Rambler Metals & Mining Share Discussion Threads

[pensionplanner] 11/11/2022 14:47

You may be right which makes things look even darker, but where that wasn't the end, we had the BoD failing to hedge, interest rates and inflation clearly entering upward spiral and RNS that really did the damage way after he left!

But as ever I'm sure those involved will be heavily scrutinised under the circumstances.

I'm sure many in Canada are rejoicing at the prospect of getting their hands on such a prized asset, but where it may be too hot now to do that.

ironically it matters not in law if it was a previous director, as under the right circumstances if it were found to have gone against the Companies Act details I posted a while back, all directors could lose exemption from personal liability irrespective of the actions of one, presuming of course it fulfilled the requirements to lose that indemnity.

If there was a heavily dilutive placing, no doubt many would get the opportunity to fill up, whilst many existing shareholders would either be precluded and if an open offer precluded by lack of cash to do so.

They could have and still could have gone the corporate bond route with interest and capital convertible at 20p, as without debt the asset value is really attractive,

It is imperative that the Note holders of the debt are investigated, as the prospect of anonymous investors via Newgen could raise a serious concern, as Newgen are only the Administrative Agent for the money.

[somersetinvestor] 11/11/2022 13:46

I think it was the old finance guy who's already been replaced

[amaretto1] 11/11/2022 08:33

Who ever was RMM advisors at the time of high CU prices ....Is the one we all need to look at !! Not implementing any hedge against debt....was corporate negligence. They are ones that need bringing to book .....Or my friends of Toronto way .... Shooting !!!

[pensionplanner] 11/11/2022 08:18

Some may be looking at major dilution, others may keep the status quo.

Directors should be stripped of all options for this farce, and one should take the walk of shame.

[amaretto1] 10/11/2022 19:09

Take a look at MILA Tell me what u think ... Your type of stock.

[amaretto1] 10/11/2022 17:51

When Copper gets back over 4 ... we need to hedge part ....Have they tried to steel the mine off shareholders ??? Imo they have.

[amaretto1] 10/11/2022 14:17

Should NEVER have been in this position ....Bloody idiot

[amaretto1] 10/11/2022 14:16

Agree .... but it may be part of restructuring agreement....Can it come back from the abyss Copper going north !

[excellance] 10/11/2022 13:51

A little late optimising head count in November.

[amaretto1] 10/11/2022 13:45

Copper on its way !

[pensionplanner] 10/11/2022 11:40

Dona. Have to agree with the comment about cost cutting, and again we have these employees reduced, but were they ever Rambler's employees, or the contractor's?

You don't wait until you default to take measures.

Just like you don't use fictitious copper prices to base your financing arrangements on, you base finance on your production and if you want to be sure of servicing a loan, if its a viable loan in the first place you ensure the wherewithall to service it.

Just like you don't issue an RNS when its already known you are going to need more finance, you RAISE IT!.

Just like you don't wait to resolve issues if you see interest rates on the move, where its clear to everyone that they are in an upward trajectory along with inflation.

It's most likely they are being investigated and it may mean the survival of the company along with keeping its asset for shareholders, whose money proved it up.

[master rsi] 10/11/2022 11:25

Metals movements ....

"Among industrial metals, copper prices steadied on Thursday on positive demand signals from major importer China. Copper futures were flat at about $3.6770 a pound, after falling 0.3% in the prior session.

China’s top copper companies are reportedly urging the government to mine more of the red metal amid growing concerns over disruptions to global supply.

The move comes as mining disruptions in Chile and Peru, coupled with U.S. sanctions on Russian producers, have tightened global copper markets.

This tightening in supply could benefit copper prices in the medium-term, with demand for the material also expected to heat up thanks to the electric vehicle industry.

[amaretto1] 10/11/2022 10:52

Rubbish !!

[donaferentes] 10/11/2022 10:26

Can't help comparing the $1m a month saving that could have possibly been achieved earlier with the size of the debt problem. I still doubt shareholders can avoid dilution to virtual extinction - generally the way of things once you've mortgaged your entire asset.

[amaretto1] 10/11/2022 10:24

That 1 million over 3 years could make RMM debt free ...And that's at current low copper priceIf Copper rises over 4 as predicted....Your looking at a serious turnaround

[jasperthemonkeygod] 10/11/2022 10:09

bit more positivie, assuming Newgen play ball

are Newgen stakeholders?

[skif] 10/11/2022 09:39

1 million a month cost saving.

"In addition, the Company has embarked on a strategic process to evaluate how to best reduce debt and restructure its balance sheet. The goal of this process is to ensure that the Company's current operational success translates into financial success for all stakeholders."

[skif] 10/11/2022 09:37

Great update from RMM.

[amaretto1] 09/11/2022 11:26

Anyone clued up enough to understand today's RNS on MXC ?

[pensionplanner] 09/11/2022 07:57

If you compare a director's buys in any company compared to the prize of the asset, those buys pale into insignificance. A gambit?

They could have put investment into the company that may have removed the need for debt, if they had followed the corporate convertible bond route, and at a conversion way above today's fruits of their labour share price

[amaretto1] 08/11/2022 20:26

What's suspicious to me is the director buys ....Director buys are to instill confidence in to the market ...Which it did ..... he must have known of the precarious position of RMM at the time ...Im hoping Toby you was not in on something dodgy ...U won't get away with it .. believe me !!!

[amaretto1] 08/11/2022 17:59

Good post ... totally in agreement ! No body could be this stupid .....Surely .....But check out DDDD pharmaceutical Very similar situation....And guess what one of the main shareholders who started selling out weeks before it became critically apparent is based in Toronto !!! AP ANGEL also need to come up with serious answers !!!

[pensionplanner] 08/11/2022 17:37

Amaretto. No. I'm saying that has happened elsewhere, perhaps not with Newgen. But Newgen charge shows they are not the sole investors, they are the Agents which includes being agents for other Noteholders who are anonymous.

I am however suspicious by nature, especially with the months leading up to the apparent default, and where looking back you will see countless posts from posters wondering why it looked like they were trying NOT to push the company, and where whoever arranged this financing must have known how perilous it was, let alone interest rates had already started to rise in February, Ukraine situation was known then and even they suggested need to raise more finance, so had no need to notify the markets once that was done, except to say a fundraising had taken place at around 20p, but instead we had an RNS that crucified the share price followed by other communication, then RNS even showing RMM had apparently defaulted on the September payment, but notified when?

Apart from that, they could still raise finance, as the City knows full well how much the asset is worth and how copper will be in very short supply in the near future.

I still believe RMM could have raised significant cash via corporate bond at 5% interest with capital and interest convertible at 20p. That could have wiped out the newgen loan altogether, and I believe it still could, but where share price might be reduced but not significantly as long term the asset is excellent, and obviously OTHERS KNOW THAT.

They obviously saw it coming, so why did they not raise knowing that, rather than letting it fall off a cliff! Answers on a postcard.

Likewise it wasn't a cheap loan to set up either, as a percentage was paid for setting it up....

Either Newgen offered those terms because they were given information that was not available to shareholders at the time showing RMM's potential was perilous, or ....leave other options to QAnon, but where you have to concede there are some really inexplicable happenings never in RMM's interest, well perhaps not in shareholders interests.

Potentially they may have a hard job in evading personal liability IF they didn't comply with requirements that give limited liability to a plc and its directors, but I'll leave you to see what you think.

When did we first hear they had defaulted on the September payment to Newgen?

5. Breach of directors 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.

[amaretto1] 08/11/2022 17:17

Copper on the rise ! Dollar weakening