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Fantastic news, however
Client's assets seized as part of a US Securities and Exchange Commission's investigation with the Court likely to appoint a receiver to manage the assets of the client mid-June 2020
Any super-sleuths that know who the company is now? What has been going on here... Was the tech/waste plant a fraud?
Unfortunately this just confirms what we were pretty confident we knew in that we were due money the client hadn’t paid. The key part, which we are still no closer the getting an answer on is how much we will actually get and when. That will make the decisions on how quickly we can progress our projects.
All it does show, positively, is that clearly the client is a shady mo fo if the SEC are already involved so doesn’t seem like negligence on SML’s side, just an unfortunate choice of client who had empty promises.
Sadly, can’t see this going north until we have some clarity on how much will actually be paid to us and when. Sure we aren’t the only ones who got screwed over.
This will be a long , drawn out process - hopefully some clarity from the board if they plan to push on now or wait to see what we receive.
Back in the bottom drawer for me these go!
SML and pro active also tweeting about the result:
https://twitter.com/SML_Minerals/status/1267344887084695554?s=19
https://twitter.com/proactive_UK/status/1267345155054542853?s=19
LSE need to up their game! (I wonder if we will see JP today giving his verdict on this award?)
Is on the new London stock exchange website. once you have set the filters you can view multiple sectors in one go.
I got the alert through the VOX app.
Still cant see rns on this site
Great to see the arbitration decision go strongly in our favour the contract clearly was watertight and the material effect on our position considered by the judge.
Despite the client's current position I remain very hopeful we will see some of the settlement allowing us to progress with LC and Redmoor at a faster pace.
:)
Note that the client took absolutely no part in the arbitration process
We might even have a blue day today...lol
Clearly company fully justified in court and big award.
Well done BOD !
Must be +ve but await how much is recoverable from bones of client: who will be named at some point.
Thanks DV
Accepted we need to see the cash but this is very good news....
1 June 2020
Strategic Minerals plc
("Strategic Minerals" or the "Company")
$21.9m Arbitration Decision Granted
Strategic Minerals plc (AIM: SML; USOTC: SMCDY), a producing mineral company actively developing projects prospective for battery materials, is pleased to announce that, further to its announcement of 2 March 2020, the appointed arbitrator has awarded its wholly owned subsidiary, Southern Minerals Group ("SMG"), US$21,929,259 in damages and costs, exclusive of additional interest to be calculated as latterly described.
Highlights
· Comprehensive decision addressing both procedural and factual issues of the arbitration and finding in SMG's favour
· Total Arbitration award of US$21,929,259 plus additional interest (comprising liquidated damages of US$4,215,000, loss of profits of US$14,090,599, punitive damages of US$3,600,000 and arbitration costs of US$23,660)
· Interest at 15%pa awarded on liquidated damages (both pre and post judgement) and on loss of profits (post judgement only)
· SMG proceeding to confirm decision in the United States District Court in the client's local jurisdiction (where the arbitration technically took place)
· Client's assets seized as part of a US Securities and Exchange Commission's investigation with the Court likely to appoint a receiver to manage the assets of the client mid-June 2020
· Successful arbitration outcome puts SMG in the best possible case to seek recovery of this award, however visibility of the extent of this, if any, remains unclear pending further developments and the Company remains cautious on the ultimate outcome
Where is the RNS as not showing on LSE? Thanks.
Lets wait and see how much we actually get.
The client sounds dodgy as
https://twitter.com/surprised_trade/status/1267338734304931841
been a long wait , however.....$21.9m Arbitration Decision Granted
Well done guys, been a tough period, a much better start to the week ..
Awarded $21m, what we get and when is another matter but we are now at the front of the queue. What this really means is, that once again, our BOD Has behaved in a correct and honest way throughout, the customer is clearly a rat. I trust those that attempted to throw mud at the directors and question their every decision are pretty embarrassed by their own behaviour.
Changing the subject slightly I did see a article from the Daily mail (fail) regarding the suggested use of copper on things people touch like door handles as copper kills coro a within 4hrs. I shared a paper on this a few months ago....copper in more demand...
however:
Client's assets seized as part of a US Securities and Exchange Commission's investigation with the Court likely to appoint a receiver to manage the assets of the client mid-June 2020
BOOM.
Award of $21.9 million. With interest of 15% if not paid