The ‘jewel in the crown’ for "AGL" was the acquisition of a gold mine in Malaysia with another 4 mining area’s to follow. So what actually happened, and where are that at now?

The following are the extracts from the SEC filings of the relevant announcements

Acquisition of Maricom Sdn Bhd
  • On March 20, 2015, the Company entered into a Share Exchange Agreement ("Agreement") with RMC and MARICOM. Under this Agreement, the Company is agreed to issue 600,000,000 shares of its common stock to RMC, which is a related party controlled by a major shareholder of the Company, in exchange for 99.6% of the total ownership of MARICOM. The closing of the exchange is expected to be completed upon the issuance of the audited report of MARICOM.

Not much has followed since, in fact, it was noted in April that they had been delinquent in their periodic filings since July 2015. when the following reassurance was made;
  • As of July 31, 2015, the Company is committed to complete the exchange transactions with RMC and MARICOM under the Share Exchange Agreement in exchange for 99.6% of the total ownership of MARICOM. The closing of the exchange is expected to be completed upon the issuance of the audited report of MARICOM in the foreseeable period.
So that sounds reasonable, things can roll on while Maricom has its books cleaned up and audited.

The Vend
The presentation as expected is very bullish about the opportunities that have been secured, RMC owns Maricom which holds the right to the gold property in Sokor. It appears that RMC may have some control over them, the 'vend' was specifically Maricom and the deal struck was issuing 600million shares at $0.50 (50cents), which was around the price of the stock at the time.

Appreciation
The market appeared to love the announcement by the 10 April 2015 the stock was sitting pretty at $1.60 a share. But it was just getting started as by 10 July 2015 it was $3.50 a share.

Some naysayers may have thought that ROGP was paying well over the odds for the acquisition.
Fortunately there is a gold mine right next door to the blocks, should make it fairly easy to do a comparison.

Analysis
  • OK this is kinda (very loosely) sounds like what is in the AGL presentation
  • The presentation does go as far as to show you the location of the property held by Maricom Sdn Bhd.
  • The "Moo Pasture" are the blocks that AGL, ROGP are promoting.
  • Maricom Sdn Bhd is the ‘vend’ which as mentioned above it was to be acquired from RMC Mining for a cool US$300million to be settled through this issue of 600million shares at a deemed price of $0.50 which was around the share price at the time.
  • The market appeared to love the announcement by the 10 April 2015 the stock was sitting pretty at $1.60 a share. But it was just getting started as by 10 July 2015 it was $3.50 a share.

CNMC Goldmine Holdings Ltd
CNMC were the first gold company to list on the Singapore Catalist exchange. They actually make money!
Their sole producing asset is the Sokor Gold project. Which as the map below shows its a stones throw from the Maricom project.
Some useful financial metrics;

March 2015
price $0.13c (13cents)
market cap $52m
Net Profit: FY2014 S$15m
June 2016
price $0.38 (38cents)
market cap $152million
Net Profit: FY2015 S$16.4m




Its starting to sound pretty expensive. Sounds like the seller got one over the buyer.
Who was the seller?

RMC Mining Sdn Bhd
Looking back at the announcement it mentions;

" RMC, which is a related party controlled by a major shareholder of the Company"

Who is the major shareholder?
According to the filings, the major shareholder Great Mission, Inc hails from Vanuatu, a lovely tourist destination in the South Pacific.
Great Mission, Inc
On October 30, 2014, Royale Globe Holding, Inc ( " Company") entered into a stock purchase agreement with Great Mission Inc, a Vanuatu company controlled by Mr. Lim Kok Cheang and agrees to issue 1,000,000,000 shares of commons tock of the Company to Great Mission Inc for a price of $0.001 per share , an aggregate of US $ 1,000,000.
Mr. Cheang already had a few shares before his timely placement. The table below breaks it down;

Wow. Mr. Cheang, already a massive supporter of the Company before the placement holding 66.24% of the stock, has delivered big by taking up the entire $1million placement and rewarded with 99.62% of the company. Thats got to be some kind of record! The exchange rules must be quite different to down here on the ASX. Get to 90% the rump thats remaining they get the heave ho.
The stock was trading at 30cents back then, so maybe he didn’t want to stump up the $1.2million to buy out just under 0.4% of the Company when he just paid $1million for 98%

So who is Mr. Lim Kok Cheang?

On December 31, 2010, Kok Cheang Lim was appointed to serve as the President, Chief Executive Officer, Chief Financial Officer, Secretary and the sole member of the Company’s Board of Directors.


On October 15, 2014, Yupa Sathapornjariya was appointed as the Chairman of the Board of Directors, and Chief Financial Officer of the Company. Tan Swe Poo was appointed as the Secretary of the Board and Chief Executive Officer of the Company, effective immediately. Concurrently, Kok Cheang Lim was resigned from all positions he held in the Company.

Maybe he retired, has a holiday home in Vanuatu and still has a soft spot for his old Company.

What about RMC Mining isn’t that a related party in some way?

On March 20, 2015, the Company entered into a Share Exchange Agreement ("Agreement") with RMC and MARICOM. Under this Agreement, the Company is agreed to issue 600,000,000 shares of its common stock to RMC, which is a related party controlled by a major shareholder of the Company, in exchange for 99.6% of the total ownership of MARICOM. The closing of the exchange is expected to be completed upon the issuance of the audited report of MARICOM.

Related party of "a" major shareholder? Well was only one "major" shareholder, which means there still only is one major shareholder just in two names.

What about Marathon and AGL?






CNMC Gold Mine Holdings
Screenshots from AGL youtube video
Site visit of Sokor Gold.













Other projects?
The presentation(s) mention a raft of other projects. How do they all fit in?


Plantations



International Plantations

  • On June 24, 2015, the Company entered into a Share Exchange Agreement ("SEA") with Chaw Eng Neug and Lim Kok Cheangk, pursuant to which the Company offered to purchase all of the issued and outstanding shares of Huu Haq Resources Sdn Bhd, a Malaysian corporation, in exchange for 2,000,000,000 shares of the Registrant's common stock. No shares were issued pursuant to the SEA.
  • On July 24, 2015, the Company entered into a Subscription Agreement with Great Mission, Inc., a Malaysian corporation ("Great Mission"), for the sale of 1,000,000,000 shares of the Registrant's common stock for a purchase price of $1,000,000. The Registrant did not receive the subscription funds. The shares were issued but never delivered to Great Mission.
  • On November 30, 2015, the Company entered into Rescission Agreements with Chaw Eng Neug and Lim Kok Cheangk and Great Mission (the "Rescission Agreements"). The SEA was cancelled and the shares issued to Great Mission will be returned to treasury and cancelled.