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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.
Specinvestor, rampers love Lenigas, although he's been quiet you can bet Stephen Lundy has wet himself many times this weekend with excitement.
Let's not forget Andrew Bell is STILL IN CHARGE at Red Rock. Not Lenigas!
Andrew Bell is a mass share diluter. David Lenigas is a mass share diluter. What happens when two mass diluters combine?
Specinvestor, i don't know if you can see this David Lenigas article in Canada? I think it will help you get a better idea of who he is.
https://www.thisismoney.co.uk/money/markets/article-3042471/CITY-FOCUS-David-Lenigas-money-mouth-is.html
No matter how Horse hill turned out you can see back in the day David Lenigas absolutely loathed Andrew Bell.
https://twitter.com/DavidLenigas/status/704226090022281216
https://twitter.com/DavidLenigas/status/704227822219501568
Maybe he's come in to sink useless Andrew. Maybe charge Red Rock a fortune for his consultancy and see if he can offload a rubbish asset on Bell.
Remember Dukey at the time Michael Knott was on the board of both Red Rock and Alba. So nothing would surprise me.
On this Lenigas situation i slightly differ from you.
Although in the last couple of years i haven't closely been following Corcel they did aquire Rare Earth project "Mt Weld" from Lenigas. Here's Scott's twitter with Lenigas pumping: https://twitter.com/KaintzS
So this is my own guess how it will pan out with Lenigas:
(1) RRR will within days announce that they are deciding whether to buy a project from Lenigas. They will pay him an exclusivity fee (maybe in RRR shares) while they do due dilligence on the project.
(2) Near the forthcoming AGM they will RNS they are buying the Lenigas project. They will pay him in RRR shares.
(3) All resolutions pass at AGM.
(4) Soon after the AGM they will announce an huge placing to fast track the former Lenigas project. Lenigas will partake in the placing. "Helpful" will be squealing that Lenigas holding RRR shares shows how confident he is. However the reality is that his partaking in the placement was probably from part of his consulting fee being paid in placement shares.
(5) Then Lundy starts posting lots of posts on how much the project is worth.
(6) Of course longtermers will be wondering where the hell is that DRC money.
I won't post those tweets where Lenigas was calling Bell because they would probably get deleted but trust me word for word they are true. Of course if they said to me "you are lying so you better lawyer up" then of course i would post them. However they won't do that because they know it's true.
If i remember correctly the back story on their dispute is:
Andrew Bell of Regency mines buys into Horse hill.
Then some time later Bell sells the Horse Hill shares to Alba.
The next day all companies still involved in Horse hill release a positive HH rns that triples up most companies share prices. As you can imagine Regency mines shareholders were again not happy with Bell.
Within days Andrew Bell is sat with two others on a panel (maybe the UK investor show) and they are all slร gging off Horse Hill.
A few months later two faced Andrew Bell of Regency mines buys back into Horse hill and he is heaping praise on Horse Hill and saying how wonderful it is.
Of course him buying back incensed Lenigas.
When Regency mines again sold their Horse hill shares to be fair they did make a very good profit on them.
That's how i remember it.
Potential new RRR investors. The Red Rock chairman/ceo Andrew Bell does sometimes post on this thread.
Usually to threaten a poster.
https://www.lse.co.uk/profiles/andrewrbell/
Helpful "reviewing opportunities in the oil and gas sector" tells you how woeful Andrew Bell has been running this company. I say that because Red Rock have numerous rubbish projects, they must have about 30 different licenses all over the world. All costing money.
Yet they are looking for something new. ๐ฅด
Andrew Bell RNS comments:
"We have known David for some years now and worked well with him in the past when we jointly developed onshore oil projects in Southern England"
"David Lenigas is someone we have had a good experience working with"
......
That's nice how you remember it Andrew. ๐
The reality is when Lenigas discovered Andrew Bell was going to rebuy into Horse hill David Lenigas said:
"I'm going to suggest to Sanderson that he refuses Andrew Bell coming back in to Horse Hill. His uneducated comments are disgraceful"
๐๐๐
Very strange appointment. I'm sure in the near future we will find out it is an expensive one.
One reason for strange is because David Lenigas used to think Andrew Bell was a two faced liar.
Yes when "Helpful" invests in any drab looking project it is no surprise that suddenly that project is worth many millions. You know the exaggeration, i know the exaggeration, others know the exaggeration, however some don't and that's how some people get suckered in.
I have little confidence in the DRC money arriving. To be honest i have no idea how Andrew Bell still has a job at Red Rock. He is both CEO and Chairman at Red Rock and 19 years is more than enough time for him to build the company and create shareholder value. However after 19 years listed on AIM any first day investment in Red Rock would now be worth over 800 times smaller.
Andrew Bell must the most pointless Chairman on AIM because for the ordinary shareholder he offers nothing.
This is my post from August on poster Helpful:
"Helpful, you tread a very fine line on this thread because many know you do various deals with Red Rock. So you play up on that, you use that so you can manipulate investors to make out you know more than you actually know.
So you without doubt are the biggest market manipulator on this thread. You post on this thread for a reason, and it's not to be Helpful."
I was looking for a particular "Helpful's" post the other week (but i couldn't find it) in regards to him talking about he and his mates holding over 30% in ALR. However here it is when i reposted it in Aug 2023:
Helpful's 17 June 2023 post:
"with regard to production bbb does this all the time comes out with something which is then rebutted and then restates the same issue differently a few days later.
so people understand, i own 10.262% of alr and with two mates just over 30% when ab refers to outside investors, it is us. alr, lac minerals and faso were to put together with my encouragement and undertaking what we would co-invest. we have a position in faso too and will likely fund cote d'ivoire now the first licence has been issued.
in each case, the plan has been and will be to get to production as quickly as possible and cheaply as possible so neither rrr or we have to fund it on an ongoing basis. for each there are two ways forward, lots of analysis, lots of drilling and spending a lot of money over several years or just find something that can be exploited and get on with it.
that is what is being applied at tin hill. the site is near to harare, which is about an hour away by road. in harare there are plenty of contractors to supply skilled labour, diggers, dumpers, grinders etc. in fact, everything that is needed at tin hill except the flotation tanks needed for beneficiation, which would need to be ordered or bought second hand.
so the plan is for pretty much all of the doings at tin hill to be done by contractors and supervised by our people on the ground; bashile and julian plus a couple of others. it is going to come down to how fast the contracts can be agreed, signed and contractors get on site. once they are on-site, production will start. the illegal miners have helped us; they have already removed over burden on part of the site and exposed the mineralised pegmatite and extracted some of the spodumene. the stockpile (it is actually physically more than one stockpile as in where they have dumped the extracted spodumene) is substantial and will take several days to shift once sold. so hopefully, the contractors are on site this week coming or maybe the week after. i don't see that it makes much difference and it is not a ****up but merely down to the contractors ability to get on site.
once the stockpile is sold alr will not need any more external capital and should pretty quickly be able to make distributions to us and to rrr.
tin hill is only one asset in alr. once all the paperwork is dealt with alr might have several licences and once cash flow has started be able to do more deals elsewhere.
imho alr is worth several times rrr's market capitalisation even applying a discount for zimbabwe. i expect that rrr will put out a detailed presentation for alr fairly soon but the priority is getting into production not producing pretty pictures.
dyor"
Banbury in my last post i sloppily put all the things together that i thought should have been promptly RNS'd because they to me looked price sensitive events.
From the Red Rock 2020 Final results RNS here is the RRR coal extracts and dates. I cannot see Red Rock RNS's around the below dates that make those announcements and to me that looks price sensitive news because if Red Rock had RNS'd the below news then i have no doubt it would have affected the RRR share price.
From 2020 final results RNS
"On 11 April 2019, the Company's 100% owned subsidiary, RRR Coal Ltd, agreed a loan facility of up to US$1.0 million with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd. The terms of the loan call for US$0.400 million to be transferred to the borrower, with additional tranches available to the Company at the lenders' absolute discretion. The notes are secured by 5,500,000 shares in Jupiter Mines Ltd, which were transferred from the Company to the borrowers as well as by a corporate guarantee executed by Red Rock Resources Plc. The Notes carry an interest rate of 10% and come with a 7.5% implementation fee and are repayable over a period ending in April 2020.
On 21 January 2020, the Company's 100% owned subsidiary, RRR Coal Ltd, agreed a final drawdown from the loan facility of up to US$1.0 million with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd of a gross amount of US$0.2 million. The notes remained secured by 5,500,000 shares of Jupiter Mines Ltd, as well as by a corporate guarantee executed by Red Rock Resources Plc. The notes carry an interest rate of 10% and this drawdown carried an implementation fee of US$7,000. All outstanding amounts from all previous drawdowns including this drawdown were refinanced and now became repayable in equal instalments from April 2020 to January 2021.
After the year-end, on 6 November 2020, the Company's 100% owned subsidiary, RRR Coal Ltd, refinanced its existing loan facility with Riverfort Global Opportunities PCC Ltd and YA II PN Ltd, increasing the total amount available for draw-down to US$2.0 million, and drawing down an initial gross amount of US$1.0 million with additional tranches available at the lenders' absolute discretion. The notes are secured on 6,302,000 shares in Jupiter Mines Ltd as well as 20,000,000 shares in Power Metal Resources Plc, which were transferred from the Company to an escrow account for the duration of the loan, as well as by a corporate guarantee executed by Red Rock Resources Plc. The notes carry an interest rate of 10% and come with a 7.5% implementation fee and are repayable over a six-month period starting in June 2021. "
If you look at the 2020 RRR final results RNS you will see mention of Red Rock's 100% owned subsidiary RRR coal taking out loan facilities with Riverfort. However look at the dates mentioned then try to find RNS's around those dates you will not find them. This is strange because you would think that would be price sensitive news and Red Rock would immediately have to RNS the market.
Then again when Red Rock loaned Steelmin over ยฃ1 million this wasn't promptly RNS'd. When Red Rock loaned Amulet diamonds a few hundred thousand that also wasn't promptly RNS'd. Bizarrely Red Rock also loaned just under ยฃ300,000 to Regency mines former coal partners Legacy hill resources but that also wasn't RNS'd to the market. You would have thought all three would be price sensitive information and therefore promptly RNS'd to the market. Though some time later all three were later mentioned in a final results RNS when all three amounts were written off.
Even when Red Rock sold all its Jupiter shares, over a year later it still showed on the Red Rock website that they still owned those shares.
You would like to think a company's RNS's and website would keep investors right up to date with what's happening with a company. Unfortunately with Red Rock that is not the case.
I'm sorry everyone but i'm bumping my post so Andrew Bell can give me a reply. ๐
"Firstly i know some will moan "are you kidding me. You are bringing up an RNS from almost 18 years ago?"
Yes i am. ๐
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 ยฃ476,000. With 141,860,000 shares in issue.
The stock price closed its first day of trading at 2.5 pence, valuing the company at ยฃ3.54m.
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 30Jan 2024, todays share price is 0.075p or around 1/13th 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 1/330th of a penny. So with no share consolidation the share price today would be around 825 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?"
Banbury, that Stephen Lundy post you talk about was 5 Dec 11.35am:
https://www.lse.co.uk/ShareChat.html?ShareTicker=RRR&share=Red-Rock-Resources&page=11