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That new company deals with both business rescue and liquidation. The rns clearly states "as joint Business Rescue Practitioner" so its not clear whether DCP simply want more brains to clear this mess or to proceed with liquidation. At least we can hope that something good happens by may 14th. I am wondering whether an interested buyer is actually giving 'sweets' to an AMCU official dealing with dcp. Who on earth would simply liquidate a business because of trade unions. Does anyone think PL is actually doing his job now. How could he let it go to this stage.
Well, not the kind of RNS we were all hoping for. Despite feeling little depressed for now, still think there is something going on in the background. Some folks today have made some good points that I also share. My own thoughts are below : 1. Why appoint another BRP alongside Deloitte?...if the company was headed for an outright Administration? 2. AMCU - Retrenchment effective 3 Apr (today) means laying off all employees with some compensation. Corporate retrenchment normally occurs when company is looking to reduce payroll or cut down expenditure. Now that AMCU is taken out of the equation, can the company not employ other workers for the 'Care & Maintenance' of the mine to commence ? Finance needs to be in place before the Business Rescue Plan is published and implemented. 3. IDC and PCF - AMCU talks breakdown affected IDC loan agreement. May be the new BRP along with Deloitte will now have to either rework the PCF calculations ASAP and / Or may be call upon the 'Strategic Investor' to step in on agreed terms. Revised PCF (funding) figure will now probably include employee compensations to be paid out depending on existing cash balance in the bank. 4. Debt-restructuring should not be an issue, as parties previously had already agreed to roll it over. Going forward (if all works out), DCP will be better off without any AMCU overhang once care & maintenance of mine commences before Production ramp up. imho.
...continued... 5. Constitutional Court (imho) would not simply send Lace mine into Administration just because being stirred by the AMCU shenanigans, while majority of other parties & stakeholders work towards a mutual solution to recommence mining operations at Lace. Look at 22 Feb 2017 Constitutional Court ruling against AMCU vs Gold miners. https://www.businesslive.co.za/bd/companies/mining/2017-02-22-constitutional-court-throws-out-amcu-strike-appeal/
Hope you're right Mr+. Just really want it either to get back underway or pack it in all together. Basically make their mind up if its finished or not.
Yes, frustration is mutual all round. AMCU shamefully have dragged this out far too long, otherwise Lace diamond mine could have been very close to up & running by now. Another 6 weeks of suspense to go through till mid-May before final conclusion. I actually thought we would have a deal agreed by now, but enough of this nonsense. I am going to try and make few calls to some of my old friends in the Mid East and may be politely ask one of the Sovereign Funds to invest $50m - $70m in here and pay off every creditor to become Debt-free. Will only try my best to broker a deal if I can. So that we can restart mining operations ASAP and take LACE mine to its glory.
Many a true word spoken today & "Ineptocracy" sums it up! Some are willing to work to achieve the most out of life & others expect the free hand out route because "work" simply isn't in the vocabulary. Mr+, you make some good points and in reference to point 4 - Let's see if a roll over is agreed by Bondholders on Wednesday? I would seek to add the following Note to your 5 point post for consideration - Since stalemate has been reached between BRP/DCP & AMCU and since all employees are officially retrenched on April 3rd, it may be worthwhile considering a totally different route? The meeting I had with PL in Jo'burg Nov 2016 was very broad based and one of the topics namely that of contractors as possible option being considered to accelerate development of the lower block cave after successful restructuring? Part of that discussion centred around the current exceptionally low contractor rates prevailing mainly due to low PGM metal sector prices. (Platinum, Palladium & Gold) sectors previously relied heavily upon contactors & as the sector shrunk (higher cost producers mothballed shafts & reduced new expansion expenditure) due low pricing. It may well be worth considering that prevailing contractor rates are lower than AMCU unrealistic demands and perhaps these should/could be used during the restoration/remediation phase to bring the mine back into readiness for production? Mull it over & welcome everyone's thoughts? I had a long day and am starving so I'm going out to dinner now to celebrate good riddance of the AMCU & may look in later if I'm not too inebriated.... Lol ATB
Mr+ really? You wouldn't be BS ing your fellow DCP holders would you re sovereign funds? You're not Henry Kissenger by any chance are you?
tozerk.....LOL.....no i'm no Henry Kissenger....I have a big holding here myself. Let's just hope I can arrange a bl00dy meeting with them lot......no guarantees, hence want things to solve via normal route in the first place. Most importantly hope they recognise me after all these years if those buggers are still in the same office.....LOL
I have to say if you're genuine defo go for it mate. Good luck to you.
Valency, yes it's good that you recalled your Nov'16 chat with PL. Most certainly contractors cost will be lower than AMCU demands. Can see following benefits: * Immediately available (subject to requisite skills needed) * Contractors can be recruited directly from the Labour market (quick hire turnaround) * Can hire them either on Daily wages Or Fixed term contract for say e.g. 2 months until restart of mine. * Can also offer contracts on Temp-to-Perm basis; creates certain level of loyalty and provides some incentive for the contractors to work hard and secure 'Permanent' employment with the firm with no AMCU membership, etc. Once labour issue is resolved, IDC loan and Bond re-structuring can be bolted on as they had already agreed in principle and were simply awaiting outcome of the AMCU talks. Now if Deloitte take AMCU out of the equation and replace the "Contractors" as the labour force needed to help with care & remediation work, then surely BRP rescue plan can be published before mid-May along with PCF funding sorted also. Definitely should be proposed to PL. Makes lot of sense to me. Thoughts welcome.
brilliant discussion Mr+ and Val. Send that excellent recommendation re contractors to PL. This mine can easily be saved, but I am not sure whether the directors really want this? There are lots of **** other AIM companies out there that are able to raise money very quickly. That sovereign contact u have made me smile..... go ahead. I dont think they will need 70 million though. A $10 million would suffice. GLuck