Our latest Investing Matters Podcast episode with QuotedData's Edward Marten has just been released. Listen 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.
at what point would the jrp investors have enough confidence in these court rulings to waiver the dipa condition onto the dipb investment stage… if necessary…
OBS .... with the court ruling 10% of each $10M revenue realised from shipments is withheld for bank settlement purposes I think the likelihood of them being relegated to unsecured creditors any time soon is less likely now TBH .... with a rolling approval to ship $10M revenue if necessary with 10% held back for the banks could continue until the stockpiles are consumed by which time repairs & rehabilitation from realised revenues should be well underway....
effectively… that has happened already ob… the banks were given a deadline to execute their guarantees or agree a settlement… the didn’t execute… they presented us with a settlement offer… to which we have agreed… and the courts are continuing to allow dev to dip into dev’s stockpiles… keeping 10% in reserves to pay the banks outstanding credit… until that signed settlement agreement is presented by the banks…
as can be seen by the most recent court decision… they won’t be stopping this operation now… the courts will make sure that the remaining stockpiles will cover the outstanding credit…
the banks have a credit… dev won’t be going bankrupt… the guarantees are effectively obsolete / expired… and the credit will be paid… one way or another… either in line with the jrp or as defined in the signed settlement agreement…
Tomcat/observer yep all in the same boat now, or ship
Courts relegate them to unsecured status - or did you have something else on your mind?
@tomcat: "nobody seems forthcoming with any suggestions on what will happen next…" LoL. Did I nail it?
@iamrich, if the banks pull out of the deal now they run the high risk of the courts relegating them to unsecured status, which benefits us. More delays is more likely than them pulling out altogether IMHO. But delays matter much less now precedent has been set for authorising net $10m a go. :-)))
thinking about that for a second…
we have a court approved jrp… that we are now progressing with the shipments of dev owned ore… #4 shipment is due next month…
https://www.lse.co.uk/rns/KDNC/approval-of-judicial-restructuring-plan-amapa-i427sb3g1b3sys4.html …
and we have a binding jv agreement to take up 20% / 27% with a 1st right of refusal and / or default clauses to increase that to 49.9% ownership of the jv holdings company pba…
https://www.lse.co.uk/rns/KDNC/binding-investment-amapa-dg9ha7jyn861mcv.html …
and we have a settlement agreed…
https://www.lse.co.uk/rns/KDNC/agreement-in-principle-to-bank-creditor-settlement-exahnnem98oaz0w.html …
that whilst it has been a long and drawn out process getting the contract completed… the courts are supporting the jrp and allowing more ore to be shipped… until the signed settlement agreement is presented by the banks…
https://www.lse.co.uk/rns/KDNC/approval-of-further-amapa-iron-ore-shipment-q34kfav3o3qtmol.html …
fait accompli or what…
nobody seems forthcoming with any suggestions on what will happen next… if the banks carry on indefinitely and continue to delay presenting us and the courts the signed settlement agreement…
seems pretty obvious to me…
I don't think anyone would be surprised if the share price went to 40p before the news lands
For me this is now a done deal and it doesn't come better then this on AIM, RNS CEO states final agreement now with banks for comment and or approval, banks set out terms and we agreed to them,
It's been a lengthy journey for KDNC and the banks know it if they were to pull out it wil be hard to find an to one else willing to buy,
Anyone selling now is mad, anyone buying now easy money