Rambler Metals & Mining Share Discussion Threads

[pensionplanner] 01/11/2022 08:32

Without going through everything again, was it previously published that RMM had not even paid the September payment to Newgen?

[pensionplanner] 01/11/2022 08:31

Although at the head I do not believe this falls at Toby's door...I know the buck stops where it stops, but who knows what was the plan before he was even brought in

[pensionplanner] 01/11/2022 08:29

1. Not acting in good faith

The recently published case of Antuzis v DJ Houghton Catching Services Ltd, confirmed the principle that directors entering into contracts in bad faith can be held personally liable.

In Antuzis, it was held that the director and sole member of the company was liable for inducing the company’s breaches of contract where they were knowingly in breach of fiduciary or personal duties to the company.

The case of Antuzis looks at whether a director will be held personally liable if they are “acting bona fide within the scope of his authority”. In Antuzis, the discussion focussed upon “the officer’s conduct and intention in relation to his duties towards the company” rather than “towards the third party that provides the focus of the ‘bona fide’ enquiry”. As such the director should make sure he fully understands not only his statutory duties but what documents such as any shareholders agreement and articles of association set out.

5. Breach of director’s duties

Directors’ duties are set out in the Companies Act 2006 (CA 2006), and also apply to:

de facto directors (persons who act as if they are a director and are treated as such by the board despite not being validly appointed as such); and
shadow directors (persons in accordance with whose directions or instructions the directors of a company are accustomed to act).
The seven statutory duties are as follows:

to act within their powers;
to promote the success of the company;
to exercise independent judgment;
to exercise reasonable care, skill and diligence;
to avoid conflicts of interest;
to not accept benefits from third parties; and
to declare interests in proposed or existing transactions or arrangement with the company.

[trader465] 01/11/2022 08:29

Toby can live comfortably on amerettos money

[excellance] 01/11/2022 08:24

I doubt Toby will ever be CEO of anything ever again, but he'll probably not need to be.

[amaretto1] 01/11/2022 08:24

Yes ... but we all knew that was going to happen.....Imo they are all in on it ... Toby and gang are STEALING the asset !!!Toby not mentioning to Angel day before suspension....Is very suspicious...

[pensionplanner] 01/11/2022 08:19

"In addition, the Company ceased to make payments of interest due to Newgen in September 2022."

The 'conspiracy' theory doesn't seem such a theory any more but has more of a fact about it

The above info may push directors into being personally liable along with other information.

[trader465] 01/11/2022 08:19

amaretto - of course things have changed, it’s not in the same position as last week.

“No payment of principal was made to Newgen on 31 October 2022 and therefore an event of default has occurred”

RIP RMM

[bspgamer] 01/11/2022 07:59

This to me looks like another VOG scam the AIM is so corrupt as there is no regulation. You don't see this happen as much on the LSE. You are safer going to a casino with your hard earned

[excellance] 01/11/2022 07:48

Newgen will be considering the merits of keeping the RMM board at the wheel, or putting the company into someone else's care.

[danmart2] 01/11/2022 07:39

Both are possible

Either way the board at RMM at best have demonstrated major incompetence, at worst well you can work it out.
I won’t write corrupt without evidence but I can understand why people may have that conclusion.

[highly geared] 01/11/2022 07:31

Maybe, or do a D4E and Newgen become c. two thirds majority shareholder with existing holders heavily diluted.

[danmart2] 01/11/2022 07:26

If your Newgen, there is nothing to discuss.

Thank you for the asset

[excellance] 01/11/2022 07:21

Rambler defaulted on the Newgen loan, discussions are ongoing.

[excellance] 31/10/2022 15:09

Is that tumbleweed?

[xenor] 31/10/2022 09:59

Directors should be sued regardless of positive outcome or not. I held this stock in good faith given the positive news over the summer that was clearly not reflective of the situation in the company. I no longer hold but would certainly look to sue if the costs aren't too high. Don't really have a clue where to start though. Is anyone else considering this route or is it a waste of time?

[bspgamer] 30/10/2022 23:33

https://youtu.be/K8COXApul_sHave a look at that!!