Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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I’d be wary with crypto mate. Still money to be made in Aim.
Agreed - AIM, FLYB, CAR and so on...
I am also looking to pull all my money out - crypto has a better future
https://www.investegate.co.uk/aim/rns/cancellation---cradle-arc-plc/201903270700020664U/
That's it then, the fat lady has sung
Cancellation from AIM
Again.
Lightning striking twice rarely happens. At best, incompetence does.
First ALO, now CRA.
Fool me once, shame on you. Fool me twice, shame on me.
Yeah had enough now. No updates no news on merger or takeover. We’re all out in the cold whilst the directors sit happy elsewhere.
Not delisted as yet?
They just need to pull the plug and put us all out of our misery.
Yeah same here money better spent elsewhere
Agreed, I don't think we will see a penny.
Since this I have actually sold all my shares and am out the game.
Let’s face it we’ve all been shafted and lost our money. Many of us got lead up the garden path and lost a lot of money. Especially they guys pre CRA. Good luck everyone in new ventures.
We are due to be delisted by 26 of March 2019.
Is there glimmer of hope the company could be trading again.
Accordingly, Strand Hanson Limited has resigned as Nominated Adviser to the Company with immediate effect. Pursuant to Rule 1 of the AIM Rules for Companies, if a replacement Nominated Adviser is not appointed within one month, the admission of the Company's securities to trading on AIM will be cancelled. The Company has no current intention to appoint a replacement Nominated Adviser.
ZCI Limited
Bermudian registration number 661:1969
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
JUDICIAL MANAGEMENT ORDER OF LEBOAM HOLDINGS (PROPRIETARY) LTD
Shareholders are referred to the previous announcements released by ZCI in connection with, inter alia, the Provisional Judicial Management Order issued by the Botswana High Court for Leboam Holdings (Proprietary) Limited (“Leboam”), which became effective on 18 December 2018. Capitalised terms defined in previous announcements have the same meaning when used herein.
Shareholders are advised that following a meeting of creditors of Leboam held on the 25th of February 2019, pursuant to the Provisional Judicial Management Order, the Botswana High Court has issued a Final Judicial Management Order for Leboam (the “Final Order”). The Final Order became effective on 28 February 2018 and accordingly, subject to the supervision of the Botswana High Court, Leboam is placed under Judicial Management. Pursuant to the Final Order, Mr John Hinchcliffe, an accredited and registered Chartered Accountant in Botswana, continues in his appointment as the Judicial Manager (the “Judicial Manager”) and any legal proceedings contemplated and/or subsisting by or against Leboam is stayed and restrained.
At the aforementioned creditors meeting, the Judicial Manager presented to the Master of the Court in Botswana and Leboam’s general body of creditors his report on the assets and liabilities of Leboam, its debts and obligations as well as his view on the prospects of Leboam’s recovery to trade as a going concern. The report indicated that Leboam is insolvent. The recommendation from the Judicial Manager was that Leboam be placed under Judicial Management as opposed to liquidation as there are prospects for recovery for the following reasons:
? Preliminary studies carried out by consulting engineering firms indicate that there are sufficient ore deposits of good quality that could extend the life of mine to another 26 years.
? Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and maintenance programme until Leboam is able to trade as a going concern.
? There are potential options of entering into a scheme of compromise with creditors to reduce Leboam’s debt burden.
? It is estimated by the Judicial Manager that Judicial Management may run for 9 months.
Pursuant to the terms of the Final Order, with effect from 28 February 2019, the Judicial Manager is authorised to secure and preserve the assets of Leboam; to prevent the continuing mismanagement of Leboam; to ensure Leboam will be able to meet its obligations so as to avoid a winding-up; and to do all things necessary to preserve the interests of the members and creditors of Leboam. Furthermore, the Judicial Manager shall submit a quarterly report to a meeting of the creditors of Leboam, and to the Master of the Court in Botswana, to provide updates as to Leboam’s position.
As more information becomes avail
Anyone know if this has been delisted and if not what is the status.
Cheshirekat... good insight ty
...it was actually a paperweight at my old office, but anyway my thoughts (fwiw)…the issues are:
- Fujax signed a 4-yr off-take agreement supplying customers in China, so they will have immediate and future need for Mowana’s copper. They are not, however, miners; they are traders.
- ZCI is an investor and a limited company, so also not a miner and without access to market money.
- Nobody is going to allow the spivs MJ and Kev VdW back.
- ZCI won’t want to relinquish any of their 60% security over the mine without more payback of the $80m they were otherwise owed by African Copper – this refusal caused the liquidation in the first place.
- VdW is now back at PenMin, so I suppose has relinquished his (mis-)mgmt of Mowana, but still owns the rest.
Perhaps, then, the best VdW can hope for is to sell his stake in Mowana at the lamentable current SP (his own fault, so who cares), or to have some of his investment money paid back by Fujax in return for a reduced share in the company, with Fujax and the next operator taking the balance, (similar to ZCI’s original agreement with Leboam). That way, Fujax get board representation and the stake in the mine they were after in return for investing in it.
The big question still remains of who will actually direct mine operations. Although “Fujax is the exclusive long-term off-taker and marketer for Mowana, supplying clients in China with copper concentrate” (Fujax website), I doubt this would see Fujax negotiating Chinese involvement in managing the mine. They do, however, also have “close relationships with other *copper producing companies* in southern Africa”, which would be a far more logical solution.
In short, if Kev is essentially bought out and ZCI keep their share, Fujax inject the cash and take a stake in the mine and A.N Other African producer runs the mine also in return for a share in Mowana. It could, perhaps, then be a sub-sid of said operator, relisted at the going SP, with access to it’s existing advisors, capital sources and other infrastructures.
Just a thought…
What is also key is getting a new(ish) management team in situ. To satisfy creditors. Either by way of removal and/or addition(s) to strengthen the day-2-day operation of the Company.
Given the mismanagement & failures over past 18 months or so surely nobody would invest in any rescue deal to keep CRA afloat as a going concern with the exact same management team at the helm?
May be CRA and/or ZCI will have to give up some of shareholding from existing 60 and 40% each to accommodate Fujax and/or new investor.
But Creditors approval to restructuring of liabilities/debt is key. Hopefully CRA management will keep shareholders interest alive in all these discussions given CRA have invested a lot of money in fixing the mine which shouldn't be ignored by administrators. See where we end up with this.
It seems for sure - CRA would go belly up if the creditors do NOT agree to the restructure & recapitalisation proposals.
It does not seem to be Fujax's intention to see CRA go belly up. Maybe they know of someone who would outbid them at £2 for the Company????!!!!!
"Fujax will step in should negotiations to restructure the liabilities prove successful. The restructuring could include the coming on board of new equity holders at Mowana."
I know that option is not in the best interest of shareholders but I’m just trying to understand what and where this all means for shareholders
would Fujax be out the picture if the company remained delisted? I mean would it not be in their best interest (financially) if the cRA went belly up and sold for £1 to them rather then them being obligated to sort backdated costa?
Whilst there's still the remotest of remote chance of any relisting of our shares then talk of any FCA investigation would clearly be completely counter-productive for shareholders.
Be different ball game IF the major creditors don't agree to the restructure & recapitalisation proposals. Then it's be game over for shareholders and wouldn't have anything to lose by any FCA investigation.
Shareholders have nothing to complain about other than seemingly serious mismanagement of the Company. You get that in many AIM listed companies. But failure & mismanagement isn't always a crime.
Seems to me it's many of the creditors who have far more credible grievance over wrong-doing with how the Company operated.
Whilst we are all too aware (or at least feeling the effects of) CRA's 60% holding of Mowana and the problems that has caused, we are not aware of how much the other 40% shareholder contributed to the problems at the mine.
The article though, is pretty damning about the whole sorry affair. Ideally it needs investigating by the FCA.
It is very clear with the published article their is a glimmer of hope on the horizon
We have all been used and abused as investors by MARK JONES and co
The new proposals sound as they could have a positive outcome
With out doubt the AFRICAN authorities involved here will be bending over backwards to help secure
the jobs of the 450 or so workers who are dependent on this for their lively hoods
i hope we all see common sence take a positive lead on this
One would feel all is not lost on this mine
Just keep a positive attitude and let people who know do their stuff
Very damning report indeed !! Totally mismanaged by Kevin and the rest . If Fujax do reinvest where do the shareholders stand ? Looking like they are trying to get the mine producing again . Anyone have any thoughts on this ?
http://www.mmegi.bw/index.php?aid=79968&dir=2019/march/08
Wonder if shareholders will get anything back at all, very damning report on incompetent management. proper fraudsters these guys were.