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My actual opion is not listed! Having been in since the ALO days and topping up occasionally on the posiitve messages emanating from Mowana I feel well and truly shafted here. Retirement suffers because of CRA.
No chance. All crooks like every aim company and bod all boll@cks
Anybody been in touch with FCA
If cradle arc is a scam could we get our money back.
In the 20th December press release, there was reference to CRA's application for a c. £500k VAT refund dating back to December 2017.
I am aware that Oriole Resources plc (formerly Stratex) have just won a case against the HMRC for a VAT refund and have started to receive payments.
If CRA were successful in gaining the refund referred to, it might help keep the wolves from the door for a short while longer although I would guess that it won't be enough to save Mowana / Lebaom enitrely.
It really is a disgrace that the UK gives legitimacy to companies listed in the AIM market overwhelmingly made up of firms consistently having the sole purpose of taking investors money in exchange for worthless shares. AIM is just a massive boiler room given the OK by Her Majesty's Government - then the powers that be wonder why it is that investors are fleeing the City and draining funds elsewhere.
It really is a disgrace that the UK gives legitimacy to companies listed in the AIM market overwhelmingly made up of firms consistently having the sole purpose of taking investors money in exchange for worthless shares. AIM is just a massive boiler room given the OK by Her Majesty's Government - then the powers that be wonder why it is that investors a fleeing the City and draining funds elsewhere.
Another one bites the dust.I never learn,if a share is cheap or looks too good to be true,then it probably is!
Just a thought...MARK JONES daughter is a barrister in LONDON
Maybe he is well advised
Were a hour ahead of you in SPAIN
Im off to join other patriots to watch the rugby
I wish all genuine investors some hope and goodwill
I was going to say we'll hear the report of the provisional liquidator but will we? Botswana doesn't seem to publish its Court rulings and if the stock is delisted there'll be no RNS requirement - how would anyone know even if it is called out?!
For me the 19 November RNS was extremely misleading:
"[Cradle Arc] has entered into a BINDING term sheet with Fujax Minerals and Energy Limited ("Fujax"), whereby Fujax has conditionally agreed to provide Leboam with a US$4 million extension to its pre-existing working capital facility (the "Working Capital Facility Extension") on similar terms to the First Advance Agreement concluded in February 2017, as set out in the Company's AIM admission document published on 18 January 2018. The extension remains subject, inter alia, to completion of the requisite documentation and Fujax's final credit committee approval, expected to occur shortly, and the funds to be drawn down from the enlarged facility will be used for the group's general working capital purposes."
Yes, I see that it has the word conditional but if the term sheet was 'binding' that's an administrative formality. If it was 'binding' why didn't Cradle Arc sue Fujax for the money straight away? As the Board must have intended, the choice of words influenced investment decisions.
Really does need investigating and the BOD bringing to account. Will it. Probably not. Then they are free to go onto their next scam. Really does smack of a complete AIM scam.
I remember attending the agm in LONDON
( The only one to attend )
I told MARK JONES.i was keen to put another £100 000 into the suspended share
He advised me to get in while the share was suspended
He gave me the phone number of the their chief broker who would handle my interest
Maybe this scam has been planned some time ago
I do not know of a single occasion where a producing mining firm has delisted within a year of IPO. They should be listed on the Guinness Book of Records.
CRA - Nobody has said anything about this SCAM. They do a placing and then suspend and delist.
All our money has vanished!
These Bastards.should be noted and listed in a book so that wherever they go, the Shareholders are told to avoid. Like a black book.
I am looking for an exit strategy, CRYPTO is far better in my opinion.
I'd prefer to see them hung, drawn and quartered. Wan4ers.
Deactivated is noteworthy - that's not unpaid leave...
Dominic Doherty no longer works for Cradle Arc as his email address has been deactivated. Funnily enough, Mark 'Con' Jones' email address is still active.
I think this is Exchange rather than business led (FTSE rules below - in short: FTSE can unilaterally delist and you have to wait 12 months to come back on if they do).
Of itself, delisting in one sense doesn't take things any further than this morning's RNS (and that didn't take things any further itself, given Leboam has the value).
What delisting does mean is that any investment would now be in privately held shares (not-liquid) for 12 months - as you can't relist for 12 months.
Let's assume for this that any value is gone and they can't do a deal or give FTSE comfort by close Monday (pretty safe I think!). With expectations managed, this this does not automatically affect:
+ Fujax if its happy with the take off for at least 1 yr and has confirmation from the liquidator that the £4m really is enough;
+ A share sale, for example, to Sandfire who is trying to buy a copper mine at the moment in Botswana; or
+ Anyone else with a 1yr+ horizon (presumably including loan notes, etc).
None of this is rosey, and the odds only diminish, but this is my understanding of delisting.
What I would like to know is how shareholders would get any news off market.
===============
If a constituent is suspended, FTSE Russell will determine its treatment as follows:
• If a constituent is declared bankrupt without any indication of compensation to shareholders, the
last traded price will be adjusted down to zero value and it will subsequently be removed from
the index with appropriate notice (typically T+2).
• In all other cases, the constituent will continue to be included in the index for a period of up to 20
business days at its last traded price.
• If the constituent continues to be suspended at the end of that period, it will be subject to review
and a decision will be taken to either allow the constituent to remain in the index for a further
period of up to 20 business days or to remove it at zero value. In making this determination,
FTSE Russell will take into account the stated reasons for the suspension. These reasons may
include announcements made by the company regarding a pending acquisition or restructuring,
and any stated intentions regarding a date for the resumption of trading.
• If the suspension period reaches 60 business days the constituent will be removed at zero value
at the next index review, subject to the 60th business day of suspension occurring on or before
the Friday which falls four weeks prior to the index review implementation date. Where the 60th
business day of suspension occurs after such date the constituent will be reviewed for removal
at the subsequent index review.
[...]
• If a constituent has been removed from the index and trading is subsequently restored, the
constituent will only be re-considered for inclusion after a period of 12 months from its deletion.
For the purposes of index eligibility it will be treated as a new issue.
Full rules here: ftse.com/p
They should be shot
Delisting on the 5th Feb 2019. Looks like it's over.
It's simple. Admin protects the directors from liability.
Sounds reasonable re: Fujax.
Interesting point here from Mining Journal today:
Van Wouw is one of the company's lenders, handing over US$2 million in October, but will find himself below other lenders after saying the loan would be "subordinate to all of Leboam's other secured obligations".
People have previously said that Kevin isn't as incentivised as might appear because his shares were free or nearly free. I don't know the ins and outs of that but US$2 million does appear to be at stake here and that is an incentive if you're accountable for recovering or losing it.
mining-journal.com/profit-amp-loss/news/1355470/cradle-arc-goes-into-administration
my opinion is that Fujax were making good money from the off-take and currently stand to lose all existing loans made if a solution isn't found. I don't believe they are that big they can afford to walk away so perhaps this will stir them to work on the business plan for Leboam which has to be presented in Feb. Like everyone else, I am reading between the lines and guessing.
I could see that doing this a month before the hearing allows creditors (and shareholders) to appreciate the situation fully
hj6670 - are you saying that, were creditors to now budge then it would make sense for Fujax to lend as before (plus any to cover all this) or that this puts pressure on them to let go of the security and loan more unsecured to avoid a certain loss?
Fujax pulled the drawdown but still have circa 8 million of debt with Leboam, CRA is owed circa 12 million from Leboam and still owns 60% plus the extra under the last raise by Kevin, so it is still in Fujax interests to sort this out as I dont believe they can afford to lose all of this. Putting CRA into admin whilst this is going on makes sense as any debts or interest payments go on hold. Dont get me wrong it's hanging by a thread and the board have passed over control to the Administrators, who now will also want to get paid.