Member Info for zumore

Specinvestor, please don't ignore the December lenders still have an huge amount of prepaid shares. When they decide to convert some or all into actual Red Rock shares i'm sure the discount compared to today's share price will be shocking.

I'm only saying because you seem to be overly optimistic and completely forgot about it.

It certainly doesn't look great here.

When he goes on his trips to Kenya and goes on Safari i occasionally wonder, would it be best for investors if a Lion ate him?

Chatty you won't be able to hear it because unsurprisingly Andrew Bell later said that technical problems had ruined the recording.

Warren Buffett says the most significant risk factor a company faces is selecting the wrong CEO.

The 90-year-old investing legend said that he's "looked at a lot of businesses, and that's what's caused the number one problem," and it's not listed in securities filings.

"The biggest danger, they have that section in the prospectus called…[certain risk factors]. The number one risk factor, you never see it, the number one risk factor is that this business gets the wrong management, and you get a guy or a woman in charge of it that are personable, the directors like them, they don't know what they're doing, but they know how to put on an appearance. That's the single biggest danger,"

What has just made my day is to see that Torp posted on Advfn yesterday. Nasty poster Noirua had previously been saying that he understood he had passed.

I believe Torp is MrMagic so great to see that nasty Noirua was wrong.

Even more bizarre is that your expert analysis decided that Red Rock management and Red Rock were a good safe company for your clients to invest in.

I didn't even know they still owed Riverfort money. It seems Bell is going all out to drag this price down.

This is an utterly failed business model. I suspect Bell see's company success as getting fundraises away year after year and getting his wages year after year.

That this share price is many of hundreds of times smaller than it was since it's first day of listing and also that he still remains at Red Rock tells everyone that Bell doesn't see Red Rock share price decimation as company failure. That this is clearly true makes it bizarre that people still continue to buy in to Red Rock.

What you going on about. It is only a 9 year old story.

It demonstrates how sneaky and bad he treats shareholders. And when he gets tired of his ramp he wants to move on to a new ramp.

In a post yesterday i used the word "oubliette". Dan and others will remember in 2014 when Bell used it in a RRR newsletter. Bell used it to basically to tell RRR shareholders to stop going on about the proposed multi million pound Greenland asset sale that he had been incessantly ramping.

This is the cheeky paragraph from the 31 March 2014 newsletter. Bear in mind 3 days later a new poster posted on this thread to say Red Rocks partners were trying to sell their share on a mining site. An investor then contacted Bell and Bell said as far as he was concerned the sale was still on. However the very next day he released an RNS to review Red Rocks assets and buried in that he basically said the Greenland asset sale was now off.

31 MARCH 2014 NEWSLETTER PARAGRAPH:

"Another point raised has been about progress in the Greenland sale and we can only reiterate that when we
have something positive or negative to say, we will say it. Those who are concerned about this should take the
obvious course of factoring it out of their valuation of the company. For the valuation of the company is
obviously not dependent only on Greenland going ahead. In medieval castles, there used to be a dungeon
called an oubliette. This was a dungeon in which a prisoner would be placed as if forgotten. Perhaps the
exercise of investors of placing Greenland in an oubliette – thus stopping thinking about it – would be a useful
one. Likewise, the company’s royalty interests and certain other interests could be placed in the oubliette
temporarily in order to concentrate on the company’s potential as an explorer and producer. Since we
explore and then seek co-investors or partners or purchasers for our interests, there will always be a departure lounge as well as an ante-room"

Yes Dan all the value in this company is still firmly locked in the oubliette. :)

I am only bringing this up because it may be helpful to some.

The fundraising structure of the $500,000 15 December fundraise RNS appeared to be based on the average shareprice over 5 days, then rounded downwards (not upwards) to the nearest 10th, minus 8% discount. For the money the lender were given prepaid shares. So they could decide how much and when to convert those prepaid shares into actual Red Rock shares.

Then the 24th Feb 2023 RNS seemed to suggest that Red Rock had agreed to pay the lenders an additional $78,000 to change the terms of the loan.

However in the 15 March RNS the lenders got 56,487,601 shares at 0.18p. The price around that time seemed to be no lower than 0.27p. So to me it looked like the repayment of the prepaid shares were back to the original terms = rounded downwards (not upwards) to the nearest 10th, minus discount.

So maybe the additional $78,000 payment that Red Rock paid the lenders was only to hold off the lenders from converting at the original terms for just a few weeks? I guess in the hope in that time Red Rock may get a miracle and get some Congo money.

So the caution of this post is that for 5 days this share price has been under 0.20p and the lenders still have around $400,000 in prepaid shares that they have yet to convert into actual Red Rock shares. I'm not saying when they next convert prepaid shares they will get rounded downwards (not upwards) to the nearest tenth but of course there is a possibility.

I'm sure some will moan at me for pointing it out but remember it was Red Rock management that agreed to those awful terms.

I think it's a pretty good indicator when the same chairman has been here for 18 years.

Also check out the comments of Bell about the Lithium project in the 19 December 2022 RNS. It's pretty small scale with an inexperienced team and not as exciting as Helpful makes out.

Helpful nothing in your post is true except maybe this bit:

"I put money into Zimbabwe precisely because no sane person would"

Over these past few years you've clearly got yourself in a deep mess with Red Rock. Others quickly worked Bell out but unfortunately you still haven't and even after all these years you are still saying yes to him.

I believe in 2005 Red Rock first listed at around 2p. If we reverse the 25-1 share consolidation that happened here a few years ago then that would mean Red Rock's share price would now be around 0.0076p. I believe that is around 1/130th of 1p. So this share price is around 260 times smaller than the first day of listing. Also if the 25-1 share had never happened there would now be just under 39 billion Red Rock shares in issue.

So all pretty dreadful. So based on past performance you are highly likely to end up being an huge loser here.

Completely agree TDT. I can remember when the only name he called MrMagic was MrTragic. On the other forum MrMagic went by the name of 'Torp' and the poster Noirua said he believes Torp is no longer with us. Let's hope he's wrong and MrMagic just got bored of posting on these forums.

I recall Helpful gloating and saying if investors lost money in Red Rock it was their fault they invested at the wrong time. Then he went on to say that he and his other clients had invested in Red Rock at the right time. Of course he was completely wrong about that.

Then of course there is the exaggeration of Andrew Bell's abilities, the constant exaggeration of the worth of Red Rock's assets. Both can sucker people to buy in and therefore lose money. So nothing nice about that either.

Helpful, do Red Rock pay you in some way to post on this forum?

It's a bad reflection of Bell's ability to promote this company if it's priced as a shell.

I recall in the past that Bell see's Red Rock as AIMs version of RIO TINTO. Like RIO lots of assets around the world but in Red Rock case not a pot to p*** in. If Red Rock were to ever change their name, maybe RIO SKINTFLINTO.

In those recent stockbox interviews Bell had a red face of thunder and there was next to no enthusiam. If he shows little enthusiasm why would that attract new investors?

I have been learning Polish so i use a Polish keyboard.

I'm expecting it will be censored but i will type Bellend.

Let's be honest that Red Rock Amulet diamonds loan was inexplicable and murky beyond belief:

"The Company further subscribed to US$401,961 of shareholder loans. These shareholder loans are unsecured, non-interest bearing and have no fixed maturity or repayment date"

The loan was unsecured. There was no interest and no repayment date. IT LOOK'S LIKE A $401,961 GIFT!

What wasn't mentioned about "Legacy hill resources inc" in the RNS was that they were a subsidiary of London company Legacy hill resources.

Bell knew them because their office was in the same London building as Red Rocks/ Regency mines. Legacy hill's owner is mega rich Saradhi Rajan. And Legacy hill invest and make loans to companies in distress yet Bell ended up giving them a loan.

And of course it wasn't mentioned they were Regency mines joint venture partner and Bell lent them £267,000 of Red Rock's money. So he took money from one of his company bank accounts to lend the partners of his other company. At the time of loan it was never reported and he lost Red Rock's money with no consequence.

They still operate today but under a different name: https://www.cybelecapitalpartners.com/about

Bell is a disaster. He should have been sacked on many occasions. Just a few years ago Bell was inexplicably making Red Rock loans to companies. He never reported these loans to shareholders in rnses, only when the money was lost.

All three loans below are from the 2019 final results rns and in my opinion he should've been sacked for each of those individual loans. With the Legacy hill Resources loan, Bell at the time was CEO of Regency mines and Red Rock. Legacy hill was a partner with Regency in a coal mine. So Bell took money from Red Rock to lend to the partners of his other company Regency mines. Shocking!

Extracts from the 2019 final results rns:

(1) "The Company conducted a review of the loans made to Steelmin Ltd in order to facilitate the restarting of ferrosilicon production in Bosnia, totalling £1.01m, and determined that due to the UK business going into administration and the Bosnian assets being sold off to a third party, that these loans would not likely be recovered and should be impaired in full."
..............

(2) HOW IT STARTED:

"On 19 July 2018 the Company agreed to subscribe for 35,519 common shares in Amulet Diamond Corporation at a subscription price of US$2.76 per common share. The Company further subscribed to US$401,961 of shareholder loans. These shareholder loans are unsecured, non-interest bearing and have no fixed maturity or repayment date. These loans must be repaid by Amulet Diamond Corporation before any distributions are made to common shares, including any dividend payment or return of capital."

HOW IT ENDED:

"The Company further reviewed shareholder loans totalling £306,106 made as part of an investment into Amulet Diamond Corporation in 2018. The board of Amulet reported that following activities onsite in 2018 their updated financial models have indicated that under most scenarios, the BK11 asset is not an economically viable mine. As a consequence, various options have been considered, mostly with a focus to repaying a portion of an outstanding loan Amulet Diamond Corporation owes secured on the processing plant located in Botswana. In the Company's view none of the options considered were likely to provide any value to unsecured creditors and lenders or equity holders, and as such the Board believes that a full impairment of the Company's shareholder loans is the most appropriate course of action"
..........................


(3) " The Company also reviewed an outstanding loan of £267,983 made to Legacy Hill Resources Inc, a US based operator of metallurgical coal assets. Following discussions with Legacy Hill Resources, the view was taken that the Omega metallurgical coal mine, the sole asset of Legacy Hill Resources Inc, had ceased coal production and was unlikely to have residual value sufficient to pay off the loan, and so the decision was made to impair this loan in full"

When production is involved AB (from past experience) pick and chooses what he reports. So if the Zimbabwe investment does produce then he may release production figures or he may not. So could become frustrating for shareholders.

Regarding Elephant when Red Rock usually hold shares in a company there is little excitement. Later on in the final results you will often find out those shares were sold months earlier.

With the poster Helpful we've always got to remember he is an enthusiastic personal shareholder in these two assets, so of course he is hyping them up. I've met many hopeless gamblers over the years who always think their next bet is going to be a big winner for them but then it ends up falling.