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Share Views Episode 4: Mid & Large Caps with Chris Bailey


Oxus Gold PLC Share Chat (OXS)


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Oxus Gold PLC shares appear to be de-listed or suspended.


Share Discussion for Oxus Gold PLC


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Nobull
Posts: 307
Off Topic
Opinion:No Opinion
Price:0.00
tel999
Sun 11:39
At a guess, it might mean the Uzbeks aren't even paying Calunius, the litgation funders, any of the award because the Uzbeks want to deduct the $10m debt they allege Oxus owes them off the Award first. i.e. there is not going to be any payout to any creditors, even to Calunius (who are ahead of us shareholders in the payout queue), unless a new much larger award is obtained. Am not a lawyer or insolvency practitioner, but that is my reading of it. The prescribed part must be something that the administrators have to do by law as part of the administration process, I wonder?
 
tel999
Posts: 1
Off Topic
Opinion:No Opinion
Price:0.00
RE: Latest Bdo info
Sun 10:11
Item 8 Prospect for creditors.... Reads
Under Section 176A of the Insolvency Act 1986, where after 15 September 2003 a company has granted to a creditor a floating charge a proportion of the net property of the company must be made available purely for the unsecured creditors. The Company has not granted a floating charge to any creditor after 15 September 2003 and consequently there will be no prescribed part in this administration. Except to the extent that the Company is successful in obtaining a partial annulment of the arbitration decision and subsequently obtains a significantly larger award in a further arbitration, there is no prospect of funds becoming available for distribution to the Company’s preferential and unsecured creditors, or shareholders.

The last sentence states " there is no prospect of funds becoming available to unsecured creditors or share holders"

Is that legal or am I reading it wrong?
mikebassetts
Posts: 248
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.00
View Thread (2)
RE: Latest Bdo info
18 Aug '16
it also states that they can still keep the final award while challenging the ' adverse holdings of the Award that are not
compliant with French law'

so i guess the question is which parts of the award didn't comply with French law?
rhodi
Posts: 2,343
Off Topic
Opinion:No Opinion
Price:0.00
View Thread (3)
Latest Bdo info
18 Aug '16
Released on the 12th of August

They are pursuing the case but not the entire parts only certain parts and BDO cannot give further details. If a larger award or overturn is successful then their may be money to disperse amongst the shareholders. That is my take buy suggest you read The document released by the BDO dated 12th August which is the 6 month legal requirement. The fat lady is not singing just yet. Fingers crossed. Good luck all
kirstie
Posts: 64
Observation
Opinion:No Opinion
Price:0.00
Report is in
18 Aug '16
Advfn has a lot going on re info for future reference. What now for us apart from patience once again, GLA
mikebassetts
Posts: 248
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.00
RE: RE: End of August
17 Aug '16
shwmae-unless the administrators say something to contrary i won't be writing this off.

Normally it don't take 8 months to officially dissolve a company in administration?
mikebassetts
Posts: 248
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.00
RE: RE: End of August
17 Aug '16
what are talking about..
kirstie
Posts: 64
Observation
Opinion:No Opinion
Price:0.00
Only middle of August
17 Aug '16
Still a week and a bit to go. Most may not hear a faint heart beat - I can. When we get the diagnosis, we'll know for sure.
cristalball
Posts: 1,316
Premium Chat Member
Off Topic
Opinion:No Opinion
Price:0.00
RE: RE: End of August
17 Aug '16
Looks like from a review of the BDO report that the $10m is going straight to the litigation funders and there is no chance of an appeal.

DEAD. FFS
luckyman2
Posts: 2,695
Off Topic
Opinion:No Opinion
Price:0.00
CGT
15 Aug '16
Can i claim oxs as a loss for CGT purpose now that they are in administration.




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