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Both Leboam and Cradle are being liquidated. Their incompetence knows no bounds.
I’m sure there are holes in this theory, but here goes…Bear in mind that Leboam that is being liquidated, not Cradle. Leboam was wholly owned by Penmin, which owns 60% of Cradle. 10 years ago, ZCI and African Copper spent $170m on the mine but it was never economical (VdW says they were two major mistakes in their mine plan, which he claimed to have sorted). So when ZCI was delisted in July’15, Mowana and African Copper (with MJ as CEO) went with it.
PenMin was, I believe, created to get Mowana out of liquidation. Part of the deal with ZCI was that ZCI would relinquish it’s security over the mine for $20m debt settlement (part of the $100m owed to it by African Copper) and trade the rest for a 40% stake in Leboam and thereby get back a stake in Mowana.
However, with Cradle’s share price circling the drain, could it be that Fujax wanted to muscle in on security over the mine in order to protect it’s investment and make sure it could maintain the off-take it has originally agreed? As ZCI kept some hold over Mowana through it’s 40% stake in Leboam, by liquidating Leboam, does this remove ZCI from Mowana entirely? Was this all part of the plan to leave ZCI empty-handed again, as they would have been before VdW came along? Could PenMin now negotiate funding entirely with Fujax, free from ZCI, to extend their off-take agreement? Could this be why Kev has returned to PenMin as CEO - to resurrect Mowana and CRA through such a negotiation? Then Mowana could be held up for it’s original purpose - to act as collateral for Matala’s development funding. It is, after all, development-ready and sits on a JORC resource estimate of 568,000oz @ 2.7 g/t Au. And Mowana is a decent asset. As he already owns nearly 60% of Cradle, VdW could easily keep this in private hands, but that would exclude access to market funding, so it would be better off re-listed. Questions, questions…
Me, losing c. £28k on this "Cradle of Filth".
I emailed the administrators last week to ask what the situation is and was told that they will be issuing a report to creditors and shareholders in early March but that it wasn't possible to comment on the value of the shares at present. I am not holding out any hope. I wonder what can be done legally to challenge the directors and the way the company and operations have been mismanaged.
When I sent an email to Dominic 'Clueless' Doherty, a received an undeliverable email from 'postmaster@Penmin.co.za'. I speculate the con crew are working for Penmin now, with Kevin Van Dumber as their MD.
Just for information, I found this recent article. The first 2/3 of which we already know, the remainder indictates either that there is still a feint glimmer of hope or that the self-excuse PR has begun, take your pick.
https://www.miningmx.com/rainmakers/profile/185
FFS. I've now had the pleasure of experiencing this bull%hit 3 times at a cost of £10k (I realise others may have don even more money, but that bloody loads for me) - will I ever learn!!!
to see if Jones features in the apparent new Co.
He needs arresting and assets shoving up his arse!
Okay thanks for the update. Nice to know we’ve all be royally shafted. GLA with other ventures.
CRA assets will be sold and all proceeds will be used to pay off creditors. Funnily enough, one of our creditors is Penmin - a company owned by Kevin Van Dumber. There could be a situation where all CRA assets will be transferred to Penmin (except Mowana). In any case, shareholders are unlikely to receive compensation.
If they are taking full ownership of cradle arc I.e all shares issued. If it’s legit or not. They can’t just take our shares there has to be some sort of recompense
I haven't a clue but i very much doubt we will see a penny back.
So what does this mean to us shareholders here ?
The acquistion complied with all regulations as it was approved and facilitated by Strand Hanson (our NOMAD). The type of acquisition is classified as a reverse takeover. On another note, the future of Mowana will be broadcasted by third party sources, at which point we can determine if anything underhanded has occured.
PenMin sold CRA to ALO, and at the same time bought 60% of ALO. What does all this mean? Anyone savvy enough to decipher this?
https://www.competitionauthority.co.bw/sites/default/files/Merger%20Notice%20No%2020%202017%20-%20Alecto%20%20Minerals%20and%20Cradle%20Arc%20Investments%20and%20Penmin%20Botswana.pdf
So what’s going to happen now. Reopen the mine in a new company and all us shareholders left in the dirt?
I see that Kevin van Wouw has updated his facebook page showing that he left Cradle Arc on 31/1 and started his new role as MD of Pennmin (Botswana) on 1/2. As I said in January this has pre-pack written all over it.
W4ankers !
Cradle Arc emails no longer work....... oh well
Ragdoll2,that's a very considerate post my friend recommended your are right ...
If this would happen in another Country M.J. would know what to expect crook …………...Bu.. IN HE..
IF the powers to be do make a decision...they should consider the workers who are reliant on this for their livelyhood and not the gread of MARK JONES and company
Not delisted yet a bit of hope.
No delisted RNS yet.
Kevin Van Dumber will retire on his lavish private pension. Hope no one will ever employ Mark 'Con' Jones and Dominic 'Clueless' Doherty again. One thing is for certain, the capital markets have a long memory and therefore no funding institution will ever touch an enterprise involving these individuals ever again.
Outrageously incompetent management/BOD I have ever come across. Looks like we got stitched up after plant repairs by these crooks, outright immoral. Karma will have its day reserved for these crooks. Remember the names!