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EXCLUSIVE: Alastair Smith, Avacta Group CEO gives an Operational Update


Weatherly International PLC Share Chat (WTI)



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Share Discussion for Weatherly International PLC


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Headly
Posts: 64
Opinion:No Opinion
Price:0.175
RE: WTI
13 Sep '18
So this has now delisted and disappeared off the radar - but are shareholders not still entitled to know the outcome of this debacle - especially as there was talk of being back to normalised production by end of this year? Or have Orion pulled the plug?
 
Patters85
Posts: 241
Opinion:No Opinion
Price:0.175
RE: WTI
7 Sep '18
Final cake??? They will lose millions
chaotic_calmness
Posts: 710
Opinion:No Opinion
Price:0.175
WTI
19 Aug '18
A right issue of £10m-£20m would have sorted the short term cash flow problem arising from the production halt, looks like Orion is going to have the final cake here.... A successful financial backing could have seen this company grown to an £100m annual turnover company....I hope all the existing shareholders do recover some money here.
ronmcdonald
Posts: 14
Opinion:No Opinion
Price:0.175
RE: Hmmm....
13 Aug '18
Should you wish to contact the Joint Administrators: WTIShareholders@fticonsulting.com or 020 3727 1616.
Dixitoo
Posts: 9
Opinion:No Opinion
Price:0.175
RE: Its All Over
8 Aug '18
There was a huge risk of failure hanging over WTI, it made it a big gamble to invest. But had they resolved the issues and Kitumba worked out - well who knows where it may have gone. But I think the BOD were clutching at too many straws and in the end gave out the wrong signals to investors. But will they continue - what of the rescue package - investors truly shafted if that happens. You'll not be the only one SimonShares.
SimonShares
Posts: 8
Opinion:No Opinion
Price:0.175
Its All Over
8 Aug '18
Sorry to all the long term holders. To think I had 16K looking at me a few months back and got very greed. A harsh lesson learned. Still as long as you have your health, its only money. Now to tell the wife..............
Dixitoo
Posts: 9
Opinion:No Opinion
Price:0.175
Hmmm....
7 Aug '18
If the mooted rescue package is still being discussed (they sounded like it had already been implemented) I think investors have a right to know the full story here. Seems like another WTI case of 'pulling the wool....'
pedro57
Posts: 105
Opinion:No Opinion
Price:0.175
RE: Confused
7 Aug '18
hxxp://www.ftse.com/products/downloads/Suspended_Companies_Rule.pdf
ronmcdonald
Posts: 14
Opinion:No Opinion
Price:0.175
RE: Confused
7 Aug '18
Hi pedro57, where can I find the rules you are referring to? I couldn't find them online - could you please post a link? Thanks!
TrickyDickyTwo
Posts: 4,226
Opinion:No Opinion
Price:0.175
RE: Confused
7 Aug '18
That's it, done and dusted.

A company that was far from honest or up front with its investors.

TDT
Headly
Posts: 64
Opinion:No Opinion
Price:0.175
RE: Confused
7 Aug '18
Unfortunately it is now!
pedro57
Posts: 105
Opinion:No Opinion
Price:0.175
RE: Confused
2 Aug '18
WTI is not being delisted yet. The announcement yesterday was that it would be removed from AIM all share index. This is based on it having been suspended for two months. If WTI were to go out of suspension it would go back into index after one year. These rules on the index can be read up on online. It is not a delisting.
Dixitoo
Posts: 9
Opinion:No Opinion
Price:0.175
RE: Confused
2 Aug '18
But what of the delisting - is it not the case that whatever the outcome, shareholders are going to get the worst deal first?
pedro57
Posts: 105
Opinion:No Opinion
Price:0.175
RE: Confused
2 Aug '18
I am not an expert on the administration process, but the way I read FTI document was that this is a proposal to creditors, i.e. sale of WTI assets like Tschudi to repay at least some of the loans. One of the reasons WTI called for administration is to protect company from creditor taking full control, which now adds FTI as a middle man. I do not think Orion is interested in a lowballed price for Tschudi, which is what it would get if it were to be sold now before dewatering is complete. I also think as a related party it is difficult for Orion to get its hands on the assets. I think administration complicates the process of Orion getting control. Best option would be is to extend further lending to allow for Tschudi dewatering and to use WTI cashflows to repay debt.
Headly
Posts: 64
Opinion:No Opinion
Price:0.175
RE: Confused
2 Aug '18
That is how it appears to me too - I guess any suppliers also get left high and dry, but possibly with an offer to make it back be agreeing to re-supply the new entity. That just leave shareholders out in the cold. Makes you hope it all fails again!!
bob11
Posts: 26
Opinion:No Opinion
Price:0.175
Confused
2 Aug '18
I am confused. It seems like the mine is viable.
Rescue plan is good. Orion spending their money on rescue plan. Just bought another asset. New ceo at other company. But then they just going to dump the shareholders and then carry on business as usual so to speak. As a private company.
ronmcdonald
Posts: 14
Opinion:No Opinion
Price:0.175
RE: RE: Recovery plan
2 Aug '18
Do those related party rules apply to private companies? I think Ongopolo Mining Ltd is private and now WTI (or what's left of it) will be private as well once delisted... I'm just trying to understand the mechanics here so that I don't fall for a WTI investment case in the future!
Headly
Posts: 64
Opinion:No Opinion
Price:0.175
RE: Trading
1 Aug '18
That's investors done for I guess. Meanwhile jobs for the boys still. They think they can make Tschudi work, shame the couldn't have done so sooner. Stinks really.
Stokes1610
Posts: 6
Opinion:No Opinion
Price:0.175
RE: Trading
1 Aug '18
It means the company will be delisted from the London Stock Exchange.
Mikebarn1986
Posts: 637
Opinion:No Opinion
Price:0.175
Trading
1 Aug '18
Does rns mean it's guna trade again or not ???
pedro57
Posts: 105
Opinion:No Opinion
Price:0.175
RE: RE: Recovery plan
1 Aug '18
I do not think it is that easy for Orion to buy Tschudi from administrators as it is a related party (largest shareholder and lender). FTI have to get highest price for the assets and invite bids. WTI in administration protects the group somewhat from lender taking control, which could have been one of the reasons for this approach. Generally I would view as the best approach for Orion to fully dewater Tschudi (~$3m cost) and then use cash flows over the next years to pay down as much as possible of the loans. With better dewatering approach mine life would also be longer. Then also develop Berg Aukas to have even higher cash flows for debt repayment. I think there is more going on here than meets the eye.
ronmcdonald
Posts: 14
Opinion:No Opinion
Price:0.175
RE: RE: Recovery plan
1 Aug '18
I'm no expert, but I think Orion will set up a NEWCO, buy WTI for £1 from the Administrators, and take on its (own) 100mn debt, which will be paid by Tschudi's future cash flow. Orion gets back its +100mn debt and will control 100% equity rather than "just" 25%. Just a hypothesis
ronmcdonald
Posts: 14
Opinion:No Opinion
Price:0.175
RE: Is this it?
1 Aug '18
From the WTI website: The Administration appointment relates solely to WTI with all other entities within the Group remaining outside of an insolvency process and continuing to trade under control of their directors. The Joint Administrators will work closely with the management of the subsidiary entities to establish the optimal strategy for the Group with a view of maximising recoveries to creditors of WTI.

I understand John Sisay was appointed CEO of one of WTI's subsidiaries - not WTI itself: "Weatherly International PLC said its 97.5% owned subsidiary Ongopolo Mining Ltd appointed John Sisay as its chief executive officer. He has also been appointed to the boards of a number of other Weatherly subsidiaries." And Ongopolo Mining Ltd holds the mining licences for the Tschudi mine and the Otjihase project.

Also, the recovery plan refers to Tschudi - not WTI.
bob11
Posts: 26
Opinion:No Opinion
Price:0.175
RE: Recovery plan
1 Aug '18
So Orion are happy financing the rescue plan with a view to make tschudi financially viable but at the same time are losing all their shares and investment money as in the loan. Am I reading this correctly?
Dixitoo
Posts: 9
Opinion:No Opinion
Price:0.175
RE: Is this it?
1 Aug '18
FTI are giving nothing away - just a nod to yesterdays news as being the most up-to-date situation and no comment available on 'press speculation'. I still find it unusual that WTI can say so much to the press yet say nothing through official channels to shareholders?
If WTI falls over and is gone - fair enough, but to rescue it pretty much under the same operating premise as pre-suspension, but dump the shareholders - why?




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