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Interesting snippet from SP Angel this morning. I particularly like their use of the word 'Ineptocracy'! http://www.proactiveinvestors.co.uk/columns/sp-angel/27456/today-s-market-view-bushveld-minerals-limited-diamondcorp-plc-bluejay-mining-plc-metminco-ltd-27456.html
If one business rescue partner can't save the business, I guess two may give us a better chance....? Presumably, the newly appointed BRP has some clout within SA, hence the appointment. Looks like we are at the end of the road which is a great shame given the potential for Lace. Key question is how much Lace will be worth when/if we go into administration as it is likely to be snapped up for peanuts.
The mine could be opened without the workforce members of the AMCU and it will have a realistic value and the possible future.
Not quite sure I understand the logic of appointing a joint BRP alongside Deloitte at this stage. Can anyone shed any light on this? I may be clutching at straws, but I wonder why would they bother adding additional BRP resource into the mix at this stage if there was basically no hope of resuscitation...
I would tend to agree; although you could argue if AMCU win in this situation then they'll forever have Lace over a barrel. Of course, we don't know what they're asking for, and it may be offensively unreasonable... but otherwise, yes, must be better than going bust.
Why not agree to AMCU terms. It will only be for a short period and may just require an extra million pound. Better than going bust. It looks like the end sadly. Still time left to turn it good for us PI. Jaf, that right issue shoud have been done in december 2016.
Anyone else a Python fan? GET ON WITH IT! Either curl up and die or sort your corporate life out DiamondCorp, it's like a washed up old actor milking a cameo on daytime TV.
Sadly it looks like we are coming to the end of the road. It didn't have to be like this unfortunately but a combination of insufficient funding headroom (for very good reasons but still a mistake) and just sheer misfortune have resulted in what looks like adminstration for DCP barring a miracle (unless the leadership are tremendously good at bluffing). The history of this should form the basis for a Lemony Snicket novel. You have to suspect that somebody will now come in and pick up a cheap asset with nothing left for shareholders.
Shambles it is and I concur that assets will be CREAMED off at below market value to someone as yet unknown? WE are being shafted by all and sundry.
BobZim, your glass isn't half empty nor half full ... it's the wrong size ... LOL
I thought they had reached a deal just a few weeks ago. What changed?
Sadly, Bob, a new owner, a new "fresh" deal and life goes on ... it's outrageous ... as the Big O once sang "it's over".
Are the leaders of AMCU thick? What will they gain if the company goes bust?
....hopefully the immediate termination of all employment contracts will provide our friends at AMCU with one final look at reality - and final chance to secure a compromise - is the way I read it. Or is my glass now actually half empty and my natural optimism should be slowly seeping away? I sincerely hope that this is one last throw of the dice - via public humiliation of AMCU - to sort this mess! I guess straws are being clutched!
Looks that way V dodgy.
Shambles. A complete sinkhole for PI money, for the assets to be creamed off by someone else for nothing.
Not good. Looks like the end to me.
Apology for seeming distant but I'm currently in the US attending studies & currently have my head buried in books for next 10 days. I can't add much at the moment except to say that if there was any material change in negotiations then we'd have been updated so one has to consider that negotiations continue. The scheduled quarterly Bondholders meeting I on 5th April 14:00 LT (13:00 UK) thus a late update that afternoon or next morning to advise if [they] agree to further standstill for the next quarter. Perhaps that'll contain some additional info around negotiations? Banksman, I must agree with the pathetic power play cabinet reshuffle in a desperate attempt to remain in power. A fact which South Africans understood better than those foreign governments that meddled in it's affairs to bring this idiot into power. Just another lesson in destructive foreign interference & not at all surprized that the UK, EU & US suddenly know no part of what they brought about? Can't handle our own affairs but willingly interfere in others... https://www.bloomberg.com/politics/articles/2017-03-30/zuma-fires-gordhan-over-feud-to-control-south-african-finances ATB
Not having a go at Valency in anyway, just feel he's perhaps more informed than most and therefore value his opinion on things. Be good to see what he thinks.
Hey, give Valency a rest, he travels a lot, often to places without wi-fi, & has to earn a living. What should concern us more is that Jakob Zuma has just sacked his well respected finance guy who is internationally credited as being solely responsible for opposing corruption & ensuring the SA economy hasn't already gone down the plug-hole. His replacement is, I understand, an old croney of Zuma's. Bad, bad news.
Has Valency given up? Not heard much for a while.
Who knows? Certainly none of us? One thing for sure this is a decent little mine and SOMEBODY will be wanting it?
No update then. What are they doing?
....they say - although I am beginning to fear the worst. Hindsight is a wonderful thing! No words from Valency for a week or two - always a reliable and fair minded source of positivity. I [we] need a dose of your reassurance!
A little digging around https://www.moneyweb.co.za/mny_sens/soapstone-investment-limited-notice-of-a-meeting-of-bondholders/ below taken from the link... The salient dates relating to the Bondholders Meeting are as follows: Last date to trade: Tuesday, 28 March 2017 Record date: Friday, 31 March 2017 Proxies due: Tuesday, 4 April 2017 at 14h00 Bondholders Meeting: Wednesday, 5 April 2017 at 14h00 also found points 3 i & ii interesting.