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To ask the obvious, RY still drawing salary? We all know the answer, so, it begs the question, what value is RY providing?
The BOD should stop taking their salaries, and should only be paid in lieu once the sales funds get deposited and distributed to the shareholders.
Kammy
Maybe 1 month under normal cicumstances throw in that Russia is at War with Ukraine and its anybodys guess.. Throw in sanctions against Russia and this is the mess we find ourselves in. If you believe this is all soley down to RY then i have a bridge to sell you.
"...With regard to timing, this is dependent upon banking institutions completion of their Know Your Client ("KYC") protocols."
How long does this take? Shoudnt be taking 2 months thats when RY issued this in rns.
About $5 million. Enough to keep him going until the Feds knock on his door.
maestro1 - any idea how much cash is left in AMC accounts pls? My guess is if it's only a few hundred thousand then RY will just maintain the status quo ie stuck in no-man's land and drain the coffers paying himself and a couple of other Directors until the company has to declare itself bankrupt and Sviblov gets it for free. If there are still millions of £s in the bank then i reckon something may happen in about 6 months time after RY has had a good rest and a few holidays.
I know that's a grim outlook but RY has said and done nothing to reassure share holders he's on the case of or indeed able to solve the banking issue. Life for him is a lot easier to sit back, relax and do nothing until the accounts are empty and then just retire. I don't think he's got the stomach to battle and look for other projects to take on or the energy and guile to present a positive case to investors to stay with him.
"...For the transaction, the Company requires legal support using Russian solicitors to ensure that the transaction will meet all regulatory and statutory considerations. Many legal entities have exited Russia, including the Company's former Russian solicitors who were involved in negotiations. Amur had anticipated that this might occur and have already engaged a highly regarded, experienced Russian law firm, Birch Legal."
So Birch Legal any good? So far they have let us down.
RY needs to come out and give us an update, unnecessary cash is being burnt at the moment in the way of wages.
It’s obvious Sviblov isn’t ready to go and they’ve cooked up this problem. RY wants to take his monthly salary for as long as he possibly can. This latest announcement means he’s game on imo to keep taking his pay cheques for at least another 6 months if not longer. We won’t hear anything now for months. The guy is ONLY interested in what he can get out of this situation himself, NOT in providing share holders with anything. It’s gutting but money has been lost here and I can’t see us coming away with a penny.
No problem it took them 6 months or so to print the TEO.
Surely the the financial wizard from Salisbury will have a mate that will sort it.
MD
3rd oct RY informed mkt that russian authorities agreed to purchase, surely few days later the bank may have told them they wont accept payment. Its almost 3 months since then and the company hasnt been clear enough. This is ridiculous amount of time.
This probably isn’t going to help matters but I guess if the deal still isn’t over the line then RY might find himself forced to accept 50% of the $35m but of course I’m getting ahead of myself, he still hasn’t found a bank anywhere in the world that will accept the money from Sviblov. Looking more and more likely RY and AMC share holders will walk away with nothing.
Happy new year to one and all.
TDT if you had read what was in my post I said They didn’t make money for Amc, unless I have misunderstood the current situation,at this point the company have WE Hope sold Kun Manie for a pittance of its worth.On top of that I wish I had received 300k per annum as RY has for some years now and by the look of it,this coming year too,I wish no fairness on the AMC bod.
MD
Have a great 2023 TD2. Fingers crossed this gets across the line.
Tricky
You really believe the deal will go through, judging by sp action mkt believes it aint happening.
MD
In fairness to the BOD you could have made a handsome return if you'd sold, as we all could have, when the share price spiked. We didn't and it wasn't because if anything the BOD did or said. I think a lot of people on here were unduly influenced by the rampy £1 party brigade. A small but vocal group, you know who you are. I don't see anybody giving them a good kicking and I don't see anybody beating themselves up for not taking advantage of the spike.
On that note I wish one an all a Happy and Prosperous 2023. Let's face it it couldn't be much worse than the year just about to end, could it!
TDT
We could write a book on what we didn’t sign up for.I can’t even be bothered to list half of them.
MD
Manual
This isnt what we signed up for, we were under the impression that once shareholders agreed to the sale at the egm it was only an formality to get our cash. Here we are still waiting for the money.
Imho now i believe we may not even get money and russia will take our asset. RY has taken us for a ride. An update is the first thing he can do?
Have they approached another bank?
maestro1,I don’t know how many are in the same boat as me,but after being in AMC for what will be my twelfth year when the market reopens will not be taking on a fight.
More a case of accepting what ever comes down the pike.Many will have written this money off and if we get the 1.8 p divi will just wait until next December to go vote the lot of them off.Robin Young and his shower of Gob#@tes will know every fullstop and comma and regulation and will have an answer for any complaint.They are very good at what the do.Unfortunately for us they have been very good at making money for themselves in preference to making money for AMC
MD
Mkt clearly think RY has screwed this up.
Is it time to push this guy out, wheres the fight im investors, you rejected the first offer.. We have an right to know whats going on?
Has amc board been in contact with new bank? Silence is unbelievable...
0.89-1.05 close.. -9.09% drop market not happy with delay
Have we ever had a 32% spread before? If so i cannot remember it being so in last few years?
Happy New Year to all and fingers crossed this gets over the line.
Good morning I was in AMC years ago, I must be mad but just bought £2k's worth. High risk, but thought you never know .. HNY all and good luck
No way of instigating a pay cut regrettably. My guess is he’ll try and get another six months from now in monthly pay cheques before even updating on the banking problem.
Sad to say but the guy is not in any way aligned with ordinary share holders so doesn’t give a flying f..k what happens to any one other than himself. When this gets down to .5p I might take another small punt. HNY everyone but it won’t come from anything RY and Amur do.
Roger, i think hes on close to $300k per annum.
Clearly hes doing nothing maybe a paycut until deal completed would be fair, 66% paycut?
It shouldnt be taking this much time to find a bank. Almost 2 months since last update..
The banking issue is not with Russian banks but finding one in the West that will accept the $35m. It’s not down to Russian or Xmas holidays this isn’t being dealt with.
Imho RY knows it’s curtains for Amur and is happy to delay the deal for as long as he can get away with. Every north that goes by he gets another £15k? Not actually sure what his monthly salary is but it will be worth his while stringing it out for as long as Sviblov is ok with.
It’ll just arrive out of the blue then the sp will shoot up to 2p+
We are blatently gonna get shafted. 1p ??? Joke. i'm kissing this deal goodbye in my mind now.