"The report of the Administrators to creditors is expected to be available this month, and the assignment of the Claim and the complete effectuation of the DOCA are expected to occur by early November 2013; at that point MGA will be considered to have been completely released from administration"
Now if you were getting dividends from ECR shares it might be worth keeping them whilst waiting for this news but you can't blame people for selling and putting their money somewhere it can grow whilst keeping an eye on ECR for signs of life / news.
and there#s this "MGA’s Secured Financier engaged Ferrier Hodgson to conduct a comprehensive financial review of the company’s operations and cash flow forecasts. Our review, inter alia, found that a three month plant shutdown was scheduled, gold still to be supplied under forward gold sales contracts, mining and milling costs were rising and the forecasted net cash outflows were unlikely to be funded by alternate financier’s or the parent UK entity (which had already injected AUD89 million)." from http://www.ferrierhodgson.com/au/publications/specialisation-case-studies/mining/mercator-gold-australia-pty-ltd
Honador, dean says they don't exist, so as a top level poster who cares for everyone he will already have a process going against the company for stating tax losses do exist and currently stand at circa.... Please let us know dean how the case progresses. Glad to have you watching our backs.
Before posters used to think ECR was a takeover target, I disagreed at the time, but as we are still pretty much a developing shell, now may not be a bad time for a savvy buyer to temp an offer for all or part of the company. Not suggesting this will happen, but I think right now, is a more likely time. Could the new found spread be related to background discussions holding the price slightly lower then what can be considered the base rate the company tried to set last year? Where do the take over standees of last summer see that situation today? Today, although I don't think it's yet likely, I think now we are closing in on a potential early offer. Could this be the surprise?
My life improved weeks ago Valencia, have only filtered 4 people over the course of 2 years on here, having seen the sp. drop to 0.1p from 0.7p and rise again, however I have never seen so much cr@p being posted on here than at present. I have 3 regular "posters" currently blocked, and it takes allot of cr@p for me to do this.
" The present Directors have been advised that following the sale of MGA’s assets and distributions made to its creditors, MGA may be released from administration within the next few months. On its release from administration MGA is expected to have the benefit of accumulated tax losses which are in excess of A$80 million. The Directors have recently received confirmation from MGA’s Australian tax advisors that these losses should, subject to certain conditions, be able to be utilised against future profits of MGA. Once MGA has been released from administration, it is expected that MGA will seek and acquire, if possible, a suitable late stage development opportunity or profitable producing asset in Australia so as to take advantage of these tax losses."
MAY be released from administration within the next few months ............
The Directors have recently received confirmation from MGA’s Australian tax advisors that these losses SHOULD, subject to certain conditions, be able to be utilised against future profits of MGA.
MAY, SHOULD, CERTAIN CONDITIONS, future profits OF MGA ... that suggests to me MGA has to return to profit before any tax losses that MAY be awarded, SUBJECT TO CERTAIN CONDITIONS ..... it#s debatable these tax losses are transferable to THEMAC, Tulla ... whoever ....
Also, the idea that if, for example, Ochre was sold, that proceeds would be distributed amongst shareholders is addressed here ..
"Where a project has been disposed of, the proceeds of that disposal will usually be reinvested in new projects. In the case of very significant proceeds from a disposal, the Directors would also consider distributions to shareholders."
So VERY SIGNIFICANT proceeds would result in the directors CONSIDERING distribution to shareholders, otherwise, it#s re/invested but I presume that will still drive up the SP though, as SQUIFF pointed out, the planet is lousy with unsold exploration projects supposedly ready for production.
Sorry Deano, but any small amount of patience I had for you has been completely lost this morning.
Seeing as I don't work for MGA, the administrators or ECR...how would you expect a mere PI to be able to provide you with in depth details of the tax losses associated to a an Australian company that are currently in administration.
I like to take my information from a number of different sources. Those being, official notifications from the BOD, occasional conversations with the BOD and the information made available from people whom I trust.
On this occasion, all the information available in the public domain suggests that there are circa $80mil AUS to be utilised as and when MGA are released from administration.
I'll go by that information, as opposed to your assumptions.
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