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I did also say RRR might have repaid the CLN holders out of Decembers £500,000 placement. Though that is highly unlikely.
I think Bell would have prefered the late payment option:
"Penalty Interest" means, in the event of late payment by the Company of any obligation arising under this Deed ("Default") an interest rate of 10% plus 1 % for each month or part of a month from the date of Default until payment"
Maidit forget about going after Glencore. Helpful is well known to exaggerate. Anyway i'm sure the Glencore subsidiary company lawyers made sure Gecamines owned all of the land before purchasing any land from them.
Read that Glencore RNS. Look at the date. Then read this Red Rock rns and look at the date VUP relinquished its licenses. The dates pretty much match. And yes looking at the Glencore RNS it looked a complicated deal with lots of land to purchase. But i believe around 2021 the sale was all sorted.
https://www.lse.co.uk/rns/RRR/drc-update-kvih1k4j4ptw47p.html
Banbury i had actually been looking at the 19 October convertible loan notes rns and because after the Dec 2023 £500,000 placing the cln holders were allowed to convert 15% below the 0.075p placing price...but they couldn't because RRR didn't have enough shares. Now unless Red Rock paid them off out of the December placing they may be able to all immediately convert at that low price after the 1.5 billion shares are voted through at the AGM.
I believe the below RNS says they would also get warrants 50% above the placing price. So 50% on 0.075p would be 0.1125p warrants.
https://www.lse.co.uk/rns/RRR/convertible-loan-note-issue-first-tranche-closing-qzek6lc9l9n9n0d.html
So i guess that may be a possibility after the AGM.
I see "news" as been posting a lot recently because i can see all my green filter messages popping up.
It reads:
"This message has been filtered, please adjust your filters to view"
Much nicer seeing that than seeing his/her big wall of writing. 🙂
Maidit no that's untrue. AB i'm certain made up those huge figures.
This is the Glencore RNS that explains the sale.
https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html
The Glencore subsidiary lawyers would have made sure everything was above board before agreeing the land purchases from Gecamines.
Yesterdays RNS certainly doesn't look very formal. In fact it looks more gossipy than anything.
It talks about having a phone call, being tipped off to be on standy be on the ready. Then Bell says not one but a few of their spies confirm it could be true.
Then Bell says the country manager is having a some kind of meeting on Tuesday (today) but Red Rock shareholders won't get an update until next week.
It's not going to end well here.
Banbury, i think during the 15 June 2023 price spike i may have posted once during that day. Posters had their fun and the price spiked to intraday 0.28p. Then a few months later Red Rock as always non delivered and the share price was quarter of that price.
So today i will just watch with interest. 🤐
If another month passes and still no sign of the DRC money and some spiked investors complain "but what about that 5 Feb 2024 RRR reach RNS?"
Andrew Bell can say that the title of that RNS said: "DRC arbitration process continues", then he can say "i wasn't lying it is still continuing". 😆
They probably often release them. Like many others i didn't realise what a "reach rns" was.
If you scroll down on this website you will see them explain what a "reach rns" is and that a company can use one for market purposes. I guess you could say for ramping purposes.
https://www.shiftingshares.com/what-is-rns/
Hi Banbury, I've looked again at yesterdays RNS and again it just didn't impress me.
(1) Also seeing the Lenigas ramping tweet last night tells me he was behind yesterdays RNS. In his below tweet he said he knew the RNS was coming.
https://twitter.com/DavidLenigas/status/1754562808522355105
(2) Points 1 to 4 in the RNS were just repeats of what was said in the 24 Jan RNS. So repeat of old news.
(3) Bell says his country manager has been invited to a meeting on Tuesday (so today) but then Bell says he will update the market next week. So to me that tells me the meeting cannot be that important.
Also Bell used to say if the written arbitration judgement arrived then he would be on the plane to Congo and then sitting next to his bank manager waiting for any money to arrive. The "update next week" tells me that's not happening.
(4) Last nights RNS was a "Reach RNS" which can only contain non price sensitive news. A company can release a "Reach RNS" just for marketing purposes. So to me that suggested that Lenigas got them to release old news but dress it up in a new way.
(5) It also makes me very suspicious that Congo is supposedly concluding very near to next Fridays (16th Feb) RRR AGM. That seem way too perfect.
So based on that i expect next weeks RNS will say Tuesday meeting was very promising and the money is even more imminenter 😆. Then all resolutions will get voted through at next weeks AGM. Then probably within a couple of weeks a big fundraise will happen just to tide them over until the imminent DRC money arrives.
I fully understand i am in the minority and last night's RNS excited many people because they believe the DRC money is very imminent. They may be right i may be wrong.
News i have provided the exact Glencore RNS that details the land purchase from Gecamines.
https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html
I'm quite sure the Glencore subsidiary purchased all the land legally from Gecamines and their legal team made sure that Gecamines officially owned all the licenses.
.....
By the way you are now filtered by me because your post layouts are an eyesore on my eyes. The way you lay a post out makes all your posts look the same. It's ugly to look at. It's like a big wall of writing. I can no longer tolerate looking at them. So from now you are on filter.
Panda the $400 million is what Bell and Helpful said. Bell never said it in an RNS.
Anyway it isn't true. Going by previous dates this the RNS when Gecamines sold to a Glencore subsidiary.
https://www.lse.co.uk/rns/GLEN/katanga-announces-agreement-to-acquire-land-rights-fv11cerfyb01a1p.html
The poster DDD on the other forum made a good point that tonight RNS was a "Reach RNS". Correctly he said a company can only release non price sensitive infotmation with a Reach RNS.
Another website says:
"RNS Reach is an extension of RNS and delivers non-price sensitive information. It is used by companies to keep in contact with investors and can include marketing messages"
Points 1 to 4 was just repeating old news.
Also an uninspiring RNS title: "The DRC arbitration process continues"
RNS said "stand by" and come to a meeting. But we don't know who with.
Then at the end of the RNS it gives a cautionary warning.
.......
Of course if others read the RNS differently then that's their choice. The majority of RNS looked like old news dressed up as new.
I believe Red Rock listed on AIM in 2005. Just like today Andrew Bell was in charge in 2005.
If somebody had invested £95,000 in Red Rock's on its first day of trading in 2005 then today that £95,000 would be worth just over a £100.
In Dec 2023 when Red Rock did a £500,000 placing before the pllacing the RRR share price was just over 0.10p yet Bell agreed to a placing price of 0.075p. So Bell did an almost 30% discounted placing.
David Lenigas is a bit of a blast from the past. Yes no doubt some big multibaggers have happened under him but that seems such a long time ago. And as the articles say Lenigas has an awful reputation of exaggeration and going over the top about normal assets. So based on that Bell could easily get suckered in and buy a dud from him.
But yes this freakshow is interesting.
That is my last post today.
I know some may say of me that my posts are boring so i shouldn't really criticize .. but "News" posting layout is so ugly to my eyes. ☹️
I was thinking if "News" and "Helpful" tagteamed on this thread. "News" does a boring post on this thread followed by a boring posted link by "Helpful", then soon this would become the most tedious thread on LSE. ☹️
That nightmare scenario could drive me away from this thread. ☹️
A different topic.
I recall a couple of weeks ago Maidit said he bought into HE1 at 0.20p. I know he doesn't appreciate some posts on this thread but i personally hope he's made good HE1 profits that make up for his losses here. 🙂
If he still holds in HE1. I'd bank those profits because you'd suspect an huge discounted placing would soon be coming.
From article:
"The controversial entrepreneur, who has been criticised for exaggerating the success of his companies to jack up share prices"
https://www.thisismoney.co.uk/money/markets/article-3034031/Australian-tycoon-claiming-struck-oil-Sussex-pruning-directorships-focus-making-fortune.html
...
I can imagine even some recent Red Rock investors will be pretty disgusted with the useless Red Rock chairman Andrew Bell. Afterall they've endured numerous fundraises that has decimated their Red Rock investment; Bell has relentlessly fundraised to pay himself and pay for all the vast array of Red Rock projects around the world. All for what? It seems all for nothing!
Reading between the lines it seems those fundraises were needless fundraises because in all likelihood most of those projects will get dumped. So Red Rock shareholders got diluted for nothing by the incompetent Red Rock chairman.
Instead now the desperate Red Rock chairman has hired the controversial "face of pump" to the Red Rock brand.
Will it work? Maybe temporary. But what will do know is billions of shares will get issued over these next six months and at the end of the year Red Rock Resources will be an even bigger wreck than it is now.
I can understand why many observers with fascination follow Red Rock Resources because IT IS the modern version of a freakshow.