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AB man of his word!?
19th October 2023…..
Red Rock Chairman Andrew Bell comments: "We are pleased by the support offered by investors and shareholders for this novel instrument. With the expectation of near term positive developments including an IPO for an investment, production, and a compensation award, we did not want to dilute supportive shareholders by issuing a discounted equity or debt instrument that might be traded out into the market, and this instrument in our judgment fairly balances the competing interests, and of course incentivises us to develop positive news for the Company."
Still waiting Mr Bell!!
But that’s your MO out isn’t it, disingenuous info to cover your back with nuanced language to wriggle out of criticism claiming certain outcomes are out of your control.
And that’s the point as CEO you are out of control and should be removed asap.
Shareholders should demand documentary evidence of this farce in DRC as it’s a convenient curtain for the CEO to hide behind.
Why oh why did I invest £5,000 in this company!!??
Helpful, you need to recalibrate your moral compass you patronising ****hole.
Yeah shame we don’t even know for sure if RRR is actually doing that either Helpful!
As least PREM is transparent, factual and truthful with their new releases!
No second guessing what’s going on with their operation.
“The picture is good, but as it was taken by the mine manager and sent to external parties, we will have one of our people go and take a picture and take this one down. Our rule is that we only use pictures we take ourselves. It avoids confusion.”
Our rule is that we only use pictures we take ourselves!!!???
Why the feck did they use that picture then?
Total contradiction.
Making it up as they go along.
Helpful either (1) you are complicit in this charade or (2) have also been hoodwinked by AB
Which one is it?
Think that interview can be summed up with the old Chinese proverb…..
Man not willing to show hand usually has crap cards!
Sorry Maidit, wanted to give you the benefit of the doubt but you’re an idiot. Read back through my posts on RRR. It’s all very reasonable. Just because I don’t look at my investment with rose tinted glasses doesn’t make me a basher!
Maidit, you can take me off your fictional basher list.
Just because I question the veracity of a statement and integrity of RRR CEO doesn’t mean I’m a paid basher.
For transparency I own around 2.5m shares at an average of 0.195p so yes slightly down and got hoodwinked into purchasing when AB claimed production was about to commence in Zimbabwe and funds from DRC were imminent.
Only myself to blame but still kind of confident DRC funds will come good (see previous post about living in Africa, things take time!) but the goalposts being moved on lithium production from selling to local market to exporting was a major red flag that management were incompetent at best not knowing in advance about future changes to the lithium production in Zimbabwe. Those changes don’t happen overnight! Lack of foresight by management so to come out with a statement production about to commence and claim they didn’t know about the changes afoot!?
Sorry that doesn’t wash with me.
Like I say only myself to blame but as a shareholder perfectly entitled to express my concerns about my investment and thoughts on the company/management etc that’s what a BB is all about!
Right I’m off to clock into the boiler room!
You know what Helpful why don’t you have a little word with AB as you speak to him regularly and get him to copy and paste exactly what you have said on here and pop it in an RNS to explain to the market this is the procedure!
Detailed, knowledgeable, informative post.
Until that truck has crossed the border and has left Zimbabwe that’s when technically exporting (chuckle chuckle) has begun.
I lived in Africa for 10 years and unfortunately well aware of the bureaucracy and red tape involved in anything (and I mean anything!) so until AB comes back to the market with something a little bit more concrete and informative other than one truck is heading to port, jury is out on how advantageous and profitable ALR is going to be to RRR.
Hope you’re right spec. Also hope the export licence is legit as the truck hasn’t actually left Zimbabwe yet so technically we’re not exporting quite yet!!
Let’s see how long it sits in the warehouse Helpful before it’s sold to one of the five Chinese buyers.
As far as I’m concerned when that happens that’s when RRR/ALR can rightfully claim exporting has begun wouldn’t you agree!?
Just because one truck crosses a country border is not creating any value what so ever for share holders even if technically it can be claimed it’s exporting (you having a laugh!!)
As you say the first truck load is experimental, testing the waters so to speak so a lot can go wrong before the product is actually sold and then exported to the buyer.
Once that’s done and dusted and RNS’d I’ll be delighted.
I really hope AB is embarrassed at releasing that RNS unless there was an ulterior motive in doing so as it has had the exact opposite effect to shareholder value creation and just made RRR even more of a laughing stock (IMO!)
Can someone confirm how much 200t is currently worth please?
Caveat to that is as long as what is spoken is the truth.
No idea how to say that in Latin!
The kicker is number 6 Helpful because without that ALR’s value to RRR is reflected pretty accurately, worth next to nothing, all other factors are meaningless.
Have the Chinese buyers given any indication on when they will be making a decision on whether they are going to be buying?
Surely you discussed this with AB over the weekend as it all hinges on the 5 mystery Chinese buyers!!
You’re missing the point here Helpful. My question is really really simple, other than 8kg of samples and land that may or may not contain lithium (because there’s no drilling currently planned to prove definitively) what does ALR actually have that should warrant a significant increase in value because at the moment it’s all X posts and innuendo and absolutely nothing substantive at all.
I’m not missing the point Helpful. Just because ALR has 8kg of samples how can you do a peer review with companies that have invested millions on resource definition, drilling etc?
I’m invested in RRR so not a troll, far from it!
So I’ll ask you again what does ALR have, not what other companies have as a comparison, what does ALR actually have that is of proven value?
What does ALR have though Helpful?
8kg of samples, no drilling, no resource etc etc.
Not sure it’s the bashing Maidit that is causing the drop. I think the fact that there could be almost 1B more shares being issued for a paltry £100,000 has quite a lot to do with it.
Let’s just hope that AB can pull this off and isn’t just full of ****!
Taken from 19th October RNS……
“Red Rock Chairman Andrew Bell comments: "We are pleased by the support offered by investors and shareholders for this novel instrument. With the expectation of near term positive developments including an IPO for an investment, production, and a compensation award, we did not want to dilute supportive shareholders by issuing a discounted equity or debt instrument that might be traded out into the market, and this instrument in our judgment fairly balances the competing interests, and of course incentivises us to develop positive news for the Company."
Hmmm!!?
Maidit. There is further explanation for this years GM call…..
Dear Shareholder,
RED ROCK RESOURCES PLC GENERAL MEETING
17 NOVEMBER 2023, AT 2:00 PM,
The Company is holding a General Meeting and the below provides background information.
The Company continues to await the release of the signed arbitral award in the Democratic Republic of Congo, where it seeks from the buyer of certain assets partially owned by the Company, $7.5m of the consideration due. The Company separately seeks the enforcement of its existing judgment for $2.5m against its former partner in respect of that portion of consideration already paid.
The delays in release of the award have been frustrating, but it is to be noted that the other party has also not received whatever portion of the funds it will be found to be entitled to. We are at the last stage, but have been there for some time.
Meanwhile, the listing of Elephant Oil in the U.S. has been a slow process, where the departure from the relevant exchange of the previous review team has caused recent further delay. We have some grounds to believe that we are now close.
In Zimbabwe, our plans to generate cash flow from lithium sales were delayed, principally by changes in regulation including export permitting requirements. In a recent visit we worked with a reinforced new team on the ground, rapidly resolved the key difficulties, and are now ready to implement a model for starting production and export sales which puts us in control of the product pipeline from mine to destination country warehouse.
As we go through the audit process for the year ending 30 June 2023, it is important that we show we have, even if there have been delays, a sufficient range of options to be confident that we can present a robust range of budget outcomes for the year ahead.
Passage of the resolutions now presented, therefore, will both backstop the budget and provide operational flexibility at a time when the gold price may be breaking out and consolidation and production opportunities are occurring, and will in particular ensure the Company is ready to meet working capital needs to finance a potentially fast-growing lithium pipeline. The Company seeks a general authority under both Section 551 and 569 of the Companies Act 2006 up to an aggregate nominal amount of £100,000 of new ordinary shares, representing approximately 38.91 per cent. of the Company’s existing issued share capital.
The Directors intend to vote their shareholdings in favour of the resolutions.
Board need to get their finger out and do something to address the constant drop in SP and reassure the market.
Worry is what can they actually do!?
Despite all the potential, next raise is going to be horrendous!