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Easter Bunny is about right - promises golden eggs, turns out to be mythical...
Maybe you need to purchase one for our Practitioner too. I do not like this taking things to the wire scenario? Maybe will will get an Easter bunny?
Going to purchase a ticket on United Airlines for Zuma as a gift... 😬
Along came Zuma that is what happened.
ineptocracy!
Fitch has become the 2nd big rating agency this week to cut SA sovereign credit rating to junk status. S & P were the first. The downgrade risks triggering capital outflow & raising the cost of borrowing, according to this weekend FT. Moody has apparently placed its rating on review. I once worked in SA some while ago. For a short time I stayed at the Carlton hotel in Jo'burg. I remember booking a table in the restaurant. It was the kind of place where a quartet played chamber music. Each male in our group had a book of matches at his place setting. On the front printed in gold leaf was "with the compliments of ... my full name", each lady had a rose. All arranged in less than an hour. Looking around, there were white, black, Asian, you name it. ... What the hell happened?
Valency, Agree. I had same thoughts about the second practitioner, being a local chap, might have more sway during negotiations. As long as we can get a deal done, so everyone can move on. Constitutional court seems to be playing a more positive role here (as you would expect) in trying to make the right decision in the wider interest of ALL stakeholders involved in this genuine Lace mining operation.
tozerk, there might be an update next week or may be after the long Easter weekend when UK market opens on 18 April ?
Trio, you're most welcome & thanks for the kind words. Adding to my previuos post, it's possible that the recent appointment of additional assistant Practitioner is to assist/facilitate labour retrenchments freeing up Deloitte's to continue focus on restructuring plan. Mr Mpakati will have his hands full dealing with the likes of the AMCU nevertheless, it seems a politically correct appointment judging by the name. The Court may well have urged the Practitioner to terminate deadlocked talks in the "more important" interest of Business Rescue rather than flush a viable business down the toilet due to a handfull of irrational Union members! The situation is a sensitive one no doubt & if I'm remotely correct in suspecting the "Contractor route" in terms of rehabilitation of the mine in readiness for production then I would also anticipate that terminated labour, in persuit of fare practice, will be afforded an opportunity to re-apply for employment during contractor repair & remediation period. Many of those workers are worth their salt and would be a loss to Lace & thise are likely be re employed under new terms. If it happens then there will be a distinct difference from past political rotten apples whom will have recieved final packages & a wave goodbye. Protest action from these may follow but I have no sympathy for the "ignoarrogant" self inflicted pain. Await an update & Enjoy the weekend. ATB.
There's got to be a further update for Monday on the cards, hasn't there?
Very measured response Valency. Your words do have a calming effect at this very difficult time. Many thanks for your continued contributions on this BB.
Good evening/morning. A unanimous vote on both resolutions is quite significant considering that Bondholders are senior secured creditors. As there is currently nil post commencement finance in place, Bondholders along with the IDC both rank in 2nd place if liquidated, following immediately behind labour during the administrative process. This ranking affords Bondholders a relative risk averse position that would most certainly see them receive 100% repayment + accrued interest if liquidated. A split vote or even hesitant percentage would indicate weakened support for the Practitioner/BoD's strategy & ability to successfully restructure the mine. Both the Practitioner & PL would've addressed Bondholders at the meeting and updated them on current events & forward strategy and Bondholders would've weighed forward risk against their current ranking. I suspect we are likely looking at contractor based rehabilitation of the mine along with a few key reappointments required to implement & oversee repair & remediation. Financing would be the next vital aspect required to commence repair & remediation. I think a detailed update is due and it is a gross error to underestimate creditors & investors resolve to bring the mine back to into production. Watching this space with keen interest.... ATB
Yes, looks like the interest due on 14 Dec and 14 Mar (along with any penalty interest) will be paid only after the Business Rescue Plan has been concluded. Might get more specific details in an RNS, e.g Outstanding interest that is being accrued OR could it be Capitalised and added to the Principal amount ? Also whether it means once Business Rescue plan is actually implemented (not just published). I would expect more clarity to be provided in coming weeks. Today's announcement was just a very 'High Level' notification of a successful rollover. imho
it signifies that bondholders are willing to wait until it is sorted. If not banks and bondholders are always first in line in any payout. Total debt is around £27 million, so if it is sold for £50 million, shareholders can expect at least 4p. It really depends on how many interested parties are going to bid. Anyway, lets not go there, as there is still plenty time left for this to reopen. And that just shows every stakeholder is interested in DCP being rescued, except the AMCU bas@@@@@.
Unanimous too. I picked up on the statement that interest would not be due until 'conclusion of the business rescue proceedings'. I'm not really sure what to make of that as I haven't read the ins and outs of SA business rescue. Does it mean they expect the business to be 'rescued' or that there may be a payout due to them in the event the business isn't 'rescued'.
CRB14, apology but seems private messaging only available on premium services. Let me know your email or local mobile & I'll message or whatsapp you. If you'd prefer not posting, we could arrange to meet up for coffee somewhere after I return? ATB.
MrP, aplogy for late reply but late finish with class for the day. Thanks for emailing PL & hope you reminded him of our contractor rates discussion? Bondholders met today 5th April @14:00LT in Jo'burg (13:00UK). That's yesterday for you due my current location in USA. Hopefully an early morning update 6 April to advise Bondholder rollover resolution? Otherwys, used to enjoy a round of golf at Al Hamra occasionally, that was before life evolved into a crazy race. Lol. CRB, will do... ATB
Dropped email to PL today covering following headings with all the suggestions & feedback discussed here. 1. Rights Issue 2. AMCU / Retrenchment 3. IDC and PCF 4. Debt re-structuring 5. Strategic Investor Have asked PL to forward it to Deloitte also or share the contents with them. When is the Bondholders meeting ? .......is it sometime this week ?
Email sent today. Yes I know RAK, Fujaira also. Sorry rushing into a meeting. Will catch up bit later.
Banksman................yet another ! Name -gffy47 Education -Gearies school for boys(Newbury Park) CV -Advertising (board director ,Saatchi &Saatchi, 17 years ) -Own Ad. Agency (25 years) Status - Retired (Norfolk broads) Special skills - Expert at conveying bullshit in a compelling way !! Weakness -Rubbish at investment strategy !!
Count me in too if I can help in any way Chartered Accountant (Financial Services not mining!), not yet retired, experienced in change management and process simplification... spent 3 years just up the road from Dubai (RAK for those who know the area) MrP - I would suggest it might be worth getting your ball rolling before the Bondholders' meeting if possible; a negative outcome from that meeting might curtail options, whereas if bondholders are aware of "something brewing" that might have a positive influence on the outcome of that meeting. Good luck to all... think we're due some!
Banksman....another for your list Name - BobZim, Education - Leicester University 1978, Status - Retired [north London] Reading then - Geophysics Reading now - The Art of the Investment !!
Yep also Dubai. Valency, drop me a PM when you have a moment.
Better select good timing MrP, I'm not always in control of my own movements but certainly look forward to meeting up with CRB & yourself whenever possible. Can't quite understand why everyone is sleeping at the moment? Here's to a positive Bondholder rollover agreement which would signal an alternative restructuring plan devoid of AMCU? Not too long ago I asked if anyone here felt that restructuring may well pesent a silver lining in that it may be an opportunity to clear out dead wood & blood sucking parasites. Hopefully some good news in the form of a Bondholder rollover to come. Jaf, don't chuck in the towel too soon mate, we may need your retired IT skills to revamp the sad old DCP website. Until tomorrow. ATB