"Some say the OTC allowed manipulation of the stock/ s p. Anyone have a view on that?'
After reading the AGM notes. It would seem a run on RRS has made a huge impact on the Abraham Ltd, (a Hong Kong based private institutional investor) short term loan.
It states the first issue of 3,560,000 share for the first trench was issued on the 30 May.
The 29 May. RRS saw it's first big move up. 23.1% to 1.6c (au)
The issue was done in pence as you know @ 1p = 3,56m ponds.
As of this post. The UK RRL price is 1.7 pence. Times this by 3.56m shares and you get 6.05m ponds.
Now that's a huge 2.5m pond profit on trench 1 in just 12 days to Abraham.
On the 14 May they said this. "premium of approximately 49% "
Then you have the unlisted options. 118.5m @ 1p and 118.5m @ 2p.
Is it hard to imagine that 2p + would be the target?
the Abraham Ltd, (a Hong Kong based private institutional investor) are making a killing on this.
Then you can add Res 2.
On 11 July 2013, the Company drew down a total of £3,000,000
Hudson Bay Ltd, Empery Asset Master Limited, Hartz Capital Investments LLC and the Cranshire Capital Master Fund)
155,151,380 Shares and 77,575,691 from 1p to .6p.
Again. They will make a killing on this.
Of course to off load this many shares. You need huge volume. (enter volume!)
Res 3.
£2,500,000 worth of Shares will be issued to sophisticated and professional investors known to the Company.
80% 5 dayVwap.
And we know what "sophisticated and professional investors known to the Company" will do given their passed history. It wouldn't be to hard to imagine the shorts coming in around about this time.
Clearly this is for "the other side" of the faction.
I would say this explains the action we are seeing better than just of a change of guard. It certainly isn't about oil as, as of last Q. RRS still spends more on drilling and Admin than it gets from sales.
Hopefully this will change.
RRS Price at posting:
3.5¢ Sentiment: None Disclosure: Not Held
