Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
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A sorry end indeed. Good luck alligin.
I was advised on Friday that the liquidators have confirmed there will be no available capital to distribute to shareholders so my shares are officially worthless and will be removed from my account. A sorry end indeed, but as predicted. Good luck to all my fellow investors and let's hope 2018 is a rosier one for us all!
Dosher thanks for your post & indicating your interest to Cork Gully! Much appreciated. BobZ, received a short courtesy email today similar to your 1st from Becky advising they are currently looking into my enquiry. Thanks for posting your reply & seems CG at least undertook preliminary legal discussions/advice in regard to BP. 'There are strong enough grounds for legal recourse no doubt but should BP file for liquidation a moratorium would stymie any possible proceedings. CG should thus at least consider facilitating a 'webinar' in order for all affected parties (IDC, Laurelton, Bondholders, shareholders & creditors) to jointly & expeditiously assess the matter in question else it would seem they are seeking a short & easy out? Any thoughts?
Thank you for your email below, I have now taken the opportunity to look into this further. You will note from recent news that BP is expected to be placed into administration, imminently. As such, a moratorium will be put in place that prohibits any legal action being taken. In addition, due to recent adverse publicity, were there to be a sale of BP’s business and/or assets, we would expect that this would be at a significant discount. I believe that we will know more about this over the coming days, as the position crystalizes. As you will be aware, in order to pursue such litigation, there will be significant costs involved. For that reason, we have held preliminary conversations with contacts in the legal funding industry: although it appears that there is no litigation currently being brought in this area, that does not mean that actions may not be brought in the future. (However, we are likely to be required to provide concrete evidence that BP’s actions created demonstrable and measurable negative effects on the Company). As you are aware, at present, the Company has no physical assets and the Joint Administrators are waiting for any potential realisations to flow from the future sale of Lace Diamond Mine, which is currently under business rescue procedures within South Africa. The quantum and timing of any future realisations remain uncertain at present. For all the reasons stated above, we do not believe that there will be any commercial benefit in pursuing legal action, at present. Please let me know, should you have any questions regarding the above. Yours sincerely For and on behalf of the Company Becky Withington For S Cork Joint Administrator
DiamondCorp Plc – In Administration (“the Company”) Thank you for your email, I apologise for the delay in responding. Given the level of indebtedness, I can confirm there will be no return to the Company’s shareholders. Any shares presently held are, therefore, of nil value. You should seek independent tax advice with regard to the available losses and the appropriate timing for writing down. Should you have any queries, please do not hesitate to contact me. Yours sincerely For and on behalf of the Company Becky Withington For S Cork Joint Administrator
Hi all, I will also email Becky and ask for an update on developments. I have always looked at your posts, Valency, Bobzim and Jaff over the years and will continue to do so. If there is a case for shareholders to take legal proceeding against the destroyers of DCP, I would like to be part of the collective group.
BobZ, thanks for advising. I've heard nothing from my end as yet. Redrafted an email and addressed it to Becky awaiting response. Sent you an email this morning so you have my details as well. ATB
...Becky acknowledged my email yesterday; saying she will reply in due course etc. I will keep you posted. Enjoy those last few precious hours...! ATB
Thanks BobZ, I forwarded the same (14:00 local) to your contact Becky as I'd initially used the contact us link on their website. No reply from either yet & will advise. I've also saved your email many thanks! I'll be in touch & simply trying to enjoy the last few days of R & R remaining.
... BeckyWithington@corkgully.com She replied to my initial email concerning tax matters; but is yet to reply - or acknowledge - my last missive. I would hope that a fair few have been in contact with CG, it seemed the natural thing to do for me. I guess some may just wish to "forget" and move on, and see no benefit in lingering over a dead carcass! Cheers
BobZ, I emailed 'Cork Gully' on 5th asking the same as well as progress report on the administrative process but have not had a reply yet. Can you confirm any reply? I used the email link on their website gildagalluzzo@corkgully.com Please advise if you have another & thanks for sending your enquiry to them as well. Jaf, it's a big blow to everyone myself incl. Please also email Cork Gully as the more enquiries they receive from shareholders in this regard the stronger the interest indicated. Thanks in advance! ATB
...and BP will struggle to survive; key clients are running for the hills! I have written to Cork Gully today expressing my deep seated concerns. I also asked for their considered opinion re the possibility of legal recourse. I will keep you posted. Just a thought, if we ever lose this LSE comms link, my private email address is johncknowles@yahoo.com Now try and switch off and enjoy a few beers.... having successfully escaped the asylum... albeit for only a few weeks!? Cheers BZ
Cont... Just in:- PRCA finding of guilty and expulsion from the body - "Chief executive James Henderson resigned ahead of the five-year expulsion from the PRCA. His departure was "necessary, but not sufficient", Mr Ingham said. "Bell Pottinger has brought the PR and communications industry into disrepute with its actions, and it has received the harshest possible sanctions," he added. The firm was found to have breached two clauses of the PRCA's professional charter and two clauses of its public affairs and lobbying code of conduct. http://www.bbc.com/news/business-41151361 ---------------------------------- My view is that the findings implicate Bell Pottinger more than they realise or care to acknowledge - A) Complicit in covering up Gupta/Zuma corruption by attempting to divert attention away from those investigations and targeting investigative journalists in S.A working on said evidence. B) Directly responsible for economic harm to S.A. as a result of their illicit racial campaign and support of corrupt clients which eventually resulted in a investment ratings downgrade for S. Africa. C) A spinoff of the elicit campaign cost many local corporates in earnings & reputations. D) The mining industry being the largest economic sector in S.A. was a direct target of the "white minority capital" campaign stoking/inflaming militant groups & labour Unions in the name of so-called economic emancipation while their corrupt clients "Zupta's" are all multi millionaires and fat cat corrupt ANC Exec's already own massive free stakes in every existing S.A. company through BEE. E) Unbeknownst to shareholders or the Board, now that there is clearer insight into the secretive, illicit & unscrupulous campaign, companies like DCP never stood a chance to negotiate with the freshly stoked up militant AMCU nor was there any chance in hell to re-capitalize following the mine flood as even investors & creditors such as Laurelton (Tiffany) grew wary of the geo-political rumbling designed & driven by Bell Pottinger over the corresponding period. I'd say unfortunately it's come to light too late but as PL can no longer be reached via DCP corporate email, perhaps any shareholders still wondering the outcome at DCP should email Cork Gully. For what it's worth, perhaps suggesting BoD's, Creditors & Shareholders alike convene to consider possible joint legal recourse? ATB
Cont... The Role of Senior Management 11. It was recognised by members of BP's senior management at the outset that BP's client was controversial in South Africa and that the economic emancipation campaign was sensitive and related in part to the issue of race. While we do not consider that it was a breach of relevant ethical principles to agree to undertake the economic emancipation campaign mandate per se, members of BP's senior management should have known that the campaign was at risk of causing offence, including on grounds of race. In such circumstances BP ought to have exercised extreme care and should have closely scrutinised the creation of content for the campaign. This does not appear to have happened. 12. Furthermore, members of senior management should have taken care to ensure that the BP account team was structured appropriately for such a sensitive mandate. It appears to have been broadly accepted that the economic emancipation campaign work stream required a team with significant geopolitical expertise and yet the bulk of the work was undertaken by a team specialist in corporate communications and reputation management, rather than the geopolitical environment. 13. We have not seen evidence that members of BP's senior management knew about the detail of the work being done on the economic emancipation campaign or saw or knew about the potentially offensive content that was being created or other tactics being employed at that time. 14. Further, there are certain instances where members of senior management were provided with information or confirmations by the account team in relation to the work being done which were inaccurate and misleading. However, there were a series of opportunities for certain members of senior management to discover these matters which were missed. In addition, members of senior management with day-to-day supervisory responsibility failed to put in place policies and procedures to minimise the risks associated with this account, including any formal process for the ongoing monitoring of the account and the work being done. You can listen to the audio interview of Lord Bell amongst others in discussion of the H. Freehills LLP report and at around 9 minutes it is alluded that Bell Pottinger have been expelled - https://soundcloud.com/biznews-com/lord-bell-tells-bbc-hendersons-exit-as-bell-potts-ceo-not-enough If Lord Bell calls the report a soft "white wash" then the real damning evidence is held by the PRCA and eagerly await their final word. Much damage was done incl. here as any hopes of attempting to refinance during such illicit toxic geo-political campaign let alone negotiate with militant AMCU Union was dead in the water!
Hi BobZ, apology for late reply but had a hectic time leading up to my vacation which I'm currently enjoying away from the looney bin. As yourself I've been eager to hear the findings of the PRCA hearing into Bell Pottinger illicit racial campaign it ran in South Africa on behalf of the corrupt Gupta/Zuma cronies with the central theme "racial economic emancipation" to stir up geo-political division based on so called "white minority capital" Although I have not seen an official release from the PRCA there is widespread media suggestion that Bell Pottinger have in fact been found guilty of breeching PRCA codes of conduct with the CEO James Henderson formally resigning yesterday. http://www.biznews.com/global-investing/2017/09/04/full-statement-james-henderson-hes-quit-bell-pottinger-ceo/ The so-called independent investigation findings led by Herbert Freehills LLP as appointed by Bell Pottinger was released as follows & note findings page 2 - http://ewn.co.za/2017/09/04/findings-of-independent-probe-into-bell-pottinger-s-conduct Some of the findings below which even Lord Bell describes as an attempt to "white wash" a much revealing truth! 8. The BP account team was primarily responsible for devising the strategy behind the economic emancipation campaign and for creating and commissioning content for the social media and press aspects of that campaign. Certain material that we have seen that was created for the campaign was negative or targeted towards wealthy white South African individuals or corporates and/or was potentially racially divisive and/or potentially offensive and was created in breach of relevant ethical principles. 9. We understand that it has been alleged by various sources that the BP team invented the term "white monopoly capital". Whilst that phrase was, on occasion, used by the BP account team as part of the economic emancipation campaign we have seen no evidence to suggest that the term was one that BP invented. Indeed, we have seen references in publically available material that suggest that the term had already been in use for some time by the time that the BP account team commenced its work on the Oakbay mandate. 10. In addition, we have seen evidence that the BP account team used other tactics in relation to the economic emancipation campaign which arguably breached the relevant ethical principles, including taking steps which might mislead or undermine journalists who were asking questions in relation to the campaign. Cont....
...any "news" Valency? Thanks as always....BZ
Hi BobZ. Indeed it's widely believed that Lord Bell was instrumental in her successful reelection. He states the CEO & Board were fully aware and disagreed with his view & warnings - http://www.fin24.com/Companies/Investment-Holdings/lord-bell-says-pr-firm-ignored-gupta-warning-ceo-hits-back-report-20170712 The firm has a contentious history and I guess the more they slid through cracks in the past the more brazen they become while feeding on that magic mushroom known as 'impunity'. http://www.bbc.co.uk/news/technology-16084861 Quote: Naomi Klein - "The truly powerful feed ideology to the masses like fast food while they dine on the most rarified delicacy of all: impunity." Thanks for advising Cork Gully nil value. I also found PL's official email at DCP no longer functional as a matter of interest. I've relinquished this one to my 'f*cket' list. As with yourself & the many others, you're not alone in losses and to be honest it was pretty tough taking that 1st tentative step to recovery through continued investment in my other holdings but simply have to in a bid to claw back. Will be watching the hearing outcome 18th Aug & wish you nothing but the best in future.
Hi Valency. As always a very informative post. I believe Bell was Mrs Thatchers "right hand man" in days gone by? Its all so desperately sad. I have lost an arm and leg......like so many others Im afraid. Cork Gully confirmed to me today that the shareholders will receive nowt' as DCP are so heavily indebted, hence for tax purposes of "no value"! Lets hope BellP are forced into full disclosure and light shines into all corners of their nasty crimes. ATB
Shareholders are well familiar with the trials & tribulations at Lace but there is no doubt that the final nail in the coffin is failure to obtain refinancing. Why were creditors & current/new investors so unwilling to rescue to participate in a sound economic resource? Why did trade union negotiations fail & even take on a militant tone to obstruct remediation & repair of the mine? Why the rapid decay in international investor sentiment towards S.A. investments & geographically located operating companies? Why such a rampant exit of foreign investment from the country at the end of 2016 and 1st quarter 2017 still prevalent today? Who drove the sacking of the then Finance Minister, Pravin Gordham whom was at the forefront of investigations into corruption allegations into the Gupta/Zuma dealings? The hearing under way into Bell Pottinger 'dirty tricks' campaign in South Africa may answer many of these questions? Just a PR firm hired to restore the Gupta & Zuma reputations? Or an subversive attempt to create geo-political chaos by diverting attentions from the corruption allegations lodged against both the aforementioned (clients) for the purpose of perverting justice by sowing widespread racial tension and geo-political chaos through [their] alleged ruthless PR propaganda campaign by means of fake twitter accounts, slogans and racial baiting? The article & both audio links are very informative - http://www.702.co.za/articles/263454/bell-pottinger-is-no-ordinary-pr-firm-it-runs-dirty-tricks-campaigns-globally CEO James Henderson the BoD's and the 'scape goat-ess' lead partner Victoria Geoghegan certainly have a lot to answer for whereas their previous denials of wrongdoing has necessitated back peddling & sacking of employees as part of damage control when the facts started to emerge and large corporate clients dumped them. http://www.fin24.com/Companies/Investment-Holdings/crunch-time-for-bellpottinger-over-dirty-tricks-for-guptas-oakbay-20170706 The facts will emerge in days/weeks to come but don't discount the effects of economic sabotage resulting from the alleged Bell Pottinger UK dirty tricks campaign. DiamondCorp/LDM woes were widespread though navigable but attempting to negotiate refinancing in such a 'staged' geo-politically destabilized country was doomed to fail. Our BoD's, Creditors & Shareholders should pay particular attention to this case as it develops. Civil suits may likely follow? ATB
Spot on. The report does not create the impression that they are trying to rescue the business at all. They are simply readying it for liquidation. From page 8, for example, "In due course, it is anticipated that the Administration will be ended and the Company placed into Creditors Voluntary Liquidation", and then on the later document detailing the result of the meeting on 6 Jun "We estimate that our costs for undertaking all work in connection in the Administration and undertaking the liquidation of the Company will be...". Also see the "nil shareholder value" remark I posted in the other thread. Please let us know if you hear anything.
...for the link to Companies House, and the DCP filing history. The administrators report offers grim reading. My interpretation is that we [shareholders] are stuffed. I also note that "preferred creditors" are being told that there will be insufficient funds to distribute. I will contact CorkGully [beckywithington@corkgully.com] to receive formal confirmation etc. The end is nigh....
Thanks Holdon, makes for interesting reading. Maybe I'm missing something here, but hasn't the ship sailed for all of us though? Yes, the mine might continue, but would we benefit from it? We've been delisted in London and will soon be in Johannesburg. From one of the Cork documents you linked their responsibilities in terms of the agreement include: "written responses to shareholder's requests for confirmation of nil value of shareholding for tax purposes". In other words, our shares are worth nothing. Unless the same legal entities are retained and they later re-list, which strikes me as unlikely, I don't see how any of our money is retained or how the potential re-opening of the mine at some future date benefits us at all. In my opinion any new owner would likely acquire the assets under a new legal entity in which we would own no shares. Or am I missing something?
https://beta.companieshouse.gov.uk/company/05400982/filing-history
well, now you can't actually search for DCP on LSE website probably limits the flow of regulars to the board. I'm only able to view this thread because Google Chrome handily has kept the link for me :) looks like lots of jobs offering on various sites if you dig a little. something is still going on...