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I've not had a chance to go through it all yet but check the link below for the filing history for the Administrators of Cradle Arc with Companies House which gives background to the on-going Administration and Liquidation:
Agreed, take the money out of AIM and put it into fine upstanding companies such as CLLN, DEB, Interserve and many others.
i see my holding is still in my portfolio so its not gone completely yet!
just posting to keep the board alive really.
I'm gonna give these guys all the info I can on this company, http://www.gordonbowden.co.uk/pandoras-box/
Never heard of them until someone advised me.
Take a look at the website, Pandora's box.
They dig deep and investigate, especially oilies and miners.
May come to nothing, but worth an e mail.
Received letter (dated 25/4) today from above Joint Administrator which was sent to "Members and Creditors".
They say they have concluded the Administration and taken steps to place Cradle Arc into Creditors' Voluntary Liquidation.
Looks like this could be final nail in the coffin. Letter says you can contact them if you have any queries etc. The contact details given for a Marc Evans on 020 7831 1234 or by email at firstname.lastname@example.org.
- Creditors passed a resolution on 18 April to put Cradle Arc Plc into liquidation by tomorrow (30 April)
- Last Friday, 26 April, a creditors or liquidators committee was formed to set the liquidators fees and give creditors a voice in the process
Baring a miracle, this is telling me that the Fujax play to cashflow the mine back into profit didn't work. Liquidation legally ends or ‘winds up’ a limited company, meaning that it will be removed (‘struck off’) from the register at Companies House and ceases to exist, along with any shares. [See 2 below]
Here's the filing history:
Put it in your bottom draw, should it come to fruition then consider it a blessing, but the lesson to take away from all this is that director activities on AIM listed companies are largely corrupt if not biased for their own financial gain, and all this openly displayed on an unregulated platform.
Take your monies out of AIM and you’re already a winner!
The most interesting thing about the judgement is that the following point is made
"It is estimated by the Judicial Manager that Judicial Management may run for 9 months."
"Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and
maintenance programme until Leboam is able to trade as a going concern."
still living in hope
I just found this regarding CRA,
If Link does not work I have posted the judgement below
Bermudian registration number 661:1969
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
JUDICIAL MANAGEMENT ORDER OF LEBOAM HOLDINGS (PROPRIETARY) LTD
Shareholders are referred to the previous announcements released by ZCI in connection with, inter alia,
the Provisional Judicial Management Order issued by the Botswana High Court for Leboam Holdings
(Proprietary) Limited (“Leboam”), which became effective on 18 December 2018. Capitalised terms
defined in previous announcements have the same meaning when used herein.
Shareholders are advised that following a meeting of creditors of Leboam held on the 25th of February
2019, pursuant to the Provisional Judicial Management Order, the Botswana High Court has issued a
Final Judicial Management Order for Leboam (the “Final Order”). The Final Order became effective on
28 February 2018 and accordingly, subject to the supervision of the Botswana High Court, Leboam is
placed under Judicial Management. Pursuant to the Final Order, Mr John Hinchcliffe, an accredited and
registered Chartered Accountant in Botswana, continues in his appointment as the Judicial Manager
(the “Judicial Manager”) and any legal proceedings contemplated and/or subsisting by or against
Leboam is stayed and restrained.
At the aforementioned creditors meeting, the Judicial Manager presented to the Master of the Court in
Botswana and Leboam’s general body of creditors his report on the assets and liabilities of Leboam, its
debts and obligations as well as his view on the prospects of Leboam’s recovery to trade as a going
concern. The report indicated that Leboam is insolvent. The recommendation from the Judicial Manager
was that Leboam be placed under Judicial Management as opposed to liquidation as there are
prospects for recovery for the following reasons:
? Preliminary studies carried out by consulting engineering firms indicate that there are sufficient
ore deposits of good quality that could extend the life of mine to another 26 years.
? Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and
maintenance programme until Leboam is able to trade as a going concern.
? There are potential options of entering into a scheme of compromise with creditors to reduce
Leboam’s debt burden.
? It is estimated by the Judicial Manager that Judicial Management may run for 9 months.
Pursuant to the terms of the Final Order, with effect from 28 February 2019, the Judicial Manager is
authorised to secure and preserve the assets of Leboam; to prevent the continuing mismanagement of
Leboam; to ensure Leboam will be able to meet its obligations so as to avoid a winding-up; and to do all
things necessary to preserve the interests of the members and creditors of Leboam.
Shares and value all gone from HL today as well.
Mess from early days this share - even before the name change.
the shares and cash disappeared from my HL account today!
In fairness - not as much as some creditors have been shafted.
Some of the debts outstanding are eye-wateringly large sums.
Yep true. Good asset just Shareholders usually get turned over.
Goes without saying that I'd expect that they would have tried to get deals done and an new NOMAD appointed before today to keep liquidity
Not to say that this is going anywhere but the irony is that, if I understand right, no one has yet suffered a loss that you can put on a tax return.
Delisting takes the shares off the exchange but the otherwise they continue as is. Cradle Arc and Leboam have insolvency protection so, the 'fat lady' (or at least one of them) is the provisional liquidator. If per ZCI's Euronext press release/ RNS , Fujax wants to fund the mine into profitability and the provisional liquidator gets creditor approval for that then it would all continue off-market. At some point it would relist and people would get an unexpected rebate (I'm not saying that any of this will happen).
If the provisional liquidator can't get agreement then the companies or assets would presumably be sole and shares cancelled / companies dissolved - only at that point would the money be 'lost' and can go on a tax return.
In the meantime, I don't know how anyone would get reports other than from the ZCI news feed. If the provisional liquidator is acting for creditors and 'members' / sharesholders, then you might think there would be a way to know but I haven't seen a way that you can otherwise fully close out on this.
Mind you it’s been said for years and nothing happens
Yes they do your right
No it won’t mate. Aim needs to get tough though.
Unfortunately that won't happen ,they've spent up and gone
Yes would love an investigation into the directors and maybe the Nomad.
Disgraceful and dishonest ......
I agree, I'm not sold on crypto.
I pulled all my money out except one share which is TXP.
Really like their business model so still have a holding