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They still trying to sort out this issue.
I thought they had access to $713m
$633m
Then another $80m?
It's AIM fraud of the highest order, this is not the first and certainly wont be the last. All i asky guys is to stop clicking the strong buy as your opinion. Your despreation should not be pushing vunerable people into the worst investmnet they will ever make. Newbies will see that and without doing research and jump in!!!
This has days possibly hours left, they might aswell throw it in the bin or give it to charity, the company should have suspended it this mornng!!
Where is it gone wrong?
418m debt, some one mentioned here 150m is not drawn yet, so net debt 268m, if Co goes into admin interest payments will disappear. £258m spent by shareholders. Funny enough, BoDs is only talking about Aguira, not Vermello, and RNS says, no recovery for shareholders
Please dont misleed good honest folks money into what now is a dead duck!!
Not many positives to come out of the board statement, but there may still be ways forward. A couple of options are that LM and Glencore finally have to ptovide funds to either keep the project moving forward, or provide sufficient funds to suspend the project on a care and maintainance basis until such times as and when the nickel price begins to climb back up again, probably in 2027.
China wants to get growth at no less than 5% for 2024 and if they succeed, then more nickel from Indonesia will be used, bearing in mind that most of the nickel produced from Indonesia has already been offtaken by some majors around the world so there is not that much free nickel left.
USA and Europe are already imposing massive import taxes on Chinese / Indonesian nickel so this means that other sources will be required.
My thoughts are that the current nickel surplus will begin to evaporate by 2027, and couple to this the fact that some nickel producers have ceased production, then there is the prospect of a shortage in around 3 years time. If LM and Glencore provide C and M for a year, then it may be possible to attract new investors as the nickel surplus begins to fall. Who knows??
Cheaper to buy it after admin. Why spend more on takeover?
Going forwards and as announced on 28th March 2024, there can be no guarantee that senior lenders will consent to further extend the current waivers. If no extension is agreed, deferred interest originally payable at the end of December 2023 and at the end of Q1 2024 will become immediately due and payable on 1st May 2024. If these amounts remain unpaid after becoming due and payable, the senior lenders will be entitled to: (a) immediately cancel the undrawn portion of the senior debt facility; (b) declare all outstanding senior debt amounts (including interest) immediately due and payable; and/or (c) seek to enforce the senior lenders' security, which encompasses all or essentially all of the group's assets.
So from 1 May senior lenders can claims all money company owe and block money secure from bank to pay them , That is all lose abilities to keep company on light . there is nothign lelf at moment .
Could one of big shareholder pump 20 millions more to keep this company life on or they will abandone it end of this month? They still need money to run bussiness as normal and there are many thing need money to spend on. Not simple as big company there are a lot thing to spend .
Funding or takeover potential opportunity now.Huge assets.
S. As at 10 April 2024, the Company had a cash balance of US$16.2 million (excluding cash that is segregated for the development of the Vermelho Project).
Furthermore, given the lack of more favourable scenarios to deal with the Company's liabilities, the Board is continuously reviewing the options alongside their professional advisers.
Karim Nasr, Interim CEO of Horizonte, commented:
"The Board and management are extremely disappointed by the results of our effort to attract financing into the Company. While we received commendation on the quality of the project and of the comprehensive work put together by the Company's team, and supportive attitude of the Company's creditors and Cornerstone Shareholders, the lack of prospects in a recovery of the Ferro-Nickel market considering Indonesian supply dynamics have impeded the confidence of investors in earlier stage projects with high capital intensity, including Horizonte.
We regret the impact this outcome will have on our many stakeholders. I want to thank everyone involved, especially the Horizonte team, for their efforts through this very challenging period."
This company is not finished only they need money to complete the project. They are still under discussion to fund the project. They got 16 million according to the 10th of April statement.
Drop not justified.
Lol, aye...whatever you think....You crack on Trde !!!
Shorters out. Long positions moving in.
In US investors can sue Apple for misled infor so they have paid back compensation . In here CEO can say anything they like and just gone without any punishment for their action. It time to move buy and sell share in US now as it show UK market less and less favored.
How FCA just let all of that companies doing all sort of things to milk money from market . Yes those money should support a real company development and growth to create wealth for everyone but they need spot bad actors at first and punishment anyone who committed those crimes activity.
Game was up when they said they have exceeded the budget and need more money and worst thing is they did not even know how much money they needed.Shareholders were going to get wiped out at that point.Shareprice hit 16 and a few people got in for a quick trade and rest is as they say is history.Someone has made a lot of money here and half a billion has gone to waste.
Yes, the shareholders action is to Move On
Only thing company will do is selling everything to pay creditor and debt . What clean said there is nothing leftover for shareholders . Any changes to get it high before it die very slim as they show that all the best they can do but nothing can save it from administration soon.
Disgusting.
Directors have an awful lot of protection, but can they be protected against this sort of corporate cowboy-ism.
JM and cronies fully milked this company before causing this disaster that has caused so many to lose such significant funds.
Is there a shareholder action here?
That is we need some regulations about responsibilities from Ex CEO if they crash share value they will ban to take other job to prevent them milk market again . Yes if company crashes so ban bonus to as it not worth to reward CEO if company lose it values.
Have you not read the rns??? Ramping moron!
Fact glencore didnt help them out says a lot
Again and again and again HZM and its BoD shaft investors. When will you lot learn of past precedent and trend. They will screw you over and over again, then take big bonuses and salaries.
THE FUTURE IS NOW, THE FUTURE IS FOR GLENCORE.