Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Does Example 4 apply to us here? Would be great to offset loss against income
https://www.gov.uk/government/publications/negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-hs286-self-assessment-he/hs286-negligible-value-claims-and-income-tax-losses-on-disposals-of-shares-you-have-subscribed-for-in-qualifying-trading-companies-2024
Thanks for the update Dave. There's a difference between administration and liquidation, liquidation means there is a chance of some return, administration, zero. Another coincidence (not) is that the results were due this month. This will be taken into admin with TB and INL riding off into the sunset.
Troa, posted on Adfvn this morning the following; 'I emailed TB yesterday TB & received this message. The Company's shares are temporarily suspended on the London Stock Exchsnge & the company has stopped trading. We expect an Administrator to be appointed by INL Investments Ltd to seek to sell assets to allow INL loan to be repaid.
We will update shareholders as soon as possible.'
One wonders whether they have enough assets to cover the loan?
I hold the view they will be working with WHI to take control of the operations of the business. I suspect zero return for shareholders. TB will keep his job and likely some form of equity stake in the new business as a sweetner.
They have technically been insolvent ever since the Loan Notes were issued by WHI. That was the point when they handed over the keys to the business. From then, it was just a waiting game, until the business ran out of funds. Not sure how they got away with the c 350k fundraise in January, or if that Investor held on to their shares... i suspect they didn't and some poor sod ended up with the paper on the secondary market.
Stitched up like kippers.
Hi all, this looks like a bad situation and i had a fair amount invested here from a couple of years back.
Hoping to pick the brains of the experienced...... If the company goes into liquidation - do we lose all of our money. Or are we able to claim back some of this loss as part of Tax relief?
Thanks
Wondering if people have any updated views on what might be happening?
I understand that discussions with finance providers stopped almost immediately after the redemption notice but given the company is technically insolvent, and without an administrator or liquidator appointed, TB and other directors should be running things now to achieve the best outcome for creditors. That would surely involve continuing such discussions to see if there is someone out there that can provide the necessary finance and effectively step into the shoes of INL (perhaps an American investor would have been more suited) with INL being repaid.
Perhaps what is happening is that they are preparing things for a quick pre-pack admin with an administrator to be appointed to carry out a quick sale post appointment, in which case it really does look like we've all been stitched up
Can you please share with me too
Battyscott8765@gmail.com
Just sent you the email thread mate
Hi @dan1605. I’d appreciate if you would forward to me please. kthanley1@hotmail.com thank you in advance :)
Zero empathy
They had been in discussions with a range of potential sources of finance in the U.K, N.Z, Asia & the US over the last few months, which effectively ended with the Redemption Notice demanding immediate repayment.
An update will be forthcoming as the situation becomes clearer, particularly as regards the future intentions of INL Investments.
CC, thanks for clarifying on the "ceased trading" item and also the social media post.
Hope something good comes of all this, for those with a stake. People don't deserve to be shafted in such a fashion.
Lost count of the numbers of times I’ve read that since Friday evening but without any details from the company it’s difficult to piece together
Dave82 don't worry my friend, will put your mind at rest later.
I have been here before and not saying two situations are alike, but the last one was worse than this but we knew more detail. This one surprisingly is not yet details are few and far between.
Is this paragraph from July 17th 2023 hold any clues especially the first stipulation?
The Subscription Agreement also contains certain covenants in favour of WHI in respect of (i) the Company incurring financial indebtedness in excess of £50,000 without the prior written consent of WHI, excluding the 2025 Convertible Loan Notes, (ii) amalgamation, demerger, merger or corporate reconstruction of the Company, excluding a change of control or other acquisition of interests in the Company by WHI or third parties, without the prior written consent of WHI, (iii) issuing shares or share capital (or any instrument convertible into shares or share capital) to any person, other than pursuant to options or warrants which are outstanding at the First Completion or pursuant to a bona fide employee share or share option scheme, without the prior written consent of WHI, other than in respect of repaying all or any amounts due under the 2025 Convertible Loan Notes, (iv) the appointment of new Directors of the Company without the prior written consent of WHI, other than to replace an existing Director, (v) any substantial change to the general nature or scope of its business as carried out on at the date of First Completion and (vi) entry into a material acquisition or corporate joint venture transaction, excluding for the avoidance of doubt the acquisition of trading stock in the ordinary course of business and distribution or equivalent commercial agreements in the ordinary course of business, without the prior written consent of WHI.
Countingcards- it sounds like you still have some hope of a resolution to the benefit of shareholders?
I should of added that they are technically insolvent and their assets may have fallen below the required £700lk requirement for the LSE threshold, given the current actions by INL.
Mr M
If I can just clear up one thing. I have it on good authority that they have not ceased trading, but have ceased share trading. The tweet that went out was a mistake in that it was already in the automated system and that now will be amended in future. As for why they are in administration, maybe for temporary safety, although not kidding anyone, you really want to try and avoid this avenue, but by the actions of INL it may have been forced for now.
Interesting that the "large supportive shareholders" were happy to throw their equity down the drain for the sake of a few million quid in funding? So close to East Imperial approaching cashflow breakeven?
Even on their social media, they have made no comments in relation to them ceasing trading and that they are going to appointing administrators?
IMO, may now assume this is a behind the scenes agreement between the new soon to be owners WHI and TB. Both parties will both know what they are doing is morally and ethically wrong.
It's clear this has been pushed into difficulty to get the Company on the cheap. Simple as that.
Fiduciary duty stands for absolutely nothing. The UK markets are a pariah.
I will forward the emails later today guys. From the contact I and others have had it transpires that funding negotiations stopped the minute the redemption was called in. The question is why, and how soon is the redemption payable.
Hello All
I have a vested interest in pursuing this and an explanation of how since March everything ticking along and then a bombshell of dept redemption. Absolutely no details of what led to this fiasco. I’m working hard behind the scenes to try and get answers as are others.
Something underhanded has happened to shaft us and I will not rest Mr Burt until we have some answers.
Can you also share with me please
Barryscott8765@gmail.com
Dan1605 - if you don’t mind also sharing with me at djzfraser at hotmail dot com that would be appreciated
I bet the old FD has some stories to tell, he resigned in Feb so not too long ago. There's some ambiguity around that funding RNS on Thursday, why bother releasing that.
Yeah CC, as I say, something not feeling quite right here...
I saw the announcement of a new customer in the US on X, shortly after they indicated they had ceased trading. Is that a marketing gaff by a junior member of staff I wonder?
This feels like a right AIM con job... and this one has a main listing!