Member Info for MrMagic

At the risk of being pedantic, isn't the RNS incorrect when it says: "The Notes are being issued at par and are convertible into Ordinary Shares of �0.0001 " The par value of shares is 0.001p is it not? Or am I mistaken?

Ahhhh don't you just love the sight of falling confetti in the morning ! Not convinced that this raise will cover more than about one monthly payment of the huge $4m loan with YA. So, hard not to expect more of the same in the short term. CLN's just create a black cloud that hangs over the proceedings. They are actually worse than a simple placing. With a placing the shares are issued, mugpunters get shafted, it balances out and everyone moves on (warily watching for the next one). With a CLN it's a perpetual threat hanging over everything, a bit like warrants. It's basically future guaranteed confetti imo just waiting for a spike for them to be issued. As panda says, that doesn't help sentiment. What is there to look forward to if any news or rise is going to be sold into (converted into) thus suppressing the rise? People will just avoid and look to other AIM shares which don't have that problem. The fact that this is unlikely to be a one off CLN makes it even worse. The first payment of this huge YA loan was $507k which is about �386k in real money. So raising �495k isn't solving much and just kicks the can down the road imo. Some of that will inevitably go to working capital imo which I guess is why the RNS said: "We shall use the proceeds PRIMARILY to reduce our exposure" So what happens next month when another �400k odd is needed?

Lemon - "What's your thoughts on this MrMagic?" My thoughts are that every other person or company that we see a holding RNS for is shown as a standard format RNS which honestly and genuinely states all the basics: The date of transaction The number of shares (direct and indirect) held before the transaction The number of shares (direct and indirect) held after the transaction and so on When it's Paul Johnson all we get is a lame paragraph saying how many shares he now has. It's a poor show imo, and it's abject tardiness by RRR and the NOMAD to not insist on everyone following the standard format. No-one should get special treatment for such basic AIM transactions. As for PJ's holdings I have absolutely no interest whatsoever. As others have said, he appears to pump stocks. His presence or absence is of no consequence to the fundamentals here imo. I would look at revenue coming in vs money going out, I would look at how the BOD operate, what % they own, how much skin they have in the game, how they have behaved and acted in the past and so on. Following people who invest sums of money in shares is an easy way to lose money imo.

"Do the research and you will see that it wont go wrong" Just so I am clear, are you suggesting there that the mainstream lenders didn't do their research then . . . or are you suggesting that they did do their research, walked away and that your research is much better than theirs?

"why else agree to the 20m warrants at 2.2p that they got as part of the deal? " Silly comment imo. YA's deal is predicated on the loan and it's interest and the terms. With or without warrants thrown in, YA are making a fortune out of the deal. I mean for goodness sake the Note carries a 13% interest rate (!) and 75% of the loan is to be amortized over 8 months (!), plus there is a 7.5% arrangement fee. In addition if RRR want to pay any of it down early there is a 5% prepayment penalty (unless there's a JMS liquidity event). On any default in payment lasting more than four days, YA can convert the amount into shares at 93% of the VWAP. The icing on the cake is that the Investors receive charge over the Company's shares in JMS as security. I mean any way you cut, slice or dice this deal, YA are quids in and the warrants are frankly immaterial. There is absolutely no suggestion here imo of YA looking at RRR as undervalued. They are here to make lots of wonga and this deal guarantees they will get just that. Bell has put what most shareholders consider to be the best asset (the JMS shares) in some jeopardy in order to pursue the Steelmin venture, a venture which you yourself have said no mainstream lender would want to lend to.

Richie - "No mainstream lender would want to lend on the plant when, if it all goes wrong, all they will own is a non operating plant with no management" So it follows then that, if it all goes wrong, all RRR will own is a non operating plant with no management and still be saddled with a colossal $4.4m loan with YA. I can understand why some posters have called this deal absolutely reckless.

What I suspect will be imminent is a holdings RNS. That will show the truth of what's been happening imo.

By the same token Richie, if the Steelmin prospects were so good, clear cut, likely to come about, then why didn't Steelmin borrow the money they needed from mainstream funders? I mean let's be honest here, coming to the likes of RRR to borrow money, when the company doesn't have the money to lend in the first place and subsequently has to engage with YA to borrow $4.4m from them in order to then loan that money to Steelmin, isn't exactly a situation that exudes any confidence is it?!!

"However, to do value accretive deals in a rising commodity market is absolutely fine by me" If the deals are "value accretive" then AB can simply get a loan from a reputable bank or provider. How "value accretive" was Greenland? DBar Oil? Cloud Computing? Ivory Coast? Elephant Oil? . . . . Meanwhile the board have had very nice emoluments year on year thank you very much !

A sea of large round sell trades, lots of blocks of 1,000,000, 500,000 and more yesterday and today. Where have we seen this before? Tick tock . . .

I mean in 2018 not 2019

Richie - "We have exactly what you say you want "a proper regular repeating income from genuine projects on a scale that exceeds the overheads" Is that so? Well in that case there will be no need for me to eat the pair of underpants I have on standby then will there? To re-cap, I have put a pair aside and will eat them should AB at the forthcoming AGM decide NOT to request authority to issue a shed load more shares in 2019. Rolling over this years authority will still count as requesting authority. By your statements you must surely agree and believe that there is no need for AB to request further authority to issue shares, is that not right?

Okenia - "and there's me thinking you said RRR/"we" could only monetise those assets by finding a buyer " Yup. And in this case, Jupiter themselves were the buyer. It's not hard is it really? Again, how much of the monies received did RRR shareholders get? Answer . . . not a penny. So much for realising the value of held investments then! The money went into RRR coffers which of course then means it is subject to the usual company spending and expenses. What value did that money provide to shareholders here? Not much that I can see. No surprise then that the markets in general don't appear very interested. What shareholders want, imo, is proper regular repeating income from one or more genuine projects and on a scale that matches, if not exceeds, the overheads. Assets/investments can only be sold (asset stripped) once after which they are gone. Regular income is where it is at and there is precious little of it at present. A dribble of oil revenue from Shoats Creek and the paltry bit of royalty from El Limon which at last reported rates will take 50-100 years to recoup the first 2 million. The crazy $4m loan with YA has changed everything, not just because it is an enormous amount (with the interest) to pay back, but also because AB used the remaining Jupiter shares as security for it. An awful turn of events for holders here imo.

okenia - "Is there some secret entity WE keep selling our shares to?" Who is "we" okenia??? Slight slip there ! The cash from JMS was a share buy back. The shrewd will work out what is likely to happen to Jupiter imo. My guess is it will be bought out and RRR will likely have to sell its remaining shares. Once done, that's it for RRR in terms of Jupiter save for the royalty on Mt Ida which is currently worthless. As a bonus question to you, after RRR received it's money from the buy backs, how much of it did RRR shareholders receive? @Richie "This could be royalty/ dividend or could be buy further plants/ assets which would enhance value" So essentially you are evasively answering NO to my question. There is no royalty with Steelmin. RRR simply own a small share of the business. AB gets a seat on the board, just as he has a seat on the board of Jupiter. We previously saw how that played out in terms of him failing to sell all the Jupiter shares when their price was high. It creates imo a conflict of interest. It doesn't look good for a board member of a company to suddenly sell his shares in that company. So RRR holding shares in Steelmin does little for shareholders here imo and talk of dividends at this early stage when they aren't even in production is puerile. RRR sadly arranged a huge $4m loan with YA in order to have the money to lend to Steelmin. It seems a thoroughly ridiculous situation to me. Why didn't (couldn't?) Steelmin get funding from mainstream lenders? There must be a reason and it can't reflect well on the prospects that I can see. Just how is RRR going to find the huge sums of money to pay down this huge loan each month? It's not looking good TBH.

You must be joking cgm. Not on your life boy. The block sells highlight what's coming imo. Tick tock.

Showing 8.7% up ! Did I misread it earlier or has it gone from 8.7% down to 8.7% up?! I assume I misread.

Richie: "Will be in production in 12 weeks and selling into a strong market" So tell us Richie. . . . does RRR have any royalty with Steelmin? i.e. is any of the production revenue coming RRR's way? What use is 20% of a company ? How can it's value be realised? I guess you'd have to find someone to sell those shares to. Bit like the Jupiter situation wouldn't you say? RRR hold no shares in Tshipi which is producing brilliantly. As a result RRR doesn't get any of the proceeds because there's no royalty involved. RRR sits there with a handful of Jupiter shares whose value can only be realised if they can sell those shares to someone else. So frankly, your Steelmin comments cut no ice. Is there a royalty yes/no?

LOL + 1 How's that DNi tech coming along cgm3100?

Showing 8.7% down above. Dear oh dear.

AB has authority to issue up to 500m more shares here and it will expire at the next AGM (usually Dec). Similar story at RGM, authority there to issue up to 600m more shares, again expiring at next AGM. Can't help but feel Nov and early Dec will be a busy time. As the autumn leaves fall from the trees and blossoms, one wonders if likewise, the Bell confetti will rain down ? Tick tock . . . DYOR.