Red Rock Resources Share Discussion Threads

[torp] 11/7/2020 11:14

Bell changed the broker here to Cornhill last Oct (now renamed as Pello) Cornhill were fined £300,000 by the FCA in 2017 for forward selling placing shares Reported widely Https://www.fieldfisher.com/en/insights/forward-selling-of-placing-shares-leads-to-public-censure-and-fine "Cornhill Capital Limited has been publicly censored and fined for breaches of the London Stock Exchange Rules in connection with the forward selling of placing shares Cornhill Capital Limited has been publicly censored by the Disciplinary Committee of the London Stock Exchange. It was also fined £300,000, discounted for early settlement to £210,000. The censure relates to breaches of the Rules of the London Stock Exchange between April 2015 and July 2015, when Cornhill was the placing agent for a placing of shares by for New World Oil and Gas Plc ("New World"), an AIM company. The placing was conditional on shareholder approval at a general meeting to be held on 19 May 2015. Following the placing announcement, Cornhill forward sold, on behalf of its underlying customers, a significant quantity of placing shares for settlement on 20 May 2015. These sales were on Exchange and were unconditional, so Cornhill became wholly reliant on the placing being approved by New World shareholders in order to settle its position. However, the New World shareholders did not approve the placing." Here at RRR chairman Bell pre-authorises all the confetti placings at the yearly AGMs, seeking and gaining authority at that point to issue a specific number of shares for the year ahead. DYOR

[kemche] 11/7/2020 10:42

Very much like RGM and POW.

[bambos22] 10/7/2020 23:40

Probably a placing on the way... Feels like that

[kemche] 10/7/2020 10:15

It would be nice to get the next fundraising away soon.

[clunes100] 10/7/2020 10:15

Current profit on tranche bought a few weeks ago 39%, but already sold four lots. It is true these profits mitigate some earlier losses - but I am looking at a glass half full!

[clunes100] 10/7/2020 10:05

If the iron ore royalty comes good and some of these gold prospects, it could get interesting but I would like an update on some of the other seemingly forgotten projects.

[clunes100] 10/7/2020 10:03

Current profit on tranche bought a few weeks ago 39%, but already sold four lots. It is true these profits mitigate some earlier losses - but I am looking at a glass half full!

[proctologist] 09/7/2020 15:36

Yes indeed and I'm most happy to be the recipient of the wealth transferred! I'm up 30% so far in under 2 weeks. Made a few bob on this last time round as well. Buy low - sell higher that's the game

[kemche] 09/7/2020 15:30

"this isn’t investing" - you are right. It's called wealth transfer.

[proctologist] 09/7/2020 15:27

this isn't investing, its a pure punt but I think it's a good one

[kemche] 09/7/2020 15:17

Isn't there a name for that kind of "investing"? Starting with a "P"?

[proctologist] 09/7/2020 15:11

Placings are usually discounted - and anyone who supports them needs to have confidence that they are going to be able to 'flip' them so PI's need to have confidence if they are going to buy them. Not sure I understand your logic. Meanwhile the price keeps going up so any expected discount is going to be less. Not sure what the problem is- I'm not here coz I've fallen in love- just to make money by buying low and selling higher- I've done my research and reckon I'm in with a shout.

[kemche] 09/7/2020 15:09

Once the confidence has returned then the banks will be lining up to lend them money. But only after they have got the money from the shareholders.

[torp] 09/7/2020 14:49

procto - "Well if there’s no confidence then there won’t be a fund raise will there. " No you've not understood. There will always be fundraises because there are always people like YA and Cornhill that will provide money to companies in return for highly discounted shares which they can quickly flip onto PIs. It doesn't indicate any confidence at all when they do so, in fact quite the opposite. If there were confident lenders then they would simply lend money for shares at market value or above. DYOR

[kemche] 09/7/2020 14:42

Let's have the confidence first and then the fundraising. Makes sense.

[proctologist] 09/7/2020 14:27

Well if there's no confidence then there won't be a fund raise will there. You can't have it both ways.

[torp] 09/7/2020 14:15

Procto - "Fund raising is good - people need confidence to support a fund raise" There's no confidence expressed at all when lenders insist on highly diluted shares instead of paying market price or indeed a premium . . . . !!! Fund raising has been the standard MO here for years and it has decimated the SP and always will. It's destructive because most of the cash raised just goes to salaries and Admin which adds no shareholder value. The facts: From 2012 to 2019 Total cash raised - over £16 million Cash spent on Admin - over £12 million Nuff said Until the BOD are removed the share is for me totally uninvestable DYOR

[kemche] 09/7/2020 14:02

So true proctologist.

[proctologist] 09/7/2020 13:55

Fund raising is good - people need confidence to support a fund raise.

[kemche] 09/7/2020 13:53

That's all that matters. And the impending fundraising. Nothing else matters. Apart from the BOD salaries.

[proctologist] 09/7/2020 13:50

Meanwhile the share price continues to go up! Isn't that what really matters?

[torp] 09/7/2020 13:40

Jupiter took the decision to mothball the Mt Ida project in 2012 announcing it in Nov here: Https://www.jupitermines.com/cproot/175/3/jupiter---quaeh.pdf In their RNS they stated: "Jupiter Mines Limited (Jupiter) (ASX: JMS) has just received the preliminary estimates of the Mount Ida Feasibility Study. These indicate higher capital and operating costs than those contained in the 2011 Scoping Study. In light of these estimates, taken together with the currently depressed iron ore and strong exchange rate environment, the Jupiter Board has concluded that it is in the best interest of the Company and its shareholders to freeze expenditure on the Mount Ida project until market conditions improve" At the time the price of Iron Ore was around $125 Here is the iron ore chart showing the position then and up to current date The iron ore price is nowhere near the point that Jupiter mothballed. As a result I can't personally envisage that anyone will be developing Mt Ida for a number of years yet. Others may disagree. DYOR