found these posts from TopStocks
read from the bottom up... cheers
DYOR...
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re: Redbank Mines - Beware
Post #114965 by: Raks
Ingot - you have probably helped solve a lot of my qustions. Thank you.
The RBM results have defied the share price so far, and I've lost out on trading them. Hasn't made sense.
i got to the stage where I thought there was severe manipulation in the 13 to 15 range - and have joined the 'if you can't beat 'em join 'em' party! So I bought some at 12c last week, and will use them as a trade only.
I DID think RBM was a brilliant long term hold, but with this history brought to light, it puts a different hue on it!!
Certainly compnaies with 'dodgy' management are ones that I tend to trade only rather than hold longer term.
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re: Redbank Mines - Beware
Post #114964 by: Ingot54
Burnie - thanks for that view - I remember giving my proxies to the challengers!
But I knew it was never going to succeed. I was in my infancy as a trader, and it was a good lesson for me to not hold on to shares on promises, and to not believe the words of those with less than shareholder's interests at heart. The thing is either going to float or it's going to the bottom.
If you contrast the management style and results of Greg Gailey CEO of ZFX with this bunch, you can see the difference in quality management. One has self-serving interests, and the other has shareholder-serving interests.
Funny thing is, had Vitale and Field honestly applied themselves to serve their shareholders, the real added value to their company would truly have made them wealthy beyond their dreams. Instead, their selfishness destroyed what had the makings of a good little yielder.
My real problem with the board was that they kept making promises, releasing more drilling reports, getting the assured reserve increased, and so on. Under the old proposals and plans, I think Mt Kasi should have been ion production by now, but I don't think they have turned a spade of turf yet.
The capital raisings MATCHED the directors fees every time!
AT the end of it, Vitale and Field agreed to take a pay chop with the proviso that they get a larger share later on when Mt Kasi went into production.
It could well be that Audesso and RBM are the same entity? I was so disgusted at the time I couldn't care too much who took over their debt, or what happened.
I just remember that the shareholders lost huge value under their stewardship of the company. I was lucky I had the guts (finally) to dump the dog when I did, salvaging around 35% of my original capital.
Are Field, Vitale and Hall NOW going to serve their shareholders?
I don't think so.
This company is too hot for me.
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re: Redbank Mines - Beware
Post #114953 by: blackburn f.c
I held through the 'Mt Kasi is made of gold' period and participated in various capital raisings around that time, several years back now.
I personally found Field and Vitale open enough with my questions but speaking to them on the phone is one thing and recognising that the company is stringing shareholders along a little came later on before I sold with a moderate loss.
As I understand it BKS did a consolidation and changed their name to RBM. I thought that the Fiji gold assets are still held under the name of RBM.
I remember the attempt to boot Vitale and Field off the board. There was a lot of publicity and letters back and forth between them and those trying to oust them. I was not impressed with the proposed directors and despite it not being the ideal choice remember voting for Vitale and Field as the proposed candidates had some big questions to answer as well.
RBM would currently be a trading vehicle imo but I wouldn't rule them out for the future. Vitale and Field did attract some new directors while it was still BKS and there are some well qualified people with them here... the quality of the registry may be another story though and I have not looked far into that.
Cheers!
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re: Redbank Mines - Beware
Post #114949 by: Stratosphere
Ingot
Yes I also had enough, with them, sold out at 13 cents 4 weeks ago, any good news S.P goes up to 16 -17 cents, then back to 12 cents, has done this 4 times since i have been a shareholder - to many manipulators.
Cheers
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re: Redbank Mines - Beware
Post #114946 by: Ingot54
It is not often that I knock a company.
The management of RBM are heavily loaded with members of the now-defunct BKS - Burdekin Resources - which used to own the Mt Kasi goldmine in Fiji.
As a former shareholder of BKS, we were continuaslly told of drilling results, and for 18 months fed on promises and "good" results.
One of the RBM board members, Mr Hall, is the reporting geologist for RBM - and guess what - he was also the reporting geologist of BKS, Mt Kasi.
To my knowledge, BKS "sold" its interests in Mt Kasi to Audesso Limited, in a deal designed to takeover BKS' debt.
And that brings me to the nerve centre of the problem - financial management!
It is just my opinion, but BKS' former management ala Ms Susan Field, Company Secretary, and Mr Jerome Vitale, survived several attempts to oust them as directors of BKS, finally surviving a court challenge by majority shareholders to kick them out.
An attempt to call an Extraodinary General Meeting to discuss their tenure had to be aborted due to court caveat placed on further action. Shortly afterwards, Mr Vitale stitched up the deal with Audesso Limited, and wound up BKS.
Now this inept dill is at the helm of anopther ship - RBM.
You asked why the price keeps dying on its run, despite the volume spikes.
Let me say this:
BKS had several capital raisings, each time just enough to pay Mr Vitale and Ms Field some exorbitant (though they always defended this with the value they were adding to BKS!) directors'fees.
This is a matter of the public record through ASX announcements an so on, plus the experiences of myself as a shreholder.
I wrote several emails to BKS with courteous enquiries, but could never get one single reply back. I have no fear that I am slandering MS Field or Mr Vitale - their record stands for all to see.
BKS sank from my buy-in price in 2004 of 3.7 cents to less than one cent. I managed to bail out at 1.4 cents.
My advice to you is to NOT take my word for this - do your own research, and ask yourself if this is a cowboy company you want to be involved in?
At a time when gold and copper went through the roof, Vitale and Field presided over one and now two companies that have made them both extremely wealthy people, while eroding shareholder value to the extent of near-bankruptcy in the case of BKS.
I am afraid we shall see more of the same leopards with this poor dog, RBM.
They have yet to deliver one tenth of one cent in growth or value to RBM - if the chart is any guide! Ask yourself - is this a company that is going to take my capital and grow it... or just take my capital.
Time will tell, but I hope I am proved wrong for the sake of the shareholders suckered-in once again by Vitale, Field and Hall.
In January this year, the shares of RBM were 22 cents ...
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re: Redbank Mines
Post #114939 by: jonno
I bought in @12c a few months ago on the advice of a geo I know, and have seen it spike on good announcements, only to settle back again each time.
I read thru the latest announcements again y/day to reinforce why I hold.
If you do the same, you'll see that these Cu pipes are already worth much more than the s/p, and no doubt more will be found over the months to come.
Consider also that the source of these pipes may well be a very large resource of Cu which lies below. (the very big blue sky!)
Remember that the impatient give money to the patient.
Be strong, put them away for a while longer.
RBM
redbank mines limited
