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All lies.
Vascular, rubbish, there are plenty of companies on AIM that make money, grow cash, pay dividends etc,and give investor value, I know because they are the ones that I try and hunt out, but you won't find many at the bottom end of the market. It so annoys me when people says the whole of AIM is corrupt, a decent percentage is I agree and there are a huge amount who try but fail, but there are undoubtedly a number of companies within AIM that are doing well and will continue to do well.
Thanks for your thoughts All. I've lost £400...., which I can afford to lose...but I do not feel at ease with, nor can balance in my mind, from the info that I had read from RNS,s that in the end the arbitrators would favour the Uzbek Goverment ... .....nothing on AIM surprise me anymore ....the only thing that would every surprise me now, is if a share on AIM actually manages to do well, and continue to do well.....I am now quite confident that AIM only exists as just another way for small time investors to lose money, while funding company's whom have very little chance of success ...but constantly need money to survive...OXS seemed a good company damaged by a sovereign state...so a good bet, but there you go...GL all
Guys, I've lost a lot of money here, but I believe that you'll achieve peace of mind quicker, if you put this behind you as last weeks news. There were plenty signals for us to get out, we didn't, and now I don't ever see OXS trading again. Calinus will get paid, RAB and Darwin vultures may circle and RS will pack it in. Face it, OXS are fu cked, PI's are fu cked, but there will be something to be paid, but like always, the bigger animals will feed first.
Calunius fund the lawyers, not costs to the court after award ,is how I read the contract, So it would appear the deal is, court costs, lawyers fees, culunius money and all win except us.I'm guessing Darwin was for court costs too
My take is Calunis will be able to claim on this based on the terminology in the RNS "final award". Whether they are entitled to all the money will remain to be seen - if we have any merit to appeal - possibly a deal whereby they say you keep x amount and we'll use the rest to progress this - no idea how it works. Regarding the comments to pursue this further in the French courts and extracting as much possible value for shareholders (was this something that had to be put in the RNS) is the only thing that intrigues me further from declaring a total loss why bother when they could have just printed the result or could be just lip service???
Enjoy your beer Siengred :o) Vascular, my feeling is that this is counted a (perverse) win of sorts...as it says the "Case dismissed SAVE for the....etc etc"... so although the overriding majority was dismissed, there was a small part that wasn't - so I reckon Calunius will call this a technical win - and are going to get their slice (or should I say All the pie)
But was reading an article that said a lot of isis fighters in afghanistan are uzbeks so who knows what may ensue there in years to come.it is a bit surprising that the arbitrators are giving a green light to more dodgy corrupt regimes to do the same.beer time gla
So Oxus lose the case. Is $ 10 million counted as a win? Confused.
"has agreed the deal with Calunius Capital, a specialist investment company that funds commercial litigation and arbitration claims. This is from RNS. So do Calunius get paid, or not? The $10 million is hardly a win? Calunius will pay the costs related to its international arbitration proceedings against the Uzbek government. This arrangement is on a non-recourse basis - which essentially means it is a ‘no win, no fee’ deal. Oxus says it will still retain complete control over the arbitration proceedings, insofar as the proceedings relate to the company's claims. The group will also have the right to settle with the Uzbeks, discontinue proceedings, proceed to trial or take any action it considers appropriate to enforce judgement, it added. Calunius will receive a material portion of any settlement of the arbitration claim, Oxus explained. The actual amount paid to Calunius will depend on the value of the settlement and how long it takes to settle the claim. Oxus says Calunius’ payment will not exceed the amount of the aggregate proceeds of the litigation under any circumstances." http://www.proactiveinvestors.co.uk/companies/news/33313/oxus-gold-shares-soar-on-litigation-funding-deal-39677.html
Truly you need to support your argument with one of the following. realising that you are cleverer or as corrupt as R.S. Cleverer. Stupid fool that should have realised that they signed this and could never win. Yorkie realises this Calunuis also knew this, so was they as foolish too. Darwin just made a shed load, so why didn't you. Did anyone else know the timeframe like Darwin? I guess not you, but those closer did. Corrupt. All this time they knew they would lose as you just realised, so they kept in going. A/ knowing they could trade cfd's etc etc B/ Having a done deal so that calunuis would at least get rewarded and give time for trading similar rewards over years amongst the circle. C/ make rab, calunius,darwin and others good dosh deals, thereby a swiss deposit account getting loaded. OR D/ something else to support your argument, such as .......and I don't even like saying this, a nice shell company owning a few million quids worth over the years as does karimovs daughter and probably all of them.
but its almost as if this man will be given freedom and support for whatever he wishes to do. Well disguised support lol http://www.politico.com/magazine/story/2014/02/uzbekistan-the-corruption-corridor-103961
These massive European Institutions have something really insidious in common... Whether it be FIFA, UNCITRAL, or the European Union....there is something, that as Brits, we find really unsavoury about them.. It's the lack of openness, anti-democratic, non-elected personnel ...plus major lack of scrutiny. It seems to be a system with little way to rail against/. I've nticed whena country applies for an Arbitrator to be dismissed for bias, it never happens (as far as I can see).. There's the big players , like Stern and Co, and no doubt this has turned into a very cosy closed shop. We talked abou ti ages back, but this is one FLAWED system..But who changes it??
Yorkie - are you talking about the £10mill Court case against Oxus that was on hold at the time? Which documents are you referring to by the way? There was always a sneaking suspicions Oxus were idiots in 2009/10 - let's see how true that turns out to be. Regarding the UNCITRAL and legal system.. It reallty is a money go round for these people. Sat ensconsed in their Ivory Towers, surrounded by books and legal points, enjoying lectures, seminars and meals together. I don';t know why some posters thought this would be a landmark case. I bet this is one of the most insignificant cases on their Champagne jolly. It is a F*cking joke though - Five long years (after years of hard work in Uzbekistan for the company workers) A Panel of 3 people - one of whom we all knew the way she was voting before the case! - so basically this ENTIRE thing ultimately is down to ONE person! A Legal team that never loses - and probably has massive Kudos in their bigwig circles (Lamm and Case) .. And a payout of $10-$15Million that will cover Calunius costs and bit more on top - and no doubt a few left over for a Directors bonus! As Johhny Rotten said at the last ever Sex Pistols gig: "Ever get the feeling you've been cheated?"
At the same time, an international arbitration court obliged the government of Uzbekistan to pay the British company nearly $10.3 million and interest for 2004-2010 (LIBOR + two percent) as compensation for the violation of the agreement on protection of investments between Uzbekistan and the United Kingdom. Uzbekistan violated this agreement by changing the taxation regime for the “Amantaytau Goldfields” joint venture in 2006 and 2009, according to the judges. So they violated this agreement. Does that not mean we should be compensated with all costs and either asset value or a decent portion of such to let them retain it? . "Amantaytau Goldfields" joint venture, which was founded by British Oxus resources Corp. - 50 percent, the Uzbek State Committee for Geology and Mineral Resources - 40 percent and Navoi Mining and Metallurgical Combine - 10 percent, had a license to develop "Amantaytau" fields with recoverable reserves of 3.2 million ounces of gold and additional stocks valued over 3 million ounces. It also had licenses for four gold deposits, the largest of which - "Uzunbulak" with recoverable reserves of 230,000 ounces and "High Voltage" - 600,000 ounces of gold. It was previously reported that in January 2011, the Uzbek government initiated a procedure of the voluntary liquidation of the joint venture. British Oxus Gold plc. is a co-founder of the joint venture. It issued a statement in March 2012 that it was ready to bring action against the Uzbek government to the International Court of Arbitration if the country does not agree to set a fair price for a package of shares of the British company in the joint venture. In the future, the British company declared force majeure at the joint venture. in February 2013, the Navoi Economic Court granted a request from creditors to recognize Uzbek-British JV "Amantaytau Goldfields" as a bankrupt and to begin its liquidation process. So So ,they had it approved in their own court to liquidate, at which oxus were offered nothing for their shares. This was force majeure for oxus. Or higher forces forcing the issue. . And this. However, in 2006, the right to develop the “Khandiza” field was transferred to “Almalyk Mining and Metallurgical Plant” JSC (Tashkent region), one of the largest producer of nonferrous metals in Central Asia by a special decree of the president of Uzbekistan. Just proves they never need a unicitral court they make their own rulings and the court gives enough money to themselves, and calunius, I guess and we may have some money for those with guaranteed stops Looking at all the above, it should go on further. but looking at the decision based on the above, if all true..UNBELIEVABLE toilet. And money go round if its not over.
kirstie,....The article ( http://en.trend.az/casia/uzbekistan/2473338.html ) you refer to, clearly states,- “On December 21, arbitrators totally rejected the claim of Oxus Gold on the “Khandiza” project, the court of arbitration also rejected the claim of the British company's joint venture “Amantaytau Goldfields”.- so I read that as a No Win verdict,.... I assume your referring to this paragraph,- "Representatives of the British company plan to soon begin to prepare a new suit against Uzbekistan for the submission to the court of arbitration in Paris, according to Oxus Gold".-....... I also assume this will be based on these paragraphs-"At the same time, an international arbitration court obliged the government of Uzbekistan to pay the British company nearly $10.3 million and interest for 2004-2010 (LIBOR + two percent) as compensation for the violation of the agreement on protection of investments between Uzbekistan and the United Kingdom. Uzbekistan violated this agreement by changing the taxation regime for the “Amantaytau Goldfields” joint venture in 2006 and 2009, according to the judges."- Hope you, & everyone here holding OXUS shares, had a good Xmas. BW
Know if calunius have any claim on the small payout.this is certainly not a win but do they still get first shout at any cash from the claim.it was always agamble to me but still it seems highly unlikely that they would have funded this case had it been as obvious a fail as the hindsight posters claim.however whichever way you look at it its a big fat fail.still while a couple of us holders were claiming the merits of derisking most posted they were in till the end whatever so there we have it.petty you are now sage and not complete arse lol.I cant see much future in this.can only imagine if they really are intending to. Go back to the process it would be resitution of investment.in my mind this is a write off and down to experience and pretty much my last foray on aim..going to enjoy the rest of the holiday .6 episodes of the bridge have taken my mind off it.enjoy the rest of the holiday guys and hopefully a better new year.
Then there's no need to worry is there... Seems there's a Few people posting after several months or years and now trying to rub it in.
There is nothing to challenge read what the actual gripe was about from both sides you'll instantly realise we were doomed
Like I suspect majority of you I never read in detail the ins and outs untill last weekend. Bottom line these fools at Oxus signed an agreement to pay 10 million and didn't pay yes they were set up as the government knew they couldn't pay but they shouldn't have signed. The whole claim revolves around Oxus saying they signed by being more or less forced and the government saying they signed they didn't deliver. When I read this I thought no way can we win and sure enough two days later we lost I wish I'd have read this much sooner as I would have just cashed in all my shares instead of now having them taken from me. Make no mistake this is over forget appeals counter claims this company's doors are shut your shares cash like mine is lost.
Ricky I must admit the result was a bit off a shock which is an understatement. You pick up on a very good point. Why was Tim Hart called back on a number of occasions regarding valuations. Its really hard to believe how the lawyers and the company got it so wrong. Not sure if Calunius will get anything out of the compensation. I can only assume not as we have lost the case. To think it has taken four years to come to this conclusion. I hope the company can issue the findings of the Arbitration panel and our next move as soon as possible. If there is a case for appeal, I don't think I want to wait another four years. I have also emailed Calunius for an opinion on the result. I doubt if I will get a response but you never know.
I'm not going to comment, but will wait to see where we go from here - look at the last paragraph in this article http://en.trend.az/casia/uzbekistan/2473338.html
Like everyone else I was confident of success, interesting to find out reasons why not and read the small print , who knows there maybe more to this than meets the eye and even a small degree of value to be had in assets / loan ect, if we could break even be happy. The only one small bit of blue sky in this dull picture is the challenge through the French courts - if oxus could do that what would have stopped the Uzbeks from doing the same.... In reality we could have had a billion dollar pay award and then another legal challenge!! Maybe there will be a small compensatory payment for all this now to go away and be settled. .. Let's cling to that straw!! Lol
I hope they manage to get theír funders to agree to challenge the award through the french courts.
SMG used that word below, and indeed, it seems to me that's what this has been? To be so confident, of at least some success... and for everything to be dismissed, it just does not make sense! I enjoyed Christmas with family, but this rankles with me enormously... why, so confident of success by the BOD, we get zilch, nada, nowt, nothing... I know a lot have lost considerably more than me, so it's painful to consider. I hope to see the report, see what was decided; and WHY.