The second of three dates in the procedure of MGA leaving administration as per below;
Creditors whose debts or claims have not already been admitted are required on or before 25 July 2014 formally to prove their debts or claims. If they do not, they will be excluded from the benefit of the dividend.
I doubt we will get an RNS on this as for me it's a formality and the final announcement of the procedure should get an RNS from ECR but I feel the RNS after MGA is declared "free" is the one hopefully to surprise the market.
What are we going to do with those A$80M tax losses that will benefit ECR shareholders ?
News flow is good at the minute with Itogon arriving last week with more positive steps forward and SLM shall be the same one feels;
Drilling in the JV-14 zone by Ochre is contingent on positive results from the trench sampling programme. Assay results from trench sampling are expected to be available in ****July 2014.****A number of historical trenches located to the NW of JV-14 will also be cleaned and sampled.
A topographical survey of the JV-14 zone and surrounds, covering an area approximately 0.75km by 1.5km, is now underway, and will provide important data for Ochre’s geological model and for implementation of the planned drilling programme.
This signals only one thing to me and that Themac is about to move on their own or a JV with one person being responsible for it - great for us.
ECR won't sell unless a JV offer comes in that's too good to turn down and neither will they sell their 15% worth $516k when Themac MC is near the bottom but directors options kick in at .15c so with their share price sitting at 0.045c currently ECR would be wise for this to sit as their own investment and when it's worth £1m and not $1m, sell it.
We know it's an asset for sale but their no rush to give it away plus we could borrow against as security.
absolutely yes but ECR doesn't presently have the funds nor do they have a sizeable business to exploit the tax loss benefit. ECR needs to engineer a business partnership with another company that can provide investment funds. This issue is that the suitor cannot have a controlling stake in the company and so cannot buy out MGA from ECR because they are not allowed to own more that 50% of MGA (COT condition). They need to engineer a investor/partnership.
The possibilities however are endless and the more i think about it the more excited I get. This could be the start of something big.
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