Declan2 3 Dec'14
Had £65K invested in this pos @ £1.35, took my loss at about 80p, never thought it would go this low, but now I'd say it'll go bust
Wednesday 24 December 2014
POG
forwood 19 Dec'14
was out his pm - just as well. I sold yesterday as I thought there might be shenanigans today. Had buy orders in at 6.6 - thankfully triggered lower but this is a dreadful loss of value. 70% gone since the beginning of the month. Completely unjustified, but there you are, that's the sodding market for you. Will be skiing next week, so wish you all as happy a Christmas as you can have.
crl123 23 Dec'14 LSE
This is a hard question.
The amount that you hold will be diluted by 15 times overnight if you do not buy any rights issue shares.
the price will probably be 5p around that time (immediately after rights issue). It could even fall.
Nil paid cash wil be very small and hardly dent your dilution.
You would have to inject new money (but £225,000 or part of is huge) to make any difference.
It is an incredibly bitter pill to be forced to swallow.
I have lost £90,000 by selling as I knew i could not afford the 15-1. It is agony.
Others have lost their own fortunes.
Leaving your money and doing nothing just leaves it worth peanuts.
It is hardly worth selling anything right now at 6p.
It is worth trying to understand your options now.
Relying on nil-rights shares will give you just a scratch in the paintwork.
If you decide to reject the offer , it is voicing your dismay at theft.
---
you have spent £6o,ooo on a share asking you for £225,000 just to stay where you are.
Can you afford this?
It is outright abuse.
they can offer a better deal.
one can never know if one says yes that's ok.
Admin would noy be their preferred choice.
was out his pm - just as well. I sold yesterday as I thought there might be shenanigans today. Had buy orders in at 6.6 - thankfully triggered lower but this is a dreadful loss of value. 70% gone since the beginning of the month. Completely unjustified, but there you are, that's the sodding market for you. Will be skiing next week, so wish you all as happy a Christmas as you can have.
crl123 23 Dec'14 LSE
This is a hard question.
The amount that you hold will be diluted by 15 times overnight if you do not buy any rights issue shares.
the price will probably be 5p around that time (immediately after rights issue). It could even fall.
Nil paid cash wil be very small and hardly dent your dilution.
You would have to inject new money (but £225,000 or part of is huge) to make any difference.
It is an incredibly bitter pill to be forced to swallow.
I have lost £90,000 by selling as I knew i could not afford the 15-1. It is agony.
Others have lost their own fortunes.
Leaving your money and doing nothing just leaves it worth peanuts.
It is hardly worth selling anything right now at 6p.
It is worth trying to understand your options now.
Relying on nil-rights shares will give you just a scratch in the paintwork.
If you decide to reject the offer , it is voicing your dismay at theft.
---
you have spent £6o,ooo on a share asking you for £225,000 just to stay where you are.
Can you afford this?
It is outright abuse.
they can offer a better deal.
one can never know if one says yes that's ok.
Admin would noy be their preferred choice.
RRR
ciao4niao 11 Dec'14
I have just posted this on the RGM board.
Hi guys
In the past I arranged meetings between a small group of investors in AB's companies and AB.
A few who heard of the meetings were aggrieved that those attending were treated favourably and getting 'nods and winks'.
Not so. They were business like and views exchanged candidly.
The following is a copy of an e-mail I sent to B**l after a meeting on the 26th April 2013 and it covers most of the matters discussed. Judge for yourselves whether it was a chummy backslapping event or not and remember this was written EIGHTEEN MONTHS AGO.
"Good morning Andrew
The following outlines just a few of the concerns that your hopelessly optimistic written and verbal announcements have had on investors who pay your generous salaries.
Investing has and always will be a risk. But it is a lot more risky if existing and potential investors are fed misleading information by the CEO, which they take on trust to be reasonably accurate and possible to achieve. To underscore that, only one example, amongst several, is necessary. Colombia, which you have never been comfortable discussing in all the meetings I have had with you.
What you said during your Miningm***n interview about investors over extending themselves, just does not cut it. Neither will referring to the Disclaimer Statement at the beginning of Powerpoint presentations.
Many RRR investors have sold at very large losses and invested in RGM, not because of you, or the assets the company owns, but primarily because of the DNi process and the likely success of the flotation, when it happens.
The strategy of both companies seems to have been ‘scattergun’ and the modus operandi, ‘knee jerk’, supported by more than doubling the shares in issue and the market caps. of both falling by around 95%. I, and many others, don’t buy the simplistic argument that RRR and RGM are just mirroring the sector. That is purely a deflection away from the failings of the Boards of both companies. Sirius Resources and Amur Minerals are good examples of the contrary.
“We deliver” and “we are delivering value” to shareholders is patently not true. If that were an advertisement, the ASA would be asking serious questions.
You keep repeating the mantra, “we’re in a buyers market”. We certainly are, as the sale of the Oracle shares proves. Both companies are extremely vulnerable to a take out at very low prices. If they are, and you were to be appointed to the acquiring company’s board(s), many investors will have some seriously disturbing and suspicious thoughts.
You have been managing the companies as though they are major mining conglomerates with huge cash reserves, whereas, the reality is that both are struggling AIM tiddlers with very weak balance sheets.
Using the words “war chest” to obtain further “bargains” in a buyer’s market is delusional given the state of both the balance sheets and neither company is generating any income. We can barely afford to pay the administrative expenses, never mind any minor exploration costs, of both companies. But of course, you can always do an ‘Oliver’ and pick the pockets of your shareholders with further dilutions at ever decreasing prices. What the hell, they’re only gullible PIs and financial cannon fodder for flamboyant CEOs.
Were John Harvey-J***s to look at the balances sheets of both companies, the variety and locations of the projects and their drain on all resources, he would recommend that you get rid of the majority and concentrate on those that are most likely to deliver the greatest value to shareholders in the shortest period of time. In short, “stick to your knitting”. Both companies need to make some very tough business decisions and get rid of the rest – soon, please!
Why can’t you do a Sirius Resources for your shareholders? They decided on their plan of action and implemented it to the letter whilst keeping their investors fully informed with RNSs every two or so weeks. With RRR and RGM, often getting information is like extracting teeth, without an anaesthetic.
And this brings me to another point. You have a habit of making comments designed to deflect and devalue a point which is being put to you. For example, commenting that Sirius were “lucky” and that JH-J’s company doctor program was pulled, is beside the point. You know precisely the points being made, but you sought to be deliberately diversionary.
At the RGM AGM, you said that February was going to be “interesting”. Well it certainly was, but not to the benefit of your shareholding colleagues!
I note that you are more legalistic in responses in which you cover yourself if things you describe do not turn out as expected. On one hand that is good, but on the other, it is seen as the means of passing the buck.
Consider the following:-
Colombia – both buying and selling
Greenland – part disposal
Kansai/Arial Partners – acquiring a majority stake
RMR – part disposal, very slow process. Why deal with such a small shell with limited resources?
The common denominator is obvious. However, you are seemingly never at fault; there is always somebody else, or other circumstance to blame!
Approximately two years ago at a presentation at the Chesterfield Hotel, in response to a question about Kansai, you said, “ask me again in a few days”. Andrew, what precisely was it that you thought might happen in “a few days” that prompted you to say that? Or was it another of your mischievous comments to keep your shareholders in high anticipation mode and 'paint-balling' the boards with "good news in a few days" type posts?
You are obviously aware your credibility with your shareholders is destroyed. Not by them, but yourself. After more than a year since it was announced, most now doubt that there was ever a serious buyer for Colombia.
The excuses that Ashmont are busy doing other deals, just isn’t credible any more. Many believe it was just a ruse to withhold the very poor production figures, which reflects the scale of the problems there. As I said during our last meeting, it is time to tell Ashmont (excuse me) “to shit, or get off the pot”, especially, as you say, there is another bidder for the business.
So, again I ask, when are you going to release the production figures as you hinted you were considering doing, during our last meeting?
In your e-mail reply to “omarinvestor” dated the 16th November 2012, in response to my recommendation that Manoli be voted off the Board, your explanations of the background to the Colombian situation, is an indictment that RRR’s due diligence wasn't nearly thorough enough and the non-executive directors were not doing their jobs of questioning the whole rationality and feasibility of the investment on all levels.
Ashmont, according to the RNSs, were given three months to do due diligence. The real reason why you stopped releasing the production figures is because you realized that the RRR Board had been 'sold a pup' in Colombia. The RNSs from June '10 to March '12 prove this and are riddled with inconsistencies and contradictions to those preceding and following, and to what you told me personally at various presentations.
Being Chairman and CEO of both interlinked companies affords you too much power, allowing you to proceed on flamboyant and expansive projects to the detriment of your shareholders. The non-executive directors do not seem to be able to provide the necessary restraining influence on you to protect shareholders, which is their most important function. It is time for you to relinquish one of your executive roles in both companies. Please tell me you seriously going to consider doing this?
Another thing, which intrigues me, is that fact that you draw most of your income from RRR and yet you have far more investment in RGM. It seems that RRR is being treated as the sacrificial lamb.
This will concern you. It’s not just the shareholders that are deeply concerned about the management of both companies, but also your staff.
Several weeks ago, by pure chance, I literally bumped into one of your staff in London. We chatted. I flippantly asked, “How goes the battle at Eastbourne Mews’? A rather limp and resigned smile. I asked if they were overworked? “No, but a little concerned about the direction of the company. They did not say which, but they thought you have been “a bit naïve, over optimistic and cavalier” and they agreed with some comments on the boards.
Shocked at a staff member expressing such opinions, I told them my ii avatar. They knew it was I who wanted Manoli voted off the BoD … and said they agreed with me!
At that point they obviously realised that they had said too much and changed the subject.
There are serious implications there for you to think about. Is there only one staff member who thinks this way? Probably not! And, even if it is only one, it should concern you that they do have those opinions of your management style. The question is, should I have interpreted their opinion as a secret 'sell' signal'?
In conclusion, please answer the following questions. What can and will you do:
1. to restore shareholders’ faith in your stewardship of both companies?
2. to relinquish one of your two executive roles in RRR and RGM
3. to demonstrate you have a very clear strategy for the future to prevent the collapse of both companies?
4. to have board colleagues with appropriate skill sets to deliver investors’ expectations?
5. to recognise the need to severely prune the number of operations and to sell the rest?
6. to deliver value back to shareholders who have had their investments decimated by the lack of progress on several fronts?
7. and when will you release all the El Limon and Machuca production figures in a clearly understandable format so that they can be easily compared to previous figures.
I look forward to your comments on the general points and replies to the above questions within a week. I am sure that Manoli and Mike can provide some of the answers to the Colombian questions.
Regards
gresty142 11 Dec'14
I rescued my remaining £80 the other day, after investing thousands @ 5p & 7p
Ah well suppose that's just tough t!tty.
jeffguru 12 Dec'14
Just going through some old paperwork from a few years back, I had £200,000 RRR shares then. Now about £1500. I would quite like to get AB in a boxing ring and pummel the **** to a pulp. After that I could turn the gloves on myself. Sheesh.
wigan49 14 Dec'14
This Bitch is finished. This Bitch has cost me £40K. This f*cking Bitch.......
AB should change his name to A Bitch.....
I have just posted this on the RGM board.
Hi guys
In the past I arranged meetings between a small group of investors in AB's companies and AB.
A few who heard of the meetings were aggrieved that those attending were treated favourably and getting 'nods and winks'.
Not so. They were business like and views exchanged candidly.
The following is a copy of an e-mail I sent to B**l after a meeting on the 26th April 2013 and it covers most of the matters discussed. Judge for yourselves whether it was a chummy backslapping event or not and remember this was written EIGHTEEN MONTHS AGO.
"Good morning Andrew
The following outlines just a few of the concerns that your hopelessly optimistic written and verbal announcements have had on investors who pay your generous salaries.
Investing has and always will be a risk. But it is a lot more risky if existing and potential investors are fed misleading information by the CEO, which they take on trust to be reasonably accurate and possible to achieve. To underscore that, only one example, amongst several, is necessary. Colombia, which you have never been comfortable discussing in all the meetings I have had with you.
What you said during your Miningm***n interview about investors over extending themselves, just does not cut it. Neither will referring to the Disclaimer Statement at the beginning of Powerpoint presentations.
Many RRR investors have sold at very large losses and invested in RGM, not because of you, or the assets the company owns, but primarily because of the DNi process and the likely success of the flotation, when it happens.
The strategy of both companies seems to have been ‘scattergun’ and the modus operandi, ‘knee jerk’, supported by more than doubling the shares in issue and the market caps. of both falling by around 95%. I, and many others, don’t buy the simplistic argument that RRR and RGM are just mirroring the sector. That is purely a deflection away from the failings of the Boards of both companies. Sirius Resources and Amur Minerals are good examples of the contrary.
“We deliver” and “we are delivering value” to shareholders is patently not true. If that were an advertisement, the ASA would be asking serious questions.
You keep repeating the mantra, “we’re in a buyers market”. We certainly are, as the sale of the Oracle shares proves. Both companies are extremely vulnerable to a take out at very low prices. If they are, and you were to be appointed to the acquiring company’s board(s), many investors will have some seriously disturbing and suspicious thoughts.
You have been managing the companies as though they are major mining conglomerates with huge cash reserves, whereas, the reality is that both are struggling AIM tiddlers with very weak balance sheets.
Using the words “war chest” to obtain further “bargains” in a buyer’s market is delusional given the state of both the balance sheets and neither company is generating any income. We can barely afford to pay the administrative expenses, never mind any minor exploration costs, of both companies. But of course, you can always do an ‘Oliver’ and pick the pockets of your shareholders with further dilutions at ever decreasing prices. What the hell, they’re only gullible PIs and financial cannon fodder for flamboyant CEOs.
Were John Harvey-J***s to look at the balances sheets of both companies, the variety and locations of the projects and their drain on all resources, he would recommend that you get rid of the majority and concentrate on those that are most likely to deliver the greatest value to shareholders in the shortest period of time. In short, “stick to your knitting”. Both companies need to make some very tough business decisions and get rid of the rest – soon, please!
Why can’t you do a Sirius Resources for your shareholders? They decided on their plan of action and implemented it to the letter whilst keeping their investors fully informed with RNSs every two or so weeks. With RRR and RGM, often getting information is like extracting teeth, without an anaesthetic.
And this brings me to another point. You have a habit of making comments designed to deflect and devalue a point which is being put to you. For example, commenting that Sirius were “lucky” and that JH-J’s company doctor program was pulled, is beside the point. You know precisely the points being made, but you sought to be deliberately diversionary.
At the RGM AGM, you said that February was going to be “interesting”. Well it certainly was, but not to the benefit of your shareholding colleagues!
I note that you are more legalistic in responses in which you cover yourself if things you describe do not turn out as expected. On one hand that is good, but on the other, it is seen as the means of passing the buck.
Consider the following:-
Colombia – both buying and selling
Greenland – part disposal
Kansai/Arial Partners – acquiring a majority stake
RMR – part disposal, very slow process. Why deal with such a small shell with limited resources?
The common denominator is obvious. However, you are seemingly never at fault; there is always somebody else, or other circumstance to blame!
Approximately two years ago at a presentation at the Chesterfield Hotel, in response to a question about Kansai, you said, “ask me again in a few days”. Andrew, what precisely was it that you thought might happen in “a few days” that prompted you to say that? Or was it another of your mischievous comments to keep your shareholders in high anticipation mode and 'paint-balling' the boards with "good news in a few days" type posts?
You are obviously aware your credibility with your shareholders is destroyed. Not by them, but yourself. After more than a year since it was announced, most now doubt that there was ever a serious buyer for Colombia.
The excuses that Ashmont are busy doing other deals, just isn’t credible any more. Many believe it was just a ruse to withhold the very poor production figures, which reflects the scale of the problems there. As I said during our last meeting, it is time to tell Ashmont (excuse me) “to shit, or get off the pot”, especially, as you say, there is another bidder for the business.
So, again I ask, when are you going to release the production figures as you hinted you were considering doing, during our last meeting?
In your e-mail reply to “omarinvestor” dated the 16th November 2012, in response to my recommendation that Manoli be voted off the Board, your explanations of the background to the Colombian situation, is an indictment that RRR’s due diligence wasn't nearly thorough enough and the non-executive directors were not doing their jobs of questioning the whole rationality and feasibility of the investment on all levels.
Ashmont, according to the RNSs, were given three months to do due diligence. The real reason why you stopped releasing the production figures is because you realized that the RRR Board had been 'sold a pup' in Colombia. The RNSs from June '10 to March '12 prove this and are riddled with inconsistencies and contradictions to those preceding and following, and to what you told me personally at various presentations.
Being Chairman and CEO of both interlinked companies affords you too much power, allowing you to proceed on flamboyant and expansive projects to the detriment of your shareholders. The non-executive directors do not seem to be able to provide the necessary restraining influence on you to protect shareholders, which is their most important function. It is time for you to relinquish one of your executive roles in both companies. Please tell me you seriously going to consider doing this?
Another thing, which intrigues me, is that fact that you draw most of your income from RRR and yet you have far more investment in RGM. It seems that RRR is being treated as the sacrificial lamb.
This will concern you. It’s not just the shareholders that are deeply concerned about the management of both companies, but also your staff.
Several weeks ago, by pure chance, I literally bumped into one of your staff in London. We chatted. I flippantly asked, “How goes the battle at Eastbourne Mews’? A rather limp and resigned smile. I asked if they were overworked? “No, but a little concerned about the direction of the company. They did not say which, but they thought you have been “a bit naïve, over optimistic and cavalier” and they agreed with some comments on the boards.
Shocked at a staff member expressing such opinions, I told them my ii avatar. They knew it was I who wanted Manoli voted off the BoD … and said they agreed with me!
At that point they obviously realised that they had said too much and changed the subject.
There are serious implications there for you to think about. Is there only one staff member who thinks this way? Probably not! And, even if it is only one, it should concern you that they do have those opinions of your management style. The question is, should I have interpreted their opinion as a secret 'sell' signal'?
In conclusion, please answer the following questions. What can and will you do:
1. to restore shareholders’ faith in your stewardship of both companies?
2. to relinquish one of your two executive roles in RRR and RGM
3. to demonstrate you have a very clear strategy for the future to prevent the collapse of both companies?
4. to have board colleagues with appropriate skill sets to deliver investors’ expectations?
5. to recognise the need to severely prune the number of operations and to sell the rest?
6. to deliver value back to shareholders who have had their investments decimated by the lack of progress on several fronts?
7. and when will you release all the El Limon and Machuca production figures in a clearly understandable format so that they can be easily compared to previous figures.
I look forward to your comments on the general points and replies to the above questions within a week. I am sure that Manoli and Mike can provide some of the answers to the Colombian questions.
Regards
gresty142 11 Dec'14
I rescued my remaining £80 the other day, after investing thousands @ 5p & 7p
Ah well suppose that's just tough t!tty.
jeffguru 12 Dec'14
Just going through some old paperwork from a few years back, I had £200,000 RRR shares then. Now about £1500. I would quite like to get AB in a boxing ring and pummel the **** to a pulp. After that I could turn the gloves on myself. Sheesh.
wigan49 14 Dec'14
This Bitch is finished. This Bitch has cost me £40K. This f*cking Bitch.......
AB should change his name to A Bitch.....
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