Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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Sure totally agree with your sentiments pj.
Just wondering why Mcfirth hasn't had anything to say ? Everytime anyone posted warning about the board and the potential for this share to go belly up he jumped on them and said " all good here " well all has gone to s##t and everyone has lost their investment . I was in this to long and should have got out and taken the loss . I hope MJ , Kevin and the rest get shafted to one day !!!
Mark Jones crook ..List him so in future do not touch anything he will become involved ..
mugged of 8k ,,,crooks ,,TJ....
Cradle Arc Plc* (CRA LN) Suspended – Provisional judicial manager recommends full judicial management in Botswana High Court Sometimes a company with sensible management and a workable plan goes to the wall for all the wrong reasons. Cradle Arc is a case study in taking on the wrong investor / debt instrument following introductions by Tamesis. Yesterday the provisional judicial manager for the operating subsidiary, Leboam in Botswana recommended full judicial management in Botswana High Court. A final decision is expected on Thursday. Fujax a commodity trading company based in Mauritus was reported have reneged on a USR4m funding arrangement causing the company to go into Judicial Review Cradle Arc management were unable to refinance the business to complete its plan to raise copper recovery rates through the processing of better quality sulphide ores by sorting out the oxide and transitional material. Tragedy: the tragedy is that having completed remedial action in mid-November last year, Fujax reneged on fulfilling its commitments and Judicial Management started on 18 December. This put Cradle Arc’s loan notes into default causing the company to enter Administration on 31 Jan 2019. Sadly the company was in the final stages of negotiation to sell assets in Zambia and Mali for $5m and the company was due to reclaim some £700,000 from HMRC. The Mowana copper mine still has 5 benches of material available and 3 benches of the North Pit Available at strip ratios of around 2:1. The material adds up to 1.8mt of resource with 1.2mt of ore expected from this. Recovery rates should be between 55-85% copper depending on how much transitional material is sorted out. The Mowana mine has debts of: $10m Loan note - secured. Noteholder name remains undisclosed $9.9m ZCI Secured Debt $10m Liquidator (MCB) debt $7m Offtake Pre-payment $2m PenMin Facility. $6m Creditors. Cradle Arc the company owes: £400,000 in trade creditors £800,000 convertible loan notes – in default. Noteholder name remains undisclosed £400,000 staff liability $10m loan notes passed down to Mowana $18m in shareholder loans down to Mowana including the notes Management are/were looking to fund $600,000 of work to figure out if they should continue to mine the first 100m of ore which carries transitional ore uncertainty or to sink a $5m decline A $5m decline should give access to some 900,000t per annum of material where 92% recovery rates are proven in primary sulphides. The mine, in its current configuration, is a marginal but expansion past 20,000 tpa cu should move the mine to a lower quartile producer. *SP Angel acts as Joint Broker to Cradle Arc plc
SP Angel posted on #CRA https://www.**********.co.uk/activity/143197
S740, good to know but why would he put himself up to help us lowly lot ?
I was at an event over the weekend at which one of the speakers was a South African Geologist with a particular interest in copper, after he had spoken I got a couple of minutes with him and asked what he knew about Mowana the answer was quite a lot. After offering great sympathy he said that Mowana has never and will never operate at a profit, every operator has either run away or gone skint. He was asked to put the slide rule over it in 2008 as a result he had seen all the reports, surveys etc and had his boots in the dust in site, he said sadly CRA was going to fail from day one and those involved either knew it, or should have known it. There is copper ore there, but not in a way which can be economically extracted.
Should anybody instigate an investigation an need an expert witness, I have my man's card in a safe place.
Tom Winnifrith calls himself the 'Sherriff of AIM'. He wrote a piece a while back in the ALO days opining that Mark Jones didn't come across as the kind of miner with no intentions of mining anything. Just goes to show what an expert liar MJ is.
I hope the fca do look into it if contacted.
i think Private Eye might also take a look if contacted.
Some public airing might help.
They did cover the SFO investigation into ENRC but more because of the SFO hash.
LSE and the NOMAD need to answer questions which they wouldnt answer from us PIs.
I dont know enough background, only the past year or so and dont feel confident enough to progress it.
GL if someone goes for it.
PS. they say 'dont judge a book by its cover' but the admins website doesnt inspire confidence either.
Sorry, it's £500 k rebate due from the HMRC, not £5 million. Us shareholders will be the very last in the food chain (and will probably get nothing back). The bigger question remains with regard to the way the whole thing has been managed by the BoD since before the reverse takeover and the name change etc. Also Kevin vW stands to gain recoup some of his losses for this (and apparently be allowed to go on to other things) whilst the rest of us stand to lose all of our investments. This is a case study in very poor management and judgement by company directors.
Curtains it is folks. So many questions but no real answers. Such is the nature of quite a number of these AIM companies. And sometimes any attempt to engage in constructive criticism or seek alternative views, accusations of wooden spooning or ulterior motives fly. My take is that companies stand or fall on their own merits. ASOS is an AIM company but it is absurd to think discussion on forums such as this would all of a sudden invalidate their business model and cause it to fold. In the same way it is crazy to think that you could salvage a flawed business just by posting positive sentiments that are not backed by any tangible evidence. Point is shouting down alternative points of view or queries does not serve any useful purpose. Unless of course the aim is to 'sucker in' unsuspecting souls. As has been the case before looking through the chats of the previous incarnations of this company the script is a well rehearsed one and will repeat itself many times in the AIM world. But of course there will be some success stories the challenge remains to spot the tell tale signs early and adjust accordingly.
Would be nice to get something back
There are assets. The creditors are all un-secured
There is also a £5m rebate from the revenue that needs to be returned
All of this should suffice in returning cash to shareholders
Similarly I got suckered in here, experience has taught me that Bod always cover their arses, investors are always left high and dry. GL on the next one all, I think there is a valuable lesson to take away from all this, and feel free to boycott the directors others companies by passing the message on, AIM investors are fickle when it comes to historic research on Bod
Please dont feel sorry for me....like so many i was taken in by MARK JONES...i still remember the day i met MARK JONES at the agm....when he gave me the personal contact number of their chief broker to invest money ...even though the share was suspended....ill move on...i still have a fabulous 26 acre estate in SPAIN...which i love dearly
my family still own 17 properties...so we are still ok
thanks for your concern terry
Ragdoll, maybe 6 figures, but still a hell of a lot !
Always had faith with these since ALO days, could and in hindsight, should gave bailed when in I was well in profit.
For what it's worth, ( won't go anywhere ) but I will contact the fca. This has simply been an out & out scam conducted by unscrupulous filth.
Feel sorry for all of us here but mostly for ragdoll.
I know you invested 7 figure sums in here over time.
Suggest everyone take note of the names of these tossers and name & shame when they resurface.
They undoubtedly will, Mark my words !
That looks like the final nail in the coffin for CRA shareholders.
Well & truly shafted by a few incompetent individuals who promised much and made a complete **ck-up of things.
Bunch of Ars@ wipes
Cradle Arc announces that, further to its announcement of 20 December 2018, a report regarding the financial position of Leboam Holdings (Proprietary) Ltd ("Leboam"), prepared by the Provisional Judicial Manager, was yesterday presented at a meeting of the creditors of Leboam, recommending that Leboam enters full judicial management, with the final decision expected to be made by the Botswana High Court on Thursday 28 February 2019. Should Leboam enter into full judicial management, the Judicial Manager would aim to restructure Leboam's balance sheet and seek to preserve value for Leboam's various stakeholders. 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.
Cradle Arc PLC - Resignation of Nominated Adviser https://www.**********.co.uk/rns/announcement/bffadf26-ee74-436b-ae48-df98ca0194cb
In terms of the Order, Mr John Hinchcliffe, an accredited and registered Chartered Accountant in Botswana has been appointed as the Judicial Manager. Pursuant to the terms of the Order, with effect from 18 December 2018, the Judicial Manager shall:
? Secure and preserve the assets of Leboam.
? Prevent the mismanagement of Leboam.
? Ensure Leboam is able to meet its obligations.
? Do all things necessary to preserve the interests of the members and creditors of Leboam.
The Judicial Manager is required to file a report regarding the financial position of Leboam to a meeting of creditors of Leboam, to be convened before the Master of the High Court, by no later than 18 February 2019.
Pursuant to the terms of the Order, Leboam has until 21 February 2019 to submit its answering affidavit, or business plan going forward following the meeting of the creditors of Leboam. The matter will thus be set down for hearing on 28 February 2019 for the Court to determine if Leboam be discharged from Judicial Management or make any other order it deems fit.
Any updates here? I thought this was gone be delisted on the 5th of Feb.
I am done with African based companies and Slovenia (AST). Never again.
Every time I visit this board I see the sell at 13.28 on 6 Dec for £11.57k and think....probably not a good return but at least it was something. Wonder who bought them?