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i know all markets getting hosed today - any particular reason moex specifically down 6.25% ?
Yes email I would agree with you, as if this was not the case , then this would of already been given to the dogs .. yet on the other side we have the protection of bankrupt laws ...
sorry, writing mistake! debtor = creditor in post above
Generally request of debt repayment are compulsory to be issued, for the debtor to eventually demonstrate they fulfilled all the formal and legal step to recover their debt. so issue of the repayment request is done by the debtor to be on the safe side whether or not or if/when the debtor will actually proceed to enforce it... This seems the case here
That is true Jay. Oh how I would love to be wrong. It wouldn't take much just a nice message from John or better still an RNS in the morning saying we are all trying to resolve this issue and ensure the right thing is done, If that happened and we thought that the Russian system meant no harm to by innocent investors; what a political coup that would be.
demanded immediate repayment by GPB of the loan didn't show any goodwill whatsoever. so is POG being treated any different to other businesses in russia with debt issues. sp just drifting lower day after day. the build up by Nato and on-going war crimes by Russia isn't helping at all.
Lawrence
Many thanks for sending a super duper response.
Fingers crossed for a favourable outcome for all those invested.
Thanks for the diligence Lawrence
I responded to John's email at 16:04
Thanks John but surely these are extraordinary circumstances that prevail, especially in Russia and surely if the Russian government and Gaz Prom Bank were of good will, they would be making very large allowances at the moment as I guess not just POG but other Russian companies will fold.
I can't help but feel there is not good will on behalf of the Russian government and GBP or have I got this wrong. Information is short coming. The RNS's don't always immediately sink in and click and as you know many feel they tend towards vague.
So are many Russian companies in trouble at the moment and defaulting as a result. Do you feel the Russian government and GPB are of goodwill and exercising leniency towards those having difficulties. More so with POG as we are still producing gold and gold is highly desired with a market that can't be lost unlike other commodities.
Thanks again
Lawrence Jenkins
No response as yet
The reply was round 3:30pm
Sorry sweden not norway
Lawrence13<< when was that reply??? I haven't had a reply from the email I sent this morning.
The fine detail sounds a bit foggy, particularly in respect of Russian capital controls, the business employees Russians and pays Russian tax. Their hardly going to let 8000 workers go unemployed.
And to make things worse it looks like nato are upping the ante , inviting finland and norway in , how will putin respond
Our fingertips. Apparently sanction's waived wouldn't help much now. I need to slowly read and digest
"Hi Lawrence
We announced back in May that we had new buyers for our gold.
If you re-read our announcements in order, you’ll see the issue now isn’t so much Western sanctions. The sanctions precipitated everything by keeping us from servicing our Gazprombank debt to the point that the bank called in the loans, before selling them off to new debt holders. The issue now is that the loans are in accelerated repayment, the bond coupons have not been paid, and refinancing anything right now is very challenging. Repatriating money to the PLC to service debt at the corporate level is also an issue due to Russian capital controls in response to sanctions. All this was explained in our statements.
Best regards,
John"