We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
Interesting post colorblind and also encouraging. I've said before that I'd be happy with an early settlement to include some government paving contracts, town squares, railway stations, airport etc. plus enough cash to clear all debts, buy any needed machinery and a cash reserve. Not to sure what that would cost but less than 196 Mill! I've always thought that a little ambitious actually!
Dentons have actually got an ATE policy in place. That's where the losses are insured (After the Event) for a small premium. The case and details have to be shared with the insurer and they also make a decision of likelihood of winning. If it falls below the threshold then the insurers void the policy and Dentons are no longer covered. This usually strengthens these cases as it's not just Dentons who have checked over the case details.
It's a very standard tool in litigation. DAS are one of the biggest insurers of this type of business.
Hi Notmuchinsales - I really appreciate you having checked this out with CG. As a LTH, I'm not at all happy the way he has run this and having spoken with him on a 1 to 1 several times over the years I felt he was genuine in his responses but could have done with more help along the way.
As TruroTrader says, he's stuck at it and I would add that in my opinion CG should be able to turn this around with or without the snatched quarry. Kosovo doesn't want to be an European backwater and I reckon they'll settle this dispute to our advantage. How much I can't say but it will impact the sp in a decent fashion from the silly level of 2p right now.
Hi NotMuchinSales. Thank you for your post and happy to move on. The only caveat I have with CG, and I've posted this before, is the habit of announcing orders/contracts more than once. On the plus side the guy just keeps going and it is this persistence that that decided me to re-invest. Plus of course the prospect of a dollop of compo! Cheers.
Thanks NotMuchinSales - I was doubting my own research for a minute but glad this is confirmed! I understand the BoD have maybe not been the best in the past but I think there is a good opportunity from this level. Have your thoughts changed based on this?
Hi Truro / rsproson, I asked Chris and he replied promptly and you are right. So I freely admit on that count I am wrong. They need over 500K for court fees, expert witnesses etc. Dentons are seemingly operating no-win no-fee.
Hi rsproson, Yes the main hurdle we have to overcome is the failure of the then Kosovar government to assist us with what we say was an illegal snatch back at Malesheva quarry. It's obviously quite complicated. Any compensation will be negotiated on the impact the exclusion had on our revenue and what the knock-on effect of that was. Stone Alliance could even be brought in to the calculation! Very torturous I think but my money is on Denton being right which is why I've recently topped-up.
It is not unusual for no-win-no-fee arrangements to have a provision for the solicitors out of pocket expenses to be paid by the litigant. Hence the .5 Mill payment. The solicitor then shoulders all of their own costs. It's quite simple really if they lose they lose their Fee. Can't quite see why NotMuch can't understand that. Or perhaps he can't admit he's wrong?
NotMuchinSales, I am afraid I disagree with you on a point there about them having to prove they ever made money. I don't think that is relevant. What is relevant, in my opinion at least, is their loss of income due to the wrong doings with the license. So the income they would have had providing things had been done right along with any damages affecting their revenue due to this. I just can't see any law firm especially as big as Dentons wanting to take on a case, never mind take on a case with a no-win no-fee agreement if they didn't expect to win.
I am not sure why you are questioning the no-win no-fee agreement. It is in the RNS here: https://www.lse.co.uk/rns/FOX/appointment-litigation-funding-placing-sut8jsdmpvzxde9.html
Also written about here, just yesterday: https://total-market-solutions.com/2021/02/fox-marble-holdings-plc/
Hi rsproson, I was an early investor in Fox and met Chris a couple of times, I discovered that Eboracum had ripped off a website from another firm investigated Scottt Oldfield, told Tom W all about it (and Banyan and a bunch of other stuff) and he called me a conspiracy theorist to my memory. Of course I was right.
IMHO anyone investing here should look at a good book on international arbitration, which I have. Put simply, Fox have to demonstrate loss of profits. Breaking the law simply doesn't matter and any financial reward will reflect real financial losses (there aren't any as Fox have demonstrated they cannot make a profit) and potential financial losses (can Fox demonstrate that they would ever have made a profit? I doubt it given the very suspicious IMHO string on RNS announcement of orders that never materialised).
I'm not scared for you, you are perfectly capable I suspect of making up your own mind and losing / making your own money (which of course basically everyone has done who ever invested in Fox and never sold).
If someone can convince me Dentons have done with on a no-win no-fee basis I will invest. I checked and I currently own 1 share which I bought so I could ask Chris what would be IMHO embarrassing questions at an AGM if I wished.
Can you substantiate your statement that Dentons are offering a "free carry"?
It is also worth noting it is unusual for a law firm to offer a free carry if they don't win the case. Simply put, the risk is low here IMO.
Risk reward here is good enough for me. Even on a lose it all basis the upside is up to 2400% based on current exchange rates and market cap. Depends very much how the market will value it given good news.
Anyways, why are you so sour NotMuchinSales? Scared for us or trying to get in cheaper yourself? Any stocks I am not involved in I tend to keep opinions to myself. If you are involved here it really sounds like you shouldn't be.
"Dentons have agreed a fee arrangement which enables Fox Marble to bring the Arbitration through to its conclusion."
not Dentons have agree a non-win no-fee arragement
" The Company has also secured firm commitments of a further GBP0.5 million ("Litigation Fund") in the form of litigation funding"
Not The Company has no need of litigation funding as Dentons are operating on a no win no fee basis
"The Litigation Fund and Placing, will allow the Company to complete the Arbitration proceedings"
Not "The company's balance sheet will not be affected should the arbitration fail"
GLTA. You're going to need it.
Hi Truro, Phone Chris and ask him "Are Dentons expected to receive any monies whatsoever prior to a successful win"
Hi NotMuch, factually your post is incorrect. If you re-read the TM article you will see that the fund raise echoes the Fox RNS. Both specifically state the reason and I quote from the TM article.
"Fox is claiming for damages of more than €195m to compensate for the cost of its development of the quarry and lost revenues. Significantly, the company has secured a no-win no-fee agreement with Denton’s and it has concluded a £1.05m fundraise to cover all costs that might be incurred in the course of the arbitration process. "
Fox will be required to expend considerable resources dealing with Dentons. The £1.05 Mill raise will help Fox deal with these such as time, mileage and travel costs to attend meeting perhaps plus office and wage costs. Nothing to do with Dentons who are operating on a no win no fee basis. Dentons have received 0.5 Mill which you have described as a loan - possibly to Fox? That is all they will get.
Brainspark - what's the tip please - do you have a link ?
Amazing that a "no-win no-fee" agreement needs 1.5M of money to fund it....
Fox tipped today in press
“…With a current market cap of around £6m Fox Marble is claiming for damages of more than €195m to compensate for the cost of its development of the quarry and lost revenues…”
https://total-market-solutions.com/?p=9002&preview=true