Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
On 2nd September 2021 the Red Rock share price was 0.575p: so the Red Rock share price was around 10 times bigger than today.
"Helpful" poster on that day:
"No idea what other people think. I have a reasonably large position here, just under 3% and am currently down a bit but that is okay.
I go off what the facts are not what other people's opinions are. I then analyse the facts."
....
So the mystery is, how is he doing well in Red Rock when the Red Rock share price has plummeted near continously since then? After all he was down when the share price was ten times bigger. 🥴
From todays RNS:
"14,976,000 Partnership Shares and 29,052,000 Matching Shares and 36,000,000 Free Shares were issued"
So the 14,976,000 is the shares they paid for and all the rest of those are free shares.
In this old RNS it is explained more clearly how the Red Rock share incentive plan works:
https://www.lse.co.uk/rns/RRR/incentive-plan-share-issue-directors-dealings-vlhfwt9fvviswp0.html
From a quick glance again at the above RNS it seems to say for example for every RRR share Andrew Bell pays for in the share incentive plan, he will get two matching shares free. Plus under the Free shares part they also get an additional amount of free shares.
So they get an eck of amount of free shares under this Red Rock share incentive plan.
The shame he should feel for how poorly he runs this company should be incentive. Not Free shares!
Banbury i have a pretty good idea.
There was an AIM company called Northcote Energy (NCT) and it later changed its name to Mayan Energy. Helpful used to live on that thread and of course it was an absolute dog of a company.
In 2015 Red Rock announced that it would likely take a percentage in an oil project named Shoats creek" and the project would be run by Northcote energy.
https://www.lse.co.uk/rns/RRR/option-to-invest-in-shoats-creek-j844s0w9q5qtgeb.html
So of course that piqued his interest in Red Rock and some time after he started appearing on this thread.
So i would say a few month after that above RNS date.
Robins, the RRR share price rose to 1.30p - 1.40p in anticipation of the Greenland asset selling in the late summer of 2013. As you know many bought in around that price.
Just over two years later in the winter of 2015 the share price was below 0.02p and Red Rock were announcing a 25-1 share consolidation.
So in little over two years the Red Rock share price was over 65 times smaller and many Red Rock shareholders investment got decimated.
So when some express surprise to you they do not realise how fast the Red Rock share price collapsed.
In the Red Rock 2022 Final results RNS covering the year 1st July 2021 - 30 June 2022.
From RNS:
"During the year, the Group disposed of its entire holding in Jupiter Mines Ltd, raising proceeds of £1.9m after transaction fees. Proceeds from these disposals were used in full settlement of loans payable to Riverfort/YA drawn down in the prior year, totalling £962,758 as at 30 June 2021."
3 Jan 2022. Red Rock share price was just over half a penny (0.525p). Poster "Helpful" posted:
"To do a fund raise, he would have to go to a GM. Any fund raise motion would get voted down.
He has other options at hand, he needs to decide what to do. Elephant should list in March, NBGC might list in January but I think it more likely to be February. He has other spin outs and potential deals. A lot going on. Hopefully the news flow starts this week.
DYOR"
......
Back then "Helpful" and his big RRR shareholder client Charles Topham had blocked RRR from disapplying the pre-emption rights. Like he said in the above post they were blocking Red Rock from fundraising.
If you look at the months prior to 3 Jan 2022 Red Rock had been selling off its Jupiter shares. By the March "half year report" in 2022 all the Jupiter shares had been sold. Red Rock had previously been getting pretty big dividend payments from those Jupiter shares too.
So there you have it "Helpful" forced Bell to sell those Jupiter shares.
I typed in "Helpful" and page 140 must have been stored in my phone. So i clicked and had a look what he was posting about over a couple of years ago.
On 29 Dec 2021 the Red Rock share price was 0.475p (almost half a pence). This is poster "Helpful's post on that date:
"You need your head examined not the major shareholders.
NBGC/RRAL is about to list. That needs doing; AB will be an NED. Nothing must get in the way of that being completed. He is the one that is pushing it through the system not Paul Johnson.
Migori is getting to the stage where we have a decent amount of drilling done and we should end up with an upgraded JORC. Migori is looking better for some corporate action: either selling it, JVing it or spinning it out. Again, AB is critical to that process. Whether AB likes it or not Migori is getting to the stage that it is too big for RRR to progress on its own. He thinks that there is up to 10mil ounces of gold at Migori: that will cost more than RRR can afford now or in the future. And that is regardless of Elephant Oil and NBGC/RRAL listing. Even if he sold the whole holding in Elephant and NBGC it still wouldn't fund the work at Migori. On top of that he has other stuff that needs funding.
But most important are the legals in DRC. AB has to stay in place to guide that through the DRC court system in respect of the VUP case and then deal with the Glencore case in due course. IMHO the likely outcome from these two cases for Red Rock is a multiple of the current market capitalisation. The next hearing in the VUP case is not far off. At the very least RRR should be due 50.1% of $20mil. However......
Is that the $20mil the full amount paid over by Glencore? Why would Gecamines get involved with a backdoor deal for VUP to benefit by $20mil? If Glencore was willing to pay $20mil via the backdoor what would they have been willing to pay via the front door?
Getting rid of AB now or in the short term is a recipe for the destruction of RRR's value. If we binned AB, who else is going to pick it up and make sure we come up with a decent result in DRC? AB is the one who has all the relationships, speaks French, knows all the parties involved, including the advisers, and was intimately involved with the JV discussions: the other are NEDs. What being an NED means, is that they pretty much don't get involved.
DYOR"
My opinion.
I'm sure the one day stop off in Nairobi was purely an attempt to get people's imaginations running wild about the Kenyan license renewel. He dawdles around in Nairobi "they will think i'm meeting somebody important". Then he flies off!
Like his DRC visit the other week he put them and today's Nairobi tweet on his personal twitter.
https://twitter.com/ABell2019/status/1780077825879396815
Why? Just like his DRC tweets the other week so they and today's tweet can quickly be buried under his other tweets.
Poster "News".
I hope you don't stay off this thread because i hinted that i'm not the greatest fan of your posts?
Bear in mind i am probably in the minority and maybe many people over the years have expressed to you how much they appreciate your posts?
Not even the most famous writers are appreciated by all.
So do carry on with your posts.
Here's an article on the "Gold Rush" show that some of you have said is similar to the BF project. Others like "Helpful" may have previously posted it on this thread:
https://newsletter.doomberg.com/p/theres-not-enough-oil
Interviewer:
"What about the warrants Andrew? There are concerns that the price of these isn’t appropriate for the directors and should be geared more towards a performance incentive"
Andrew Bell:
"To be perfectly frank, this isn’t something we had considered before you mentioned it, but it is something I take on board. The reason we originally included the warrants was that when we started working on this placement a month ago at a higher price, we were conscious that people had participated in a placement in March. The warrants served to make participation in the placement more attractive, and directors were part of the orginal placing. Even though we ended up switching broker to obtain a better price after our original pricing was overturned at a late stage, because we had originally made the offer of the warrants as part of the package we weren’t in a position to withdraw that."
,...............
................
Interviewer:
"Despite putting the equivalent of a year’s net salary into Red Rock, there remains a great deal of public criticism directed at the company and you personally. How do you respond?"
Andrew Bell:
"It’s my responsibility to face it. I don’t agree with some of the points that are made, but do agree with others. Where possible I have acted on the sensible suggestions our shareholders have made.
In terms of what is said on social media, of course I am aware of it, but it is a distraction. Typically, I find that these “Twitter storms” tend to stem from one or two individuals and they can appear more intense than they actually are.
Take our conference call as an example. The number of people who listened to that was, as usual, far greater than the number who asked questions. This suggests to me that there is a constituency out there of investors who are listening to what Red Rock has to say, and some of these people write or cal privately and in a very balanced way . It is my role to communicate with that constituency too and I am equally accountable to the discreet as to the noisy.
We’ve spoken already about my salary waiver and how much I invested into Red Rock on Wednesday, but we as a company have also taken significant steps in reducing our overheads. I have gone on record previously to explain those and am more than happy to take questions directly at Zak’s event on Monday.
As a policy we try to make ourselves as accessible to our shareholders as we can. We endeavour to answer emails within 48 hours, though there are occasions when it is not possible to reply during periods of intensive work. We also welcome shareholders to come and visit us at our office. We ask that people give us a little notice, but if we try to be as accommodating as we can in inviting people to meet us face to face."
I'm sure he's fibbing about that years wages. 😆
Interviewer:
"Andrew, you’ve faced a lot of criticism for participating in this week’s discounted placement. What do you say in response?"
Andrew Bell:
"Both before and after the placement we received a large number of calls and emails from shareholders asking why the directors were not buying to send a positive signal if the price was cheap. We replied that while we were insiders we could not, but some of us had an intention to buy when permitted.. The consensus seemed to be that if we were to participate it would have shown our faith in the company. We listened to this and accepted the argument.
I subscribed for £26,250 worth of shares, the equivalent of one year of salary payments net to my account from Red Rock, but no sooner had we put the RNS out, than the tone of public comments shifted. Suddenly I found myself facing a great deal of criticism for having participated at such a low price.
This has felt like a case of being damned if I do, damned if I don’t.
I understand that shareholders are not happy. Really I do, but we have to be realistic. Previously some shareholders have said I should pay myself less, to reflect the company’s position. I’ve listened to that and responded by significantly reducing my cost to the business. Now that I’ve done that I find that there are questions asking why I have not bought more shares."
Interviewer:
"OK Andrew, but there are questions about the price of the placement and how appropriate it has been for you and your directors to participate at this level."
Andrew Bell:
"Again, I understand shareholder frustration. The price of the placement was not ideal, but in this market it was the best we could do. The price we were originally offered was even worse, so we shopped around for an alternative. Our original placing agent agreed to this and we moved to Dowgate, who had the best offer we could find.
The alternative was not to accept any new funds into the business.
Red Rock is going through extremely tough times. There is no escaping this fact. We are fighting for the time and space to allow the value of our assets to mature, but that is something we have proven we can do. At this stage in the market’s cycle for companies like Red Rock survival is key. This might not be something some shareholders want to hear, but the alternative is to become a passive cash shell. While some might prefer that, I believe that by maintaining an operational function we preserve our assets and can remain active in the market, so that when conditions do improve we can take advantage of this."
In terms of the price of the placement and our participation in it, we chose to participate with personal funds. As directors, we achieved the highest price for the placement that we could. As individuals we paid the same that other placement participants did. Is anyone suggesting that we should have paid more than the market is prepared to pay?
There are some comments that we should have bought in the open market, but how would that have helped the company?
Through participating in the placement, we have increased the company’s cash balance, at a time it needs it the most."
Helpful even posted a link to the latest Tin price the other day because the Tin hill Lithium asset used to be a Tin mine.
The other day Helpful yet again posted another "Mako Gold" link. This link showed a Mako Gold video where they were showing some Manganese sampling. Red Rock no longer have any connection to Manganese.
Helpful seems to have done hundreds of posts on Mako Gold and i'm sure many looking in probably wrongly think Red Rock have some joint venture with them or own some share ownership in them.
So apart from Mako Gold, Helpful makes other misleading RRR posts on other subjects too. Then the poster "News" innudates this thread with mostly overlong gobbledygook posts that make no sense. Then their is Madeit who seems to be in Cloud Cukoo Land with his RRR posts.
Those 3 combined have made almost 1000 posts on this RRR thread these past 30 days.
I would argue with their often chaotic often misleading posts they actually damage this share price they certainly do not help it. They have turned this thread into an absolute mess!
Of course only my opinion. Some may think they are wonderful.
Maidit.
Nobody forced Andrew Bell to do a big discounted placing. He LIKES doing placings.
I recall years ago his pal Winnifrith was attacking another company and Andrew Bell made a post on shxreprophets and he called people who defended companies on share forums as "useful idiots"
So Bell thinks you are, he definately thinks "Helpful" is, he thinks "news" is.
Hawaiifive0 is one of Andrew Bell's biggest "useful idiots" because he tells people the share price is falling because of shorters. Not useless Bell!
Bell must love that. He use to criticize Bell but now he's just behind "Helpful" as Andrew Bell's most loyal defenders/excuse makers.
This reminds me of one of those TV shows like "undercover boss" when they find out how people treat them before they discover who they are.
I'm sure i've always been nice to Ajaye. 😇 On the otherhand i recall "Helpful" being clever rude to him, then of course "Maidit" today.
They will probably start being nice to him now. I would say "Stick it!" 👺