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RTM - Reefton Mining

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Re: RTM

ASIC raids Reefton HQ

NEALE PRIOR


The Australian Securities & Investments Commission yesterday raided the West Perth headquarters of uranium play Reefton Mining after launching an investigation into suspected breaches of insider trading and market disclosure laws.

Investigators from ASIC and the Australian Federal Police not only executed search warrants on Reefton's Ord Street offices but also on the homes of several current and former officers of the company.

Reefton chairman Brad Moore confirmed late yesterday that ASIC was investigating suspected contraventions of the continuous disclosure, false or misleading statements and insider trading provisions of the Corporations Act, as well as related matters.

Mr Moore said the suspected contraventions covered the period from July 1, 2004, to April 7 this year.

The company was embroiled in market controversy in April after its long-standing managing director Roger Nikolaenko offloaded about a third of his stake in the group less than a week before uncertainty surfaced about renewals of its Namibian exploration leases.

Mr Nikolaenko quit as managing director of the company on April 1, citing other business commitments. Substantial shareholder notices lodged a fortnight later showed that he had sold 3.34 million Reefton shares on March 31 at an average price of 11.3 ¢.

The sales came after a rally in the stock following an announcement on March 18 that it had made a new uranium discovery at its Erongo polymetallic project in Namibia, news that drove the share price from 6.6 ¢ on March 17 to a close of 17 ¢ on March 22.

As part of their raids and document seizures yesterday, investigators searched Mr Nikolaenko's luxury Mercedes parked at the back of Reefton's headquarters and seized what appeared to be data tapes from the back seat.

While ASIC officers were searching the Reefton offices, Mr Nikolaenko told WestBusiness he did not know what matters the commission was investigating but he believed it was to do with the company's affairs in Namibia.

"They want all the documentation - they have an open file," he said. "I am not sure what their mandate is. There is a whole gang of them up there."

Mr Nikolaenko's lawyer, Martin Bennett, said the investigation related to the affairs of Reefton.

"We are happy to co-operate - there is basically nothing to be concerned about," he said.

After Mr Nikolaenko's resignation, Reefton shares went into a downward spiral after it was revealed on April 5 that it was suffering delays in getting finalisation of applications for renewals of its Namibian leases that had been lodged more than seven months earlier.

It subsequently gave the market detailed updates on the progress of its talks with Namibian authorities.

Reefton management secured the renewals for its tenements in June but Namibian authorities rejected Reefton's application for its exploration licences to include nuclear fuels, reducing hopes of the company again riding market interest in uranium plays.

The company was dealt another blow last week when it was kicked off London's Alternative Investment Market after being unable to find a replacement for its sponsoring broker, who had quit last month.

Reefton shares closed 0.1 ¢ down at 3.8 ¢ yesterday - its lowest close since January 2001.

Mr Moore said yesterday the company had taken legal advice. The advice indicated that, based on the information available to the company, there had not been contraventions by the company.

Mr Nikolaenko said yesterday he was sure the authorities would tell him if they found something.

"If they find nothing we won't even get a sorry about the bother," he said.
Click to expand...

Niko seems pretty confident, loks like thier definately targeting him in particular
 
Re: RTM

RichKid...always a pleasure my friend:)))) Always.......
Enjoy a great weekend......Although the Brisbane weather is not going to be exactly conducive for a day out on the beach tomorrow.....If you live in Brisbane that is:))
Tarnor.....I don't think Roger Nikoalenko is worried much..... in fact he is adamant, neither he nor anybody else from Reefton has done anything illegal......
We will soon know.....And hopefully the price will commence its arduous Northern movement again.......
Cheers!!!!!
 
Re: RTM

Ouch this has been one huge roller-coaster ride. Good luck to all that hold.

Hopefully the share price improves!
 
Re: RTM

any ideas on how long an asic investigation takes before they give the all clear? seems like thier could be a 15-20% play on that alone.- given that the investigation has been rumoured for awhile this would definately be one hurdle out of the way and has probably been making traders nervous for awhile

Epsilon as for your scenario about nambian authorities waiting for the all clear from asic. Reefton said they were seeking a meeting to discuss the nuclear fuels matter. Would reefton be required to tell us if the mme was flatly refusing to have this meeting or would they just stay quiet about it?. Would kind of think that with the current situation they would be transparent as possible. The thing that still concerns me is that reefton started drilling 2 days before they sent off the nuclear fuels inclusion lease application.. Since i don't know much about mining i'm not sure how much of a boo boo that is.. Still looks to me very much like its niko that the mme have the issues with..

tempted to buy this for some reason - dog to its own vomit :D
 
Re: RTM

I agree tarnor, I was thinking almost exactly the same thing. Although, its an extremely risky buy as no one really knows what the hell is going on with the ASIC investigation. It could be the end of the company for all I know. Also, I doubt the Namibian authorities would have stopped because ASIC told them to. I'd say they have another agenda, possibly a higher bidder on the land?

Just a thought.

:goodnight
 
Re: RTM

Methinks.....(only my opinion.....) Tarnor is closer to the actual scenario plot twist......We will have to wait and see whether a meeting will finally take place between RTM and the Namimbian Ministry of Mines......
If it is going to happen....Well then......I would say the chances for the granting of the Licence for Nuclear Fuel exploration are pretty good......Don't you think so?
Aufwiedersehen for now...Take care:)))))
 
Re: RTM

damn.. more bailing,

2 company secretaries resign..

maybe thier sick of answering call from pissed share holders...

If Moore can pull this company thru he's a legend..
 
Re: RTM

tarnor said:
damn.. more bailing,

2 company secretaries resign..

maybe thier sick of answering call from pissed share holders...

If Moore can pull this company thru he's a legend..
Click to expand...

Tarnor......The two secretaries were not allowed to speak to shareholders -and never did.....Bradley Moore is the only one who takes shareholder calls....
Actually I regard it (along with few other developments) as a very positive thing the departure of the last of the "old guard".....Before long, they (RTM) may even move out of the offices they are presently sharing with Roger Nikoalenko and his other companies.....
Soon, very soon in fact, we may hear surprisingly GOOD news re: REEFTON....

I am now confident that all the "bad news" are out. From now on ONLY POSITIVE news.....
Cheers!!!!!
 
Re: RTM

Epsilon said:
Tarnor......The two secretaries were not allowed to speak to shareholders -and never did.....Bradley Moore is the only one who takes shareholder calls....
Actually I regard it (along with few other developments) as a very positive thing the departure of the last of the "old guard".....Before long, they (RTM) may even move out of the offices they are presently sharing with Roger Nikoalenko and his other companies.....
Soon, very soon in fact, we may hear surprisingly GOOD news re: REEFTON....

I am now confident that all the "bad news" are out. From now on ONLY POSITIVE news.....
Cheers!!!!!
Click to expand...

What evidence do you have of this good news Epsilon? How have you come about this information about them moving out of Nikoalenko's office?
 
Re: RTM

el_ninj0 said:
What evidence do you have of this good news Epsilon? How have you come about this information about them moving out of Nikoalenko's office?
Click to expand...

El NinjO...The operative word in both cases is "MAY".....
"MAY even move out of Roger Nikoaelenko's offices".......
"We MAY hear surprisingly good news".......
Cheers......and a geat day wish I thee:)))
 
RTM...NEWS....Soon?

Don't you think it's about time to hear some (POSITIVE) news about Reefton?
It's been a while since this stock had some good news announced.....
Methinks the time is nigh......A bird tells me very nigh indeed......
We will see........Cheers:))))
 
Re: RTM...NEWS....Soon?????

Patience my friend.....Patience is a virtue. Patience IS Rewarded:)))
RTM...RPT.....Both commence with an "R"....Both are in Namibia...Neighbours in fact!
There is however a HUGE difference.......Try and find it!!!!!
Cheers...To a wonderful weekend:))
 
Re: RTM...NEWS....Soon?????

My mistake I'll look at the code next time--pologies.
 
Re: RTM...NEWS....Soon?

Starting to stir.. still haven't heard anything about the ascic investigation, tis been a while though maybe thier clear...

could be worth a quick punt but just feels o so dirty :D
 
Re: RTM...NEWS....Soon?

up 17.86% to 0.033 now. Cannot find any announcement. Anyone knows why? Thanks.
 
Re: RTM...NEWS....Soon?

chansw said:
up 17.86% to 0.033 now. Cannot find any announcement. Anyone knows why? Thanks.
Click to expand...

Have RTM lost the African mining rights, or are they still in negotiations. I am not sure of what their actual business comprises of any more ???
 

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