer, the need for constant dilution would disappear.

Where are we now? The well got nowhere near hoped production levels, went gradually down, eventually stopped altogether when the well suffered sand ingression, then our partner Mayan Energy quit the field and now RRR are writing the whole project off as per recent Annual Report.

Now here you are again. We have the next "new kid on the block" carrot dangling project being ramped and yet there is no reason at all to expect that this same BOD can make a success of it any more than they could any of the other projects.

Greenland now sold off for £1
Shoats Creek written off
Steelmin currently unable to operate at a profit.
Ivory Coast
DBAR Oil
Cloud Computing
Candy Sweets
Elephant Oil . . . .

It's staggering that you serial rampsters still think anyone believes a word you spout.

Change out this (imo) lifestyle BOD and there might be a chance but until then, I can only envisage the same sorry story playing out.

Funny guy !!!!

Cash : £2.2m
Liabilities : £2.6m
Admin & Other Expenses: £800,000+ !!!
Other Project Costs: £300,000+

Greenland: Sold for £1
Shoats Creek: Now being written off
Steelmin: Unable to operate at a profit

Yep fill your boots old son !!

booboo - "The real question is how long can RM test shareholders patience by not publishing profit forecasts .They have some how managed 3 months but would shareholders tolerant 6 months?"

Personally I always conclude that when Mr Bell isn't forthcoming with basic information like that then the numbers are bad. Over on RRR we have El Limon giving us royalties but the amounts are tiny. RRR published the royalty revenue for quarter ending March 2018 and then didn't provide figures for June and Sep quarters. It's basic stuff really. I simply assume the royalties have been even worse since March. The deeper problem with this whole "keep em in the dark" approach is it damages trust. If figures are bad then shareholders need to know in order to make an informed decision whether to buy, hold or sell. BODs rob shareholders of that informed choice when they deliberately withhold simple data.

You will also have seen the travesty in the RRR Annual Report where the BOD subscribed for $400,000 of loans with Amulet Diamonds way back in July and didn't bother to RNS it at the time. Just put a small para in the Annual Report just now in Nov. Imho, an appalling state of affairs. Just a callous disregard for shareholders imho.

Haha. Looks like he's not that confident about the resolutions going through then. Perhaps the large investors have finally seen the light and decided to do something, they really should have before now imo. Their priority should be to vote down the resolution asking for authority to issue up to another 400m shares in order to stop the BOD diluting them.

Guessing we might see Mr Bell buying some more shares just before the AGM, just like last year. A show of confidence of course . . . . . . .!

robins - "Just received a letter from AB asking me to support him"

To support him in what sense?

Laptop - "Plus it will be another show of faith"

lol

show of faith . . . . just lols

LTHs here know better imo.

SL - "You just don't like AB and therefore nothing good can be true, regardless of the facts,?"

No mate the problem is the dire track record this BOD have with each project they've attempted to bring home.

The same pithy spiel has been uttered for every project this company has undertaken. "it'll generate millions", "it'll be a game changer", "they won't need to dilute any more" . . . This rhetoric has been heard over and over and over and usually by the same sorry bunch of company apologists.

The problem is most have come to nothing, become damp squibs if not outright disasters.

Greenland, JORC Resource - shoved in the oubliette and finally sold off for £1 (!!!!!)
Ivory Coast - applied for 3 licenses, never happened, bought 3 existing licenses, project still gone nowhere
Shoats Creek - now being written off
Candy Sweets . .
Cloud Computing . . .
DBAR Oil . . .
Elephant Oil . . .
Kenya . . .
and now Steelmin, the latest "game changer" gone t*ts up, unable to operate at a profit.

What this trail of devastation tells you, apart from the uselessness of this BOD, is that you can not value any venture purely on the perceived value of the minerals in the ground. You have to factor in the fact that it is the same BOD running the show who have shown a penchant for project delays, poor results and an uncanny ability to expend pots and pots of money along the way on Admin and other expenses.

The markets I think draw their conclusions accordingly whenever the next "New kid on the block" comes along.

Helpful: "AB has publicly stated that he reckons that there is 375,000 tonnes of copper at the old Musonoi workings and 20,000 tonnes of cobalt"

This is the same AB that said El Limon would produce at 400tpd right?

The same AB that waxed lyrical about the Greenland resource but who has just sold the job lot for just £1 !!!

The same AB that said of Shoats Creek:

"Shoats Creek is focussed on driving production growth by taking advantage of current low drilling and development costs, and with improved oil prices this should flow through directly to the Company's bottom line."

but who is now writing off the whole thing.

You know I'm sure Looney Labour Leader Jezbollah Corbyn also said that student debts would be wiped away and they would make tuition fees free but it hasn't happened.

You don't suppose these kind of people just say anything to promote their cause do you?!

Helpful appears pretty desperate to pump this sorry excuse of a share. Understandable as he must be well down here and presumably so are his clients if he encouraged them to invest.

The Steelmin spiel is as usual a bunch of empty "jam tomorrow" rhetoric.

Always deal in facts.

The facts are that Steelmin's management announced that it could not operate at a profit due to high electricity prices. That's pretty mush a disaster having 2 months earlier having boasted about reaching "commercial production". It also speaks of poor management ability if they were unable to forecast costs and plan effectively for contingencies.

That might be why Steelmin managment now appear to be dropping like flies. Take a look at the Steelmin filing history here, interesting reading:

https://beta.companieshouse.gov.uk/company/07734349/filing-history

"Termination of appointment of Andrija Kojakovic as a director on 31 August 2018"

and yesterday

"Termination of appointment of Christopher Mcnamee as a director on 22 October 2018 "

Note also that Steelmin have large debts. They borrowed EUR 3.8m from RRR whihc they subsequently refinanced with a "Luxembourg Investment Vehicle" (at what cost I wonder?!)

They also borrowed EUR 3m from another group of lenders

Interesting isn't it that Helpful's spiel of "jam tomorrow" doesn't mention these debts.

I suggest people read Steelmin's last published Financial here which are up to 30 Dec 2017:

https://beta.companieshouse.gov.uk/company/07734349/filing-history/MzIxNTc1OTI2MWFkaXF6a2N4/document?format=pdf&download=0

So, large debts, can't currently operate at a profit, appointments of 2 directors already terminated

Yeah it's going swimmingly well !!

lol Helpful/Stephen

I didn't catch all your BUYS yesterday when the SP was cheap as chips 8% down. You were surely buying weren't you? I mean you're doing your level best to encourage others to buy here. Can you point readers here to your buy trades?

SL - "The break up value of the company just went up again."

lol.

How much was the Greenland JORC resource worth? RRR just handed it over for £1 !!

JMS share price is continuing to tank. At the relist the JMS SP was 40c. Bid price is now 28.5c.
RRR's holding has lost over £1m in value since the relist in April.

Shoats Creek is now being written off

Steelmin is currently a bust, can't operate at a profit

All value sapping events I'm afraid. With a MCAP of a paltry £3m or so and the Annual Report stating liabilities at some £2.6m and cash at around £2.2m and Admin expenditure crazy (imo) at over £800,000 plus "Other Project Costs" at over £300,000 it's not exactly looking dandy is it?!!!

The SP crash we are seeing is hardly unexpected I would say.

Supremely foolish (imo) of the BOD to go investing $400,000+ on a new venture without RNS'ing that at the time to shareholders imo.

Funny isn't it, the trade list is a sea of red. The SP is tanking, and yet the company apologists and blatant rampers don't seem to be taking the opportunity to "fill their boots" . . . where are all their buys and holding RNSs eh? . . . .

In Nov 2012 RRR announced that it had received an offer to acquire 51% of the outstanding share capital of NAMA Greenland Ltd. The total consideration of the offer was $17.75M USD cash payment

In Oct 2016 RRR's own broker, Dowgate Capital, adjusted their valuation of the Greenland asset and stated it as £0.8m

In the Annual Report just published is states:

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

Would anyone care to explain why this shareholder asset, previously assigned significant value, has just been "given away" for £1 ?!!

Surely the infrastructure and JORC resource were worth more than £1.

SL: "Rules are rules. There was no need for disclosure so there is no problem."

In that singular arrogant statement is everything people need to know about how little shareholders matter here imo.

Appalling

Okenia you duplicitous cad.

It matters not one jot whether the Amulet deal is good or bad (but savvy investors will of course draw their conclusions)

What matters is that the company failed to RNS the investment of $400,000+ of funds, looking for clauses in AIM rules not to have to (class tests blah blah). Common courtesy and investor trust DEMANDS that the BOD RNS this kind of thing. Thereby can investors make a decision whether to buy or sell.

In failing to inform the markets the BOD robbed investors of that choice.

That my friend is UNFORGIVEABLE

You can dance around with BS "jam tomorrow" rehtoric all you like, but the BOD just trampled all over investors imo.

Trust will therefore be extremley low. Time for large investors to get together and take action I would think.