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London South East Natural Resources Briefing webcast: #Emmerson #Alba #Condor Gold #Gold analysis
Angus Energy in talks to buy 'transformational' gas asset in North England


Corac Group PLC Share Chat (CRA)



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Share Discussion for Corac Group PLC




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NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Yes with you on this one dropside.
 
dropside
Posts: 94
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
*secured note holders
dropside
Posts: 94
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
I believe the CLN holders include people like City Financial and others who do not get on with the board. Look how it kicked off at the EGM. I had hoped relationships would improve after Roy Pitchford came on board. There could be some power play/brinkmanship going on here, and some arm-twisting. In the end people like City may consider that some of their clients will still hold stock here and take an easier line.
I am inferring things here, I'm not an insider! Just hope this is what is going on and we are not just being taken down a road of asset sale and financial engineering that delivers a debt free company and chucks the rest of us under the bus.
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Fujax didn't say they won't lend..infact they gave $1m advance from this $4m working capital...they just want some security as their stakes/risks are growing in this..understandable i guess....bad management of finances and operations though in last few months..see how this unfolds or folds
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
I mean it was so close to production and the lender thought i want more of a piece of this. They tried to force the other creditors to bow down. It’s a ridiculous situation. When it coul have gone so well really
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
They really had no other choice to suspend. Hopefully this forces the issue and gives the SH’s some hope. Won’t hold my breath but still in the game.
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
No he’s under his desk with a tin helmet on.
dropside
Posts: 94
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
There could be brinksmanship, someone may crack if they think they are going to lose their investment. I can't get hold of Charles Vivian at the moment either btw.
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Ok mate. Thought it was that. A lot a debt but serviceable with production ramp up. I do think there is brinkmanship to force the lenders hands.
dropside
Posts: 94
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
One scenario could be a sale of the mine to another company which would pay off the creditors but leave probably nothing for shareholders. This would leave nothing to the majority shareholding director either so that makes it less likely - but wouldn't be surprised to see some sweetener for him, or even direct involvement in the buying company or consortium. So the phoenix rises from the ashes- just that we are the ashes, folks. AIM at its best.
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Around £1m...this is from 1st August RNS..this was supposedly to save us from dilutions..

"Agreement for the Redemption of Convertible Loan Notes

The Company has reached agreement with the holders of, in aggregate, £1.275 million principal amount of Convertible Loan Notes issued in January 2017 and June 2017, to suspend their conversion rights and redeem all of the Convertible Loan Notes for cash payments of, in aggregate, £1.59 million, by way of staged and back-end weighted payments up to their scheduled maturity date of 31 December 2018."
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
How many CLNs were left to convert?
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Yes I’ve tried them twice. Busy both times. The secretary said he’d ring back but very busy.
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
If they haven't been paid then probably wont get much service from them..i sent them email last week asking about situation with redemption of CLN's, but had no response mate...
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
I suggest one or two more ring. See if we can get a nugget out of them.
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Charles ringing back
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
I’ll ring now mate.
CalmInStorm
Posts: 70
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Thanks NoMark, Anything you can share from your call with Tavistock?
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Tavistock communications taking all calls regarding suspension.
Sundayroast
Posts: 2,074
Premium Chat Member
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Cant really see any point
NoMark
Posts: 1,770
Opinion:No Opinion
Price:0.625
RE: Been here before with AMI
7 Dec '18
Anybody tried to contact the board? Tried but just ringing through
boreddesigner
Posts: 3,304
Opinion:No Opinion
Price:0.625
Been here before with AMI
7 Dec '18
Hopefully this one will have a happier ending!

You never know Fujax could have a change of heart when looking at losing everything, especially when CRA where so close to turning the corner!

Fingers crossed for a positive outcome!




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