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Red Rock chairman Andrew Bell gained permission to be able to issue 1 billion extra shares at the 17th Nov 2023 General meeting. Bell subsequently issued 100 million 10 Dec, around 666 million 14 Dec + todays 211 million. So that's almost a billion.
At Fridays Annual General meeting Red Rock chairman Andrew Bell will seek authority to be able to be able to issue another 1.5 billion shares. Red Rock now have 3,548,246,811 shares in issue. So when those additional 1.5 billion shares eventually get issued then Red Rock will have over 5 billion shares in issue.
In June 2022 when Bell went out to Congo to collect the DRC money. In an interview he said they were going to gather around a table and divvy the money out. Of course that didn't happen.
At that time around 1.25 billion shares were in issue. So patience didn't pay off for those who bought for that story because like in previous decades of Red Rock shareholders Andrew Bell relentlessly diluted them.
History tells us Red Rock is a red flag company because it is extremely dangerous to invest in.
I suspect what investors will soon realise is that David Lenigas is little more than a paid Red Rock cheerleader. So when news or a maybe a project is announced then on his twitter David Lenigas will tell you how amazing it is.
https://twitter.com/DavidLenigas/status/1754562808522355105
With his tweets Red Rock management will be hoping that the devoted David Lenigas fanboy/fangirls will come flocking to Red Rock.
https://www.thisismoney.co.uk/money/markets/article-3042471/CITY-FOCUS-David-Lenigas-money-mouth-is.html
If they do then the Lenigas fanboy/fangirls will be in for a shock when Red Rock start doing interviews. 😳 They will probably say "Who the héll is this! WHERE IS DAVID? WHO IS THIS BORING B******? 😂😂😂
It is Andrew Bell. Your Red Rock chairman. 😂
In tonights photo is Sam Mahendran. An entrepreneur who is helping and advising Red Rock on various projects. Though Red Rock still haven't explained what is in it for him. Are Red Rock paying him? Does he have a stake in the RRR projects?
There hasn't been any RNS to explain the exact business relationship he has with Red Rock.
https://www.lse.co.uk/rns/RRR/central-africa-update-and-comment-on-share-price-l3evhsxlkxl4v37.html
On the left is Willem Smutts. In the middle is his boss entrepreneur Sam Mahendran. I do not recognise the guy on the right.
https://twitter.com/RRR_RedRock/status/1754512108786512296
A photo from October when Sam Mahendran was sporting a beard. He looks much younger without.
https://twitter.com/RRR_RedRock/status/1714228370878218263
Because Red Rock announced David Lenigas Red Rock consultancy role in a non price sensitive RNS, we now know when he eventually leaves that role Red Rock would under no obligation to RNS that news.
I guess investors would only realise it, is when Lenigas stopped commenting on Red Rock's announcements.
Becasuse of the vast costs of being in an oil & gas project you would expect any Red Rock oil & gas announcement would be they are buying a chunk of some other companies oil & gas project.
When it is announced which is surely will be soon will it catch AIM investors imaginations? Or will it underwhelm them.
We do not know.
3rd Feb 2024 Bell's good friend Tom Winnifrith did a shàreprophets article titled:
ON DAVID LENIGAS DAY, his UKOG baby takes a Turkish bath and is now minus 99.99% - WORSE TO FOLLOW
Winnifrith wrote:
"Andrew Bell reckons that David Lenigas knows how to create value. Hmmmm. On the day that Bell appointed Lenigas to drive the “new phase of growth” at Red Rock Resources (RRR), after a last phase of growth that has seen shareholders lost 92% in three years, Lenigas created UK Oil & Gas (UKOG) had yet more disastrous news and its shares are now minus 99.99% down from peak ramp. And you know what? It is going to get even worse"
Andrew Bell comments:
4 days ago
https://disqus.com/by/disqus_4139iDiDLz/
"I hold no brief for UKOG.......but I look back nostalgically at Horse Hill, the Surrey project, where I was peripherally involved"
PLEASE NOTE: When Bell bought back into the Horse hill project on his twitter David Lenigas was furious:
https://twitter.com/DavidLenigas/status/704227822219501568
"That was a real project, and still could be. It took guts to do it, and it nearly came off. There is a great deal of recoverable oil there, but it needs money spent, and a lot of patience, and positive support from HMG.
What was conclusively proved for the first time was that The Kimmeridgian in southern England could be mature enough to generate oil and gas, potentially over a wide area.
I watched as an oil analyst the beginning of Wytch Farm in Dorset, hailed as holding perhaps as much as 30m bbls. Then I watched its growth through different owners and different decades, until it had produced 270m bbls and was the biggest onshore oilfield in Europe.
Had we but time enough, we might be vindicated at HH, but one lifetime may not be enough, given the absurd prejudices surrounding oil and gas currently."
Probably the saddest thing i've seen on the LSE forum was when i used to read the PREM thread from a few years ago.
A PREM shareholder a guy in his 30s had just discovered he had terminal cancer. Over those next few weeks he was wishing the PREM share price would rise because he only had a short time left to sell his PREM shares and he was worried and embarrassed he would only be leaving a small amount of money to his family.
Over his last few weeks of posting he was showing constant regret that he had ever been so foolish to buy into PREM.
Then his posts stopped. ☹️
Likewise if you cannot cope with differing views to your own then filter them. You must have done about 50 posts moaning about other posters.
LSE is not a forum for only positive views it is a forum for all views. If this thread only allowed positive views about Red Rock then it would give a false impression and that's why differing views give a good balance to this thread.
Follow the example of Canadian Red Rock investor Specinvestor. He can cope seeing differing views about Red Rock.
Vagabond, to be honest i don't think you are suitable for a share forum. 😔
You obviously can't cope with posters with differing views. 🥲
And you are one of these are you, that if the share price goes down you blame thread posters instead of the company management. That's pathetic! 👺
Although i haven't been following lately i believe Corcel have some stakes in some oil & gas projects.
Now can you imagine if Red Rock announced they have took a stake in one of them. 😆
I can imagine any Corcel shareholder would be absolutely livid. They had thought they had got rid of him and now he's associating himself with the company again. 😂
Bell wouldn't do that to Corcel shareholders would he? 🤔
There is a route a low share price could quickly happen here.
If the October CLN holders haven't already been paid in cash. If they haven't then they get shares at 0.06375p.
Seeing that price would sicken many.
Then simply Bell quickly follows it up by doing a big discounted placing.
Banbury, from my reading of that CLN RNS i think at Red Rock's cost a delay can happen. So after the AGM it's definately possible an RNS may be released to say the CLN holders are converting 15% below the December placing price.
I agree with you i don't see a multibag.
All will soon be revealed.
JFK I'm not going to deny that rampers love Lenigas. So you never know.
But how long will his shine last here?
I would imagine by April all 1.5 billion AGM shares would have been issued which would leave RRR with almost 5 billion shares. So even a RRR share price of 0.20p would be a £10 million market cap. With Red Rock's meagre assets i think that market cap is pushing it.
Then again this is AIM, so price wise anything can happen.
Firstly i know some will moan "are you kidding me. You are bringing up an RNS from almost 18 years ago?"
Yes i am. 😕
I was looking at the interims from 31 March 2006 and the then and now Chairman Andrew Bell was giving shareholders a rundown of what happened in the first few months of trading on AIM for Red Rock.
"The half year to December saw the listing of the company's shares on the AIM market on 29th July 2005.
27,300,000 shares were placed at 2p per share to raise a net £476,000. With 141,860,000 shares in issue.
The stock price closed its first day of trading at 2.5 pence, valuing the company at £3.54m.
Between listing and the year end, the shares traded within the range 2.25p and 2.88p."
https://www.lse.co.uk/rns/RRR/interim-results-bwzhrico8j8tdv1.html
....
So now 8th Feb 2024, todays share price is 0.09p or around 1/11th of a penny. However at the end of 2015 RRR did a 25-1 share consolidation, so if we reverse that 25-1 share consolidation then this share price today would be around 1/275th of a penny. So with no share consolidation the share price today would be around 687 times smaller than the 2.5p it closed on its first day of trading.
...
If we also reverse the 2015 share consolidation then todays almost 3.34 billion shares in issue would become around 83.5 billion shares in issue.
So after its first day of trading Red Rock had 141,86 million shares in issue. With no share consolidation there would now be around 83.5 billion shares in issue. So that would mean around 600 times more share would be in issue than its first day of trading.
......
The absolute beauty of Red Rock that in a way makes it pure and incredibly easy for would be investors to determine whether Red Rock is a good company or not, is that Andrew Bell has been the Red Rock chairman and been in charge of running the company for all its 19 years listed on AIM.
So i come back to my subject question isn't it astonishing that even though this chairman as absolutely decimated this share price with his company decisions that 19 years on he still somehow remains in charge at Red Rock?"