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Lizzie, edge will be my 4th stock in 12 months to delist and the second to call in the administrators. Paragon is my largest holding and the one that will hurt the most if it goes under. It is such a large holding for me I spend a lot of time on it and I am hopeful of a good outcome there if not a very good outcome. If PM pulls it off we could be in a far better position than any time last year. Fingers crossed my theory of the few good ones paying for all the duffers stands up, but ATM my account shows the dire position I have got myself into....
Receiver steamrolling in here to take Saskatchewan based assets referred to as EYE HILL PROJECT. This still leaves Alberta based assets referred to as Grand Fork and Edmonton Sands, currently stated as being 'shut-in operations/licensed wells' Anyone know if the Company has any other Projects other than the 3 named above. Can we hope for resurrection sometime in the future with Grand Fork and Edmonton Sands? Comment will be appreciated
oh no your not Iam still here, stung, I thought this company was better than that Mug I am Thats the second time thats happened to me this year (Paragon) was the other Not a great start to the year for me!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
Seems we are the only mugs left in this mess so it is good to keep the post count up for the thread :-)
If you can post the same thing twice then so can I. lol :)
At the moment I presume the company is lying there with very little going on. Has all the pumps been shut down? Is there a planned maintenance programme in place? Will a sub-contractor be appointed to oversee the 'oil workings? Will the Receiver look for a sale of Edge as a complete unit.? There are many questions I could ask but in the end we will have to wait and see. The big question mark is what is happening to the price of oil as I think that it will be one of the over riding factors as to the future of Edge. An astute large company can buy Edge for a song and get a fully working E & P company and sit on it debt free and wait for the World to sort out the mess with oil. Hopefully we will get some news soon from the Receiver telling us of his plans for Edge.
At the moment I presume the company is lying there with very little going on. Has all the pumps been shut down? Is there a planned maintenance programme in place? Will a sub-contractor be appointed to oversee the 'oil workings? Will the Receiver look for a sale of Edge as a complete unit.? There are many questions I could ask but in the end we will have to wait and see. The big question mark is what is happening to the price of oil as I think that it will be one of the over riding factors as to the future of Edge. An astute large company can buy Edge for a song and get a fully working E & P company and sit on it debt free and wait for the World to sort out the mess with oil. Hopefully we will get some news soon from the Receiver telling us of his plans for Edge.
Well it will be interesting to see what they trade as, my 5 figure investment was worth hundreds when we were suspended so guessing dealing cost may eat up the rest once adjusted for yesterday's news. Will be interested to here how you get on. I was not a fan of Brad from when I first invested due to lack of comunication and apparent inactivity but then I put is down to careful prudent stewardship and I liked the assets and drilling costs. If the returns did not come this year they would following in the coming years. Happy to be patient with things, now I see he was just incompetent and all levels I just wish he had more than 1% holding of the company so he could feel the pain we are.
Well it will be interesting to see what they trade as, my 5 figure investment was worth hundreds when we were suspended so guessing dealing cost may eat up the rest once adjusted for yesterday's news. Will be interested to here how you get on. I was not a fan of Brad from when I first invested due to lack of comunication and apparent inactivity but then I put is down to careful prudent stewardship and I liked the assets and drilling costs. If the returns did not come this year they would following in the coming years. Happy to be patient with things, now I see he was just incompetent and all levels I just wish he had more than 1% holding of the company so he could feel the pain we are.
Just spoken to my Broker who informs me that there should be no problems with NEX. Trading as per any other Exchange.
From NEX. 'Gives Shareholders Another Chance: Existing shareholders of NEX companies have another chance of making a return on their investment (compared to delisting, which terminates investment potential)'
Another site of interest. http://web.tmxmoney.com/quote.php?qm_symbol=EDE
Hi Confounded, I was just about to post the same info as you. Yes it appears all is not lost. I will ring my Broker shortly and get his opinion.
Hi Smidsy, it does look like there is still hope to recover somthing http://apps.tmx.com/en/nex/aboutUs/about.html "Gives Shareholders Another Chance: Existing shareholders of NEX companies have another chance of making a return on their investment (compared to delisting, which terminates investment potential)." What Edg will trade at with what was released yesterday is anyone's guess.
''Separate Note: NEX is a separate board of TSX Venture Exchange. It provides a trading forum for listed companies that have fallen below TSX Venture's ongoing listing standards.' Looking at the above statement it would appear that NEX is a trading platform and seeing that EDGE has been transferred to NEX we can carry on buying and selling as normal. Anyone with any ideas or have any experience with NEX. I will do some research today and hopefully find some good news. (any money that I can recover must be a bonus) A Receiver takes a long time to wind up a company and finalise the accounts and although it seems rather implausible that I can carry on trading I have to give it some time and check it out.
he directors have determined that Edge’s business is no longer viable, that Edge’s realizable asset value is less than its current debt, that in the present economic environment and in Edge’s present circumstances with its current asset base, Edge cannot refinance or recapitalize its operations and that the Company, therefore, no longer has the financial capability to carry on its operations. As a result, Edge announces that it has now consented to ATB’s appointment of a Receiver over the Saskatchewan-based assets, shut-in its Alberta operations, terminated certain officers of the Company, and that all remaining employees and consultants have been terminated and directors have resigned, effective immediately. As a result of the foregoing, trading of the Company’s common shares on the TSX Venture Exchange will be suspended and the listing will be moved to the NEX Exchange. Separate Note: NEX is a separate board of TSX Venture Exchange. It provides a trading forum for listed companies that have fallen below TSX Venture's ongoing listing standards. Going forward, companies that have low levels of business activity or have ceased to carry on active business will trade on the NEX board, while companies that are actively carrying on business and pursuing growth and shareholder value will remain with the main stock list of TSX Venture Exchange.
Firstly can I thank all the posters here for their great contributions over the years. This is from a trusted poster on ADVFN. FOR IMMEDIATE RELEASE TSX Venture Exchange Symbol: EDE AIM Exchange Symbol: EDG April 26, 2016 Calgary, Alberta Edge Resources Announces Shut-in of Production, Cessation of Operations, Termination of Officers and Resignation of Directors Edge Resources Inc. (“Edge” or the “Company”) reports in furtherance of its announcement of April 4, 2016, that its lender, Alberta Treasury Branches (“ATB”), has made a demand on Edge, as debtor, for payment in full of Edge’s outstanding indebtedness plus accrued interest, costs and fees. In addition, ATB provided Edge with a Notice of Intention to Enforce Security under section 244 of the Bankruptcy and Insolvency Act (Canada). Despite attempts by the Company to present alternatives that it feels would better serve all stakeholders, including ATB, Alberta’s taxpaying citizens and Edge’s shareholders, these proposals have not been accepted by ATB. ATB seeks the appointment of Grant Thornton LLP as Receiver over only the Saskatchewan-based assets. In recognition of these circumstances, Edge has consented to the Receivership and has shut-in all of its operated/licensed wells and facilities in Alberta in order to secure and enhance the safety of its operations. Edge has notified ATB and the Alberta Energy Regulator that the shutting-in by Edge of its operated/licensed wells and facilities in Alberta is complete. As without ATB’s support, Edge no longer has the financial capability to carry on its operations, Edge has now terminated the remaining officers, employees and consultants of the Company, and the directors of the company have resigned. The Company has an LMR rating in Alberta of 1.29 which, with low-decline assets, is projected to remain greater than 1.0 for the foreseeable future. The rating in Saskatchewan is currently 3.8. The Company has been actively engaged in attempts to secure financing, asset sales and restructuring processes since May of 2015 and despite pending extant offers for all and/or some of the assets of Edge, the proceeds would be insufficient to satisfy all liabilities of the Company. The cost of operations, including processing and transportation of commodities, field labour and production costs, royalties, and administrative expenses, exceeds gross revenues at recent commodity pricing levels. The Company’s lender has declined to provide further financial support to Edge and, despite Edge’s exhaustive efforts to work with ATB on several bona fide options, there is no other means of financing available to the Company at this time. The directors have determined that Edge’s business is no longer viable, that Edge’s realizable asset value is less than its current debt, that in the present economic environment and in Edge’s present circumstances with its current ass
Very sad end to what should of been a very low risk business
Has now gone down the plug hole along with a lot of my money. Will it be the rope or should I use a gun?
Thanks for your appreciation, I did exchange a few emails with Brad in mid March but I consider them confidential and decided not to post any of the messages on here. From the emails I was satisfied that Brad was fighting all out to 'save' the situation and he would do his up-most to come to a satisfactory conclusion.
Smidsy, Thanks for your post and your contact with Brad, I for one do appreciate your effort on our behalf GL all.
I emailed Brad yesterday evening (our time) asking him 'what's happening' and I got a one line answer saying he expects to be able to give us some information today. They are four hours behind us so I don't expect any communication until much later but I could be wrong.
Two of the pages on there website showing as missing
That's is when they delisted from AIM and you can't hold them in an ISA which may explain why they sent the cert?
Received my Edge share certs from computer share this morning dated 18th April. I am presuming Edge went into administration? No news.