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The correct result for shareholders is that the SISP is given its best value to fairly benefit all existing good faith stakeholders - preferably on a restructured basis so that all of the original shareholders of the UK entity benefit from future returns following the dreadful mismanagement. This is similar to what the 7% shareholder group in Cineworld is arguing in the US bankruptcy protection court proceedings to avoid an under-valuation in that restructuring to suit creditors but where shareholders would nothing. (See May 25th business news.) This is our best option in Canada if the mine is undervalued and we all lose out. If the UK Parent is liquidated we need a court appointed liquidator who must legally immediately remove and investigate the directors under a compulsory liquidation.
The correct result is that that SISP is valued properly to benefit the shareholders - preferably on a restructured basis so that the original shareholders of the UK entity benefit from future returns following the dreadful mismanagement. This is similar to what the 7% shareholder group in Cineworld is arguing in the US bankruptcy protection court proceedings to avoid an under-valuation in teh restructuring to suit creditors but where shareholders nothing. (Last week's news.) This is our best option in Canada but no-one has realised this. If the UK Parent is liquidated we need a court appointed liquidator who must legally immediately remove and investigate the directors under a compulsory liquidation.
Why?
I'm fairly confident no bid will be more than 45-50m
Until the end of the SISP process no one will know if or what they will get.
Was your man a direct to RMM contractor or a contractor employed by AN Other. who sent the letter, RMM, The Monitor or someone else?
If a bid pays enough for unsecured creditors, I doubt it will be a lot.
Just had a chat with a lovely chap who is.... was a contractor at Rambler. He lives right by the mine. He tells me he is owed around $7000 and has received a letter informing him that he will not be getting any money.
He could not believe that he was talking to a shareholder so far away from home.
He was also mortified to hear just how much me and my wife have had invested in Rambler.
His face dropped and said...... I'm so sorry but there will not be any payout.
Such a grand family he has too.
He's on holiday here in the Yorkshire dales.
A terrible time were having and how much its effecting us all.
Phase 1 completion updated published:
https://ramblermines.com/storage/press-releases/sisp---phase-1-completion-update-1685138905.pdf
>The Monitor sending a Solicitation Letter, non-disclosure agreement and the SISP Order to over 300 parties identified by the Company and the Monitor who may have interest in the SISP;
Over 300 parties - sounds like there's healthy interest!
The proposed liquidator - Begbies, are close to the BOD so it would be difficult to ensure any Independant outcome with no guarantee of holding the BOD to account.
As an indication, for some time now Begbies have stated that RMM are in a CVL - yet we just had the vote. And we're not in a CVL.
I would prefer a court appointed liquidator who would look into the BOD's actions....
No, it won't affect what happens with the SISP in Canada, but the outcome in Canada may affect the UK....!!!
Just got in.
Saw @blues post .....
Checked the only seeming Comms, with no RNS now. Rambler website, press releases....
No comment.... Interesting, as am sure a 75% plus carry to wind up the UK arm would have been reported there.
As said earlier, I am not sure that it makes much difference to the bid situation in Canada unfortunately. But I am impressed that with a self declared 20% odd RIG SH membership. This means the same again (!) out there, also showed an ounce or two of commitment, and we fought through the red tape to make a statement too.
Still remain jaundice it will ultimately make a difference. But if you are going to lose sums of money, big or small. You will feel better if those in charge of making poor, or even duplicitous decisions. Feel a bit if pain as well.
Tbh I spoke at length to the Liquidator, and have no axe to grind with him. He's not the man responsible. But it makes me feel better that a small battle of as been won. Even if the war is still likely lost.
It was a special resolution (i.e. requiring 75% votes), was it not?
40% is a hell of a turnout. Good show.
The votes were 51% For
40% Against
Let the fun begin....
Strummer.
My thoughts would be pure speculation, so irrelevant really.
My hope is that EVERY PI gets their money back somehow.
And whoever didnât do the right thing for RMM gets their comeuppance via the courts.
Sadly there are many here whose lives and minds have been adversely affected by the greedy few. The stories are heartbreaking.
Good luck to you and every Pi.
There is very littel chance of any return, but the members of RIG are at least fighting the corner for ALL shareholders with any bid.
Do you think BM might be one of those 'larger' creditors?
The RIG bid was to provide more than one bidder....
Who here has bothered to register to attend the GM - outside of the RIG group?
Do you think given the timescales and the nature of the sale circumstances there will be bidding competition Bertie. Are you hopeful of funds returning therefore. Or is that highly improbable given the timescale and circumstances. The Liquidators off the record view was that one of the larger creditors would buy it when I chatted with him .....
For those that refused to commit an ounce of effort with RIG when urged to do so (on countless occasions), check out the story, âTHE LITTLE RED HENâ.
I posted here long ago youâll end up wanting to eat the bread.
@Santhi.
Fair enough. Be interesting to see the UK vote outcome. When I spoke to the prospective UK liquidator. He was at pains to point out that the convoluted process to even get a vote registered was not his doing. Simply the archaic Nominee hoops that had to be jumped through... Etc etc.
So be Interesting to see how many Nays actually made it to the ballot box I guess ...
As to the Canadian sale. All logic would suggest to me that the only small chance of a return is if more than one party is interested, and a bidding rivalry occured. Leaving aside any fall back RIG offer. I have great doubts though that there has been time for significant potential players to do the due diligence needed to make anything more than a perfunctory low bid, and to just chance their arm.
As such I am not expecting much hope sadly. But it would be nice to be pleasantly surprised.
Cheers.
The RIG bid for Rambler Canada has nothing to do with the CVL vote for Rambler Metals and Mining PLC. Do some research before throwing accusations around. Any shareholder has been welcome to join the RIG group for a long time now, and the back up plan of a low-ball bid for RMMC was not and has never been a secret.
Strummer, voting no to the resolutions has got nothing to do with RIG putting a bid in.
They are not related in any way.
The voting No was to ensure the directors wouldnât control the liquidation process.
You canât please everyone at the end of the day. Some have been working tirelessly trying to find a solution and others are just waiting to see what happens.
All shareholders were invited to join RIG. Nothing has been kept a secret and there is even a FB group where lots of useful information and thoughts have been shared.
End of the day as I have said already, the hope is the mine is bought for a fair price so we all get some of our investment back.
Those outside RIG, that may still also have vested thier share holding weight to the cause of avoiding a cursory, and defensive (BOD wise) wind up of the company.....
Would not take kindly to the RIG bidding to then exclude them from any benefit. Despite our support!
I am sure that's not the RIG aim, being an ordinary SH group they have canvased support from all quarters. Have they not?
But, and in light of this accusations. Would be very interested to have them make that fact known.....
Thanks.
Lauren, if the mine was taken on the cheap, I would rather be part of a counter bid than sit on my hands and do nothing. You tell me what you would rather be part of???
Santhi......to use your words...if no sensible bid is made then RIG group steals the mine...
>Ideally, the best result for us all, is for the mine to be sold for 100 million plusâŚ..
And that's GBP, please. :-) Not CAD, USD, or Dogecoin
Lauren the group RIG bid was a worst case scenario. If no sensible bids were made (no return for shareholders) then the purpose was to stop the mine basically being stolen!
Ideally, the best result for us all, is for the mine to be sold for 100 million plusâŚ..
... I'm surprised that no comment has been made ,on this site, regarding the RIG group bid.
I'm sure they would like to acquire it for as little as possible.
And then nothing for shareholders and they own the asset..
You've given them your vote...
Feels fishy to me
Thanks Micru - for lazy people, please see below;
Phase 1 Bid Deadline:
-Phase 1 Qualified Bidders to submit non-binding LOIâs
May 19, 2023
Phase 1 Successful Bids
-Monitor to advise in writing of entry into Phase 2
May 26, 2023
Phase 2 Bid Deadline
-Submission of definitive offers
July 21, 2023
Selection of Successful Bidder
-Or Auction, if required
July 28, 2023
Approval motion for Successful Bid August 25, 2023
Anticipated closing of Successful Bid August 31, 2023