Member Info for zumore

Yes Banbury, total incompetence by Andrew Bell.

The RRAL 100% purchase was totally unnecessary by Bell and Bell doesn't know the meaning of living within a budget. He just raises and squanders, raises and squanders and then blames others.

On top of those payments.

POW were also given £250,000 convertible loan notes when the sale completed in mid June. They are only for 6 months and I think it's very unlikely POW will convert them CLNs into Red Rock shares. So if they don't the POW CLNs will expire this year mid December. So that would mean in mid December Red Rock would have to find another £250,000 in cash + interest.

Then of course 9 months after the sale completion, so mid March 2025, Red Rock need to pay POW another £250,000 in cash.

August 2023 was when I found and began posting that Glencore RNS. At the time many dismissed it as the wrong RNS because it didn't say $420 million.

To be honest Nikeair I am not hopeful of Red Rock getting any money. Let's be honest the DRC state owned mining company GECAMINES are the mining company who have apparently made huge profits out of all of this. After all they persuaded VUP to surrender the JV licenses in return for $20 million compensation and it only came to Red Rocks attention because GECAMINES decided not to pay VUP the remaining $15 million. So they clearly wanted to keep it.

Orslega reposted "helpful's" old post the other day which partly said: "Gecamines is the largest DRC para-statal. Suing Gecamines is regarded as an attack on DRC; VUP made a big mistake in suing Gecamines. RRR has not and will not make the same mistake."

......

On the subject of Andrew.

No offense to Andrew but I sometimes think "is a piggy faced white guy with a strange voice the best person to get the DRC money?"

I'm convinced the DRC pastors that he says he's been mixing with lately will loathe him . They will probably think "how dare this White strange voiced man try to lay claim to our African land and try to get $15 million from us that would be best served for the African people".

I'm convinced the pastor's will loathe him.

At around 10 min 30 in the Stockbox interview Andrew Bell said of DRC licence "that it change hands for $20 million and then immediately for $250 million that became $420 million".

He has never mentioned $250 million before and so he must have just read for the first time the Glencore RNS that I've posted numerous times previously, including a couple of days ago.

https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html

Nikeair, you may not know this but I've posted that Glencore RNS on numerous occasions.

The date of the Glencore RNS is 20th December 2019.

https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html

4th December 2019 is supposed to be the date when VUP relinquished the licenses.

That date is mentioned from the below extract that is taken from the Red Rock 6th January 2022 RNS:

"Background to VUP Developments

As announced on 6 March 2019 the Company through its local subsidiary had signed a joint venture agreement with a Congolese party, Vumilia Pendeza SA ("VUP") formalizing a joint venture over certain copper-cobalt assets ("the JV Assets") in Katanga and requiring the setting up of a joint venture company, and at the same time had signed the Statutes of the joint venture company. Red Rock owned 50.1% of the joint venture and of the designated joint venture company.

It recently came to the attention of the Company that its local partner VUP on 20 October 2021 served a Procès-Verbal de Saisie-Attribution de Créances (similar to a garnishee order in our system)(the "Order") on parties including Kamoto Copper Company SA, a subsidiary of Glencore PLC, claiming a principal sum of $15,000,000 in respect of a purported surrender by VUP of the JV Assets and some others, for $20,000,000 compensation, to La Générale des Carrières et Mines ("Gécamines"), a state-owned company in the Democratic Republic of Congo, under the terms of a purported Amicable Termination Transaction Protocol ("Protocol"). The Protocol was stated to have been signed on 4 December 2019, notarized on 29 September 2021, and come into enforceable form on 5 October 2021, and to have been entered into in the framework of discussions by Gécamines with a third party."

Orslega regarding "Helpful's" old post. I think VUP tried to jointly sue Gecamines and Glencore for $15 million because Gecamines didn't pay them the agreed $15 million and so they decided to try their luck by trying to get the $15 million from who Gecamines sold the licenses on to.

However from the 5th August 2022 arbitration update RNS:. https://www.lse.co.uk/rns/RRR/asset-review-and-current-developments-1mhfvvmhi08g38y.html it says: "After several hearings, which clarified the factual background".

So from then RRR knew it was Gecamines who owed the $15 million. So forget about Glencore. 👍

RRR 2023 Half yearly RNS says:

"We obtained a final and executory judgment early in 2022 for 50.1% of $5m, which was the part of the $20m that had already been paid to VUP by the initial buyer, and then went to arbitration on the $15m balance which had not yet been paid out by the initial buyer"

......

RRR 2024 Half yearly says:

"As a result of the undertakings given by the buyer, a parastatal company, in the course of the arbitration process, our expectation is that payments will be made promptly"

In the 4th April Stockbox interview (around 3 mins 40 secs) Bell pretty much repeats the above and says that the representatives of DRC state owned mining company GECAMINES undertook at the arbitration that they would pay promptly on the results of the arbitration judgement.

The first 5 minutes is about the DRC, including the difficulties of getting money out of the DRC.

https://m.youtube.com/watch?v=nrIzeNLaixE&pp=ygUcc3RvY2tib3ggcmVkIHJvY2sgcmVzb3VyY2VzIA%3D%3D

I've posted this numerous times previously but the dates match and this is almost certainly the GLENCORE RNS to announce that it's subsidiary had purchased numerous licenses from GECAMINES:. https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html

Of course no mention about the deal being $420 million but it's a near certainty it is the sale RNS that contained some of VUPs former licenses. 👍

.....

"I have to say I have never seen Bell so pleased with himself, he was almost purring like a Cheshire cat, the fact he has carried out this broadcast should fill shareholders with some confidence moving forward."

.......

Hawaii I'm sorry to say this but for the umpteenth time Andrew suckered you in and once again scr*we'd you over.

Now you know that Andrew was "purring like a Cheshire cat" because he was happy with himself because he had just done the placing.

Over the years I've noticed you constantly get suckered in by Andrew.

I would say today's fundraise isn't over £200,000, so today's placing price won't be the conversion price that Power Metal could (if they wanted) convert their £250,000 convertible loan notes into RRR shares.

If Red Rock gave Power Metals the £250,000 in CLNs in mid June 2024 and the CLNs are only for 6 months, then I think near zero chance POW will convert those CLNs into Red Rock shares. I would imagine they won't convert and instead POW will let the 6 month convertible loan notes expire and then once expired (mid December 2024) Red Rock will have to pay POW a further £250,000 in cash + interest.

........

Regarding that other late payment of £250,000 that RRR owe Power Metals, which I believe needs to be paid to Power Metals next month, I imagine if Andrew Bell can get a fundraise away in the next few weeks to pay that then the placing terms will be brutal.

.......

I understand that poster "Helpful" and some of his clients also have convertible loan notes that are over two years old and so Red Rock will need to find over £500,000 to pay them next month.

Fortunately Andrew Bell knows that "Helpful" or Stephen Lundy and his clients are very subservient and weak. Andrew knows that paying them is not a priority. Andrew knows that they are very weak and will do as he says and their elderly convertible loan note will once again be rolled over.

I keep my posts low to prevent whingers saying that I post too much and it's not healthy for me. 😆

And it's not really a RRR story but I recall Bell on twitter some years ago making a post congratulating shareholders (in his old company RGM) who had just bought in. He congratulated them on their intelligence. Then the next day a big discounted placing hit.

So he's very sneaky and manipulative.

When the likes of "Helpful" says that RRR will be going after Glencore next. Bear in mind that RRR always say that it was DRC state owned mining company GECAMINES who were the initial buyers who bought the DRC licenses from VUP for an agreed $20 million. Then we are told that once GECAMINES owned the licenses they then sold them on to GLENCORE for $430 million.

The thing is Red Rock haven't outwardly said that the VUP agreed $20 million licenses sale to GECAMINES was illegal, instead the July 2022 arbitration was about Red Rock wanting 50.01% of the $20 million sale.

So if GECAMINES bought the licenses from VUP legally, then once GECAMINES legally owned the licenses then is it any of Red Rocks business if GECAMINES then sell those licenses onto GLENCORE?

Let's be honest if GECAMINES wanted to pay out the remaining $15 million they would have done it without the need of arbitration. They clearly would rather keep the $15 million for themselves.

And that VUP (Red Rock's partner) sold the licenses behind Red Rock's back and it was all apparently legal. I would guess that they could do it legally because they (VUP) partially owned the licenses and in life you have got to trust your partner. So if your partner betrays you and makes a monumental sc*w up by selling your assets cheaply, then yes your partner f*cked up and you can blame your partner but I guess the sale was still all legal.

Of course everything is all my opinion and others can disagree.

I've not watched all that Andrew Bell has said on his twitter ramblings but never have I seen Andrew Bell say anything on twitter that has been any benefit to investors. He certainly isn't giving investors any RRR price sensitive information on his twitter ramblings.

Last year when Andrew Bell got slung out of a RRR telegram group. RRR tweeted:

https://x.com/RRR_RedRock/status/1679117806154002434

Respondents were mainly saying he shouldn't have even been in it because Telegram groups and these forums aren't for management.

One person asked Bell if it was an attempt at market manipulation? RRR twitter responded:

"People spreading 'information' that is not in RNSes as if authoritative and sourced to us must be in danger of that accusation. We would always direct people to official announcements, reminding them that we have an obligation to release any market-sensitive news."

https://x.com/RRR_RedRock/status/1679118825525063680

That Red Rock response reminded of many years ago when I first really noticed "Helpful" on this thread. At that time RRR had a lot of shares in Jupiter mines and Jupiter was about to IPO on the ASX and all the major shareholders including RRR had agreed to sell 20% of their shares back to Jupiter.

Although RRR had never RNS'ed it poster"Helpful" started relentlessly posting that he thought Red Rock would make a special one off dividend payment to shareholders with that money. Clearly the gullible were loving it because he was getting numerous upticks with his posts.

Anyway when the money came no special dividend payment happened and I recall "Helpful" saying that he had giving AB a piece of his mind because it didn't happen.

Unfortunately lse erased many years of posts a few years ago (I believe to help the website run more smoothly) so those Helpful's scammy older posts no longer exist.

Though in 2024 he's still going strong.

From yesterday's RNS:

"On the basis that we receive and repatriate the arbitration award, we do not exclude the possibility of looking at projects presented to us as a result of our enhanced profile in the DRC"

....

From Google:

"The process of repatriating earnings is when you convert foreign currency into your local currency."

.......

Foreign Exchange Controls:

"The DRC is a dollarized economy, and most institutions accept U.S. dollars or Congolese francs. The government limits the amount of foreign exchange that companies can repatriate out of the country. Mining companies must repatriate 60 percent of their export earnings to a DRC bank, while the remaining 40 percent can be placed in a foreign bank."

If you do want to listen to that old YouTube video I would say from the 25 minute mark is mildly interesting.👍

Sorry it didn't say gold mining. It said Mike Billings was a soldier, contractor.

The writing on the YouTube video says:

"Interview with Mike Billings African Security Contractor and now Mine Owner

I have known Mike for almost 20 years now, he has helped me along my career. Mike started in the South African military and then into extremely high risk security contracting within Africa. He is a very wise man when it comes to the industry and as he states "I'm an old dog now", and doesn't not continue in the security industry much anymore but owns an operates a mine in the Congo. This talk was special for me because of my relationship with Mike and it was a great honor to have him on. "

From 4 years ago there is a 1 hour 39 minute YouTube interview with a Mike Billings: https://m.youtube.com/watch?v=bwzc6_JY6zY&pp=ygUUbWlrZSBiaWxsaW5ncyBtaW5pbmc%3D

Might be the same person? He specialises in security in African countries like the DRC, although it says he had also moved into gold mining.

I lasted about 5 minutes into the interview but it was too boring for me.

I believe this 2018 sharepr*phets article is relevant to this thread because it features "Helpful" who is a prolific poster on this thread

I think Winnif*ith got it completely wrong about Lundy (or Helpful) when he said "Helpful" was put under undue influence to basically support a sc*mbag.

I mean does anybody believe he has any trouble in being a full on cheerleader of questionable people? I certainly don't believe so because he is one himself.

Here is the 2018 sh"repr"phets article:

"All things seem to be quiet down at the ranch that is Mayan Energy (MYN) but word reaches Mr Karma that the temperature is about to be ratcheted up there on one of AIM’s most value destructive CEO’s – Charlie Wood.

Readers will recall that Wood survived the AGM vote in which Richard Jennings of Align was spearheading calls to remove him. But as Zac Phillips pointed out last week his behaviour with regard to Deloro is indefensible and he should be walking the plank and more..

I can now disclose that aside from the voting of the Deloro shares that, surprise, surprise Charlie Wood controls with his wife, that one of his other (very few) chief supporters at the AGM is a chap by the name of Stephen Lundy. Lundy operates an IFA outfit in Manchester called Bespoke Capital Solutions and, we understand, controls a good percentage of the Mayan share float on behalf of a few of his clients. Lundy also posts under the handle “Helpful” on the lunatic asylum that is the LSE – readers might want to check out his posts there and unwavering support for the company in Wood in the face of overwhelming evidence of misdeeds by Mayan’s management.

What is intriguing to us is that the document below that has been passed to us highlights Lundy’s own personal involvement in a placing in Mayan’s previous guise – Northcote Energy. You will see that Lundy was, at that point, being chased for the sum of £40,000 in relation to his defaulting on this. Who was involved with Northcote Energy at the time? Of course Mr Charlie Wood.

Call us cynics but we posit that it is interesting that Wood’s most fervent supporter now was, just over 2 years ago in debt to Northcote/Mayan for the sum of £40,000.

Perhaps one for AIM’s most useless and discredited Nomads - Beaumont “lashings of custard with spotted dick” Cornish to investigate with regards to issues of undue influence on the part of Wood over Lundy? AIM Regulation may have an interest in this too"

Last year December 11th Red Rock placed at 0.11p.

https://www.lse.co.uk/rns/RRR/issue-of-equity-and-update-ouqlabit8bk25ia.html

Then just 3 days later Red Rock did the big placing with broker Clear capital at 0.075p which I recall at the time was a whopping approx 33% discount.

https://www.lse.co.uk/rns/RRR/issue-of-equity-total-voting-rights-aynt6izrxbxnabb.html

So don't get any comfort from today's 0.045p price because fundraises through broker Clear capital are always at a massive discount.

I've revised my guesstimation for the next big placing at 0.0275p.

Https://x.com/RRR_RedRock/status/1838216902583153101

Nike air, I've not closely followed what you don't fully understand.

But...

The RRR nominal value is 0.01p or one hundredth of 1p.

So 10 million nominal value shares = £1000.

So when Red Rock say they are seeking authority for a maximum aggregate nominal value of £250,000.

We already know 10 million nominal value shares = £1000. So £250,000 would be 250 X 10 million nominal value shares = 2.5 billion nominal value shares.

I believe a billion these days = 1000 million

"News" has been posting but on the other LSE RRR thread:

https://www.lse.co.uk/ShareChat.html?ShareTicker=RRR.GB.PL&share=Red-Rock-Resources-Plc

I believe he felt unappreciated on this thread. 😟