Register
Login:
Share:
Email Facebook Twitter

Exclusive: Hayden Locke, CEO Emmerson plc, a low cost high margin potash investment | Watch Now

Exclusive: Hayden Locke, CEO Emmerson plc, a low cost high margin potash investment
Richard Slape, Oil consultant - Avoiding Losers and Picking Winners, his personal strategy


Cradle Arc PLC Share Chat (CRA)



Share Price: 0.625Bid: 0.00Ask: 0.00Change: 0.00 (0.00%)No Movement on Cradle Arc
Spread: 0.00Spread as %: 0.00%Open: 0.625High: 0.00Low: 0.00Yesterday’s Close: 0.625


Share Discussion for Cradle Arc PLC


Thread View

Please login or register to post a message on Share Chat.

Posts per page:

mushty
Posts: 1,353
Opinion:No Opinion
Price:0.625
CRA
Tue 20:14
We are due to be delisted by 26 of March 2019.
Is there glimmer of hope the company could be trading again.

Accordingly, Strand Hanson Limited has resigned as Nominated Adviser to the Company with immediate effect. Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities to trading on AIM will be cancelled. The Company has no current intention to appoint a replacement Nominated Adviser.
 
jbpvi
Posts: 38
Opinion:No Opinion
Price:0.625
From ZCI
Mon 16:37
ZCI Limited
Bermudian registration number 661:1969
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
JUDICIAL MANAGEMENT ORDER OF LEBOAM HOLDINGS (PROPRIETARY) LTD
Shareholders are referred to the previous announcements released by ZCI in connection with, inter alia, the Provisional Judicial Management Order issued by the Botswana High Court for Leboam Holdings (Proprietary) Limited (“Leboam”), which became effective on 18 December 2018. Capitalised terms defined in previous announcements have the same meaning when used herein.
Shareholders are advised that following a meeting of creditors of Leboam held on the 25th of February 2019, pursuant to the Provisional Judicial Management Order, the Botswana High Court has issued a Final Judicial Management Order for Leboam (the “Final Order”). The Final Order became effective on 28 February 2018 and accordingly, subject to the supervision of the Botswana High Court, Leboam is placed under Judicial Management. Pursuant to the Final Order, Mr John Hinchcliffe, an accredited and registered Chartered Accountant in Botswana, continues in his appointment as the Judicial Manager (the “Judicial Manager”) and any legal proceedings contemplated and/or subsisting by or against Leboam is stayed and restrained.
At the aforementioned creditors meeting, the Judicial Manager presented to the Master of the Court in Botswana and Leboam’s general body of creditors his report on the assets and liabilities of Leboam, its debts and obligations as well as his view on the prospects of Leboam’s recovery to trade as a going concern. The report indicated that Leboam is insolvent. The recommendation from the Judicial Manager was that Leboam be placed under Judicial Management as opposed to liquidation as there are prospects for recovery for the following reasons:
? Preliminary studies carried out by consulting engineering firms indicate that there are sufficient ore deposits of good quality that could extend the life of mine to another 26 years.
? Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and maintenance programme until Leboam is able to trade as a going concern.
? There are potential options of entering into a scheme of compromise with creditors to reduce Leboam’s debt burden.
? It is estimated by the Judicial Manager that Judicial Management may run for 9 months.
Pursuant to the terms of the Final Order, with effect from 28 February 2019, the Judicial Manager is authorised to secure and preserve the assets of Leboam; to prevent the continuing mismanagement of Leboam; to ensure Leboam will be able to meet its obligations so as to avoid a winding-up; and to do all things necessary to preserve the interests of the members and creditors of Leboam. Furthermore, the Judicial Manager shall submit a quarterly report to a meeting of the creditors of Leboam, and to the Master of the Court in Botswana, to provide updates as to Leboam’s position.
As more information becomes avail
Yamin
Posts: 962
Opinion:No Opinion
Price:0.625
Any more news?
Mon 14:44
Anyone know if this has been delisted and if not what is the status.
Med_is
Posts: 1,240
Opinion:No Opinion
Price:0.625
RE: Crystal ball...
13 Mar '19
Cheshirekat... good insight ty
CheshireKat
Posts: 26
Opinion:No Opinion
Price:0.625
Crystal ball...
13 Mar '19
...it was actually a paperweight at my old office, but anyway my thoughts (fwiw)…the issues are:

- Fujax signed a 4-yr off-take agreement supplying customers in China, so they will have immediate and future need for Mowana’s copper. They are not, however, miners; they are traders.
- ZCI is an investor and a limited company, so also not a miner and without access to market money.
- Nobody is going to allow the spivs MJ and Kev VdW back.
- ZCI won’t want to relinquish any of their 60% security over the mine without more payback of the $80m they were otherwise owed by African Copper – this refusal caused the liquidation in the first place.
- VdW is now back at PenMin, so I suppose has relinquished his (mis-)mgmt of Mowana, but still owns the rest.

Perhaps, then, the best VdW can hope for is to sell his stake in Mowana at the lamentable current SP (his own fault, so who cares), or to have some of his investment money paid back by Fujax in return for a reduced share in the company, with Fujax and the next operator taking the balance, (similar to ZCI’s original agreement with Leboam). That way, Fujax get board representation and the stake in the mine they were after in return for investing in it.

The big question still remains of who will actually direct mine operations. Although “Fujax is the exclusive long-term off-taker and marketer for Mowana, supplying clients in China with copper concentrate” (Fujax website), I doubt this would see Fujax negotiating Chinese involvement in managing the mine. They do, however, also have “close relationships with other *copper producing companies* in southern Africa”, which would be a far more logical solution.

In short, if Kev is essentially bought out and ZCI keep their share, Fujax inject the cash and take a stake in the mine and A.N Other African producer runs the mine also in return for a share in Mowana. It could, perhaps, then be a sub-sid of said operator, relisted at the going SP, with access to it’s existing advisors, capital sources and other infrastructures.
Just a thought…
madsktpan
Posts: 1,684
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
12 Mar '19
What is also key is getting a new(ish) management team in situ. To satisfy creditors. Either by way of removal and/or addition(s) to strengthen the day-2-day operation of the Company.

Given the mismanagement & failures over past 18 months or so surely nobody would invest in any rescue deal to keep CRA afloat as a going concern with the exact same management team at the helm?
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
12 Mar '19
May be CRA and/or ZCI will have to give up some of shareholding from existing 60 and 40% each to accommodate Fujax and/or new investor.

But Creditors approval to restructuring of liabilities/debt is key. Hopefully CRA management will keep shareholders interest alive in all these discussions given CRA have invested a lot of money in fixing the mine which shouldn't be ignored by administrators. See where we end up with this.
madsktpan
Posts: 1,684
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
12 Mar '19
It seems for sure - CRA would go belly up if the creditors do NOT agree to the restructure & recapitalisation proposals.

It does not seem to be Fujax's intention to see CRA go belly up. Maybe they know of someone who would outbid them at £2 for the Company????!!!!!

"Fujax will step in should negotiations to restructure the liabilities prove successful. The restructuring could include the coming on board of new equity holders at Mowana."
Med_is
Posts: 1,240
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
12 Mar '19
I know that option is not in the best interest of shareholders but I’m just trying to understand what and where this all means for shareholders
Med_is
Posts: 1,240
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
12 Mar '19
would Fujax be out the picture if the company remained delisted? I mean would it not be in their best interest (financially) if the cRA went belly up and sold for £1 to them rather then them being obligated to sort backdated costa?
madsktpan
Posts: 1,684
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
11 Mar '19
Whilst there's still the remotest of remote chance of any relisting of our shares then talk of any FCA investigation would clearly be completely counter-productive for shareholders.

Be different ball game IF the major creditors don't agree to the restructure & recapitalisation proposals. Then it's be game over for shareholders and wouldn't have anything to lose by any FCA investigation.

Shareholders have nothing to complain about other than seemingly serious mismanagement of the Company. You get that in many AIM listed companies. But failure & mismanagement isn't always a crime.

Seems to me it's many of the creditors who have far more credible grievance over wrong-doing with how the Company operated.
Rocktapper
Posts: 219
Premium Chat Member
Opinion:No Opinion
Price:0.625
RE: NEW HOPE
11 Mar '19
Whilst we are all too aware (or at least feeling the effects of) CRA's 60% holding of Mowana and the problems that has caused, we are not aware of how much the other 40% shareholder contributed to the problems at the mine.
The article though, is pretty damning about the whole sorry affair. Ideally it needs investigating by the FCA.
ragdoll2
Posts: 124
Opinion:No Opinion
Price:0.625
NEW HOPE
11 Mar '19
It is very clear with the published article their is a glimmer of hope on the horizon
We have all been used and abused as investors by MARK JONES and co
The new proposals sound as they could have a positive outcome
With out doubt the AFRICAN authorities involved here will be bending over backwards to help secure
the jobs of the 450 or so workers who are dependent on this for their lively hoods
i hope we all see common sence take a positive lead on this
One would feel all is not lost on this mine
Just keep a positive attitude and let people who know do their stuff
Pj2814
Posts: 28
Opinion:No Opinion
Price:0.625
Article
11 Mar '19
Very damning report indeed !! Totally mismanaged by Kevin and the rest . If Fujax do reinvest where do the shareholders stand ? Looking like they are trying to get the mine producing again . Anyone have any thoughts on this ?
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
Article
11 Mar '19
http://www.mmegi.bw/index.php?aid=79968&dir=2019/march/08

Wonder if shareholders will get anything back at all, very damning report on incompetent management. proper fraudsters these guys were.
CHANDA
Posts: 14
Opinion:No Opinion
Price:0.625
RE: Nothing to say
11 Mar '19
Sure totally agree with your sentiments pj.
Pj2814
Posts: 28
Opinion:No Opinion
Price:0.625
Nothing to say
9 Mar '19
Just wondering why Mcfirth hasn't had anything to say ? Everytime anyone posted warning about the board and the potential for this share to go belly up he jumped on them and said " all good here " well all has gone to s##t and everyone has lost their investment . I was in this to long and should have got out and taken the loss . I hope MJ , Kevin and the rest get shafted to one day !!!
gige
Posts: 11,023
Premium Chat Member
Opinion:No Opinion
Price:0.625
cra
4 Mar '19
Mark Jones crook ..List him so in future do not touch anything he will become involved ..
share_talk
Posts: 5,385
Opinion:No Opinion
Price:0.625
Weekly Stock Market News
3 Mar '19
gige
Posts: 11,023
Premium Chat Member
Opinion:No Opinion
Price:0.625
cra
1 Mar '19
mugged of 8k ,,,crooks ,,TJ....
JEPh
Posts: 146
Opinion:No Opinion
Price:0.625
Gold mine
27 Feb '19
I invested here in Matala gold mine (ALO). Whatever happened to that? Isn't that still an asset?
NoMark
Posts: 1,689
Opinion:No Opinion
Price:0.625
RE: SP Angel
27 Feb '19
Cradle Arc Plc* (CRA LN) Suspended – Provisional judicial manager recommends full judicial management in Botswana High Court Sometimes a company with sensible management and a workable plan goes to the wall for all the wrong reasons.
Cradle Arc is a case study in taking on the wrong investor / debt instrument following introductions by Tamesis.
Yesterday the provisional judicial manager for the operating subsidiary, Leboam in Botswana recommended full judicial management in Botswana High Court. A final decision is expected on Thursday.
Fujax a commodity trading company based in Mauritus was reported have reneged on a USR4m funding arrangement causing the company to go into Judicial Review
Cradle Arc management were unable to refinance the business to complete its plan to raise copper recovery rates through the processing of better quality sulphide ores by sorting out the oxide and transitional material.
Tragedy: the tragedy is that having completed remedial action in mid-November last year, Fujax reneged on fulfilling its commitments and Judicial Management started on 18 December.
This put Cradle Arc’s loan notes into default causing the company to enter Administration on 31 Jan 2019.
Sadly the company was in the final stages of negotiation to sell assets in Zambia and Mali for $5m and the company was due to reclaim some £700,000 from HMRC.
The Mowana copper mine still has 5 benches of material available and 3 benches of the North Pit Available at strip ratios of around 2:1.
The material adds up to 1.8mt of resource with 1.2mt of ore expected from this.
Recovery rates should be between 55-85% copper depending on how much transitional material is sorted out.
The Mowana mine has debts of:
$10m Loan note - secured. Noteholder name remains undisclosed
$9.9m ZCI Secured Debt
$10m Liquidator (MCB) debt
$7m Offtake Pre-payment
$2m PenMin Facility.
$6m Creditors.
Cradle Arc the company owes:
£400,000 in trade creditors
£800,000 convertible loan notes – in default. Noteholder name remains undisclosed
£400,000 staff liability
$10m loan notes passed down to Mowana
$18m in shareholder loans down to Mowana including the notes
Management are/were looking to fund $600,000 of work to figure out if they should continue to mine the first 100m of ore which carries transitional ore uncertainty or to sink a $5m decline
A $5m decline should give access to some 900,000t per annum of material where 92% recovery rates are proven in primary sulphides.
The mine, in its current configuration, is a marginal but expansion past 20,000 tpa cu should move the mine to a lower quartile producer.
*SP Angel acts as Joint Broker to Cradle Arc plc
NoMark
Posts: 1,689
Opinion:No Opinion
Price:0.625
SP Angel
27 Feb '19
gazshot
Posts: 3,044
Opinion:No Opinion
Price:0.625
RE: Fraudsters
27 Feb '19
S740, good to know but why would he put himself up to help us lowly lot ?
S740
Posts: 22
Opinion:No Opinion
Price:0.625
RE: Fraudsters
27 Feb '19
I was at an event over the weekend at which one of the speakers was a South African Geologist with a particular interest in copper, after he had spoken I got a couple of minutes with him and asked what he knew about Mowana the answer was quite a lot. After offering great sympathy he said that Mowana has never and will never operate at a profit, every operator has either run away or gone skint. He was asked to put the slide rule over it in 2008 as a result he had seen all the reports, surveys etc and had his boots in the dust in site, he said sadly CRA was going to fail from day one and those involved either knew it, or should have known it. There is copper ore there, but not in a way which can be economically extracted.

Should anybody instigate an investigation an need an expert witness, I have my man's card in a safe place.




Share Price, Share Chat, Stock Market news at lse.co.uk
FREE Member Services
- Setup a personalised Watchlist and Virtual Portfolio.
- Gain access to LIVE real-time Regulatory News (RNS).
- View more Trades, Directors' Deals, and Broker Ratings.
Share Price, Share Chat, Stock Market news at lse.co.uk









Datafeed and UK data supplied by NBTrader and Digital Look. While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk.
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.