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What an appalling set of figures. Take a look at Companies House. The Chairman has gone which is the best news - his reputation goes before him and I wonder if he will retain any credibility in the City. We are now a private company with the major shareholder showing no interest. All assets written down including the copper mine that has been written off. The Directors continue to be optimistic though.
It's the Chairman who is the major problem here. I fear there will be an offer to those of us still owning stock at a substantial discount to the asset value the Directors keep banging on about.
Anyone could share some insight into what's happening to these shares we're holding greatly appreciate.
B__tard company. What have they done to the shareholders' hard earned money?
from YZJ accounts.. 'This year, we had written down another RMB211 million in value of the jack up drilling rig, and the Group is actively seeking for potential buyer for the jack up rig.'
further questioning from SGX Exchange..
It is disclosed on page 16 of the announced financial results that the Company had written off an amount of RMB 233 million of trade and other receivable. In relation to the trade receivables for which impairment has been provided, please disclose:
i. The Company’s plans to recover the trade receivables;
The provision was for advance payment to a supplier which ran into financial difficulties and had ceased operations.
The Company plans to recover part of the advance payment via legal proceeding against the supplier.
ii. Whether they are major customer(s) and whether the Company continues to transact with these customer(s);
No.
The next we will hear is an offer to locked in holders at about 5p a share notwithstanding the company said the asset value was about 50p. If they offer me 20p for my 115k they can have them.
just awaiting news. Assume the stock is trading and we still awaiting the Explorer I rig to be sold - as that is the next expected event we await anyhow. A matched bargain facility was promised from AMED soon after delisting still awaiting an update on this. Contact AMED directly by email or telephone although they do not seem to respond to emails. Good luck all
Anyone still here? What can we do next? Heard anything from the company or your broker on this?
guru, Well, no but he gets a regular income, his mate from Teathers has a paid seat on the board and his techie mate got a contract to work on the Teathers app. Trick is to be Ben or his mate.
I'm still in ... not sure why, wishful thinking I guess (or stupidity) ....
Did the ‘New’ share holders get their investment back?
Cheers.
Ask Ben to form a shareholder action group to oust the board and replace them with directors more aligned to shareholders' interest? Like he did with TEA and NEW.
Anyone still holding these or me only? What can the holders do next?
i know we've been robbed.
Zafar Karim has previously f**k*d-up Legendary Investments, presently Eight Peaks, and is robbing us poor long suffering(& supportive, for our sins!) P.I's of Amedeo Resources too.
The warning signs were there, of misleading statements, promising the sale of the rig, numerous times; "end-of-year" or "being prepared for delivery" etc. When YZJ's own statements suggested following year's open-market availability/sale for the rig.
Consolidation, management resignation, vague website information(MGR) no communication replies.
My own recent research, revealed & links mentioned ,the offshore yard at Taicang, being prepared for extensive LNG vessel production, commencing April, with Japanese partners; now that substantial revenue payoff{although admittedly, probably a year or two away)has been cruelly taken away from us P.I's too, after all these years, on the excuse of saving a 100K a year's AIM listing. From over 200p peak, February 2014 to 2p bid now!!!
I don't really understand why folk are buying here when tomorrow sees the end of AIM trading. I have no doubt that the company has a great future but on past experience I would say don't underestimate the difficulty of finding a buyer for your shares at a later date. Personally just taken the easy option, bit the bullet, taken the 98% hit and moved on with my 50 quid leftovers!! Good luck to one and all. Let's hope that 2019 is a healthy year in every respect.
If anyone holding after delisting, if the company offer a match trading facility (britdaq probable) you need to have a share certificate in your own name. Consider the cost for your broker to issue a certificate before delisting and if they are able to offer a certificate on your delisted stock once it happens.
What's that then guru?
Someone is accumulating & for a good reason
Dealing and settlement arrangements
The Directors are aware that Shareholders may wish to acquire or dispose of Ordinary Shares in the Company following the Cancellation. Accordingly, the Board intends to put in place an internal process that will allow Shareholders or persons wishing to acquire or sell Ordinary Shares to leave an indication that they are prepared to buy or sell at an agreed price. The Company will then use its reasonable endeavours to contact those parties that are willing to buy and sell in order that they may discuss effecting the bargain.
Once such a procedure has been put in place details will be made available to Shareholders on the Company's website (www.amedeoresources.com). It is expected that this will take place shortly after the Cancellation.
In Sep 2016 Sable Mining (Consolidated Growth Holdings Limited) also delisted and became private. At the time of delisting they had $3m in cash and total net assets of $4m. Just over 2 years on they have had an open offer to raise $1m. They have realised value from selling most of their assets but shareholders have still be given no assurances as to their holding - 'There can be no guarantee that there will be a market for the Ordinary Shares at any time in the future'.
AMED delisting (last day of trading Fri 28 Dec 2018) at last report cash $2.8m and total net assets of $18.8m. Even when the Explorer I rig is sold this will enhance the AMED value but directors have stated there will be no formal market mechanism enabling the Shareholders to trade Ordinary Shares and no other recognised market or trading facility is intended to be put in place to facilitate the trading of the Ordinary Shares. Good luck if holding for a future trading event.
Cancellation Resolution is passed at the General Meeting, it is proposed that the last day of trading in Ordinary Shares on AIM will be 28 December 2018 and that the Cancellation will take effect at 7.00 a.m. on 31 December 2018.
The principal effects of the Cancellation will be that:
there will be no formal market mechanism enabling the Shareholders to trade Ordinary Shares and no other recognised market or trading facility is intended to be put in place to facilitate the trading of the Ordinary Shares.
* 1M buyer on Friday
* if majority shareholder voted against delisting today - expect price rally
around 3pm expected
Can this jump back to 30p?
Wht does that mean for the share price?