Member Info for MrMagic

I still think Zumore's post on 26th Nov about the outstanding Convertible Loan Note with YA is highly relevant. He said: "Its 8 months since RGM took out their $1 million one year YA loan: http://www.lse.co.uk/share-regulatory-news.asp?shareprice=RGM&ArticleCode=ic7xwuht&ArticleHeadline=Convertible_Loan I calculate RGM still owe near $800,000 on this loan and because the above rns says: "b) If the price of Shares is below the Fixed Conversion Price the Lender may elect to convert at the Variable Conversion Price, but if it does so it is restricted to Conversion of a maximum of $200,000 in any one month;" So because it says YA can only convert a maximum of $200,000 each month into RGM shares, then because RGM still owe near $800,000 on this loan and because there are only 4 months of this loan remaining, so to me that means YA must soon start converting this debt RGM owe them into RGM shares. Of course RGM may yet decide to pay off this YA debt in cash. I guess we'll soon find out. "

@Luke If you invested 6 figures then you must have had every confidence in the company and its prospects. Why then have you spent so much time on chat boards trying to convince others to follow you in? The dire performance of both RGM and RRR is there for all to see in the 5 year charts. Today's RNS is absolutely typical of Mr Bell's MO. Another "new kid on the block" arrangement with another private firm. As can be seen by numerous posters on this and other chat boards, people appear not to be impressed or influenced by these kind of RNSs any more. Roll on the confetti.

Zumore: "That's strange because Lukes twitter name is Gordon Bennett." Luke is just another Vini alias, told you this before. He can't help himself.

Very good research Zumore. The timing is important here as you highlight. About 4 months left on the agreement and a cap of $200,000 of shares per month. $200,000 is roughly �150,000 in real money. YA get to convert at 90% of the VWAP over a 5 day period. If you take the SP shown above of 0.625p then 90% of that is 0.563p. So a conversion of �150,000 of shares at 0.563p would be approx. 26.6m shares by my calcs. So if they were to convert that amount every month for 4 months that's 106m more shares (currently 576m in issue) although in practice I would guess it would be more because the SP will presumably lower on each successive dilution (10% discount to VWAP). There are other possibilities of course. AB might just re-arrange that CLN with YA, extend the time frame etc. But at that significant 12% interest rate would that be a good idea?! On balance, it looks likely to me that PIs will have to endure a pump and dump shortly. Just my personal opinion. PJ buying more tends to support my thoughts imo. Very much same old same old. Don't get left holding the baby imo. DYOR.

I note that Admin Expenses are stated as �644,688 for the year. That's �53,724 per month. The company consists of 4 execs and 1 admin staff. �53,724 is an awful lot of paper clips for so few people to get through each month. Is that really good value for shareholders? Cue Tony Bennett . . . "Oh, the good life Full of fun, seems to be the ideal . . . "

typo " serve only to attract short term traders and possibly deter long term investors. "

As predicted, like regular clockwork, AB has once again requested authority to issue a shed load more shares in the coming year. He never fails ! I vowed to eat a pair of underpants if this year, he refrained from asking for such authority. Seems my underpants are safe for another year. So authority has been requested to issue up to 500m more shares here. There are currently 483m shares in issue so if all that allocation were used that would more than double the share issue which is very significant. As always, there is no guarantee that the authority will be used but imo one must place significance in the fact that the authority has been requested in advance. Were there any chance that it would not be needed I think one could expect that such a request would not be made as clearly the possibility of that level of confetti will act as a black cloud hanging over proceedings throughout the year which is surely undesirable. The problem is that whether the authority is actually used or not, the mere presence of that authority itself acts as a constant threat to investors and will imo serve only to attract short term traders and possibly long term investors. The forthcoming AGM resolutions can be seen in the full Annual Report here: https://www.rrrplc.com/wp-content/uploads/2017/11/RRR_5152_AR2017_VS_2017-11-23.pdf

"The Directors are confident in the Company�s ability to raise new finance from equity and debt markets when required" Fair warning imo

Colin: "Didn't the British Ambassador say that Steelmin production would be starting this December?" Yes, with those ramps he was really spoiling us ! He'll be round with the Ferroro Rocher's soon !

Euro 3,874,560. Website malfunction. The Euro sign gets displayed as a pound sign.

You are right Zu. My mistake. The Steelmin loan is �3,874,560

Small correction for you Hawaii RRR loaned $3.8m to Steelmin but the loan with YA was $4.4m RNS 3rd July "To fund the Loan, Red Rock borrowed $4,230,750 (now adjusted to $4,400,000) on a secured basis for a term of one year bearing interest at 13% p.a."

lols and after all the ramping of this guy by the usual suspects here . . . "big hitter", "likely to take a seat on the board" etc etc First MTR dump their shares here. Now PG has sold some. Gosh what could that mean . . . . . .?

Isn't that what AB calls the "oubliette"? The one with Greenland in it?

"Distribution" is the word AB uses in the RNS. They have been one-off distributions by Jupiter which have dependencies such as the price of manganese and other things. It is entirely up to Jupiter whether they make subsequent distributions. The news that the Dual-track sale process of Tshipi has been terminated will no doubt be a bit of a disappointment to some, esp the rampers who tried hard to convince people that it would happen and bring riches galore to RRR. Instead : "the Board of Jupiter has resolved to pursue strategic options at the Jupiter level. This may involve a relisting of Jupiter on the ASX, a sale of Jupiter or merger and acquisition activities to grow the Company further." (http://www.jupitermines.com/images/jupiter---ahsheepeiz.pdf) It is worth considering what would happen if Jupiter is sold, what happens to RRR's 1.2% holding then? Will there be one final buy-back exercise to acquire all of RRR's shares? Would the shares transfer over into the new owner? Would the new entity want to make the kind of distributions that Jupiter has to its shareholders? Meanwhile, the announcement of a 3rd distribution in April 2018 of circa �227k isn't likely imo to change things much. All cash is welcome of course but I doubt whether such a sum would even pay for one monthly payment of the $4.4m YA loan here. The last reported finance figures from the Interims stated Current Liabilities at �1.8m though one assumes this has been reduced since last December. It also stated Admin and Exploration Expenses for the 6 months as - �400,836 Those kind of numbers, at least for me, put the Jupiter distribution monies into perspective.

So, no answers from either CGM or Wressmycase on where RRR would get that significant funding from should they choose to go ahead with the cobalt opportunity. How disappointing. On that basis I am happy to ignore their nonsense. DYOR.

Since CGM can't/won't answer the questions on funding for the cobalt deal, perhaps Wrressmycase would care to instead? Tell us Wressmycase, where would RRR get $700,000 from plus a further $1.2m given they already have to keep paying the huge $4.4m with YA plus running costs plus costs for any other ventures?

Well CGM, if they did choose to go ahead with the deal where do you see RRR getting the necesary funding from? To recap the deal terms stated that RRR would be liable for: Cash payment of $700,000 and Commitment by RRR to fund $1.2m of exploration expenditure over 18 months" Plus there would be GBP�490,000 payable in RRR shares ("Shares") at 0.65 pence a share, with attached 5 for 3 three year warrants to subscribe for new Shares at 1p RRR currently has to keep paying down that huge loan with YA ($4.4m). First payment was $507k. That's a lot of money imo for a company with circa �3m MCAP. Where would they find another $700,000 from and then a further $1.2m? Genuine question.

Yep, still not seeing any holdings RNS from you CGM. Why are you promoting this constantly and yet apparently have no notifiable holding here? Kinda doesn't wash does it?!

As you know, Cobalt Blue Holdings is a public company listed on the ASX. If the RRR RNS related to this company then it stands to reason that CBH would equally have to put out an RNS to convey the same info to its shareholders. Can you see such an RNS?