I rarely post on this forum, but I have now received the Ramcap letter and make the following observations:
1. What is RAMcap? Ths is what it says about itself.
"RAMcap is a hedge fund company that is seeking outsized returns through concentrated,leveraged positions in ASX listed stocks"
2. Who is behind it?.Richard Matthews CEO & Founder Richard is a businessman and stockmarket investor. He commenced his investing activity – aged 17- when he participated in the IPO onto ASX of technology stock Wavenet International in the year 2000. He subsequently borrowed $20,000 – aged 20 – to participate in the IPO of insurance company Promina Group.Richard operates his own SMSF and established RAMcap as a hedge fund company in March 2018. Richard is the CEO, Founder and controlling shareholder of RAMcap. He is chairperson of the investment committee.
Warren Cammack Non Executive Director Warren is the co-founder and currently chairman and COO of ditno, an Australian cybersecurity organization with a vision to make security simple. He has also previously been the chairman of the Australian Computer Society NSW board, NED of a Vietnamese recruitment organization and a member of the technical advisory committee for the Copyright Agency of Australia.Warren has also worked for the Commonwealth Bank of Australia for over 12 years in various parts of the organization concluding his tenure as General Manager in Vietnam.Warren holds a bachelor of Computing & Management degree from the University of Leeds, is a member of the Australian Institute of Company Directors and has had extensive professional education including MIT.
Paul Viney Non Executive Director Paul was previously Chief Financial Officer and Company Secretary at ASX listed banking group MyState Limited from its creation in December 2009. Prior to this, he was CFO / Company Secretary for listed trust company Tasmanian Perpetual Trustees Limited (TPTL) from 2003. Prior to this, Paul held senior Finance and Management roles in the newspaper, cement and coal, corporate banking and paper and packaging industries.
3. What do they want to do?"...seek support to address what (they) percieive to be a fundamental problem at Troy ...(being) the evident lack of shareholder trust in the present TRY board of directors"
AND
they also want TRY to take on a $10 million dollar debt to them, which they can convert to shares should they wish to.
Comments.
1. Not one of them has a hint of any hands on mining experience. In their own words "Our investment team has over 60 Years of combined experience in the financial markets."
2. RAMcap itself is almost brand new, being established in March last year.
3. Their experience is in the "financial markets", and as chairman of the Australian Computer Society, Vietnamese recruitment organization, technical advisory committee for the Copyright Agency of Australia, running a banking group, and senior Finance and Management roles in the newspaper, cement and coal, corporate banking and paper and packaging industries.
4. The letter sent to shareholders is very light on detail.
5. Whether or not Ohio Creek gets funded is not guaranteed. It is subject to "a satisfactory feasibility review by Mr Rossiter", but no information is provided about Mr Rossiter other than that he is "RAMcap's resources adviser" who is on Linked In..
Conclusion
IMO Troy's shareholders would be mugs to have anything to do with a new, small, hedge fund shareholder, which does not have a mining background and whose stated aim is to seek outsized returns through concentrated,leveraged positions in ASX listed stocks".
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