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They weren't quorate and are rearranging. YCNMIU
Anyone know of any news i cannot find anything
On 21st Feb they said, 'A further announcement will be made following the meeting of secured creditors which is planned for on or around 8 March 2013.' That should be tomorrow then.
Holdings and Director Holdings The suspense is killing me - lol
Do we detect a faint pulse in the near-death patient?
RNS states : creditors of Norseman's principal operating subsidiary Central Norseman Gold Corporation Limited (Administrator Appointed) ("CNGC") today voted to approve the execution of the proposed Deed of Company Arrangement ("DOCA")/Creditors' trust. A further announcement will be made following the meeting of secured creditors which is planned for on or around 8 March 2013.
the Administrator has recommended to creditors that CNGC enter into a DOCA(Deed of Company Arrangement ("DOCA")/Creditors' trust) and a creditors' trust which has been proposed by Norseman and Tulla Resources Group Pty Ltd ("Tulla"). Voting on whether to go for this or winding up on 21 Feb -- good chance of getting back to business IMO
See how well Zhaojin Mining is doing. Wouldn't surpise me if these guys step in to turn Norseman around.
Whats the latest story with these guys?Do you think that there may be a come back?
Those 'trades' aren't real trades, might be mm swaps. We know they're still suspended but as you pointed out on 4th Oct Adobong, it's not all over. We'll all have to wait but believe this is not going under and unfortunate cash flow situation caused all this. Unfortunately, the suspension and retrenchment(cutting back in normal language) is going to mean a lot of lost revenue and these administrators rack up the costs - he'll be a millionaire out of this for certain.(500 hours @ $2000 an hour or similar). Today's RNS just keeps things basically under wraps.
What is the 8 Mil $250K trade shown, these have been in a suspended state for months anyone know or have a view on what this represents?
My NGL shares have been valued at zero since suspension but today TD Direct Investing think they're worth 2.58p. Surely some mistake...
So is that it? Are we finished or is there any life left? Looking at news below looks like the end. Oh well you pays your money and takes your chances. I made a nice bit when this shot up to 80p a couple of years ago but have lost the lot.
Some interesting history on NGL .... http://en.wikipedia.org/wiki/Norseman_Gold_Mine - NGL (or forerunners of the company), have been into administration before and then bounced back again. The gold in the ground is not going to go away in a hurry. Get the operations and and costs right, and profit will be there – with NGL’s SP bouncing back? Just possible.
If anyone have followed the pizza folk, especially in NGL, you might be rich (VERRRRY RICH) by now. please follow him and keep following his buy/sell tips, so that you will become like him :p Please follow him to keep crying and moaning... hahahaha.... I'm invested in SER and he was telling SER was floated at 95p and now dragging at 1p plus, as if he made wonders in RSH. The man who made 35p plus company get drained and dragged to less than 3p (yes RSH). After dragging to cheap floor price, he walked out (people say he was chased out, Im not sure) with a pizza company (what a wise man to say "kettle says the pot is black")
Comments elsewhere would indicate that shareholders think it's all over for NGL but the fat lady is noticeable by her deafening silence. As I understand it, Central Norseman Gold Corporation is now controlled by an administrator but the directors of NGL intend to resume control in due course. Bizarrely, CNGC's largest creditor is NGL! But I don't see NGL going under (down under?) unless this whole debacle is designed to shaft PIs and line someone's pockets with NGL's valuable assets. What's triggered all this is a cashflow problem which, if corrected, should not destroy NGL. With gold tipped to hit $2400 and NGL hopefully mining 80k ounces @ $1400 per oz. profit the future ought to be bright. $112,000,000 profit per annum is worth having.
Not sure what you mean by never to return and all monies lost.The company is still trading and Maloney stumped up the money after red kite called it in. After all he could have let it sink and buy back the assets on the cheap. The chinese are still on board to my knowledge and with his reputation at stake I see this coming back in a few months fitter and leaner.
They have gone into aministration..... never to return! All monies lost Just a risk you take when investing
But not much... best outcome for me would be a takeover @ 5p by our new Chinese friends.
The creditors are in after red kite asked for their money back. There is some good info on tomwinnifrith.com on his advfn blog.
Agree !! All we can do is wait as my request for info from their Investor Relations contact e-mail has met with total silence. One thing we can assume is that it is not to do with a takeover / merger and implications are that they are struggling to achieve / agree a refinancing package ? So don't start Xmas shopping on assumption of good news ?
This is the longest suspension I have witnessed I am surprised teh ASX are allowing such a event.
A matched buy/sell, almost looks like a late reported uncrossing trade although stated as an ordinary. Definately no trading on the ASX or here and seemingly no news either
8 m. shares purchased at 2000 yesterday ? What goes on ?!