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Gwm121 if you look at the consolidated statement of changes in equity on page 7 of the interim accounts you will see that the dividends declared of 31.284m USD are included in the column called accumulated deficit.
As I have explained before if AMC was a U.K. domiciled Company rather than a BVI domiciled company then under English Law it would be illegal for it to pay the special dividend.
Under BVI law it is allowed to pay the special dividend as long as it meets the BVI solvency requirements.
The charging of the dividends declared is an accounting entry however from a law perspective the special dividend is a return of capital.
HMRC may try and argue that if it is a return of capital then the special dividend should have been shown in the Share Capital Company column so that it is reduced by the 31.284m USD to then net down to 49.510m USD.
This argument is not valid because it is obvious to see that if there is a brought forward accumulated deficit of 40.529m USD then it is not possible to pay the special dividend out of the loss.
The service simplest way to demonstrate the principle above is that if you have 10 apples and you want to give someone 20 apples or 10 apples and 10 oranges then you can only give them 10 apples out of your holding of 10 apples you cannot possibly give them 20 apples irrespective of the fact there was a an accounting entry which shows that you have given them 20 apples.
Therefore if you want to give someone either 20 apples or 10 apples and 10 oranges and you only have 10 apples and 10 oranges you would have to give them 10 apples and 10 oranges despite what the accounting entries show that you gave.
Now apply the principle above and replace the share capital with oranges and the apples with accumulated losses and you can clearly see that if it was possible to have negative 10 apples you would not be able to give them 10 apples as you have none to give them.
Obviously it is not possible to have a negative amount of apples to start of with.
Obviously if HMRC try to run the argument that the payment of the special dividend is not a return call fof capital because there is an accounting entry in n the accumulated deficit then it will prove that they do not know there apples from their oranges!
AGE
How do I confirm the return of capital return special dividend was made from the capital contribution reserves account of the Company. I know there were two accounts from a post ages ago and know it was made from the "correct" account, but need in writing.
Geng maybe the grill across the trough is the no win no fee brigade already causing a problem for two other companies.
If an investment is found quickly could it be less than 6 months wait?
Does anyone have an eye for detail nowadays as there are no headings on any of the primary statements being statement of comprehensive income, balance sheet, cash flow statement etc.
The annoying thing is that the Board are being well paid for a part time job and they obviously have not read what has been issued in the RNS.
You do not need to be an accounting expert to notice issues like these you just need an eye for detail.
AGE
Of unclaimed dividends.. probably most of the holders are dead, I know of at least two.
There must have been a grill across the top of the trough as they haven't managed to get through anywhere near as much case as I'd thought!
The cash flow statement for the 6 months to 30 June 2023 includes payments to suppliers and staff of 9,132,000 USD!
I wonder what this is comprised of as it is 2.72 times the amount in the year ended 31 December 2022 and 6.37 times the amount in the 6 months to 30 June 2022.
We received 35m USD gross yet paid out 9.142m USD for costs which is a ridiculously high amount of money!
AGE
Brookie.. is it 6 months, if an investment is found before that can it be less,
Are there ways ry could extend the 6 months for longer salary time
Because of the issues of calling the previous monies return to shareholders dividend rather than return of capital which it seems to be, its going to muddy the waters even more with hnmrc if more monies returned in the next tax year... just after 6 months.
So as at 30 June they had $4.4m (ignoring the 1m restricted). That’s about £3.5m or about 0.25pps. And expenses over 6 months expected to be less than £0.2m. Wait for a return of cash of roughly double the last market price, or some surprisingly stellar deal!
Ag.. yes sad. ... Is this suspended 6 months or up to when an investment found? ....
Question is if ry is genuinely looking for value or taking salary expenses as loooong as he can.
Woodford and Eros ended up wiv big problems with no win no fee issues against them doing similar.
As I've said before, RY is amazing and supersuccesful geologist, in the past every hole he drilled more nickle. Nice if he had a last venture to be remembered as such.
He has earned 865 USD for today for not doing much by the look of it!
AGE
Gwm,he’ll be remembered by the staff taking over at Kun Manie for leaving them some barely used Cat. Machines,it’ll mean they don’t have to use the old soviet crap.
There will also be some pay day lenders who will love him forever. Gazzard will be always have a smile on his face when he’s mentioned.
I hope he gets his first ever deal done since becoming ceo of amc to get an rto
He surely won’t be able to claim selling the mine site and equipment as a deal when he was just told what he could have to f cuk off.
You gwm must a really nice guy to speak in the way you do ATB
MD
A man as ry at that age will want to leave something good to be remembered by
Golf? The fall in Canada must be nice , I know what he is not at , he is not at the Eastern Economic Forum with Putin. :)
I wonder what Robin is doing today ?
It can when they wrap this up.
Mugged the SH's off for years.
He didn't even have the courtesy to inform the Sh's that the shares had been suspended. As soon as he realised how little money he was going to get for the Amur mine, he should have suspended trading in AMC and paid out all the money they had. I think he still has about £3 million of shareholders' money. He has a year to spend the rest of SH's money. Pretty brilliant guy, isn't he?
I lost £7400 on this total dog. Fortunately I made it all back and more with Kod.
RY has sat on his a rse and waited to do this.
It's all about pushing us into doing whats best for him.
Do his family know he steals money from pensioners ? If they do, the scum are as guilty as he is.
Well RY finally spring into action and did some work by issuing an RNS to say AMC has been suspended and that the Board had 6 months in which to organise an RTO and they failed to do so!
AGE
Another problem is that even if they agree a deal, it could take at least another 6 months after agreement for all the formalities to be completed and approved.
Thank you geng,
I've always been a supporter of ry, due his astonishing accurate drill positions early on.. in my view he is a top quality geologist.
Does he have dealmaking skills, for the ceo position over the last few years. ????? Is he the right person for that position now. ???
As you say it depends how many shareholders attend.
Did you see my post about a no fee no win firm of solicitors chasing eros for lack of info, deals not made in shareholders interests and late payments Seems you have to be very careful as a ceo !!
Corporate Mission Statement
Amur Minerals Corporation’s mission is to complete an acquisition via an RTO including shareholder approval before 8 March 2024. A short list of target organisations (including mineral resources, media and financial services sectors) having existing revenue sources are being given priority. If they are not revenue generators, the acquisition must have a defined, near term (targeting less than three years) plan to revenue generation.
Ongoing discussions are underway to allow for a final ranking of the opportunities leading to the selection of the preferred RTO.
From AMC website front page... https://amurminerals.com/
"... Completion of an RTO is a time consuming event requiring negotiations, the successful completion of all party due diligence and the subsequent shareholder approval. In anticipation of our successful sale of Kun-Manie, an RTO Identification Plan was developed by the Board in H1 2022 to enable us to get a head start on acquisition target identification. Throughout 2022 and early 2023, various evaluations and preliminary assessments of numerous international private and public companies had been identified. Geographically these have been located in Canada, the US, Scandinavia, Spain, Brazil, Peru, Chile, Ghana, Kenya, South Africa, Poland and Australia. Commodities have included potash, silica, alumina, copper, nickel, gold, silver, metallurgical coking coal, energy fuels substitutes, lithium, oil / gas and geothermal production. A total of 17 opportunities have been examined and ranked. We have ranked these using the following criteria:
Mineral commodity,
Acceptable low risk operating jurisdictions,
Business model of the RTO target,
Timeframe to revenues.
During the course of our investigation, we have also been contacted by two non-mineral resource companies. Discussions with these more financially advanced entities indicate there is potential for us to move into the Artificial Intelligence / Media or Financial Services or other sectors. Being revenue generators today, these warrant further investigation and we therefore expanded our RTO investigation of opportunities beyond mineral resource sector."
I've always thought they would come up with nothing, draw their salaries til the end and then return what's left of the capital (if any).
They've got to get through an AGM vote yet - if there is anyone still here motivated enough to give them a kicking!
Hi geng
years ago we wondered if ry would take amc to production or try to sell it, many posters referred to his age and thought he may be looking forward to retirement. What are your views on the likelihood of ry doing a deal after suspension. Or perhaps using suspension to get another 6 months salary.(no xtal ball just your thoughts!)
Is it really 6 months.. or could there be another few months while .. the paperwork.. to return monies is done.....
(important as this could shift proceeds into 2024 tax year which will complicate the div capital return with hmrc even more
thx