NQMI.PL Share Chat (NQMI.PL)

Hello All
"Notice of move from administration case to Creditors Voluntary liquidation". Audley funding has invested 75 million into NQ Minerals. This is been treated as an unsecured loan ? . There does not seem to be a favorable outcome for Audley Funding investors.

own by the same guy (Walter Doyle)
In fact their office is on the same building, different floor.
What I heard IG Mining also run into some problems lately.

FYI : The more you google those names, the more interesting information you will find.

is there a link between NQ Minerals and IGmining?

Lads,
I just got a response from Begbies, and their ambiguous response, as well as their failure to address the issue I raised MULTIPLE TIMES, got me thinking.
There are only 2 ways to get our money back.
1. Regulators. If regulators step in now, then they launch a full investigation. We may have a chance.
2. Lawyer. Hire a professional lawyer to assist with our case, and request a full investigation as part of the legal action.

The fact that Begbies Traynor insists on getting the asset sold first, then investigation will come later, makes me question the true motive behind it.
a. Will Begbies Traynor be willing to help us until we all get our money back, even if the new asset owner is from a different jurisdiction?
b. Or perhaps Begbies will stop responding to our queries because the job is finished (afterall the asset already sold) !

What announcement by audley ? I never received any information from audley !!

At the moment we represent quite significant numbers of bondholders.
Please let me know if you want to join.
My email address is jojohanes2021@gmail.com

I have contacted Nq Minerals directly in relation to Audley funding bond GB00BDCJX280 which I have invested in.
As I am not a direct investor of the company In Administration, Nq Minerals are not in a position to correspond with me.
Audley funding just send out a announcement to keep us quiet and the financial institution I used to invest the money, Cornhill Capital, Jarvis, inform me that they are a execution only provider. What can be done when those that invested the money want to wash their hands now????????.

@missthatcher
Begbies responded to my email, and they were generally very helpful. They requested that I inform them of the situation, and they would do their best to help the creditors and shareholders.

They also encouraged me to cc the regulators on all email correspondence because there is an ongoing investigation.
Perhaps you can share your issue with them too, so both begbies and regulators can assist.

If you want to email them, you will need to email Begbies, and regulators, and Begbies's lawyer too for all the emails and reporting you made.

See below :
Paul.Cooper@btguk.com
paul.appleton@btguk.com
adam.shama@btguk.com
as-team@btguk.com

CC:
STEPHENSON HARWOOD (Begbies's lawyer)
julian.cahn@shlegal.com
jamie.stranger@shlegal.com
Rubin.Weston@shlegal.com
stuart.frith@shlegal.com
Nick.Axup@shlegal.com
Ian.Benjamin@shlegal.com
Katherine.Hudson@shlegal.com

REGULATORS
MakeAReport@sfo.gov.uk,
intel@sfo.gov.uk,
Public.Enquiries@sfo.gov.uk,
MIUMailbox@fca.org.uk
Consumer.Queries@fca.org.uk

This is latest uodate report from Begbies Traynor

Investigations
• Correspondence with the Company’s IT providers with regard to accessing data.
• Analysing the Company’s financial records and bank statements in order to establish the reasons for the
Company’s financial position.
• Dealing with creditor concerns regarding the following:
o the level of accumulated debt set against the levels of investment;
o Performance of the underlying subsidiaries;
o The fact that investment was being secured as late as early 2021;
o The manner in which investment was secured either by loan notes, equity or underlying bonds;
o Alleged mis selling of convertible loan notes under the guise of secured bonds;
o Alleged voting issues at Audley Funding plc level;
o The levels of related party loans; and
o A review of alleged accounting issues. In particular, the classification of commissions as
administration expenses.
• Securing and analysing Company data including email accounts.
• Reporting to the Insolvency Service on the Directors’ conduct and subsequent correspondence regarding
the same.
• Liaising with the FCA regarding ongoing investigations.

Lads,
I’m not sure if you are covered by FSCS, but I managed to get compensation from FSCS. However, you need to be able to prove that the investment recommended b ty your advisor is not appropriate for you and that you have contacted Action Fraud, regulators, and Begbies (and their lawyers too).

Is there anyone know, what we should do now?
My financial advisor keeps telling me to stay put because Mr. Bernie Walsh told him that bondholders only have to wait and that we'll get my money back once the asset is sold.
He's never been able to explain to me how I'll get my money once the asset is sold. After the bank is first in line, and if there is anything left over, it will be passed on.
I'm getting very worried about the waiting.

url is : wwwDOTfacebookDOTcomSLASHgroupsSLASH500058791795764

DOT = .
SLASH = /

There are a few of us now in the group, so for those of you who are interested in getting your money back from these scammers. 

Feel free to join us in our Facebook group : https://www.********************500058791795764

Alternatively, you can contact me via email at jojohanes2021@gmail.com.

Hi Johanes, thanks for directing us here last week. I think many may find this difficult to find as its not specifically London stock exchange's site but London South East's. I emailed you too but from your initial message on this group, it was an incorrect email. I'm wondering how best we can get all the other note holders on here too. Any ideas?

i think besides nq, i wonder where is bedfordrow hiding. every other bond they issued defaulted

For those who managed to attend NQ Minerals online meeting today (18th March 2022, at 11.00 GMT).
My email address is : jojohanes2021@gmail.com (not jojohanes@gmail.com).

thank you

Other defaulted bonds by Bedford row capital and Truva Trustee.
https://www.bloomberg.com/news/articles/2022-01-14/green-debt-faces-rare-default-from-bonds-bedford-row-helped-sell

First of all absolutely amazed that there is no fraud investigation into this company, either in UK or Australia. I had shares in it. Am I right in saying I have zero chance of getting any money back ? Hope whoever can can get these gyys debarred from holding office and hopefully prosecuted

https://forms.gle/tEEzZzJikm9NscTDA

G'day ladies and gentlemen,
Please fill out this google form in order to request a Audley Funding noteholders' meeting with the trustee.
Our goal is to reach a total of USD 10 million (or currency equivalent)

The total amount of notes issued by Audley Funding is around USD 100 million in three different currencies.
Ref : https://investegate.co.uk/audley-funding-plc--irsh-/rns/audley-funding-plc-trustee-announcement/202112020851513587U/

Trust deed : https://drive.google.com/file/d/17oct05m73AdoLXNw1djMkQAdc9_BIHKr/view?usp=sharing

Trustee’s response for meeting : https://drive.google.com/file/d/1pyMv-_k2g_RMHuj8Z-xlPsbvqlOsZIYb/view?usp=sharing

Thank you

“a written request by Noteholders holding Notes of at least ten per cent of the principal amount of the Notes for the time being outstanding of any Series”. -- Trust deed page 94-95 (schedule 3 paragraph 4)

Trust deed : https://drive.google.com/file/d/15p5U-feJIugLWuHkBv7RykNHCEzlre62/view?usp=drivesdk

@bugerov,

The didn't mute the microphone, so you can hear everyone is talking . Interestingly Begbies wasn't even attend the meeting.
It's adjourned due to attendance issue.

Afternoon/evening Johanes. For various reasons I was unable to join in the meeting today. In what way was it chaos and why adjourned? Is this another adjournment to magically 'find' 98% of positive votes for the motions they put forward.

Regards....... Bugerov.

Meeting adjourned till April, and the online meeting just now was a total chaos .
If you're a bondholder , please reach out to me. There's a few of us now in the group to discuss what's the steps moving forward.

my email address : jojohanes2021@gmail.com

thank you

Hi all.
Notice to noteholders on 25 Feb 2022. Online meeting on 18 March 2022 to vote on notice. Does anyone know what it is all about?
regards Pat

Has anyone heard anything about the outcome of the offering and bids received?

@billclinton ,

My email address is jojohanes2021@gmail.com , can you please reach out to me ?
I and @Nickkdog is in the same group.

thank you

@Nickkdog - I avoid whatsapp but is there an e-mail group instead? If so, let me know your address

@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?

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.

Hi BillClinton, I am not sure someone's contractor mate in Tassie is a reliable source of information if I am completely honest, while tailings operations are notoriously difficult to get right.

Spiking the asset sounds a bit far fetched as well. You give the Doyle crew too much credit in my opinion. If they were that switched on then NQ Minerals Plc would be a FTSE 250 company. Having met most of them I can assure you this is not the case.

I do agree with your last point however. Stakeholders should be updated on the actions of the Doyle Cabal to take back control of a company they destroyed.

A fellow shareholder was just informed by a contractor mate in Tasmania that Hellyer is having operational problems. Production down significantly and issues relating to non-functioning equipment.

I found this incredibly surprising as Hellyer a simple dredging/milling operation and has been performing very steady and very well. What's more, operators always have spares. If anything breaks down, it should be a several days or a week downtime, not months.

Why now?

Is this an attempt by Doyle crew (James Dean, Scott Levy) & team to spike the asset and prevent others from buying the asset?

Administrator needs to provide updates here, both on the operational issue and the actions of the Doyle Cabal to retake control at this rather convenient time.

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.

@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.

Dear All. Just found this thread. I too invested heavily in the 2017 bond series.
I absolutely did not hear about the resolution and was never given a chance to vote.

From just reading this thread, maybe Truva trustees voted on our behalf without our consent. Who knows? All I do know is I feel scammed by these corporate *******s who've taken us for a ride.
Happy to join any group to help.
Let me know if one exists outside of this thread.

I'm just wondering if any of us (bondholders) are based in Australia? Because this issue needs to be addressed to Australian regulatory bodies too.

Some of the directors are already back in Australia and while preparing for the next stunt , which is located 1 floor below NQ Minerals ( https://igmining.com/contact/ ) . Fund raising also assisted by Bedford Row Capital using different SPV by the name of ESCHER MARWICK PLC .

How good is that?

Hi,
As disgusted and sick to the pit of my stomach over all this.
I thank you for posting your findings here.

After reading through I can confirm that as a note holder I was never contacted regarding any vote also.
I have been given the run around the mill by all companies involved with no one giving clear answers.

I feel something very under hand has taken place and i hope the administration team can see through all the BS and deliver.

Thanks again for the updates.

Nathan

Shame on the Australian authorities for not launching a criminal investigation. Not sure I will invest in Aussi activities again

I had a letter from my broker yesterday, looks like that is it. What I do not understand is how can they pull the plug and yet still keep mining?
I hope his next dump is a porcupine.

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.

Yes I wonder if someone could be in trouble for obtaining credit or even money from investors knowing the company to be insolvent. Leni would have known, pr if he didn't he should have.
By the end of September we should know the size of the debt.

Hi Guys. David Lenigas has come a cropper AGAIN. I got involved with him over Lenigas gas & oil out in Trinidad. Surprisingly, that’s still going, but not with him on board. Likewise, NQ Minerals. On paper, it looked good, & Lenigas talked it up well. Even the last figures for Helier, assuming that they’re accurate, were good, with a reported profit of 5 million, or so, Australian Dollars. This failure raises very big questions, of which Lenigas must take his full share of culpability for its failure. Answers, FULL answers, are needed, & must be given to the investors. If criminality is involved, then those guilty, should be investigated, & prosecuted to the full extent of the law. No excuses, no fudging, we want answers. H.

I feel that however difficult it may be, avoid DL at all costs. He has Rhino skin and is full of the brown stuff. Can he put his head on the pillow and say to his nearest and dearest that they should be proud of his days work. Probably. But would they be? I doubt it. That is what he has to live with. We the losers of cash still have our dignity but can sleep at night.

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

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.

10-8-2021 UPDATED: https://www.theadvocate.com.au/story/7378703/nq-minerals-in-administration-update-on-tasmanian-operations/

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.