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Hi Tozerk, yes he replies 99% of the time with the odd exception. As you know I've spent less than a day at home past month & been inundated but emailed PL late afternoon on Sunday. As stated I've not had a reply as yet. Do I think there is still hope? For what it's worth, I think bondholders although recently agreeing to further standstill in terms of interest payments are now running scared after Zuma's ill-fated political ploy. It has scared many investors & bondholders alike and seems that in terms of emerging market bonds, Russia has become a preferred destination over S.A. at present. Says a lot doesn't it? Considering AMCU efforts to obstruct any remediation effort at the mine and recent politics changing S.A. investment climate, I think it's a far cry to be honest and reckon bondholders now prefer out rather than risk further investment & political uncertainty? ATB
Hi Valency Do you get responses from PL? and do you think there is still some hope, even at this stage?
Banksman, agree with your post & considering barely a large sample (less than 60Ktons) was extracted overall from old upper workings not virgin kimberlite & still exceeded estimates in slump year 2 out of 3 times verified the resource statement. A chain of incidents & bad luck escalated out of proportion & would not be contained without funding contingency to break that chain. Retrace back to the AMCU willfully obstructing remediation & dewatering and the fact that the ANC governments recent despotic attempts to remain in power after 24 odd years of self enrichment rather than governance, has led to many a bondholder running to less risky territory. Early in the year Banksman mentioned the political rut flaring up and admittedly I did not actually think the "monkey" at the helm would actually get rid of the respected finance minister in an attempt to get at the treasury & this single idiotic move (a step too far) makes it very difficult to attract foreign investment! Was meant to head to Durban S.A. for the WEF last week but the group unceremoniously pulled the plug which is unsurprising... I emailed PL on Sunday to suggest as a last resort that perhaps some investment interest could be solicited from players affiliated to Dubai Multi Commodities Centre & Diamond Traders? I've not had a reply as yet.
Friday is final day solarflare, apparently still trying to put a deal together but I don't know where the evidence of this is, Valency or Mr P have you gents had anything through to support there are still efforts being made here for a last minute rescue?
This def going into admin sorry not been following for some time. To depressing can't understand how they couldn't reach Agreement
There'll be no "next time" for me. For starters I have no money now! Seriously though, this whole debacle has destroyed the (granted, limited) respect I had for South Africa as an investment location; diminished my faith in the London administered AIM and made me question how anyone other than the massive established companies can ever hope to get anywhere. It is clear in my mind that untoward pressure was brought to bear here - the natural phenomena which befell the mine were not insurmountable and yet we are minutes away from administration. Whichever poor sod is last out of Lace, open the taps on the dam and torch anything that will burn please - don't want anything of value left for the scum who will be picking up my investment for peanuts having forced it under...
Hello Banksman, Don't worry about your apparent loss of humour with regards to DCP. Everybody has loss money on DCP. ---- yep a disgrace. Just think --- next time it will be different
Apologies Einvestein, seems my sense of humour has evaporated along with my portfolio funds :0)
The management made statements about the "value" of the diamonds that were mined but any diamonds found in South Africa has to be auctioned at Jo'berg diamond exchange (before they leave the country). The valuation of the diamonds was substantially less than the valuation of the company valuation. (however, that was a "distress" valuation. I do not know if the diamonds have been auctioned or in Jo'berg diamond exchange vaults (pending DCP status). I still think the management of DCP is "questionable"... Sorry I can't see a positive outcome. ATB
I was being a bit sarcastic Banksman. Someone very knowledgeable claimed we had all invested on the basis of 'management observations' whatever that means.
Too late now though. Update tomorrow or wait until Friday for the dear John notice?
Not true Einvestein, diamonds were found & sold, some in SA who had first option & some in Holland. DCP was unable to reach full capacity early enough before the flood. I still reckon had PL initiated a crowd funding account offering a 1ct raw diamond gift (not a sale) for every $168 donated, we'd have a 15-20p SP by now.
excellent analysis Dar, We all invested on the basis of management analysis and so did the large investors. No diamonds to date were found.
Hi Whogarth, You said "A valuable mine which needs in the order of 4 million to kick start operations" Please can you tell me (or anybody else) this is a valuable mine. The value of the mine is based on the observations made by the former management. In short this is the reason why are the large share holders going to let it go? Sorry whogarth the company has not a got a viable future. DAR-
A valuable mine which needs in the order of 4 million to kick start operations why are the large share holders going to let it go?
Next week is do or die we have until COP on Friday
Reckon we'll have an update on any offers early next week?
Like many others here I am riding the roller coaster of emotions with this investment and like many others I stand to see a large chunk of my hard earned money taken from me, it is easy to rely on the more experienced others to do the homework for us for example Mr P and Valency and be guided by them in the posts they so kindly deliver and perhaps a little of Mr P energy has rubbed off as I consider the following. Firstly it is 10 business days before this will be wrapped up that takes us to a week today 12th May, secondly reading the last RNS more carefully myself, this paragraph is added towards the end. "Notwithstanding the notice to appoint administrators to DiamondCorp plc, it is currently anticipated that the Business Rescue proceedings of LDM will continue and options regarding DiamondCorp Holdings Limited ("DCH", a wholly owned subsidiary of the Company incorporated in the British Virgin Islands) will be explored further in order to try and preserve any remaining stakeholder value" Adopting the attitude cup half full not half empty, we still have a chance albeit a slim one, we can only hope!!
It is my understanding, from a brief conversation with my broker, that upon delisting in SA all investor money is forfeited. I'm not sure if the situation is the same in the UK. Unfortunately this was my first foray into share trading, and I put most of my eggs in one basket. Consequently I'm losing quite a lot personally, though I'm sure still peanuts compared to many here. I've heard rumours that Paul Loudon has completely vacated his office at the mine, so it doesn't surprise me that no one has heard of him if true. I'm afraid it looks very much like the fat lady has done all her singing to me and we're all trying to find straws to grasp at.
Wouldn't this be great if this Is this all an elaborate plan, creating maximum exposure and focus for the restart of the mine and continuation of trading! Rather than the intention of letting us down gently and by this point, we should have moved on with our lives with lessons learnt. The problem is.. recent talks of offers have just prolonged the torture and raised our hopes when the RNS' have offered nothing so positive. or is it just me?!
Thanks Mr P. Pretty risky strategy, but I guess a line needed to be drawn somewhere in the sand as it would drag on for ever, without a fixed date. We'll see.
tozerk, In a word...YES...even if it's a low ball offer, DCP is not really in a position to negotiate a higher price to be honest. But all will depend on terms of the offer. I know timelines are very tight. May be DCP issued that 'notice of intention to appoint administrators' to force them to make some kind of offer, if they are genuine offers to start with. Time will tell. ATB
So they've got a week to save it from going south. Pretty god damned tight (hats even if they are trying).
they are all scumbags. PL was a former banker .... should have never trusted that guy. Where is rasmala now, the biggest scumbags. If they werent too greedy for shares, I think DCP could have just raised another million throuh them instead of this BRP (Bull**** Rescue Package). Our debt is around £28 million and the mine is worth a billion. What are the chances of it being sold for more than the debt. ZERO because we are in SA. This will be picked up for £10 to £15 million. I think the interested parties are offering peanuts and deliberately draggin this on.
CRB, wrt yr comment "There doesn't appear on the face of it to have been sufficient effort (or desire) to get this mine back up and running." IMO, there seems to be more of a desire to ensure that DCP went into administration so that someone could pick it up on the cheap with no debt. Of course, that doesn't mean the new owner will have an easy time of restarting the mine. It's fairly common in such circumstances for disgruntled former employees to fix the plant so that restart is problematical & costly. A case of ... don't get mad, get even.