The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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Kalia and port according to the article has a value/cost of over $250m. Obviously CS will get paid off first, but might there be some crumbs left. I’m in at just under 0.6p, so anything over $3m left over should see me ok. What I have learnt from this is not everything is as it seems on aim. Days before this went t!ts up Julian Cheong was incredibly bullish on BZM’s prospects. The story here was compelling and turned into a nightmare. I have a lot less sleepless nights over BMN.
We have been stitched up but I doubt the receivers will do anything for us. Wouldn’t be surprised if everyone is in on it. We’re not going to get anything and I didn’t think we would once they went into insolvency. What a shame for all us holders.
'I have been informed that the government has given the port of Konta to another investor whose name I do not know; and that the Prime Minister and the Minister of Mines were all at the ceremony in Konta.' I suspect a Chinese investor in Bauxite... Should be investigated.
This is a message just received from Guinea (in French):
j’ai été informé que le gouvernement a donné le port de Konta à un autre investisseur dont j’ignore le nom; et que le premier Ministre et le Ministre des mines étaient tous à la cérémonie à Konta.
I also suggest that the government will withdraw the permit for Kalia in the very near future.
I think no good waiting to sit around to get anything from anywhere........
I love to see the receivers go in and do something .... maybe pigs will fly.
Do u think we shareholders would have entitlement to the liquidation money? Sigh. Still in disbelief. Hope everybody is holding up well. Lost alot too..... imagine if they had 1.8million left after paying off all the creditors.... 1p / share. But i highly doubt that would even happen
Why has a BZM.GB.PL appeared when BZM is typed into lse.co.uk ?
Iam gutted that we could be robbed like that the board knew all along as stupid as i am i plowed 31 thousand of my savings well all of them lol should be jailed the lot of them
Lessons learned 3% of investors from HL and rest assorted nominees Over 51% Hudson .. The writing was on the wall but Daniel never appeared to spell it out .
Mr cautious "So in summary you can do something illegal in plain sight and no-one will come after you." It's a known fact... and why alot of unscrupulous people operate behind the facade of a company... It's all done under the company name... The untouchables... Or so they think. 'Wasn't actually me gov, I just work for the company... '
I doubt they were attempting to monetise anything. They were most likely waiting for the right time to do us over. This was probably planned months in advance. How can you not make money from a port?
I wonder what all the port nonsense was about - trying to make it look like they wanted to continue perhaps?
That's all I can think given that the board were appointed by Hudson themselves once they had over 50% of the shares!
We’ve definitely been done over but these people know what they’re doing so there is very little legal ramifications for them. This seems to have been very cold and calculated by all involved.
I agree, but as they were the only major shareholder they can do what they like on an otherwise PI held share unless by some miracle all of us PI's chose to do a class action which they know is impractical and almost impossible. So in summary you can do something illegal in plain sight and no-one will come after you.
I would very much like to see a successful legal challenge to a Chinese company operating in Africa - pigs and aviation ?!
I still wonder about the legality of a majority shareholder forcing such a situation but I don't expect they will be pursued even if it was illegal.
that's my take. However Kabisco, Northcoat et al have stated many times that the assets are worthless or don't even belong to BZM. Result is the same in that shareholders get zero. I think Guinea will purchase the licenses back from Hudson and have it all in house now. Its odd and we probably will never know. Asset value has to be worth more than the monies owed to Hudson ie $30 million plus
I've tried to make some sense out of some of the stuff Kabisko has posted over the last few weeks and I am thinking the situation is possibly as follows:
The Hudson loans to Bellzone were secured against the mineral rights (licences).
Hudson had to wait for the Kalia Mining Convention to be ratified by the National Assembly, which happened September 2018. (Ironically, reported as good news for Bellzone.)
Once this happened all they needed to do was force Bellzone to default on the loans (by blocking any raise of equity and not allowing further drawdowns on the loan facility) and hey presto - Hudson now own the mineral rights / licenses.
I'm not certain on this but seems a feasible explanation?
Very true, and when Hudson get control of the mining licence from BZM we will see just how corrupt the Guinean government are.
I was in Afren some years ago and it went POP as most people know blatantly due to board corruption and incompetence, but as far as I'm aware no-one has ever been held to book on this. This is the reality in investing in African things and I will not knowingly do it again.
The reality is why would anyone you dont know offer you sound investment advice (why would they) without a vested interest in getting other people involved with an investment they want pumped up. The will never be a 'kindness of their heart' twitter poster that will make anyone any money, and if they do it will just be luck !
Investment decisions can only come from your own head or a family member who is in the know..
I posted some time ago for Hudson to blindside us they would want insurances at govt level that the assets fall to them. You don’t write off over 20 mill just because you are fed up I have written this off completely
Not really.. Its a few cups of coffee Sorry for all who have lost a lot more
https://youtu.be/xDB87o-njFQ
Lesson learned. Never take a tip off twitter daytraders no matter how good or ramped it sounds.. In fact I have deleted ALL trader twitter follows. They are busy selling while followers buy .. Had a punt awhile ago only £720 went down to £180 so I held just in case .. Am an investor not day trader so its just par for the course ! .. Meanwhile Here's hoping Lionsgold has a good reopen price ....
There are plenty of punters in this world buying 1p shares thinking their on their way to making a fortune unfortunately as plenty have found it doesn't work like that. Have a 2019 prosperous year . GLA
This is it I’m afraid unless you believe in miracles. It will take me a long time for me to recoup my losses on AIM but I’ve still got my health. There’s plenty of unscrupulous people in this world and we have fallen for their con. Don’t give them the satisfaction of letting them ruin your holidays and health. Good luck and happy holidays comrades.
I don't think they'd have engaged liquidators if there was any chance - not cheap.