Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Adding nothing new again and pulling down the mood of board. Top job!!
It's like: "yeah completed it mate" ;-)
Sammy if all parties wish to settle the matter out of court (and imho a good idea) then that will be a positive. We have a good counterclaim and given the pandemic it would have been a bad deal. So best out of it. Solicitors end up the only winners.
In any case from the Cineplex side.
"While a trial date has been set for September 2021, due to uncertainties inherent in litigation, it is not possible for Cineplex to predict the timing or final outcome of the legal proceedings against Cineworld or to determine the amount of damages, if any, that may be awarded.”
Strange thread on the eve of Fast and Furious 9 and the money it will bring in.
True sammy, and England scored two in the one match ;-)
Fun, at least you got one positive result from the Scotland game ...
Ignore my last posts...
I'm losing the plot ...
Off out , nice evening :-)
sammy (and anyone else that fancies):
This prick in the office was digging me up all morning about my "Non PC" language. Despite the warnings, he kept going so I gave him an overweight lip and an eye of colour.
Just watched that 'Nomadland'.
It's basically a two hour film made with extras from Wetherspoons.
My mate questioned me in the gym changing rooms, I was putting on lace knickers.
"Since when do you wear womens pants?"
"Since my wife found them in the glove compartment!"
The UK Government has said that Scotland could end up as a Third World country if they try and vote again for independence.
I don't know if things will improve to that extent, but you never know.
I guess you could call covid an illness :-)
Cineplex’s action claims that Cineworld “breached its contractual obligations and its duty of good faith and honesty in contractual performance. Cineworld purports to rely upon alleged adverse impacts of COVID-19 on Cineplex’s business to terminate the arrangement, which it is not entitled to do. The contractual agreements between the parties expressly exclude outbreaks of illness, such as the COVID-19 pandemic, as a circumstance entitling Cineworld to terminate the arrangement. Without any legal right to avoid its contractual obligations, Cineworld intentionally chose to breach its obligations, including its obligation to seek timely regulatory approval for the Aarrangement under the Investment Canada Act.”
Wellington, you're not imagining it!
Nisan (CFO) said during the last webcast that they hoped to have the Cineplex issue sorted by the end of June.
Key word there is 'hope'.
So it could be a few weeks or even a few months.
But agreed that it is certainly a bit of a weight on our shoulders and one that will be fantastic to free ourselves of.
I am wrong ,
Wellington , boot me out ...
FI, you read it...your an educated sort , I'm just a washed out ex rig worker...
Too much water between my ears today :-)))
uly 6, 2020 5:52 pm by Alice Han**** in London
Cineworld, the world’s second-largest cinema chain, has announced that it plans to countersue Cineplex as it squares up for an expensive legal battle with the Canadian chain that it pulled out of buying last month.
The UK-based cinema group said on Monday that it would “vigorously defend” claims that it breached its obligations to complete a $2.1bn takeover of Cineplex, which it announced in December before the coronavirus crisis hit.
“Cineworld terminated the arrangement agreement because Cineplex breached a number of its covenants under the arrangement agreement. Cineplex did not remedy these breaches when given the opportunity to do so,” the company said in a statement, adding that it planned to pursue damages for its financing costs and advisory fees.
Under the terms of the deal, the sale would not proceed if Cineplex breached a level of C$725m ($535m) debt. On Friday, Cineplex said that it had C$664m of debt outstanding at the end of June.
The two companies have been wrangling over the completion of the takeover since the pandemic caused governments to close cinemas around the world.
On Friday, Cineplex stated that it would pursue around $1.1bn in damages from Cineworld, according to a claim filed at the Ontario Superior Court of Justice and seen by the Financial Times.
“This is a case of buyer’s remorse,” it said.
FI , I'm drunk...yeah , your right ..
I got my C$ mixed up with my Drachmae...doh...
Wtfdik...
Is there C$ and $ mix up in there sammy (assume so). Can't see article as behind paywall.
Thanks for find.
Right , that's enough being serious , any more Jokes ? YouTube vids
:-))
https://www.ft.com/content/9645094c-25bf-4ab1-a2e2-670af109ace5
The full article
@Wellington
Under the terms of the deal, the sale would not proceed if Cineplex breached a level of C$725m ($535m) debt. On Friday, Cineplex said that it had C$664m of debt outstanding at the end of June 2020.
This is a paragraph from the cineplex/ cineworld deal.
As you can see , cineplex reported debt higher than the agreed debt fir the sale to go ahead.
From this, I can't see a problem.. :-)
Oh yes I agree, it would be nice to get it squared away.
All I meant was that it's another potential drag on the share price which will probably amount to nothing.
BTW - wasn't their some guidance suggesting that it would be settled by the end of June? Or I could be imagining it!
Wellington, the key is it is (or can be held as) a current ongoing uncertainty no matter how unlikely or otherwise any significant cost to business is.
So it will be good to have the matter cleared. :-)
I saw a good article about the Cineplex case, but can't seem to find it again. It was IIRC by a Canadian lawyer.
The long and the short of it is that the action is between Cineplex and Cineworld and although Cineworld are guilty of a breach, there was no loss suffered by Cineplex. The shareholders of Cineplex lost out big time, by Cineplex itself didn't hence unlikely that the settlement will be anything other than a few beans.
Agreed
Plenty supply - low demand = low prices
Plenty supply - high demand = average prices
Low supply - low demand = still low/av. prices
Low supply - high demand = high(er) prices
Simple economics (which also translates into share prices, other factors always there too).
Last couple months although the supply has been low so it would appear has been the demand.
As certainty and previously unknown issues clear up (assuming favourably) then with what seems clear is now a limited supply then price will move north all in good time.
That's since start April now we have almost every trading day seen lower than previous average volumes traded.
Hopefully this indicates the institutional investors are not letting their considerable holdings go at these levels.
More and more of us mug punters are holding what we have too.
These combined would appear to be making supply rather limited.
This may become more apparent in next few months when trading statement made, clearer numbers on box office (a few of the big movies will have played out), settlement out with court re Cineplex/mark? collapsed takeover.
Let's see where things are after first half results and forward statement :-)