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Ive found it very difficult to find out anything.
Did you contact Batty & Co ?
Dear All
I am a shareholder of Cradle Arc and would like to know if any of you could get more information about our present status as shareholders ?
Did any of you contacted the liquidator who seems to be Antony Batty & Co Llp ?
Thank you so much for your replies
I also cannot make out how we stand in relation to this situation.
Any hope that I have rests in that my shares are still listed in my name by
my stockbrokers and that they will inform me of their status as matters become
clearer.
So where does this leave us shareholders ? I can't work out whether we are involved in this new company or are we being compensated ?
This link does not appear to to the item.
Thy searching for:-
Minister briefs parliament on Mowana Mine - Daily News
CRA Mark Jones. Tel: +44 (0)20 7499 5881. Strand Hanson Limited. Angela Hallett. Matthew Chandler. James Dance. Tel: +44 (0)20 7409 3494. Tamesis Partners LLP.
Alecto Minerals PLC has announced it is to take over the mothballed Mowana copper mine in Botswana and bring it back on stream.
The vendor is PemMin Botswana, a controlled by Kevin Van Wouw a specialist mining contractor based in South Africa.
Mark Jones, Alecto’s chief executive, believes Mowana is a first-class copper mining project and represents an ideal opportunity to achieve a complete transformation of Alecto.
Last post: hj6670, 26 Aug 2020 12:56
Started: jbpvi, 14 Feb 2020 15:55
Last post: jbpvi, 14 Feb 2020 15:55
Started: Rocktapper, 22 Jul 2019 13:42
Last post: Rocktapper, 22 Jul 2019 13:42
I've not had a chance to go through it all yet but check the link below for the filing history for the Administrators of Cradle Arc with Companies House which gives background to the on-going Administration and Liquidation:
https://beta.companieshouse.gov.uk/company/05315922/filing-history
Started: Mwalimu, 18 Jul 2019 09:39
Last post: Mwalimu, 18 Jul 2019 09:39
www.thepatriot.co.bw/news/item/7256-mafia-operated-mowana-mine-majaga.html
Started: Med_is, 4 Apr 2019 17:37
Last post: Rosewall, 20 Jun 2019 22:07
Agreed, take the money out of AIM and put it into fine upstanding companies such as CLLN, DEB, Interserve and many others.
Put it in your bottom draw, should it come to fruition then consider it a blessing, but the lesson to take away from all this is that director activities on AIM listed companies are largely corrupt if not biased for their own financial gain, and all this openly displayed on an unregulated platform. Take your monies out of AIM and you’re already a winner!
Started: blt2, 18 Jun 2019 10:33
Last post: blt2, 18 Jun 2019 10:33
i see my holding is still in my portfolio so its not gone completely yet!
just posting to keep the board alive really.
atb.
Started: gazshot, 2 May 2019 12:42
Last post: gazshot, 2 May 2019 12:42
I'm gonna give these guys all the info I can on this company, http://www.gordonbowden.co.uk/pandoras-box/
Never heard of them until someone advised me.
Take a look at the website, Pandora's box.
They dig deep and investigate, especially oilies and miners.
May come to nothing, but worth an e mail.
Started: madsktpan, 30 Apr 2019 19:55
Last post: madsktpan, 30 Apr 2019 19:55
Received letter (dated 25/4) today from above Joint Administrator which was sent to "Members and Creditors".
They say they have concluded the Administration and taken steps to place Cradle Arc into Creditors' Voluntary Liquidation.
Looks like this could be final nail in the coffin. Letter says you can contact them if you have any queries etc. The contact details given for a Marc Evans on 020 7831 1234 or by email at marc@antonybatty.com.
Started: Ideas, 29 Apr 2019 10:46
Last post: Ideas, 29 Apr 2019 10:46
- Creditors passed a resolution on 18 April to put Cradle Arc Plc into liquidation by tomorrow (30 April)
- Last Friday, 26 April, a creditors or liquidators committee was formed to set the liquidators fees and give creditors a voice in the process
Baring a miracle, this is telling me that the Fujax play to cashflow the mine back into profit didn't work. Liquidation legally ends or ‘winds up’ a limited company, meaning that it will be removed (‘struck off’) from the register at Companies House and ceases to exist, along with any shares. [See 2 below]
Here's the filing history:
[1] beta.companieshouse.gov.uk/company/05315922/filing-history
[2] gov.uk/government/publications/options-when-a-company-is-insolvent/options-when-a-company-is-insolvent
https://
Wooden spoon?
In fairness - not as much as some creditors have been shafted.
Some of the debts outstanding are eye-wateringly large sums.
Yep true. Good asset just Shareholders usually get turned over.
Goes without saying that I'd expect that they would have tried to get deals done and an new NOMAD appointed before today to keep liquidity
Not to say that this is going anywhere but the irony is that, if I understand right, no one has yet suffered a loss that you can put on a tax return.
Delisting takes the shares off the exchange but the otherwise they continue as is. Cradle Arc and Leboam have insolvency protection so, the 'fat lady' (or at least one of them) is the provisional liquidator. If per ZCI's Euronext press release/ RNS , Fujax wants to fund the mine into profitability and the provisional liquidator gets creditor approval for that then it would all continue off-market. At some point it would relist and people would get an unexpected rebate (I'm not saying that any of this will happen).
If the provisional liquidator can't get agreement then the companies or assets would presumably be sole and shares cancelled / companies dissolved - only at that point would the money be 'lost' and can go on a tax return.
In the meantime, I don't know how anyone would get reports other than from the ZCI news feed. If the provisional liquidator is acting for creditors and 'members' / sharesholders, then you might think there would be a way to know but I haven't seen a way that you can otherwise fully close out on this.
Started: corrosioneer, 3 Apr 2019 15:39
Last post: JafTrade, 3 Apr 2019 17:15
The most interesting thing about the judgement is that the following point is made
"It is estimated by the Judicial Manager that Judicial Management may run for 9 months."
and
"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."
still living in hope
I just found this regarding CRA,
http://www.zci.lu/20190301_ZCI%20Announcement_Leboam%20Judicial%20Management_Final%20Order_vF.PDF
If Link does not work I have posted the judgement below
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.
Shares and value all gone from HL today as well.
Mess from early days this share - even before the name change.
Started: hj6670, 3 Apr 2019 10:52
Last post: hj6670, 3 Apr 2019 10:52
the shares and cash disappeared from my HL account today!
Last post: Cookiecrew2019, 27 Mar 2019 09:20
Mind you it’s been said for years and nothing happens
Yes they do your right
No it won’t mate. Aim needs to get tough though.
Unfortunately that won't happen ,they've spent up and gone
Yes would love an investigation into the directors and maybe the Nomad.
Started: Yamin, 27 Mar 2019 07:54
Last post: Sundayroast, 27 Mar 2019 08:26
I agree, I'm not sold on crypto.
I pulled all my money out except one share which is TXP.
Really like their business model so still have a holding
To be fair didn’t expect this to collapse so close to production. Crippling debt is one to watch in the future. Wasn’t fully aware of how bad the position was. Tread very carefully from now on. One positive was I made all losses back from here in under 2 weeks. At the time of suspension I felt sick losing approx £26k
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
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.
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
Started: Yamin, 18 Mar 2019 14:44
Last post: Yamin, 18 Mar 2019 14:44
Anyone know if this has been delisted and if not what is the status.
Started: CheshireKat, 13 Mar 2019 11:50
Last post: CheshireKat, 13 Mar 2019 11:50
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…
Last post: madsktpan, 12 Mar 2019 10:40
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?
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 ?
Started: CalmInStorm, 11 Mar 2019 11:00
Last post: CalmInStorm, 11 Mar 2019 11:00
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.
Started: Pj2814, 9 Mar 2019 08:10
Last post: CHANDA, 11 Mar 2019 07:35
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 ..