George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video 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.
The cost of the AGM's was a shell excuse, a sham to try and point the blame anywhere bar where it should have stood.. Crooks in charge of the company. If the company was in such dire straights why would they try to shell out a fortune for an aerial plane that they did not need. This fact would not have been lost on the creditors, who could see how it was being run and pulled the rug sooner than later. If it had been properly run stock prices would be doing well now.
ANTO ,,You may play dam for as longs you want it ,but for others with a bit of intelligence the fact that the Chairman steps down ,and 24 hours after the admnis..... moved in tell you all we knew for a long time ….The Outcome was written al over ...The agms should be called much before ,it was to late then...N.B. and T..B should never had left ….
I was the only one who accused LH of being an inside trader ,yes i did, he come out throwing a fit .But dam it, i was right .And i actually voiced my concerns to someone who said he did not believed ,but there was very close up between him and JZ ...
Anto .And if the FCA WOULD do what is their duty they would bang them in prison and through the key into the sea ..What about that ?????? they filled their pockets out of PI.....
ANTO....nobody is wrong here ,is the BOD that were cro… simple black and white .,JZ will never step in UK ,again fora anything to do with aim companies that is for sure ,the sister gamble called URU is follow suit ….AND WAHT ABOUT CAPTOR ???? HE SHOULD HAD APLASTIC BIN BAG OVER HIS HEAD WHEN HE STEPS PUT ON THE A LIGHT DAY...
Not that it matters given this is likely to delist or get booted off but looks like the BoD are breaching AIM rules again by not updating major shareholders information for more than 6 months.
I guess they were hoping that going into administration and ultimately being removed from AIM would save the likes of Hogan, Groves, Zorbas etc from ever having to truly declare what they hold. Given the works of fiction around TR1 reporting and the blatant rule breaking in this area in the past I doubt it matters what they put on their website anyway.
I tell you something else .The previous BOD did the EGMS in Uk ….How many EGMS we had in UK by this latest chip brand??????
Antof... .....….Shame the EGM were called far to late .The damage had been done already .So companies ,cannot call an EGM to remove peoples who main interest is their own ,as it has been proved here ….
schadenfreude
You would love to blame the P.I don't you ? but you don't have a leg to stand on .Let me remind you that the first call of luck of trust on BOD come from Align Research right from the beginning ,i bet you'r mate did not told you that did he????….
Anto ,,what did i said prove us wrong ?.....
Just looking at Bachmann plant list.
The list of machinery must be worth millions
Something shady going on.
Bachmann will get snapped up, wonder who the highest bidder was.
The events here won't disappear, it will leave a lasting scar on those involved in mrs demise and
before some idiot blames the pi's, don't, they were just pawns in this manufactured deal.
Good Luck BOD, prove us wrong , and try all you can to avoid a sad ending ..
Can't disagree with any of what Jono has posted.
There are so many PI's that have been taken to the cleaners with the lies that Zorbas & his crownies have spun over the last 5/6 years I really can't see him venturing back into AIM. We saw it here that as soon as he got involved people started to call out his history . How many more times can he wheel out the 1 dividend payment he made ?
Interesting to see in the URU chat that they are still clinging to that coming through to save the day
Couldn't agree more.
This stinks of a setup and a way to get mrs and bachmann on the cheap.
Guaranteed bachmann will be back up and running and making a profit shortly.
This is another company ruined by john zorbas and his crew, just look at his track record and how every company he has ever been involved with has ended up delisting and shareholders ruined.
Just now his latest companies heading for the scrap heep
Uru metals : share price decimated and shareholders being strung along for years
Captor Capital : listed on canadian stock exchange , again shareprice in freefall, was suspended for a while waiting on accounts( seems to be a common feature with zorbas companies) and when eventually published one thing stood out and that was a 7 m payment for fees I wonder who to!
So the lesson here is never ever get involved with any company that has ever or is currently involved with zorbas or any of his associates.
Try to stay away from companies listed on the Aim market, there are very few exceptions.
Also if you do want to invest in an aim company make sure that Arden are not the nomad, they haven't won any medals here that's for sure.
to all ex-holders of this shares ,having been invested in this for over 5 years it has been one hell of roller coaster ride ulimatley ending in a fatal crash ,there are some that will say the warning signs where there ,and with hindsight they were , but when you looked at the end of year figures ,they told a different story ,that the company was paying its depts and showing a profit ,all of which it seems was a lie , i just hope that the real story of what happened will eventually come out.
i would like to know the extent of the dept that caused the admin team to justifly closing the whole thing down ,what i find very confusing is why bachman was not sold off as a profitable business ,this part of the business was making around 2.5 million a year on turnover of about 20=25 million and had been profitable for many years this simply doesn't make sense from an administration point of view ,the whole point is to get as much money fort he creditors as possible ,also in the first update there were 7 possible buyers what happened to these ,one can only conclude that after they saw the real extent of the dept they must of walked away , i also find it hard to believe that according the our wonderful board we only need 2 million to save the company ,if thats true why can't they find a backer ,surly bachman could raise this in seconds , there are so many thing that don't add up i just hope the truth does come out and those responsible are made to pay for their crimes
personally i have learnt the hard way that aim is truly the wild wild west with no laws or rules governing it ,and thus i will be sicking to company's which are not in aim .
i wish all investors good luck in there future endeavours
Just in case anyone is still in altona they have just released news on nexexchange.
An absolute travesty. Glad I sold out long ago but I think of the poor buggers who are getting made redundant...this had the potential to be a decent company 18 months ago...criminal proceedings should ensue for this corrupt bunch of directors passed and present
Once again, as happens several times each week, the word vindication springs to mind. You cannot say that you were not warned countless times, right from the time of its IPO to the near reading of the last rites today, that this crock of **** would end in tears. That moment is almost upon us.
You will remember that, in early September, Management Resource Solutions (MRS) announced that administrators in Australia had seized control of all of its operating assets as Management had defaulted on a loan it had only taken out in May. We have been assured numerous times since that there was a workaround possible in the land of High Culture, but now the grim truth is apparent. There is more chance of me shagging Cheryl Cole this weekend than of Management surviving.
The administrators have rejected a proposal from Management to buy the assets largely because Management has not got any money. The administrator will now try to sell what it can for what it can but the assets look to be in poor shape. We are told “The administrators will advise staff in the next few days of the wind down of operations of MRS Services Group Pty Ltd, with all staff likely to be terminated on 29 November 2019 or earlier. The wind down of Bachmann Plant Hire Pty Ltd has begun with employees being made redundant this week and contracts being brought to conclusion. A minor team of staff may be retained on a casual basis post 29 November to attend to asset relocations and accounting functions.”
So that leaves Management Resource Solutions, the PLC< with no operating assets, no other assets just liabilities and the ongoing cashburn from PLC costs. We are told “The board will now urgently explore other options for a solvent future for MRS in order to avoid liquidation.”
Don’t hold your breath. It is not as if this is a shell pregnant with cash. It is a shell preganant with liabilities and whose name and board are toxic. It is worthless. The merificul approach would be to take this disaeased and wretched AIM nag for a one way trip to the administrator’s glue factory as soon as possible.
The administration process might at least resolve a few issues for AIM Regulation and the FCA to consider. For instance the vast number of shares issued to buy the clearly related party Alerion business earlier this year. What is Alerion really worth on an open market basis?
My instinct is that it will be sold for more or less nothing or just shut down completely which would surely then be a matter for regulators to investigate with reference both to the company’s directors, notably former chairman John Zorbas, and also to the Nomad who signed off on the deal, the china fraud specialist, Mr Paul Shackleton of Arden. If the demise of Management allows regulators a chance to purge the Casino of a few “bad pennies” that will be some consolation. But of course that will not happen will it.
Buying any share with Zorbas and Hogan involved is even higher risk........
buying any share high risk
Yes sad day especially for the workforce and their families at this time of year.
One thing that does annoy me is the fact that many shareholders got in touch with the FCA about their concerns about how MRS was being run and yet they did nothing. But now that their concerns have be justified will they do anything. I think we all know the answer but it is time that the London stock exchange put a stop to how small AIM companies abuse their shareholders and blatantly disregard all the rules and regulations for their personal gain.
I hope pi's in any company with the people involved here wake up before it's too late for them.
Working on the refinancing they said over and over again, FK,all about being skint and going bust before it was to late though. Pure Scum.
Yep. Not really sure what has happened here bar all the money has gone. Bachmann plant hire appears on surface anyway to be a thriving business.
Real sorry folks.....