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we can't rely on the UK government and the states watchdogs to fight our corner, if anything they're complicit in the steal. WEvgen the high court at a time we're sending tanks to Russia rubber stamps ensuring that the Russian creditors get their money and ours
They've thrown down the gauntlet and we are in no position to pick it up
What is unclear for me is that if not all of the creditors will paid that means money will be left in the company. They will have to do something with those money before winding up the company. The next in line are shareholders, which means there should be something for us?
Am I missing something or it doesn't work like that?
Nick Hood elaborates
Dear Mr Jenkins,
Thanks for getting in touch.
The website is very definitely still active, indeed I’ve been on the site myself three times today. Here is the link to the relevant page, where updates are posted as when there are developments: https://petropavlovskplc.com/administration-news/
The situation is that the Schemes of Arrangements governing the payment of creditors have now been approved by creditors and by the High Court. Details of these matters are on the page to which the above link will take you.
The next step is the actual payment of creditors, which is expected to be completed subject to the terms of the Schemes by the end of this month. The Administrators hope that the Administration can be completed by the anniversary of their appointment, i.e in July 2023.
The next general update for stakeholders is due to be published next month, as required under the Insolvency Act, but the situation as regards shareholders has not changed since you were last in touch. The Administrators’ opinion is still that there will be no funds available for shareholders. The process for ending the Administration and for closing down the Company will be set out in this update.
With kind regards,
Nick Hood
For and on behalf of the Administrators of Petropavlovsk PLC (In Administration)
Astral: my link after 11 years doesn't work anymore. However I contacted Opus who sent me the link that does Now to try and grasp whats happening
It's up an running for me, there was a hearing on 19th or 20th and an update from the hearing on 25th of January. What you think will happen in case they don't pay all the creditors?
So Astral, you claim the court has given more time for the completion. I went to POG's website to see if any Opus updates and at t6he moment its unavailable
The court have given more time for creditors to claim, what if they don't approach the administrators and there is money left at the end?
Seems to be your favourite word…….
Such an aggressive chap. Not like others on here.
D**k head
Not at all Lawrence.
You’re definitely confusing me with someone else.
Hope you are well.
that would be so sweet but you come here and criticize instead with a tendency to pour scorn on those that still want to fight this heinous act
Just checking in occasionally to make sure you’re ok.
As a fellow investor and friend I thought it best to.
More to the point for a man who has put his POG losses behind him, again I ask why are you still here? I think that is a perfectly reasonable question considering your opinion on those sad people who won't let go and hang about LSE. Oops that's you.....
This a stock that didn't go belly up and was producing copious amounts of a commodity the world will increasingly lust after. It was our UK government and our law courts that allowed this company to be stolen . They purposely or through incompetence set the scene that allowed the Russian crooks to create a faux crisis in which they could seemingly buy the company at a pittance of a price and then with a British company and our law courts ensure that the Russian lenders got their money back and the irony is we the UK are supposed to be punishing Russian business not subsidizing it. IOn fact6 i9t could be said our government, courts and Opus went out of their way to hurt UK citizens and aid and abet Russia in its hour of need.n It6s scandalous what's happened . And Tomski7 you scruffy ****er , put on a Thai
Great weather but too busy.RR and IAG doing ok
Agreed.
How’s Thailand?
Everyone was warned that this share could/would go belly up..that's the way it is..stop whining, accept your loss and move on...it's only been 7 months or so
Correct lawrence
Balloon.. dont you worry too much about it
If you have come to terms with your loss why are you still here?
Stop having a dig at me Lawrie old chap. You were stupid enough to invest ALL of your pension into a Russian gold company knowing full well how corrupt it was.
Do I think it was corrupt, yes. But as my post said if it wasn’t for the sanctions on GPB we’d still be invested in POG, corrupt or not.
Are you involved in the legal case? With your “holding” it might be worth a gamble, the last roll of the dice maybe.
I’ve lost as well so don’t think I’m sat here laughing about the situation. I’ve just accepted what’s what and moved on.
If, and it’s a big if, anything comes from it then great but not going to sit here crying over my mistake.
Have a nice weekend.
I thi9nk johnson is advocating something he would be too scared too consider if he was PM so has the comfort out putting others on the spot. But.....and a big but (no not Johnson) it is a fantastic suggestion that I made here some time ago but now more pertinent than ever. One of the three ministers who replied to me via my MP was Graham Stuart who said 'we need to look at the victims of unintended consequences of the sanctions". Well here it is , send his response to our respective MP's saying that we were devastated by government action and were the unintended consequences of their actions and they need to own that to start with. At least Graham Stuart had the decency to acknowledge our losses. This government can compensate us from seized Russian assets.
Oh yes it is. Note on very short notice as the ****ehouse traitors at Opus want it through with no upsets as they know the whole sale was a house of cards that would blow over if a breeze of official investigation blew its way
Is this a wind up?