LJC- I too share the substance of a direct call I held on Thursday evening with Alex B. We spoke at length and i expressed concerns on the mooted consolidation and he gave me his thinking and reasoning...I duly shared with the Watch and then on this board. I certainly have nothing to gain from this information - I can hardly be somehow trading shares....but if you posses a phone you too can call Ab and ask
Asto the impact of 10:1, theoretically, the price should be 10x per share with1/10 the shares incirculation but it doesn't necessarily work that way...i suspect a huge part will be determined by how much good news, if any, AB can package around the news and any positive sentiment he can recreate...
Well, you can believe me or not - or you can call AB yourself and ask him directly. He did not say when the 10:1 would happen, though I rather suspect he would use the opportunity of the agm to get all the bad news on the table. You'll find ABs cell phone number on the bottom of each RNS..Call, ask, check - facts not ignorance please
Finally. To my knowledge no-one's identity has been compromised. Letters were sent to shareholders off the register obtained legally and the use of the register is a proper purpose. The only person in the shareholder alliance with detailed information on individual holdings is the person who acquired the register. And to be clear and to ensure compliance with the DPA -that I believe is how it should be. All founder members have volunteered proof of their holdings to each other but they deserve the same anonymity beyond this proof of bona fides as anyone else
LJC - I have been publicly & privately critical of AB - largely due to ambiguity & missing deadlines. But i remain ambivalent. I have had private communication with AB and, for now, i will suspend judgement and take him at his word. And two parts of the word are: 1 Expect a 10:1 proposed dilution 2: Expect wainwright & Furman to still be directors up to the AGM
Thing is, I don't understand Ritter's problem - or anyone else's problems. We have all trusted management before, and look how that turned out. So now the suggestion is we doff our caps and let the masters do whatever they think best and we just suck it up again. Fankly, I don't know what can be achieved, but I'd rather try than criticise those who are trying. So Ritter, whoever you are - "get back in your own box pal"..if you have nothing constructive to add, then you have nothing constructive to add. Plain and simple.
You may well be right.
For sure a 10:1 dilution is coming
We now await a sense from Ab as to what assets and value really exist
Oh dear, what a bunch. So maybe i left off a little steam in frustration..but i have 1 or 2 shares here...and I know my own financial exposure. But let me be clear, i have no access to and no interest in the share register. I have an intense interest in the future developments in bmr and have been in active communication with AB.
The substance of those discussions has been openly shared with founder members of the bmr shareholder alliance but not beyond..and i am sure all the whiners have similarly spoken.
at the same time, i have had preliminary discussions with lawyers on my own to discuss options for pursuing various parties for damages...again, those discussions have been shared with shareholder alliance founders
Now..i do not criticise and pI...we are all in the same hole, the question is the matter of degree and the extent to which any of us wish to be proactive in understanding ABs strategy and plans as well as bringing fraudsters to book
ED ROCK RESOURCES PLC Update re Kansai Mining Dated: 1 October 2010 Red Rock Resources plc ("Red Rock" or the "Company"), the gold mining and exploration company with projects in Kenya and Colombia, and interests in steel feed and uranium, notes the announcement made yesterday to the NEX board of the TSX Venture Exchange by Kansai Mining Corporation ("Kansai", NEX:KAN) that it has reached agreement with IPCM, an international private equity group, to sell Kansai's interests in two of its subsidiary companies, Mid Migori Mining Company Limited ("MMM") and Compania Minera Adamantine C.A. for a total cash consideration of C$40 million. The agreement is subject inter alia to Kansai shareholder and regulatory approvals, but Red Rock expects to support the transaction and it is expected that on completion Kansai shareholders will receive a total C$0.275 per Kansai share with CS0.240 expected to be paid by approximately 20 December 2010 and the balance of C$0.035 on final settlement. Red Rock's acquired a holding of 10,000,000 new Kansai shares, as announced on 30 November 2009, for a total consideration of C$100,000. As announced on 3 December 2009, Red Rock has an option to acquire an interest in a further 29,629,000 existing shares in Kansai, bringing the number of shares in which it is interested to 39,629,000, or 35.2 per cent of Kansai's issued capital as enlarged by the issue of the new shares. The option, which was acquired for C$360,000, is exercisable for a total further consideration of C$10. Red Rock intends to exercise this option and, on the assumption that the Kansai IPCM transaction completes, would expect to receive a total C$10,897,975 (approximately £6.7 million) subject to any relevant Canadian withholding taxes in return for its total investment of C$460,010. Red Rock's interests in MMM will not be affected by the Kansai IPCM agreement. These interests were acquired pursuant to an agreement with Kansai dated 14 August 2009 under which it agreed to acquire a 15% shareholding in MMM for a total consideration of US$725,000, of which US$350,000 has been paid in cash and the balance has been paid in Red Rock shares. A further 45% shareholding in MMM is issuable to Red Rock upon completion of a bankable feasibility study on the Migori gold project by September 2015
Take the test: go read all the RNS's from 2010 today. Calculate all the fundraising / placings..how much has been raised? Then go to the annual reports for the same period and calculate how much money has left the company via "administrative expenses"