Listen to our latest Investing Matters Podcast episode 'Uncovering opportunities with investment trusts' with The AIC's Richard Stone here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Oh dear.
Really extraordinary incompetence.
Any thoughts, Yugo/Nonsence/Moon?
This RNS on the gold snacks of some very deliberate stuff by the BOD. It says no gold was delivered in Q3 last year! As far as I know during that Q they were certainly still mining away....
So why no Au at all to that agreed agent....
There is something very fishy here.... Almost sounds that a deliberate action to withhold took place well before they announced the general financial issues.
Toby has a lot to answer to if he was deceiving his shareholders in July 2022....
I agree.
Rambler need a follow up Rns and just give us some straight answers to what’s going on
We are in the dark so much, with the batteries running out fast on our flashlights!
To my mind. If TB withheld the July onwards Au to his agreed agent. As the RNS implies.
He should have issued an RBS on this then, for better or worse. This looks a deliberate and accountable action to hide the problems at that stage.
He needs to fully explain this. It's one thing running into financial issues. Another misleading the markets!!
In fact. If he stopped supplies of the Au in July, & people were not notified and many continued to invest in the shares in Q3...... I am no lawyer.... But surely the BOD are running close to being culpable here?
Awful.
They signed the gold streaming deal at start q2, delivered then defaulted on the deal in q3/q4.
It wasn't mentioned in the quarterly updates or mentioned in the subsequent financial position RNS'.
This should have been disclosed to the market IMO. They've basically shafted elemental with $11 million dollars, of which $7 million had to be raised by elemental in financing.
Two places this gold has gone IMO:
1. Sold as needed capital however the period in question was before the full status of Ramblers finances was known/disclosed.
2. They used the gold production in Q2/Q3 to ensure they fulfilled the repurchase pre existing streaming deal they had with sandstorm. Which was US$7m less payable gold delivered since 1 October 2021 and 1,150 oz of gold to be delivered over the next 18 months.
At best this is epic poor management from or it's simply total dishonesty. In any event it should have been informed to market.
I'm not sure what option they've left elemental with other than to agree something to resolve the default to get some form of gold as they are already in default with NewGen which is asset backed.
Honestly makes a bad situation very worse and again genuinely sorry for those here who still hold.
P.s. Moon have some decency and stop posting best time for RMM. It's pretty disgraceful to say those things but today, really, get with the programme.
Atb
How could they deliver gold when they do not own a mine?
All production goes towards repaying the bridge lender, who are secured.
Lower tier creditors can go **** themselves, although they could wind up RMM. Bit pointless as they are assetless.
According to the Q4 report they produced 513 oz and 401 oz of gold in Q3 and Q4 (subject to assay results) they needed to pay the royalty company 300oz in each quarter so why did they not pay ?
The fog around the real situation is a disgrace, and as for John Meyer of SP Angel saying Bradbury was a 'consummate professional' what a total joke.
It almost seems the whole episode has been manufactured, the lack of concise reasoning for the defaults is the clue.
It looks like this is a write off, someone will benefit but not the shareholders, I really hope I am wrong.
At some point I agree with jones when spking tb never mentions anything to me abt this. Just looking for money. At certain points.
Ah, they were in default last year and hid the fact. Dishonesty..
If you guys really want to get hold of tb can tell u so all u put him pressure
Dear oh dear, these guys have been concealing all sorts of bad news. If this can’t get you struck off as a director, then what can?
Shades of hurricane energy type shenanigans here?
RMM is a laughing stock right now. The last shred of credibility just went down the drain.
maybe the debt can be paid in******coin, then its done
5h1te coin
Smart punter,
Whe you say 'How could they deliver gold when they do not own a mine?
All production goes towards repaying the bridge lender, who are secured.'
I understand what you mean and you're probably quite right there. That said, the statement about Ramblers financial position wasn't issued until 27/10 well after the end of Q3 which apparently was also defaulted with Elemental.
So for them to default Q3 on the basis of NewGen owning the asset, as first secured lender, doesn't stand for the the entire default period with Elemental as they hadn't defaulted with NewGen by then, it also wasn't mentioned in the financial statement RNS in October.
What it does suggest is Rambler were more aware of their financial issues during Q3 than previously thought, weren't fully transparent and decided to pay either creditor, elemental or NewGen, even before they defaulted with NewGen.
It's possible in Q3 they needed the gold for opex/capex and then after default NewGen said they can't pay other lenders from Q4. That's most likely IMO.
Atb
They need to be held to account to be honest. They have shafted a lot of people. Not just those with investments trapped in this but also those of us who took substantial losses exiting when it became apparent that the company were misleading investors.
Whilst they were busy defaulting on Elemental TB was busy ramping the company in interviews with information like 8000 annualised production which was clearly a one off monthly total and not sustainable.
Exactly.
As I said below. If they stopped shipping Au to the agreed party in July. They have to have RNSd it.
They let people invest right up to the much later financial screw up RNS.
I know AIM is wild west..... But that has to be BOD accountable.
Investors will have invested in Q3 with no knowledge of the above.
Law experts. Your take?
>Law experts. Your take?
Stop fumbling around and join the shareholder discord group. Your holding is significant. They are coordinating on a response.