Member Info for zumore

I always remember listening to Bell in a podcast a few years ago and it was incredibly telling: he said while many others during the bear market would be cutting back, cocooning themselves and not making investments, that was not his approach, he believed in still "going for it", making investments, if some failed then so be it, he would still make investments until the big winner came along.

^^^^ I've known many hopeless gamblers over the years and they have the exactly same mentality. They have great ability at forgetting the losers and you see them get swagger in their step and they think "they are the man" when they get the occasional winner: though everybody knows it will eventually all come crashing down because they are reckless and they are useless.

(1) During the Greenland asset sale ramp in the Autumn of 2013 the RRR share price reached 1.30p

(2) Just a few months later in May 2014 RRR announced the possible sale of El limon. The RRR share price was now down to around 0.27p.

(3) Around a year later the sale of El Limon completed. Through huge dilution and underwhelming El Limon deal the RRR price was now down to around 0.07p

(4) A couple of months later in July 2015 RRR invested in the awful Elephant oil. The sellers got a load of RRR shares at 0.0475p.

(5) The sellers pulverized the RRR share price during the Autumn of 2015 and within a couple of months the RRR price was below 0.02p.

So the likes of Dan + Robins + many other RRR shareholders, knew by 2015 (let's be honest way before that) that the reckless RRR management had diluted them into oblivion and the chances of them ever getting their money back on their RRR investments were near zero.

You look at the April 2015 share incentive RNS and you can work out that fifteen RRR employees got free RRR shares. Some strangely praised Bell when he dismissed many RRR employees at the end of 2015 but let's be honest it was way way too late because the Red Rock resources share price had long since been destroyed by then.

In my opinion it was not a tale of the bear market that destroyed this RRR share price, but pure RRR management recklessness that destroyed this share price. Bell may have said at the time "we are in the same boat as Biliton and Rio tinto". No you ******* wasn't. It was your recklessness and incompetence that destroyed this RRR share price.

NOTE: At the end of 2015 RRR did a 25-1 share consolidation. so the share prices i talk about you should now multiply by 25.

you are correct, you are not alone because i've been boring myself lately. So after this final post i promise you i won't post again this month on this thread.
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From the recent Andrew Scott interview with Andrew Bell. I've transcripted Andrew Scott asking Bell about the coal debacle of last year. I'm personally astonished Bell kept his job last year because in this interview he pretty much admits RGM shareholders were being given false information last year. Of course to many of us it was clear this was happening.
By the way lol that he says the debacle of last year was an "apprenticeship". i'm sure he said that exact same excuse for El Limon

Here is the interview transcript:

Andrew Scott: "But you've been talking about Met coal for a little while and it's been, is it fair to say frustrating? fairly anxious time for shareholders?"

Andrew Bell responds: "Well you know...i always say when you go to a new country, or you start focusing to the extent you haven't before on a commodity..um you have to go through an apprenticeship, and people who think you can do it straight away. you know if an apprenticeship is 2 or 3 years or longer, it's definitely going to take you that time.
Um we went in there therefore with partners in the United States. Our initial partners were i think our first mistake: they didn't have the capacity, also we found that, what they said to us and what we thought was happening were not always the same. So we haven't focused on that because we have to keep the story simple"
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Back next month.

Regency mines commenced trading on AIM on 22nd February 2005.

According to the admission document in 2005 Andrew Bell was 49 years old.

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2005 RGM DIVIDEND POLICY was:

"The nature of the company's business means that it is unlikely that the directors will recommend a dividend in the early years following admission. The directors believe they should seek to generate capital growth for it's shareholders. The company may recommend distributions at some future date when it becomes commercially prudent to do so."
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On RGM admission in 2005 the share price was approximately 2.4p and 120,800,006 shares were in issue
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2018 RGM shares in issue are 791,239,654. But if we reverse the 2015 RGM 20-1 share consolidation there would now be approximately 15.8 billion shares in issue. Compare that approx 15.8 billion shares to the 2005 figure of approx 120 million shares: that's around 130 times greater amount today.

Like wise if we reverse the 2015 RGM 20-1 share consolidation then todays share price would be around 0.03p. Compare that 0.03p to the 2005 share price of 2.4p. So the RGM share price is approx 80 times smaller than when it first listed in 2005.

So a mythical £24,000 investment in RGM when they listed in 2005 would today be worth around £300.
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Of course some of the Bell apologist have recently said Andrew Bell should sue anybody who suggests he is not very good at his job and should therefore be sacked. :)

But to put an opposing view, maybe Bell is a slow peaker and the big companies will eventually snap him up.

Two jumbled up sentences in my last post. I won't correct them

(1) 1.94% in RRR = approx £90,000

(2) Approx 6.4 million CZN shares (when last updated) = Approx £320,000 (at 5p sell price)

(3) Greenland Motzfeldt license = License picked up for approx £2k

(4) Approx 64 million ALBA shares (when last updated) = Approx £320,000

(5) 50% Mambare nickel/cobalt asset = £0
NOTE: In 2012 RGM chairman said: "At each stage the cost scales up; that programme would be far more costly than anything done up to now"
Also said in same article: "Bell says taking the next step at Mambare, moving towards feasibility, could cost between US$12 and US$20 million – or maybe less, depending on the route taken"

So such vast amounts of money totally out of the reach of RGM. Plus disputes with their poor 50% partners. So no surprises it's become a dead asset with nothing been done on it with it for almost 7 years. So £0 value.

(6) White car (car rental business) = £400,000
NOTE: It is an illiquid investment in a private company. But to save any arguments with the bulls i will stick at £400k

(7) 47% stake in MET Coal = £1.564,000 (or $2 million)
NOTE: Because the asset recently cost $3 million and RGM got a 47% stake in this asset of course i could say RGMs stake is worth less than $2 million. But i don't want to argue with the bulls so i'll say $2 million.

TOTAL ASSET/INVESTMENT VALUE = Approximately £2.696,000
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PLEASE NOTE: Regency mines presently have an interest gaining £1.25 million debt (or $1.6 million debt).

PLEASE NOTE: As stated above the number shares ALBA and Curzon shares Regency mines hold in these companies is uncertain. So i've gone with last known figures. .

PLEASE NOTE: The above valuations are only my opinion. So please no arguments.

Sorry for the confusion MrMagic, i guess it was my idea of Monty Pythonesque humour. .... And yes i know i'm not funny.

And to prove i'm not funny Here's another attempt by me at an unfunny gag:
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"Yes everybody all is forgiven with Andrew Bell after that post he made against me the other week. In fact Andrew told me his post was VERY funny and we have both decided i will become his comedy agent.
Being his new comedy agent i have decided to start his career slowly, and have booked him to do a charity event at a high security prison.
I have told Andrew that he will try his funny line that he tried on me with 10 individual prisoners. Funny man Andrew agrees"
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Tumbleweed rolls along the bottom of the lse screen

getting a new chairman

https://mobile.twitter.com/Boardo65/status/1028928533974999040?p=v

"Zumore. Your cant have it both ways, you want an apology to your avatar, but your not man enough to follow it through in to the real world, because that would mean identifying yourself".
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I have got no doubt his response was called "narcissistic rage": you say something to them that they don't like, then they hit back with an over the top disproportionate response. By the way such individuals never apologise. Saying that if we ever meet i'm pretty convinced i can get an apology out of him.

What is laughable this is the RGM chairman. He posted Thursday evening the night of the RNs and then the next day the price didn't skyrocket but it fell. So i doubt him posting that disgusting post on here did this share price any good.
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Stephen on your trip with Bell, ask him about that post. You may not like me, but he doesn't know me and i'm sure you agree it was a beyond sick malicious post.

It's a bit like i said the other day i would rather be called a murderer than that. I think it's the worst possible thing you could call somebody. Definitely the worst post i've ever seen on this forum.

So would i an anonymous forum poster, reveal my true identity to do libel? It would probably gets spread all over the papers, they could examine my computers and i would win the libel case. But even though i won many many people would whisper "there was no smoke without fire". So forever more some of that disgusting lying mud would stick.

So i conclude it wouldn't be worth it.

Some may say weak but if me and Mr Bell ever meet we would discuss it then. I doubt we'd talk about the company it would be all be about that specific post.

Be absolutely honest Abslovechild. If Bell had done the exact same post to the anonymous poster Abslovechild what would you do?

Although i didn't use a smiley my last post was my idea of humour. Though in answer to your question Stephen, no thank you.

Why the f*** would i want to go on holiday to a coalmine?

Booboo you do know that Tesla's owner Elon Musk did near the exact same thing a couple of weeks before? https://www.theguardian.com/uk-news/2018/jul/16/british-diver-in-thai-cave-rescue-stunned-after-attack-by-elon-musk The cave rescuer laughed at musk's submarine idea and then Elon Musk verbally attacked. Then a couple of weeks later i tell Bell that no greater offputter to shareholders than himself and then he does that sick post towards me. No doubt Bell was one of the few people who found the Musk tweet hilarious.

And an easy test we can do on lse, is to simply to ask Bell to say my real name. You know what, he can't because he's a filthy liar.

LOL booboo let's put this bluntly. He DOESN'T KNOW WHO I AM! I am an ANONYMOUS POSTER! So HE IS A LYING NP* L*****C &&&&****ED *****R*!

And if his first riposte to my insult was THAT! then he wants to look in the mirror: I've never seen the guy look so happy in a photograph.

And some have asked why don't i sue him for libel.

(1) Zumore is a made up username. It has no association with me in my real name, business or real life. On the otherhand if somebody said something similar to Doc Holiday, most know his real name is Mike Whitlow, so of course Doc Holiday is associated with Mike Whitlow and so of course he'd sue.
(2) We all know false accusations can stick so i would be an absolute moron (imo) to reveal my true identity, try to sue Andrew Bell. I'm sure the judge would say "so your feelings are really hurt because he made a sick post towards your made up username? (i nod) "Your username has no connection with anything in your real life? Business? Real name?" (i shake head) "But you would like 2 million pounds in damages because he made a sick post towards your made up username"? (i nod)

I like my made up username Zumore but i don't love it so much that i would reveal myself, go through the courts to protect it's reputation. Let's be honest the likes of Okenia and Stephen Pearce think my username Zumore has a reputation in tatters anyway.

"The point that is being made is if the previous owners couldn't make it work without the additional overhead of $6M pa then LH have an even bigger mountain to climb in turning this venture into a profit"
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That is exactly right booboo

The 2017 figures of 749,000 tons of coal bringing in $34 million revenue only averages around $45 a ton. I can't find anyone who produces for that low a price. So if the two highwallers were to cost around $6 million a year to lease, that would add around $8 on production costs for each ton of coal. To me that seems an huge increase.
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Onto another subject i see the RRR/RGM CEO/Chairman is still out in Africa. And to be honest i do still bear a big grudge towards him after he made that sick outrageous post towards me the other week. Here it is: https://twitter.com/hacksupreme/status/1025153711847473152 He made that sick post after i suggested to him that no greater offputter to shareholders than himself.

Anyway here is cb Andrew Bell's latest tweet with photo from Africa: https://twitter.com/AndrewBRRR/status/1028393548520075264

"its actually $6m for 2 highwallers"
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Sorry Booboo, i need glasses i misread your earlier post.

I won't go on about it but yes those additional costs could make a big difference.

they say about themselves:

"Legacy Hill Resources is a private mining company majority owned by its employees. We have a track record in turning around troubled assets that suffer from either poor operational or financial management decisions"
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So it's not exactly shocking to suggest that when Legacy hill acquired this coal asset that it was most likely a "troubled asset". After all that is what they usually like acquiring.

So it will be interesting if they can turn around the fortunes of this coal asset

"Given that gross weekly revenue for 2017 averaged at $650,000 per week, a $55,000 per week lease cost would hardly register , would it?
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$3 million in extra lease costs a year could turn a company from profit making to loss making. From ABs Harry interview it seemed previous owners outright owned some highwallers. But 'Mining equity trust' will be leasing them. So you would imagine those additional lease costs could register.
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My word Stephen, i do an innocuous post in the afternoon and you seriously lose it. That's bizarre.

And you said "profit making asset". Please tell me where you read that? Thank you.

From the Andrew Scott interview with Andrew Bell it seems the main coal contract is with this massive company. In the interview Bell says:

"You are essentially taking metallurgical coal, blending it down to a slightly lower specification and supplying it to a power station. You are getting a price you can live with that stops you going bust in a bad year like say 2015"
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You would imagine when this Omega contract with Dominion eventually ends then if a new contract is negotiated then it's very unlikely to be on better terms. We all know that the huge companies are unrelenting and they squeeze and squeeze the little suppliers to the extreme until the contract is barely profitable. So in my opinion it's not wonderful that Omega (or now Mining Equity Trust) main contract is with this giant of a company.

So what i gather from the recent interviews is the only avenue to get profits is to become a slicker more efficient operation. I believe an example Bell gave was to mine deeper per shift, so you mine more coal per shift.

Though the added expense with Mining equity trust is that they have to lease the two highwallers. So you would imagine those lease costs would be incredibly expensive (does anyone know highwaller lease costs?) and that of course would make potential profits even tighter.

On the plus side, it is good this is at last real. At least 6 months down the line we should know if it's a good asset or a dud asset.

"Zumore. Do you remember that £200k CZN sell last month ,well imagining that was RGM selling down cos its hard to imagine it wasn't and I think its fair to say pretty much all the ALBA have gone too.

So that doesn't leave a lot of liquidity available to Scotty and Andrew ,about £100k in CZN to be precise and then all the money has run dry.

Do you have the feeling theres going to be a PLACING very soon cos we appear to be running on thin air?"
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Yes i do remember it Booboo and although Scott recently gained himself a place on the CZN board i wouldn't be surprised if they are offloading their CZN shares. After all i did notice when Andrew Scott interviewed Andrew (but not Scott) Andrew Scott mentioned White car and Curzon together but Bell didn't talk about Curzon, so that could be an indication that the RGM curzon offload is well underway. And yes i also believe most of RGMs ALBA shares have already been sold. So RGM may keep quiet about exactly how many shares they still hold, but the well will eventually run dry, and then the industrial scale leaching (via placings) will begin again. .
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Schachmeister, the mining equity trust website says that during 2017 Omega produced 749,000 tons of coal and $34 million revenue: so that works out at a lowly $45 a ton (not $65 like you say)
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Okenia does the rampiest sentence of the weekend: "maybe Andrew would go non-exec for a while before standing down fully"