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@BillClinton some of us are wondering if you would like to join us on a whatsapp group. Your interesting takes have us intrigued. What say you?
BillClinton, just looking at Keystone, indeed it looks as if Alper Deniz is a partner. However, they seem to have a lot of lawyers on the staff - a very large firm. I am afraid they will say Mr Deniz was not part of the drafting of the covenants and consent mechanisms. That he now serves on Truva as a appointed nominee. Could the claim they have ring fenced all this within their firm. I am afraid they will likely do so and if so, very difficult to prove otherwise.
Having said that, it stinks to high heaven. But if that were a crime the entire City of London would be in the box.
Thanks for this info BillClinton. You have done quite some digging and it seems very valuable. So what do you suggest we noteholders do about it? Got any advise?
Madmaxx3000 - good idea writing FCA about Avenir. I've been writing them and others about them and Truva Trustees who I also believe are FCA regulated.
Who is the law society? Regulators ? UK Police is not like the FBI which can help to investigate this sort of case.
I think it will be challenging to go head to head with armies of lawyers, but we must report them too, as they are the mastermind behind all this scam !!!
Many of us didn't know anything about voting since the beginning, and based on the information from Audley Funding, it is the responsibility of the Avenir Registars Limited as bond registrar to pass this information to bondholders. So I say, Avenir as a licensed firm by FCA has to be reported too!
Keystone Law advised on a shedload of Bedford Row bonds including $150mm of NQ bonds.
Alper Deniz a close associate of Scott Levy
https://www.keystonelaw.com/lawyers/alper-deniz
Note that as underwriters counsel, Keystone drafts the covenants and voting / consent mechanisms to restructure the bonds.
Guess who is CEO of the Trustee acting for all of the bondholders?
https://find-and-update.company-information.service.gov.uk/officers/_Yssms0CSi-b9BOsKHJKOH6up1Q/appointments
So the lawyer drafting the consent covenants is also the trustee controlling the vote.
If bondholders are looking for remedies, they have one more avenue now - informing the law society ASAP and seeking damages against Keystone. Keystone had multiple lawyers involved with this client.
Good to see these insiders are in a panic and playing the game. They must have a guilty conscience. My bet it is these slimy middlemen who were termed introducers basically get a lovely fee for doing nothing then when things come crashing down suddenly they know nothing. They didn't face the investor, didn't handle any money, didn't speak to NQ and the only information they used was from company presentations.
I think I know who you are talking about.
Then again, having met most of the board and management team at some point in time, they only care about themselves.
Your information is helpful thank you.
I know who to pursue and I know in which way I will do it.
I’m learning more each week as insiders in a panic and playing the blame game.
Don’t believe the claims of parties saying they weren’t in the know or aren’t to blame. At the end of the day, this was a coordinated act.
- Ask yourself why NQ (claiming all sorts of profits) was OTC listed instead of the ASX? Why did the Directors pursue multiple OTC listings instead of a real exchange?
- Why was a third-tier auditing firm appointed instead of a proper one?
- Why was a third-tier Administrator appointed?
- Why was an east end bucket shop appointed to underwrite debt instead of a real investment bank?
- Why were the bonds distributed by the CEO’s relative and sold through a shadowy group of “financial advisory” firms?
- Why is it the same arranger acting on every bond issue including on a Sukuk?
- Why are most of Bedford Row’s employees in Estonia?
- Why is the Sukuk shariah advisor also the owner of the Trustee for Audley bonds?
- Why didn’t NQ actually have a real office in London or anywhere for that matter?
This was a heist pure and simple and it was all planned from day one.
From 2018 to 2020 the Doyle cabal raised US$250mm in various financings for this project.
I spoke to a mining guy who told me based on the operations of the company that max $30mm would have gone into the actual assets, tops $50mm.
@BillClinton
Sounds like you are an insider or at least someone who has access to inside information.
Am sure there is something left after ING is repaid but when that happens who knows but whatever is left my sources tell me Audley get first dibs.
Don't understand the EBITDA being inflated with a hedge. ING would in my opinion have picked this up. Same for the management costs.
The management costs at NQ are off the scale. One only has to look at the 2019 accounts to see what is going on. Its crazy.
Heard the new guy was trying to shake things up when he came onboard and that's why Doyle and co decided to do a runner.
Anyway, seeing the NQ teaser doc, I am now certain the Audley bond was miss-sold and Bedford Row are complicit. I think if bond holders stand to get some kind of compensation it is coming from Bedford Row, but not because of the vote in 2020.
The asset value is beyond exaggerated
Hellyer
- Will only produce until 2026
- Claimed EBITDA is grossly inflated by a hedge and the non reporting of management costs / overheads. Actual EBITDA prob closer to $10-15mm.
- That’s enough to repay ING, just
- Asides from ING, Doyle and Dean signed royalty agreements with Deans friends Rivi/Kiwoz/Maui/RCA (guys who are reportedly trying to take over now with Audley/Levy) that take another $10mm+ per year. NQ never publicly disclosed details but it appears these deals mop up every $$ left after ING, and if no $$$ available they get equity, meaning they've diluted shareholders out and will ultimately retake control
- Who gets paid first after ING, Audley or these royalty guys?
- We haven’t even factored in management overheads and the ridiculous salaries these guys were paying themselves. I’m told HQ guys running the financing schemes had no operational involvement and drew £7mm+ per year in salary. How much of a pay cut will they take in a rescue / NQ 2.0?
- Add in rehabilitation costs etc and bondholders will be lucky to see pennies at the end of it all IMHO
Beaconsfield
- NQ paid A$2mm. Maybe someone will pay $5mm now?
Ukalunda/Square Post
- I don’t know anyone who can tell me how/why this is worth anything
Barnes Hill
- This is why many invested and believed the integrated asset / refinery plan that Lenigas was pitching. NQ acted as if they owned this project and had a massive NPV however I recently found out it was just an option and the option has expired. So it’s worth zilch.
Mining equipment on site isn’t worth a fraction of its reported value unless there’s production and significant mine life ahead. And that’s INGs.
Will bondholders/shareholders get a 2020 audit to know what’s real?
At first brush, I don’t see any $$ left on the table here. And bondholders can kiss any future recoveries goodbye if Begbies allow Levy/Doyle/Dean to return for a second act. There’s probably more $$$ in the Doyle cabal coffers.
This asset valuation in the Audley bond teaser is wrong by 7x. NQ bought the asset (Hellyer) for about AUD40m. How does it have assets valued at AU$286m? NQ had to spend AUD10-20m on capex and refurb before any value could be theoretically realised. I would argue in 2017 they didn't have a JORC resource and most certainly did not have a JORC reserve, neither of which would give you an asset on the BS anywhere near AUD286m as there is still plenty of uncertainty on the actual value contained and at what cost this value can be extracted.
This is blatant miss-selling! Walter and his distributor friends should be ashamed. Any distributor peddling this rubbish as debt risk in my view has a case to answer.
As I have said to many, this was never debt risk. This was a junior minor with no cash and huge uncertainty on its ability to realise any cashflows. This is equity risk. We were all fooled!
@moxx
Many distributors of the Audley paper milked this deal to make a fortune and now when things have gone wrong they try to play the good guy and pretend to play dumb even on this lse chat. It's all NQ and Scott Levy's fault they say. Come on, they were all in on it. Many were made millionaires off the back of Audley commissions, happy to turn a blind eye while the cash kept rolling in.
The actual investor had no idea that 40 cents in every dollar was never invested with the company. That was a company killer. Where's the ethics in not disclosing your commission to your investors?
The key issue for us Audley bondholders is the vote which was facilitated by Scott Levy/Bedford Row/Audley/Truva. That should be the focus. That's where we lost our security.
Secondly it is the 40% commission scam and where the money went as this brought down NQ and led to the Administration.
Gallows humour that lot. Have a look at what is opposite Peter Doyles correspondence address.
@Billclinton
That's a shocker.
Btw here is a reminder of ING's compliance pledge from their website.
ING is committed to the preservation of its reputation and integrity through compliance with applicable laws, regulations and ethical standards in each of the markets in which it operates. All employees are expected to adhere to these laws, regulations and ethical standards, and management is responsible for ensuring such compliance. Compliance is therefore an essential ingredient of good corporate governance.
@Madmax3000 & @BillClinton,
Thanks mate.
I'm wondering if any of these forum members already filed a complaint to any regulators about this issue ?
So it appears the Doyle cabal ripped up to $40mm out of the Audley bonds.
- How much was taken out of $55mm ING loan? (which did not repay a single cent to Audley holders)
- How much was taken from the convertible loan issuances?
- How much was taken from the undisclosed royalty streaming deals with Rivi/KIWOZ/Maui/RCA?
- How much was taken out of the Traxy offtake agreement (where NQ gets less than 30 cents on the dollar for its contained metal)?
- How many other unnecessary or off-market transactions are there with "third parties" that we don't know about?
It's clear where bondholders and shareholders go to get our $$$ back.
Guess where the 40% Audley Bond Commissions went?
1. Distributor of the Audley Bonds is Worldwide Consult Limited
https://investglobalmarketing.com/wp-content/uploads/2017/11/171102-72222-NQ-Minerals-Fact-Sheet-USDOLLAR-PAGE-1.pdf
2. Director of Worldwide Consult Limited
https://find-and-update.company-information.service.gov.uk/company/09566121/officers
DOYLE, Peter Daniel Steven
Correspondence address
The Carriage House, Mill Street, Maidstone, Kent, United Kingdom, ME15 6YE
Role ACTIVE
Director
Date of birth
May 1972
Appointed on
28 April 2015
Nationality
British
Country of residence
United Kingdom
Occupation
Director
Previous Director
Name: BRIAN STOCKBRIDGE
Address: 125 Old Broad Street London Ec2n 1ar, United Kingdom
Born: 28/08/1973, HIGH WYCOMBE, UNITED KINGDOM
Appointment date: 14/10/2014
Cease date: 29/06/2021
Name: KEVIN JOSEPH DOYLE
Address: Unit 282, 60 South Beck Drive, CONDON QLD 4815
Born: 09/03/1937, PROSERPINE, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Name: WALTER DANIEL DOYLE
Address: 16 Bd Princess Charlotte 98000, Monaco
Born: 06/12/1955, CLONCURRY, QLD
Appointment date: 05/09/2013
Cease date: 21/06/2021
Thanks to you all for your input. Glad to see we have a few new participants.
I too have wondered how a conservative, large Dutch bank could have stepped into this dung hill. I also believe that they are a sophisticated group and would not have extended this loan to this type of company unless handed questionable accounts/info. I believe a letter to the link Johanes kindly gave us for Netherlands financial regulators is a good idea and one I will follow up on.
I am very interested to read this "there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration" from BillClinton. I had not known that and can't help but wonder if this is also the case in the UK. Can anyone offer an opinion on this?
Some of us are "gathering" on a whatsapp site. This vote was rigged in my view. I've yet to hear from a noteholder who was informed in advance of the vote on May 1, 2020 to subordinate our assets. I don't think we should go quietly.
FCA emails are : MIUMailbox@fca.org.uk and Consumer.Queries@fca.org.uk
As for shareholders to file a complaint to SEC, I think there are a few angles to look into.
If I'm not mistaken, NQ minerals have been pledging their shares too to raise funds under Invenio Capital PLC.
And if I may suggest, in order for us to have a better discussion on what to do, I would suggest if we do it in a closed group rather than an open forum like this.
If we all think that ING is part of it somehow, I think we all should write an email to Netherland financial regulators ?
https://www.dnb.nl/en/contact/reporting-complaints-and-wrongdoing/
And also we file another complaint about NQ Minerals to SEC (since they also raising fund from US Investors) too.
https://www.sec.gov/tcr
As for the UK firms, at the moment Avenir seems the only firms that regulated by FCA, and we've sent 3 emails to Avenir about this voting , but they didn't respond at all.
FCA did respond about this and they suggested to write email to :
MIU Mailbox
@moxx - that was precisely my earlier point. Beyond the matter of bondholders not being aware and the vote 'rigged', bondhonders were not provided any consideration for taking subordination. Under US case law, there is absolutely legal grounds for the subordination to be deemed invalid for lack of consideration.
ING are a conservative bank and appear to have done extensive DD and obtained legal opinions and reps + warranties. Culpability here rests entirely with the actors orchestrating the "restructuring".
Where did the $60mm of ING proceeds go if not to Audley bondholders to repay / partially repay or compensate them for subordination? Only prior debt I'm aware of is James Dean's Rivi/Kiwoz (converted to equity and getting $8mm+ per year for their streams).
Where did the $60mm from ING go? How much went into the hands of the Doyle cabal?
There is where the accountant must shed light.
Are these the supposed 'marketing and other expenses' that the accountant could not reconcile? Where is PKF (accountant) on this? I notice Walter Doyle's registered address is also at PKF's London office. ODD
The classic line : NQ Mineral's Chairman, David Lenigas, said; "This refinancing facility with ING represents the culmination of nearly a year's extensive due diligence with both the bank and Traxys.
Nearly a year of DD and a major Investment Bank did not realise they obtained security through deception? As normal citizens, we wouldn't buy a house without checking the vendor had the right to sell it.
The other thing that puzzles me...if you subordinate bond holders,in return for their lower security , it's customary to offer something in return---- higher coupon, shorter maturity, redemption et al---.
Not just 100% losses, talking of which what os it that the board claims the bondholders received in lieu of subordination?
@Johanes
I think ING would have been aware, these guys are used to dealing with less scrupulous types:
And as you know:
NQ Minerals PLC : March 3rd 2020 on their facebook page:
US$60 million debt refinancing agreement – Hellyer Mine NQ
NQ Minerals Plc – 2 December 2020 -- Their Press release: –" (AQSE:NQMI, OTCQB:NQMLF,
OTCQB:NQMIY) (“NQ” or the “Company”) is pleased to confirm that, further to yesterday’s
release announcing execution of the US$55m loan facility between its subsidiary Hellyer Gold
Mines Pty Ltd and ING Bank N.V. (the “ING Facility”), that all necessary conditions precedent
for drawdown of monies against this facility have been satisfied. As a consequence, the ING
Facility has been fully drawn with proceeds being used to retire Company debt maturing in
2020"
In old money,thats 9 months for ING to examine , lick , caress and strip search every nook and cranny regarding this deal. With an army of compliance workers, 9 months is enough for ING to know all there was to know. Claims the facilityit was used to retire all debt maturing in 2020 suggests other debtors were higher ranking than the secured bondholders---I wonder, who are these entities?
@LatvianPrince
I thought your claim was exaggerated but have heard the same from a credible source ie., Levy / Doyle crew seeking to re-take control through a conversion of Audley bonds into equity. Begbies think they are rescuing NQ but it amounts to the hucksters retaking control and pre-empting legal discovery to repeat the heist. It's beyond brazen.
Begbies would be negligent to accept such a proposal.
We need a forensic investigation / independent audit and full legal discovery on these characters and their dealings ASAP.
Why didn't the auditors sign off on the 2020 accounts?
Check out the posters on this NQ video. Even the commenters are fake.
https://www.youtube.com/watch?v=ZLkmLRXoVac