RMG Class Action - Register your interest

[green]

Hi,
For all those that were RMG investors, In case you are not aware MAURICE BLACKBURN CASHMAN is investigating a Class Action against Directors of RMG.

If you have not registered you interest supporting this exercise, you can do so:

By Fax: (03) 9600 2407

• By Post: PO Box 523J Melbourne VIC 3001

• By Email: RMGclassaction@mbc.aus.net

[tsb]

RMG recapitalisation

Received the rmg notice of a general meeting document today. I have not yet read the detail in depth but in summary they have done a deal with Accent Capital Pty Ltd – for a recapitalisation.

I am still angered by their previous rights issue – if they knew they were folding. Good on the class action.

What, apart from the obvious, do folk feel about the new deal and plead for money?

Looking at a few (3 of 16 published) of Accents past successes show:-
Copperco cuo 1c to 3c
Black range minerals BLR 2c to 6c
Western minerals - appear not listed

They have not said what has not been successful.

Disc – have some bloody RMG

[Lawso]

Just reviving this old thread to advise that, like many other mugs no doubt, my personal RMG disaster has come to an end.

I first bought RMG, on a broker's advice, in 2000 when the price was NZ37c. In 2003 I bought more under a share purchase plan @6cps, but which time I was holding over 49,000 ords. With the capital reconstruction early last year I ended up with 700 shares and, having resisted further efforts by the company to join their Share Purchase Plan, I have finally received their cheque for buying my unmarketable parcel - exactly AUD21.91. Whoopee! This windfall reduces my overall loss to just under NZD7800.

[B)]

[Mick100]

Put it down to experience lawso - "paying your dues" so to speak.
I have a policy of selling losing shares when they are down by 50% regardless of what's happening to the company. I have only broken this rule once with BNT. (after ringing the CEO of BNT and being assured that things had turned the corner - should have known he was BSing when he vacated his CEO position a couple of weeks later)
I ended up losing 65% on BNT before selling

PS , held RMG for quite some time - bought at 4c, sold at 2c acouple of yrs later - during my holding period they had been up to about 7c at one stage I think.
,

[Lawso]

You're right, Mick. I've had a couple of other near-disasters, Anzon and Genesis R&D, but got rid of them before suffering too much damage. And I'm probably one of the few to make a (small) profit out of Feltex - bought @ $161.5 as a former bondholder, sold a year later for 168.

I long ago ceased to be a hold-and-hope investor, thanks in part to what I've learnt on ST, though I still don't believe in such a rigid exit strategy as Phaedrus and some others advocate. My purely speculative holdings on NZX are Widespread Portfolios, Viking and ICP Bio - they might make me good money one day, but if they don't I'm not exposed to any significant loss.

[edison]

Lawso,

So sorry to see you lose so much money on this.

Anyway I have noticed that RMG is now relisted my Ascent Captial ..... The people behind WMT/BLR/DYL etc ...... Have a look at their charts!

Maybe now you should have a look with RMG again.

[Paddie]

quote:Originally posted by edison

Lawso,

So sorry to see you lose so much money on this.

Anyway I have noticed that RMG is now relisted my Ascent Captial ..... The people behind WMT/BLR/DYL etc ...... Have a look at their charts!

Maybe now you should have a look with RMG again.

Looks like RMG are off again through Ascent capital, who have also been involved with WMT, BLR and DYL.

http://www.asx.com.au/asxpdf/2007061...8ftdw4h5s9.pdf

Cheers
Paddie

[whatsup]

Up and down again loooooooooong time b4 anything meaning full can happen!

[mattyroo]

Anyone still holding these?

I have had some in the bottom drawer for a couple of years and been buying on the dips, as always had some faith in their ground. Picked up ~600k at .004 cents the week before last in a rights issue..... they're already up 250%. Best run I've ever had in a week!

Expecting something substantial to come out in the next little while, as their largest shareholder (Holloman Inc. out of the US) picked up 10million in the recent issue..... Can't imagine a corporate is prepared to throw good money after bad.

[mattyroo]

These have had a >50% rise in the last week. Not sure what is driving it, but there has been plenty of speculation over the years, predominantly around copper. Based on the trading of late it looks like there is plenty more to come upwards. I'm up 400% on my rights issue shares in just over 2 months, more than happy with that return.

Anyone else holding?