Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Yes Friday is the stop date so they will have to announce something before then? This is seriously beginning to **** me off deadlines pushed back and NO news. Usually news at the last minute means a further holdup or continuing problems? Further cash required for sure.
I hope, they don,t let us down, mcfirth thank u too, wait and see I suppose
have sent some comms by now. maybe they will wait till Friday. they have a habit of informing us at the last minute.
I suspect there will be a 2 week Open Offer period in which shareholders can subscribe for additional shares. Thereafter, we will list on the AIM. My bet is on mid-Jan.
Any idea when they will release back??
Thanks GS, I'm just glad to see some progress. Also, not that it makes much difference now, it goes to show that Mark Jones may not have been wholly responsible for the delays, ZCI could have been moving the goalposts,
Yes. The terms have changed. Cradle Arc have the following liabilities which total $46mill: $21 unsecured loan from ZCI; $8mill secured loan from ZCI; $12mill secured loan from off-take partner ($10mill to pay liquidator and $2mill cash payment to ZCI); and additional $5mill working capital facility from off-take partner for plant optimization and DMS commissioning. This is included within the research report.
sounds like we are moving forward.
As long as they are still proceeding am happy with that but would you not have thought as previous statements it would all be resolved by now
No previously it was mentioned an upfront payment of $20m to the liquidator. So the question is now : in addition to the $10m payment to ZCI, ARE THEre ANY OTHER PAYMENTS TO BE MADE TO OTHER CREDITORS ? Please kindly ask Alecto about it. Myself I am a ZCI shareholder.
Now my memory isn't all that, but have the terms changed? I seem to recall the price previously was $1million up front followed by $20million unsecured loan and 40% of Leboam; now seems to be $2million up front, $8million secured loan @13.5%, $21million unsecured loan and 40% of the company.
It appears as though the only things that require completing is the £1.75mill fundraise via Open Offer and admission on AIM.
please note when reading that this is ZCI but clearly we have been negotiating / dealing with
continued ......of this announcement the board of directors of ZCI cannot reliably estimate the extent of any potential proceeds arising as a result of the aforementioned liquidation proceedings. The Company will provide updates to stakeholders as and when further information in relation to the above matters, including the full financial impact thereof, has been made available. As a result of the events explained above, the board of directors of ZCI is not able to provide a date on which the suspension of trading, in securities of ZCI, is expected to be lifted as is required in terms of Section 1.10(c) of the JSE Limited Listings Requirements. Bermuda 15 December 2017 Sponsor: Bridge Capital Advisors Proprietary Limited Date: 15/12/2017 12:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
ZCI LIMITED - Renewal of Cautionary Announcement 15 December 2017 - 12:00 PM ZCI Renewal of Cautionary Announcement ZCI Limited (Bermudian registration number 661:1969) JSE share code: ZCI ISIN: BMG9887P1068 Euronext share code: BMG9887P1068 ("ZCI" or the ?Company") RENEWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the previous cautionary announcements released by ZCI in connection with the liquidation of each of Messina Copper (Botswana) Proprietary Limited (in Liquidation) (?Messina? or ?MCB?) and African Copper plc (in Liquidation) (?ACU?). Capitalised terms defined in previous announcements have the same meaning when used herein. Shareholders are reminded that on 16 December 2016 it was resolved that the Messina Liquidator be authorised to accept an Amended Offer from Leboam Holdings Proprietary Limited (?Leboam?) in respect of the disposal of the assets of Messina dependent on certain suspensive conditions being satisfied (the ?Transaction?). Shareholders are further reminded that the suspensive conditions relating to the transfer of the Messina assets to Leboam and the release by ZCI of the security held by it over the Messina assets and the simultaneous re-issue to ZCI by Leboam of an identical security package as security for Leboam?s obligations owing to ZCI in terms of the Transaction, have been met. Shareholders are advised that on 13 December 2017 the parties to the Transaction agreed to amend certain of the terms relating to the consideration contemplated in the Amended Offer whereby upon conclusion of the fundraising by Leboam, including a capital raising and the admission of the ordinary shares of Cradle Arc plc (formerly known as Alecto Minerals plc) (?Cradle Arc?) to trading on AIM, ZCI will receive a cash payment of US$2 million; an US$8 million secured loan payable by Leboam over 33 months (which includes a 9 month capital repayment holiday) carrying interest at 13.5%; ordinary shares in Leboam representing 40% of the share capital of Leboam; and a US$21 million unsecured shareholder loan recorded in the books of account of Leboam in favour of ZCI. The fundraising by Leboam depends amongst other things on the continued production at the Mowana mine which requires working capital. That working capital is being funded by bridge finance to Leboam from its off- take parties. Simultaneous with the amendments to the Transaction described above, Leboam has procured a secured working capital facility from its off-take parties in the sum of US$5 million subject to, inter alia, the admission of the ordinary shares of Cradle Arc to trading on AIM. In addition Leboam and Cradle Arc are pursuing the Cradle Arc capital raising and continues to progress its preparations for Cradle Arc?s ordinary shares to be admitted to trading on AIM. Due to the nature of the suspensive conditions to the Transaction and the uncertainty in respect of the successful funding of the purchase price of the Transaction, as at the date
yes, probably another delay if history is anything to go by. Hopefully they will manage to agree everything and finally relist by early next year.
What makes you say that? Hunch?
here very soon,,,,,,,
Looks like old site has been updated? http://www.alectominerals.com/
Looks like the new website is being readied and it appears the investor update site has gone: http://www.cradlearc.com/
The full funding is still not sorted or have I missed something? Certainly shareholders have been kept very much in the dark which is worrying. Nothing we can do but continue the long wait. I suspect may will run for the door on relisting assuming that actually takes place. Yes I am feeling negative but hope all works out well.
I guess we have exhausted everything there is to say; the wait continues. not long to go. once we get a date for relist, then we can speculate on the opening price!!!! ;p I am sure the wait will be worth it.
I just know that when it does happen, the board will have me on their conscience cause I will have died of shock !!
longstop date keeps getting pushed back. just wondering whether it will happen by then.
http://www.alectominerals.com/news/Restructuring%20update%20-%2030.11.2017.pdf The Company continues to progress its preparations for the Company�s ordinary shares to be admitted to trading on AIM and a further announcement will be made as and when appropriate.