Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
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Give that man a medal
I remember when the bank repossessed my house because at some stage in the future there was a chance I may not be able to pay the mortgage. That didn’t happen and ps I haven’t got a mortgage anymore.
Thanks dflynch.
Ok, thanks DC
There will always be risk for any Company that has debt and is revenue dependent to clear that debt. The question is whether the company has a reasonable prospect of funding and subsequently repaying its debt. At this point in time HUR is perfectly able to fund its debt and there is no absolute certainty that they will not be able to clear its debt when it becomes due. If you argue the HUR is presently insolvent then how many other debt laden listed companies would be in a similar situation?
Surely the situation is!
The BoD have the duty to declare a liquidation event and appoint an Administrator should it occur, But, as has possibly been established in the Court, no such event has occurred.
The BoD also have the option at any time to cease operations and close the company – a controlled wind-down.
As Creditors, the Bond Holders could apply for bankruptcy on the basis that they have not been paid due to insolvency – but again that is not the case, as quarterly interest payments have been made on schedule.
The problem that the company currently faces is the speculation as to whether it will be able to repay its debts as they become due.
This speculation has been a constant feature since the Company acquired its $230 million debt nearly 4 years ago. Over that period the company has been able to dampen this speculation, and additionally reduce the risk to its debtors, by producing oil and making re-payments of the debt.
Indeed, one way of looking at the situation is that the Debtors have already received back some $69 million of the $230million principal loaned.
The decision regarding implementation of the plan now lies with the Judge. Anything written here is an irrelevance, save that it will generate uncertainty, which is good for the market turbulence MM’s require to drive the market.
Furthermore, there is no value in calling the current directors of the company names or hurling written abuse. Given that most here have formed their own opinion on the matter it is nugatory and unprofessional effort to repeat the abuse.
I would suggest that everyone now mellows, until at least Monday morning.
Where is Slift the little mug? If he put £5 on Hur now he will make all the money he’s lost back when it hit 10p He could then take a girl out to the pictures and maybe have enough change left for a drink.
Thanks. Perhaps i have been sloppy with my choice of words. I mean what the company are threatening. 'A controlled wind down and insolvency' or similar that thd BoD have mentioned. I realise its all emotional but im not the enemy, ive bought some ruddy shares as i think this company will come through this. Just had a question i did not know the answer to, so please advise if you know. Cheers.
In the UK, bankruptcy relates to indebted individuals. A limited company cannot “go bankrupt”
sharefall, the company is not currently bankrupt, nor is it currently insolvent.
Unless that is, that the BoD choose to state that they are, and I assume that would receive a prompt legal challenge by C.A. were that action be attempted.
IMHO
Can the BoD cancel the AGM/EGM if they start bankruptcy proceedings? I presume also at this stage, share trading will halt?
I assume whatever happens this will be challenged in court and overturned but they may try every devious method available. Hope this is not an option but i don't know.