Share Name Share Symbol Market Type Share ISIN Share Description
Red Rock Resources LSE:RRR London Ordinary Share GB00BYWKBV38 ORD 0.01P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 0.675p 0.65p 0.70p 0.70p 0.675p 0.675p 5,021,344.00 13:02:45
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -7.7 -0.3 - 3.15

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Trade Time Trade Price Trade Size Trade Value Trade Type
14:11:440.6770,000469.88O
13:58:440.6748,294324.17O
13:57:140.67671,9244,510.29O
13:52:560.67102,654689.06O
13:52:030.678,00053.70O
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Red Rock (RRR) Top Chat Posts

DateSubject
07/12/2016
08:20
Red Rock Daily Update: Red Rock Resources is listed in the Mining sector of the London Stock Exchange with ticker RRR. The last closing price for Red Rock was 0.68p.
Red Rock Resources has a 4 week average price of 0.51p and a 12 week average price of 0.43p.
The 1 year high share price is 0.78p while the 1 year low share price is currently 0.23p.
There are currently 467,325,740 shares in issue and the average daily traded volume is 13,256,206 shares. The market capitalisation of Red Rock Resources is £3,154,448.75.
01/12/2016
13:35
xcap: "With RRR’s others project assets such as those in Kenya, Greenland, US-Shoats Creek and investments in Colombia, GoldStone and Elephant Oil included in our valuation as previously estimated, our revised valuation comes to £20.5m, (prev. £13.3m). Our share price target is correspondingly lifted by 57% from 2.8p to 4.4p, with a ‘Buy’ recommendation. A closing market cap for Red Rock last Friday of £1.9m, seems far too low, given today’s news, and maybe the prospect of other forgotten assets within the Group's portfolio surprising investors with positive news in the near future, as commodity prices continue to rebound".
26/11/2016
13:39
jdsdps: From the Jupiter mines June 16 presentation the first part of the Tshipi current year has revenue of A$85.7m and cost 69.7m profit A$16 for sales 650k tonnes when average manganese was 3.09 US$. If we take the average now at 7.0US$ that’s 126% increase. On that basis a further 2m tonnes sales for the rest of the financial year should give 85.7/650,000 x 2000000 = 263x126%=594m revenue costs should be less than 69.5/650,000 x 2000000 = 214m giving profit 380m +16=396m for the year. If for a 60 year mine the value was say 14 years profits that’s A$5544m and Jupiters share 2772m giving RRR share at 1.2% = A$33.6 or £20m. As current MC is 2.5m for all Red Rock assets that’s 8 times the current share price for just the Jupiter asset that’s 4.8p Any thoughts?
23/11/2016
22:54
jdsdps: Thanks XCAP great find and this is going to make RRR go only one way UP.RRR share should be £6m+ that's the current share price x 3.
13/12/2015
16:25
rwauu: Wait... Andrew Bell is blaming low RRR share price for low share price???? What??? What kind of logic is this??? So you can run business to the ground and blame low share price for everything??? Ha, but there is a solution- cobsolidation!!!
02/10/2015
08:08
noirua: Trading at just £1m market cap at 0.0175p but trading 0.018p - 0.02p. Discounts everything me thinks but accept AB is the only saviour possibility here - go for it mate!- ride that there Elephant. Obviously AB is not a director of JMS for nothing and trust the mans ability in this dead mining and resource sector. If he can do it when he's almost down, errrr share price why, he will do it now. Like the football team one supports that is bottom of the division, kicking them when down does not improve the situation. http://www.jupitermines.com/ 27.3m shares at 8.1c = A$2.211m or £1.005m
18/5/2015
08:44
soulsauce: rrrRRRrrr by the looks of the RRR share price graph over the last 4yrs it looks as though logic has played out.
17/3/2015
21:55
wilburylover1: Anyone,Once the Colombia sale has gone through where do you reckon RRR share price will end up or will it end up doing what normally happens people buy on news and then sell and back to where we are.
10/12/2014
16:32
bam bam rubble: Newsletter was spot on that a delay on Colombia would take 0.02p off the price. Looking forward to the twitter post from armcb: "I called RRR share price drop"
08/7/2014
15:29
atino: ESTIMATE OF PALLINGHURST'S FAIR VALUE Pallinghurst are an investment company which has outourced its core function (!), investment management, to Pallinghurst (Cayman). It's a great gig for Pallinghurst (Cayman), as they've been paid some R200m over the last 4 years! The board of directors of Pallinghurst are so conflicted so the Chairman, Chief Executive and Financial Director have to recuse themselves from any board discussions to do with the investment manager , fee negotiations with it, asset sales, rights issues and dividend payments and anything else which impacts the NAV (these impact their earnings at Pallinghurst Cayman)! . "negotiations with the Investment Manager and the renewal of the IM agreement. However, the IM agreement has been in place since 2007, and is not periodically renegotiated. A renegotiation is not likely, but could happen if for example Brian Gilbertson became seriously ill or died". The partners of Pallinghurst Cayman are Brian Gilbertson, Arne Frandsen, Andrew Willis, Sean Gilbertson (Brian's son) & Priyan Thapliyal. Brian Gilbertson is also Chairman of Pallinghurst itself, Arne Frandsen is Chief Executive and Andrew Willis is Finance Director. As a result of all these conflicts and the associated leakage, Pallinghurst trades at a 67% discount to my estimate of its net assets. So, the best thing that the directors of Pallinghurst could do is close up shop, sell all the assets and pay the NAV out to shareholders (of course the Chairman, CE & FD would have to recuse themselves from that decision too, as it impacts on their earnings from Pallinghurst Cayman)! Failing that, I agree wholeheartedly that Pallinghurst should be trading well below its NAV, but think the market has overcooked the discount. Adding into the mix my feeling that the short-term prospects for platinum prices are good, as well as the director purchases; and I couldn't resist buying a bit of PGL. Conflicts of Interest Pallinghurst kindly wrote to me to provide feedback on the initial analysis, in particular on what I wrote about conflicts of interest. Feedback from Pallinghurst is that: "The actual calculation of amounts payable to the Investment Manager can be complex and the sign-off that it is right comes from the audit committee, without the Chairman, CE and FD. However, asset sales, rights issues and dividend payments are all considered by all 7 directors of the board; so whilst the Chairman, CE and FD could theoretically be voted down on something by the 4 non-executives, they are not recused from these decisions." My opinion is that the Chairman, CE & FD are conflicted and should be recusing themselves from decision-making around things like asset sales. If assets are sold and the proceeds returned to shareholders in the form of dividends, this will mean that Pallinghurst (Cayman) no longer earns its 1.5% fee on those assets. Since asset sales impact on their earnings from Pallinghurst (Cayman), they should recuse themselves from that discussion. Christo Wiese is betting on Pallinghurst Christo Wiese has been buying up shares of Pallinghurst & is the single largest shareholder with around 20% of the shares. He's a non-exec, but one whose investment acumen I respect – so, I have taken a closer look. Pallinghurst is best valued by calculating the sum of its parts, and then subtracting the leakage from costs & taxes at a holding company level. Net assets on 31 Dec 2013 Let's start by examining Pallinghurst's net assets on 31 Dec 2013, before we make adjustments to get to their values today (25 May 2014): Jupiter Mines : $30m Gemfields : $144m Sedibelo Platinum : $215m Other : $26m Net assets on 31 Dec 2013 was $416m or R4.3bn. Jupiter Mines Limited Jupiter's main asset is a 49.9% ownership of Tshipi Manganese in South Africa. This used to be easy to value as it was listed on the ASX. Sadly, it was delisted on the 10th Jan 2014, so we need to use proxies to value it, and unfortunately there aren't any pure listed SA Manganese mines. Assore is probably as close as we can get, and its share price increased from 34,061 at the start of the year to 36,667. However, the ZAR price of Manganese is slightly down from the start of the year. So, let's assume that Jupiter's value is the same as it was in ZAR on 31 Dec 2013 (ie R315m). Gemfields Gemfields is involved in the mining & production of coloured gemstones. It bought Faberge on the 28th Jan 2013, which is famous for the Faberge egg. As Gemfields is listed on AIM, it's simple to value. Gemfields' share price on 31 Dec 2013 was GBP33.75, and on 23 April 2014 was GBP41.5. So, the 31 Dec 2013 value of $144m was equivalent to GBP88m on that date, and had increased to GBP108m by the 23rd May 2014; which is equivalent to R1,866m. Sedibelo Platinum Mines This is a producer of PGMs with interests in the Bushveld Complex in South Africa. Sedibelo is not affected by the strike, and stands to gain from any increase in the Platinum price (my view is that an increase is likely). Sedibelo isn't listed (yet, Pallinghurst plans to list it), so we need to use proxies to value it. The best proxies are the other platinum mines not impacted by the strike: Aquarius Platinum (share price increased by 13% from R387.04 on 31 Dec 2013 to R438.68 on 23 May 2013) Atlatsa Resources (share price decreased by 22%) Royal Bafokeng Platinum (share price increased by 27%) The average of the above 3 is an increase of 6% in ZAR. So, on 31 Dec 2013 Sedibelo was valued at $215m, or R2241m, and increased by 6% gives us R2377m on 23 May 2014. We are relying on Pallinghurst's valuation of Sedibelo being correct – there are 2 things which make me believe it is: (1) Christo Wiese buying shares, and (2) they want to list it, so wont want to lose credibility by not being able to attain the book value, and (3) because of their conflict of interest, the board will want to make doubly sure that they're not paying the investment manager a fee on an incorrectly high valuation (wishful thinking?). I also like the prospects for platinum over the next year, so will accept that value (and hope it will increase if the platinum price increases). Other assets Most of the other assets are cash balances held in bank and on demand deposits, almost all of which is in USD. For simplicity, I will assume that it's still sitting in USD cash (although it's possible that some has been drawn through a facility with Gemstones). So, $26m equals R273m today (25 May 2014) at an exchange rate of R10.41 to the USD (I have not bothered to add any interest, as short term USD interest rates are miserable). Total Net Assets So, my estimate of the total net assets of Pallinghurst is R4831m on the 23rd May 2014. Leakage This isn't something they shout about in their annual reports, but Pallinghurst has massive amounts of leakage! In their Statement of Comprehensive Income, Pallinghurst list the following: Investment Manager's Benefit Operating Expenses Tax Investment Manager's Benefit Pallinghurst (Cayman) was appointed on the 4th September 2007 to provide investment advisory & management services. "The Investment Manager is entitled to an Investment Manager's Benefit ("IMB") each accounting period. The basis for calculation of the IMB changed subsequent to 14 September 2012, the end of the Investment Period. Prior to the end of the Investment Period, the IMB was calculated as 1.5% per annum of the amount subscribed for in the Company. Since the end of the Investment Period, the basis for calculation is 1.5% per annum of the lower of either the aggregate acquisition cost, or the fair value, of the Group's unrealised investments (based on the Group's most recent published financial statements). The 1.5% is a definite cost and so must be valued at guaranteed rates of interest. Using a discount rate of 8.25%, we get an estimated total leakage from investment management benefits of 18.2%. I've used that in my estimate, but there is the possibility that one day the investment management job is in-sourced, which would be a massive boost to the share price. Operating Expenses Operating expenses consist mainly of admin costs, directors' fees, audit fees, valuer's fees, legal/professional fees and listing costs. Operating expenses were $909k in 2010, R773k in 2011 , $807k in 2012 and $895k in 2013. Let's assume operating expenses increase by 1% p.a. in real terms in ZAR from R9.3m, so the present value is R139m. Tax Tax leakage at a holding company level is miniscule. It was $4461 in 2013. To avoid complex calculations which boil down to polishing peanuts, let's merely assume conservatively that this amounts to R10m present value. Fair Value Estimate of Pallinghurst We can now calculate the fair value of Pallinghurst net of leakage as R3802m. Since there are 760,452,631 shares in issue, this boils down to a fair value per share on 23 May 2014 of R5.00 (nice round number!) Pallinghurst closed at R3.81 on the 23rd May, which represents a 31% discount to its net NAV. I think that is a sufficient margin of safety, so I have bought some Pallinghurst. But I could be wrong, and so could Christo Wiese. hxxp://investsouthafrica.co.za/shares/jse/equity-investment-instruments/pallinghurst/
17/6/2014
08:47
atino: Excellent - we have a 'bounce' forming:-) ^__^...and why? (IMO) All because...JMS said they were valued at 0.21cent - (so 'technically' speaking...there should be a level...in which the RRR share price, SHOULDN'T falling below:-))) [...here's hoping anyway:-]]
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