The latest Investing Matters Podcast with Jean Roche, Co-Manager of Schroder UK Mid Cap Investment Trust has just been released. Listen here.
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You can contact your broker or the company liquidator below for assistance on voting and attend the meeting 9n the 23rd May
James Allen | Manager
Begbies Traynor | 29th Floor, 40 Bank Street, London, E14 5NR | T: 020 7400 7900
I'm not sure if the original vote casted will be rolled over to the meeting on the 23rd? I am contacting HL to see if I can attend this as well. Daylight robery!!
The shareholder vote to liquidate was temporarily adjourned - apparently to enable shareholders to be better informed. In any event, it is clear to me that we, as "outsider" shareholders, should actively vote AGAINST any resolution to liquidate our UK Parent. There is absolutely no upside whatsoever for us to vote to voluntarily liquidate (and probably lose our entire investment) before the Canadian operating subsidiary sale process or other restructuring is fully completed and we know our position with more certainty. We are right at the bottom of the pile in which any recoveries will go to the secured and preferred creditors of the Canadian entity, and to the management team who failed us and who themselves have some "preferred" claims, and to all other creditors of the group. But if we actively vote against liquidation (and it fails to reach a 75% positive vote) then at least we keep alive some hope of a "restructuring" or recovery in this apparently productive but mismanaged mine and we prolong the life of our investment. In the meantime, it is true that the creditors could put the Company into a compulsory liquidation in which case there will be a court-appointed liquidator chosen by the creditors who will independently investigate the Company and its management - and any extra costs won't hurt our pockets as we have anyway lost everything. I am actually not sure what it achieves at all for the creditors of the UK Parent to instigate a costly compulsory liquidation too soon, before realisations from Canadian subsidiary are clearer – because they too will lose everything and the heavy costs will come out any realisation, they could have achieved for themselves.
So please actively vote against a voluntary liquidation because it can only logically harm us as independent shareholders - it was proposed by the directors to protect them from more potential personal liability and we don't have any duty to vote for it unless we think it will help us individually to liquidate. We owe ourselves a duty to keep our investment alive as long as possible so please actively vote against AGAINST liquidation (don’t just abstain) if the motion is put forward again.
Most positive thing I have heard on this S..show for ages!!
Great find!! Thanks RedKite
It was in the Beano I suspect.
I wish! Where have you read/seen this?
Because they want to get it for peanuts for some of their friends.From begining of 2022 this BOD intentionally destroyed the company by not done hedge when copper was $4.75+ knowing their financial condition then . I never seen a BOD like this and a statue chairman like BM .it was all part of a big game .
We still have great asset and can be sell at least over £100m+ if monitor is serious and find few decent buyers ( not TB,Mayer's,BOD's friend want to buy for peanuts)who will fight for rambler great assets.
We never thought even in dream rambler can go to this position while CEO said we were very comfortable with our capital structure just few weeks before car crush RNs .
This BOD of rambler should not be in public if they have any shame .they destroyed a huge potential company which has great assets and infrastructure .
TB,JM,BoD ,newgen all played a good game with innocent shareholders .
Shameless people =rambler BOD.. ..don't look at the mirror for the rest of your life idiots .
Rumour of an interested party's offer..let's hope more bid to come
Have a listen from around 17mins in, and think of this next time the BoD or proposed liquidator talk about not expecting any return from RMMC.
https://www.kereport.com/2023/05/02/elemental-altus-royalties-2022-financial-and-royalty-partner-operations-review-and-growth-outlook-for-2023/
The CVL motion has been deferred for 2 weeks and 6 days to a second GM, due to the number of people contacting Begbies about struggling to vote.
A meeting to specifically brief shareholders on the events of the last two years, and how we have ended up in this situation, especially given the information promulgated by the company in July and August last year, has been requested, with the breakdown in trust being given as part justification, and the meeting we have been requesting since September not materialising.
It was also request who was the driving force behind the CVL, given that three of the top five creditors were on the BoD and another was the NOMAD. The second largest creditor, HMRC, has not been approached by the BoD or liquidator to discuss the situation. It has been specifically requested that they contact HMRC to discuss the overall situation.
At this point no creditors have indicated they would force compulsory liquidation.
Last day to request meeting invites through Begbies, the liquidator, as-team@btguk.com
They are making people jump through hoops, so you need a letter from your broker stating holding, and that they authorise you to attend, speak and vote at the meeting.
>about as useful and insightful as Liz Truss talking about pork markets
Should have picked a better analogy. With a nose like that and being a politician, she might know a thing or two about swine.
JM is about as useful and insightful as Liz Truss talking about pork markets. He was ramping RMM as a turnaround share this time last year and does not have a clue what he’s talking about
>Is grey market is good for existing shareholders ?
It's just OTC trading - unlisted shares are less liquid, but not impossible to trade. Bid-ask spread worse. Buyers/sellers trade through some intermediary. For someone willing to sell, they'd be potentially desperate enough to be happy with an outcome that's 'anything but 0'.
First of all, it was how he said it, which kind of sounded like he wanted to say definitively but couldn't for some reason. If true, either means there are some wild speculators who want to bet on the outcome of this situation, or somebody with enough know-how to know how these things play out.
Is grey market is good for existing shareholders ?
Anyone listen to the Vox podcast from the 28th?
Rambler segment starts at about minute 5.
John Meyer saying Rambler didn't have the money to go through litigation with Transamine. Bradbury 'pushed out and not even paid'. Also suggesting there's a grey market demand for the shares at the moment.
@Blue.
Webchat on Iweb seems to be evolving agree, tbf (?). I used it this fin year to Xfer funds from shares sold in an SDA to ISA for my wife np. But for other areas they still insist you call. Dunno, likely security etc.
Maybe I could have done it that way. But it's annoying that such a biggy here, wasn't available, once signed in, why not a simply on line yes/no vote..... Or wasn't there still, as far as I saw, despite the Corp Act they did publicise.
As someone said. Almost like the BOD wanted it to fly under the radar.....
I personally have written this off regardless. £334k down the drain....
But it's the risk, I guess to make a Mill, that we did think was possible in early 2022.
TB though..... He should hang his head, for the updates May, June last year..... Scandalous behaviour IMO.
Hi Strummer
I've never had a problem with Halifax and always voted by webchat, phone or letter.
Can you use webchat to vote via iweb?
>So Micru, how do we trade delisted shares?
You wouldn't trade out of it, genius, but if it's sold (and ordinary shareholders get something), I expect this would be processed accordingly.
I have a position in a company that went private last summer, and I'm locked in, but my shares are still there.
I thought the shares would be delisted when the outcome or sale is known?
I did for the shares in my name. My broker offered a cooperate action. But uselessly no ability to direct an on line vote (this was iweb, who are cheap, but suspect like the parent Halifax grp, not the best).
Only way was to call them and ask them to do it.
Not sure it will make a difference, but I guess it went through. No way online can see to check.
Strummer,
Did you vote recently????
So Micru, how do we trade delisted shares?
Otherwise every private company (that people can and do buy stakes in) is worthless.
>Today's RNS says the shares have been cancelled so now completely worthless I fear.
False. De-listing does not in itself make the shares worthless.