Red Rock Resources Share Discussion Threads

[stg8123] 13/7/2020 14:05

Alot of buys showing as sells

[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




"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?