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DL is already on Twitter trying to raise interest in his new Hydrogen venture - jeeeez. Pump n Dump anyone ??
I am afraid it is all over
Article today in Sunday times David Lenigas was unusually quiet about the demise of NQ minerals on Twitter where he regularly talks up shares after the collapse of the company
So that is that is pretty final
so hope your right. fingers crossed
All shareholders will lose all their money - including me - the bonds will reclaim whatever they can as they now own the assets and the assets are in administration to protect from creditors.
Shareholders rank last in the list so we wont receive anything, not a chance.
Even if the company relists again it will be with a fresh capital table and different equity, so write it off.
Everyone said David Lenigas was dodgy but i though he was running a decent strategy - its only the corporate finance team that really know the picture.
£5k i will never see again.
Thanks Blue
So Bugerov can we believe what they put forth in their pitch to us retail investors?
"The bond is asset-backed and has security over mining
assets valued at AU$286m. The security is governed by and
enforceable under English law and assets are pledged to the
trustee, GRM Law Trustees Ltd, London. The bondholders have
security over assets"
Can we trust what they told us in their pitch (a matter of public record)? It is very specific. Indeed, it will be very interesting to see how this is resolved. To me if you put 100% apple juice on a package, well, there's got to be apple juice in the package.
BTW, AU286$m is a very large number, one wonders where it came from.
If the trading company's are viable they can be sold off with any proceeds coming to NQ that probably bought shares in them with borrowed money or raises. But I doubt if NQ will get sufficient funds to pay down its debt let alone anything for investors.
I'm in the same position as you Nickkdog. I was looking forward to the bonds maturing next Feb and getting the cash back. We'll see how this is resolved.
Hi Guys,
This is certainly turning into a roller coaster ride, on what should have been a smooth passage. If the financial reports on Helier are correct, that it’s profitable, therefore, it can be used for refinancing. Beaconsfield, potentially, is also profitable. Obviously, there’s a big mess here, &, unless I’m wrong, seems to be based of both the amount of debt that the company has, & what they can do to refinance it. Perhaps, I’m being over optimistic, but it seems to be a sensible move to put administrators in, in order to assess what can be done. I notice this morning, that my shares, held in EQi, have gone from being suspended, have come back onto my portfolio, with a share price. Fingers crossed, that’s a positive step. I know that David Lenigas has a mixed reputation, but if the financial figures stated for Helier, are correct, this isn’t over yet. H.
And what of those who have invested in this company by buying bonds? Sold through 3rd parties as "investment grade" and "Senior secured" mostly due 2/2022. I see this as a long process of liquidation and, one would think, at least partial compensation. Whatever the case, it looks like barring refinance profit generating assets will need to be sold.
I am amused by your false optimism. Our money is GONE
The main reason for thinking there was hope here was Lenigas confirming the upcoming listing on the main market of the LSE was progressing but alarm bells should have rung when On 26 July with a private placing to raise a paltry £35000
So now a complete write off and shareholders wiped out
Yep I fear that liquidators will be phoned within the month. I am not sure if at best Leni has miss sold the company or worse simply lied about the status of the business when raising recent equity. I expect he will sleep at nights, care little about his mismanagement and no doubt write a book.
My own costly fault as I should have investigated more into the company especially with Lenigas the chairman having only 20000 shares and foolishly topped up just before suspension
Every single company I have invested in which went into administration the shareholders have been wiped out and unfortunately this will be no different
10-8-2021 UPDATED: https://www.theadvocate.com.au/story/7378703/nq-minerals-in-administration-update-on-tasmanian-operations/
Pip. Most of the BOD have gone - probably frustrated or perhaps embarrassed by their Chairman and his over optimistic broadcasts. Administrators normally take on their role to manage a company with a view to keep it running and at the same time looking to package the assets for sale for the benefit of creditors and in particular lenders. The owners, you me and other shareholders are always left with nowt and creditors getting 5p in the £.
Take a journey down memory lane and look again at the interviews Leni gave. Anyone would be forgiven for being sucked in to his very positive presentations. He talked a lot, drew a large salary and bought a few shares. Clearly a Chairman that did not drill down into the books and continued to have placements to pay for what? I doubt if we will hear from him again.
Why do you say lights out? i hope you find a buyer and lose out when they re list. Have some faith. Admin is to protect whilst they agree a deal like they said on RNS. I said admin would be next to give them time to agree. the debt is 90m from the bond its not running operations that has an issue. In order to list on LSE they have to reduce the debt and get the interest rates down. Give the board some space and quit the negativity
Lights out for all investors - lets hope there is enough in the kitty to pay the on going wages and suppliers. Leni I feel has been less than honest when it has come to his interviews and if he had managed the business properly he would have divested some of the assets to reduce debts. If anyone is confident the shares will have value I have a few to sell.
Do you even know what admin means? Its to protect investors and company. Admin doesnt mean the end. They have clearly said they are looking to refinance a deal and they managed 55m I think they can manage 90m. Also most mines carry huge debts its normal. But this also comes with huge assets long term. Soon as this is sorted they can list on LSE as planned and investor confidence will return with a proper share up lift.
new RNS. Board been unable to refinance . Administrators appointed. Company gone into administartion.Dire news and no point in saying anything else
I think Leni will need to go and I wonder if RP of WSBN will take on a major roll. It may well have been RP following his recent appointment who recommended the need to suspend. If we are to servive then we may need to sell the Australian interests. A major may turn up but will want to pay little for Helier and Beaconsfield and what ever is obtained will go to clear debt. The best result for us I think would be to divest the gold interest to a major and get a royalty on sales, JV the Australian interests but plough on with Helier which seems to be a very good earner. MC is about £20m but debt is horrendous and running costs continue. Leni out first and he can take the few shares he has with him.
Hi Guys,
I have been watching all your comments with interest. Yes, the shares are definitely suspended, NOT delisted. The recent figures listed on the operating Helier mine, were very good. Beconsfield is progressing towards production again. My belief is still in NQ sorting this mess out, then moving onto AIM in due course. My regret is that the suspension came, just as I was about to buy more shares, but, c’est la vie, we now have to be patient. H.
Thanks Villa321. Suspended not delisted is a very important distinction.
The stock is not delisted it is ceased to be traded. That is from the horses (Leni) yesterday when I enquired as concerned via email
I think it will take a few weeks to sort but guys have some faith. NQ has alot of solid assets. Aquis was and still is very poor. I suspect to see a deal in the coming weeks then upgrade to LSE before end of the year.