Member Info for partridge

And the worst part is that RGM management raised more cash in the same RNS. That's an extra £470,000 on top of the £831,000 raised in December. As well as giving away over 6% of the company to themselves. No assets were bought. Just more shares issued. Assets, if anything, were lost(at Mambare). All this raising of cash should be seen as a reflection of what Mr Parsons and the BOD are paying themselves. The ordinary shareholder is seeing value lost. These people are demonstrating utter contempt. More of the same to follow.

The RGM RNS on 7th April 2020 concerning RMI may be confusing. Remember it was the second RNS that day; the first being the news of the 50/50 JV at Mambare being reduced to a minority partnership of 41% ( potentially 35%) for RGM.

RGM has purchased some of the debt in RMI held by Sinom. It might purchase more at a later date. It has not purchased the WoWo Gap Nickel-Cobalt Project, although one might gain that impression from a cursory read of the RNS. To gain control of ownership it would need to buy out RMI, not it's debt. It might have the intention to put pressure on the representatives of the company via the debt. Naughty, naughty, naughty.

So the outcome of the days work is that RGM has lost control of the Mambare flagship, purchased debt in RMI and NOT the WoWo Gap Nickel-Cobalt Project. A cynic might say there was an effort to hide poor news, but not me.

8% interest issued at 80% of par, 10% fee and warrants. Could be Sound Energy, Coro Energy or Echo Energy. Today it is Echo Energy. The debt bubble is planted in each. Heed the warnings. The share price is under pressure. As an investment the game is over. My favourites include: " it would be rude not to", " a cheeky little top up", " these same people had a 50 bagger at IRG/Echo(sic)" and " all the more for me". I hope everyone involved doesn't waste any more time and money on Echo Energy. I'm sad to say it's not your money anymore. Stay and see the end but make sure it will not cost you money. There is oil/gas revenue but it is matched by cost of sales and administration costs and interest costs(suspended). There is unlikely to be any drilling and cost savings will be the only game in town. Expect the CEO to go or accept NED status as at Coro Energy. Mr Parsons and Marco to rule the roost.

I think it means that the Argetinian assets all default to the bondholders if the loan and accrued interest is not paid. To do with what they want to raise funds. You'll still hold the same number of shares but their value might be zero or thereabouts.

A good chance to rectify that mistake of buying in here. The opportunity might not be about for long.

Does that mean there is a conspiracy to pump and dump at a company Mr Parsons is involved in? Who would have thunk it. All at the expense of naive investors. So placees might sell their shares at a profit. I can think of 4,000,000 looking for a home. Shameful.

" Ascent has proposed to raise £800,000 (£720,000 net) by way of a placing of 16,000,000 new ordinary shares in the Company at a price of 5 pence per share post consolidation ("the Placing" and the "Placing Shares"). This is equivalent to 1,600,000,000 shares at 0.05p pre consolidation".

So, after the threat of legal proceedings, Mr Parsons has winkled out the £200,000 from a reluctant investor and now ex-friend. Good feeling all round and 4,000,000 shares waiting to be dumped. But what has happened to the other £115,000 promised in the cash raise of which there has been no mention. Why no legal proceedings to recoup that money? Mr Parsons it would appear has friends and he has "friends". Creepy.

After all the hullabaloo it would appear that £685,000 has been raised. Minus the 10% fees so that would leave £616,500. Where does that 10% fee go? Does the broker who arranged the rogue £200,000 get 10% or £20,000? Or is it forfeit?

Andrew Dennan, or "Andy", took up 1,900,000 of the 13,700,000 shares in the cash raise. Does he get 10% back or was it arranged through a broker? I was surprised to see no mention of the connection between Mr Parsons and "Andy", as a related party. They are both shareholders in C4 Energy where Mr Parsons is a director with the power to hire and fire. "Andy" was parachuted into Nuog when C4 Energy took control. Both are on the BOD at Coro Energy and both were involved with Sound Energy. An intimate relationship. Yet not related parties.

Of all the shares in all the world " Andy" chose mine to invest in and save a faltering cash raise. Here's to you kid.

It sounds like this investor who reneged on his placing money but was brought back into line by the threat of legal proceedings is just the sort of long term holder the company needs. Believes in the company and did not want to turn tail and disappear when he could not sell his placing shares at a profit. 4,000,000 loosely held shares to dump. A definite plus for long term, long suffering shareholders. It's a kinda magic. Mug punters apply here.

JP magic indeed. He will be able to pay himself more handsomely with shareholder money. Amazing what the threat of legal action can do. Will augur well when he needs to raise more money from his " friends".

Is it only three months? £831,000 raised in December and yesterday another £470,000. Someone is sitting pretty. At Coro Energy Mr Parsons pays himself £68,000 a year as non - executive chairman. He has other similar pay days. He does not come cheap. At Sound Energy his last reported remuneration was over £900,000 as CEO. It couldn't happen here could it? Well C4 Energy is in charge at RGM. Mr Parsons is a shareholder and director of C4 Energy. At Sound Energy and Coro Energy ( and elsewhere for that matter) head of the respective remuneration committees was Marco Fumagalli. Marco is also a shareholder and director of C4 Energy. Mug punters be aware.

No drug company likes reproduce a " cure" such as a vaccine. There is more money in a treatment.

76,000,000 new shares to be issued after the news yesterday (that would represent another 7,600,000,000 in old money which would have been scoffed at just 3 months ago). There are 59,000,000 shares at 0.8p and 5,000,000 at 0.83p to be sold and passed on to mug punters. No lock in there. So why is it fair to continue the lock in for others holders of RGM shares? What is in it for RRR shareholders who have seen the share price crash from 2.75p to 0.825p while locked in? What idiot would sit back and allow that? I wonder if a similar fall in share price value might occur when the placing shares become available to sell, or even before.

" On a look through basis, it values the RGM shares at about 5p. We have the debt at a large discount to the redemption price.: ask yourself, why would JP want to buy unsecured non-interest bearing debt in a cash strapped ASX company"?

Are you serious?. I'm glad to have my bias and prejudice. There is a disjoint between the real share price and the read through value of 5p. Buying debt at reduced rates is not difficult when the value of that debt has been drastically reduced or written off completely. There's no crime in that. What might be morally wrong is in trying to get other people to buy it at full value whilst knowing it is toxic. Shades of 2008 perhaps. The debt is not worth 5p. The heavy discount is because it has no or little value, no fool was interested. A reflection of the worth of today's asset. I have said many times on similar boards that Mr Parsons always looks to sell second class assets to shareholders at world class prices. It is his MO. Today, 63,000,000 new share have been issued, and they all have to be passed on to mug punters. The places need to make a profit so these shares need pumping. Mr Parsons recent cash raise at Ascent Resources failed to achieve its target. £800,000 was aimed for but when the share price halved the amount raised fell to £485,000. Places reneged on the placing cash when a quick profit wasn't available. It could happen here. Unless mug punters are willing to give away their cash and push the share price higher. Are you mug enough? Your money is required, again. And will be again and again.

There is a smell of camphor about this share. Isn't there good drilling news to come? Maybe. If the drilling news is below par, heaven forbid, I think Echo will go the same way as Coro Energy. Mothballed. Ceasing any drilling in the foreseeable future and preserving cash. As at Coro the CEO will be made to walk or accept a downgrading to NED. Mr Parsons and Marco will look after the company finances and the debt situation as at Coro Energy. Another zombie company in his portfolio. Any income to pay the debt repayments as and when they come up

" Thanks for your concern but I have known about the deal for a while".

That's the trouble about these type of shares. Everyone knows about them. Beforehand. Except the mug punter who buys the shares in good faith. And loses out when there is a cash raise. Mug punters who bought at 3p when Mr Parsons arrived. Mug punters who bought all the way down to 0.8p in hope of a bargain. Mug punters who bought this morning and are already in loss. Not you because you have known about the deal for a "while". Who else knew? The prospect in PNG is irrelevant. Knowing for a "while" is the real news. Mug punters beware.

"Regency has, based on its existing share authorities, raised £470,000 by way of a placing organised by the Company of 58,750,000 new ordinary shares at a price of £0.008 per share (the "Placing"). The Company has granted 29,375,000 3-year warrants to new investors at an exercise price of £0.016 per share".

58,750,000 shares at 0.8p to find a home. Are you mug enough? Did Mr Parsons put his hand in his pocket? What do you think. Nose in the trough. That's another 6,000,000,000 shares in old money.

Share issue, debt and more debt. Mr Parsons has cornered the market in Egyptian cotton.

I never mentioned the war. I never mentioned CLN's. And come to think of it I never mentioned laterites. Higher percentage ores are commonly to be found in New Caledonia( less ore to ship to Australia), and Indonesia. You're living a myth, which has diminished by 30% this morning.

5,000,000 shares to sell. Where's the lock in? I think the JV partner has seen where the share price is heading here in the long term. The lock in has been disastrous for those involved. There is one boot on one foot at Mambare. The nickel is going to remain in the ground for the foreseeable. There are more lucrative ores elsewhere. There is little value in Mambare for Regency. Unless selling a dream to mug punters.

"Andy" is first and foremost a shareholder in C4 Energy where Mr Parsons is a shareholder and director. Andy is now a shareholder in Ascent Resources where Mr Parsons is a director (executive chairman) and shareholder. His tenure at Coro has been a failure for the share price and shareholders. One wonders if his function is above his capabilities or usefulness. I understand his usefulness to Mr Parsons. A puppet at Coro as CFO so that investment by Marco et al could be looked after. And his £95,000 " investment" in the recent Ascent placing also proves his usefulness to Mr Parsons. Covering up a failed cash raise which didn't meet target and spawned legal proceedings. A highly paid investment banker isn't a rarity. You are taken by his personality. Be careful. Mr Parsons has the same attribute and it has cost many dearly.