Member Info for okenia

Some day, Rodney, some day ...

Levi - I look in at LSE intermittently at best, as most of the threads hold little value. (This is an exception, there’s some decent research being done on here).

We’ll have something to discuss if/when the deal is completed but until that happens it’s largely an exercise in guesswork.

I did smile at being thought to be either DL (nope, I’m an investor in the company, but otherwise unlinked to it) or Paul Johnson (likewise no). I think I’m flattered!

The new CEO will certainly help drive that, Art.

The early part of the journey was making the app, but an app is just a means to an end to build a business - which is about booking people onto tables in restaurants, and getting revenue from that. The app is just the tool to do that.

The new guy has the right credentials from TripAdviser and BookTable to do that and drive this forward. Just the right skillset for this bit of the journey.

As for the Asian business - yes I read the RNS in the same way, that they're looking to monetise and offload that business to a local tech company. As you say, it was fine to start there but there's strong competition from Eatigo in SE Asia, whereas there's none (for this sort of last minute, demand management tool) in the UK. Again, the new CEO knows the UK space very well so should be able to slip DISH into a nice niche.

One final comment - you're quite right the UK rollout was slow to start with, but I think that was because the app platform was being beta tested in the UK environment and there was a certain amount of tweaking needed make it "UK centric" before they were comfy pushing a big rollout. That's understandable and sensible imo. That now seems to have been completed, and we're now getting "the big push".

Hopefully we can see this cracking on now.

People who know nothing, spinning the most negative slant possible, then coming on here and making ex cathedra pronouncements - that is very unhelpful, albeit mildly amusing at times.

Just be patient and wait and see. You never know, you might actually be impressed!

All what Stephen has just said (of interest) is in the RNS. The rest is now standard disclosure, DD and process.

For another bit of the puzzle, see the ABM rns today.

That's fine. By their nature, UK RNSes are brief. If one's entire DD on a company is based on reading those (and then reading between the lines) you'll not get very far. Especially with small caps, it's hard to get a sufficiently accurate picture of what's happening without doing additional research - including speaking to the company. At this end, there's paucity of broker / analyst coverage so it's very much DIY. It's too easy to just read the RNSes, put your own preconceptions and biases onto that, and come out with "It's going to the moon, they are geniuses!!!' or "it's going to hell in a handcart, they're all frauds".

The adjourned meeting is going to be on 15th Feb. You're a long-term RGM geek so come along (you can come as an observer I'm sure) and see what the new appointments have to say for themselves. Just reading the RNSes and then ranting on a BB isn't actually that productive as an activity.

Remind me which company that was?

You’re right with the general principle of a new Board having the space to clear the air.

Thanks Stephen, I was about to say that but you’ve saved me the effort.

Next thing to look forward to is the commencement of the distribution of surplus cash back to the JV Partners.

Zumore - oh bless!

Yes, Resolution 2 was passed (re-election as Director). He has resigned from the roles of Chairman and CEO.

From what I read, the coal asset is doing just fine. There was some downtime while the highwaller moved to the new location (closer to the customer and so better costs) but it's now settled there for a few years. It's break-even at 1000 tpd and they did 43,530 tonnes in Oct. Do the math.

At the AGM I asked Scott about what 'break even' meant - many miners have different layers of costs, so C1 cash costs aren't the same as AISC or plc-level costs. Scott confirmed that MET was a 'think layer' so cashflow positivity refers to being cashflow positive at the MET level.

It's public knowledge that LHR have raised very substantial sums from Indian family offices and the like. Again, I asked what the relevance was to RGM. The answer was that an operation of this sort really needs scale, which means bringing other assets in (hence the LHR funding and expansion plans). As a result, LHR are incredibly motivated to make this work - as I said in the meeting, this is essentially "proof of principle". LHR really REALLY need to demonstrate success with Omega because that's the key to unlocking their much bigger plans. And remember that LHR, not RGM, are the operators here.

I also asked what the end game (value crystallisation) plan was for MET. You could think of a number of scenarios of course, but to me the obvious ones are (a) LHR use some of their fundraise to buy out RGM and so make it a cleaner vehicle to IPO or (b) RGM retain a minority interest like RRR did so successfully with Jupiter / Tshipi. Either way, it certainly won't stay as RGM being a 50:50 JV partner in a one-mine coal operation indefinitely. This is just a stepping stone. An attractive option would be (for me) a mix of the two - enough cash to repay RF, and a free carry with the rest a la JMS/Tshipi. But I have no knowledge of what the actual plan is I hasten to add.

As a final point, LHR also need to demonstrate they can make money for shareholders - and are thus highly motivated to show that by MET becoming cash-flow positive at the MET level and starting to return cash via dividends to the JV partners.

If you look at the coal assets thru a Legacy Hill Resources lens - and try to avoid your gut-reaction, blinkered view zumore et al - I think it's actually very decent and being run by a credible team. Remember, Andrew does every now and again pull off good deals (JMS being a classic) and I for one am certainly warm to the coal asset as a 'company maker'.

I appreciate that this isn't a viewpoint that will go down well with the diehard critics, but the difference being I back my views by risking my own capital here - I most recently bought early Jan 2019.

Close of play 16th, 5m Buy (presumably worked during the day)

Yesterday (17th), another 5m printed just after market close (ditto)

Both are bigger than Andrew's declared purchases so by definition can't be him.

To suddenly spend the thick end of forty grand on Regency shares in two days is quite something. And no, it wasn't me before anyone asks.

With the price strength today that buying still seems to be taking place.

Someone bought nearly twenty grand’s worth of shares yesterday at 0.388p by the look of it.

Anyone here want to ‘fess up?

Additional monies raised, and load restructured with new maturity date of Feb 2020. By which time - if all goes to plan, obviously - there would be monies from coal production to repay that debt.

And by the look of it, this is a simple CLN with a fixed conversion price, no complex "90% of the trailing delta-adjusted VWAP" malarkey, just straightforward fixed price conversion with a warrant on top.

"and by security over 85,000,000 ordinary 0.1p shares in Red Rock Resources plc held by the Company." It has quite literally been fully disclosed in black and white for years. I fail to understand why you are struggling with the concept of a secured loan Zumore.

...loan. And all of this was properly RNSed at the time, filed at Companies House, and is reported in the ARs on an ongoing basis. Here's one of the original RNSes to help you. --- REGENCY MINES PLC Loan Agreement Dated: 17 June 2011 Regency Mines plc ("Regency Mines" or the "Company"), the mining exploration and mineral investment company with interests in nickel and other minerals in Western Australia, Queensland, Papua New Guinea and Pakistan, announces that it has entered into a loan agreement with YA Global Master SPV Ltd. ('YA Global'), which is advised by Yorkville Advisors LLC (the "Loan Agreement"). Under the terms of the Loan Agreement the Company has agreed to borrow US$3,300,000 from YA Global. The loan carries interest at 6% p.a. and is to be repaid in scheduled installments within 15 months of drawdown. The loan is secured under a Standby Equity Distribution Agreement ('SEDA') between Red Rock and YA Global entered into on 9 September 2009 and amended on 10 June 2011, and by security over 85,000,000 ordinary 0.1p shares in Red Rock Resources plc held by the Company.

As for saying this was "dodgy" and asking "who gave him permission to do it": - RGM own these RRR shares. They're an asset of the company. It can quite literally do what it likes with those shares, including pledging them as security against a l

These date back nearly a decade. RGM took out SEDA loans with YA in 2009 and 2011. Those filings are on CH and made public. RGM owns shares in RRR and used then as security against that loan. Those two charges have now been satisfied, which means YA no longer has any claim against them in event of default. You'll remember RRR doing something similar with YA - the Steelmin bridging funds were secured against RRR's Jupiter shares.

Zumore It's quite clear on the CH filings what those charges are. Their creation and satisfaction dates are on the 6/12/18 filings. Since you've been following RGM for a decade you'll also remember them being created (in 2009 and 2011) as part of the SEDA facility with YA. Again the original filings are on CH. 17 Jun 2011 Particulars of a mortgage or charge / charge no: 3 03 Nov 2009 ditto I'm surprised such a long term follower of the company was unaware of this. To reinforce what Stephen said, these RRR shares were pledged as security against a loan from YA. That has now been satisfied (ie YA no longer have a claim over those RRR shares in the event of a default). It's the equivalent of getting to the end of a mortgage and the building society sending you the deeds to your house. Not quite how you chose to spin it, I'm sure you will accept. On a wider picture, it clearly hints that a wider restructuring of the debt relationship with YA is taking place. That's be a lovely Xmas present I'm sure you'd agree.

No, that's an off-market transaction.