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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.
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!!
Hello - you will be able to vote again, so don't worry. It took a monumental effort to get any information, including the critical financial report which had been prepared for creditors (which was only sent to shareholders who fought their way in) and it was a totally stressful battle to get the access link to attend the meeting yesterday (no meeting time was sent with the link and I had to find that out myself). Hargreaves Lansdown (as nominee) hides behind the custodian and the custodian blames the registrar, etc etc. It was totally unacceptable.
Anyway I think that this time the Company and its advisors will be trying to ensure that info gets all shareholders. The directors proposed the liquidation to protect themselves, but as shareholders I believe it is clear we must actively vote AGAINST any liquidation and try to hang in there for as long as the Canadian process continues!
Thanks Leah. Appreciate the detailed information. I did vote NO fyi.
Are you in RIG at all? Your knowledge would certainly be useful and help encourage others vote NO.
Thank you - I am not in "RIG" and I only found this forum today. I would be delighted to interact with as many fellow independent shareholders as possible, so that we use whatever leverage we have to try to save our investments in the light of the misinformation / mismanagement that has placed us in this chaotic situation. If you let me know how to join RIG I would be delighted to join and share these messages.
Great thank you Leah. Here is the link the join the main discord group. Once you’re in we can invite you into RIG
https://discord.gg/NSgxMUQF
Any issues with the above let us know
OK I'm in on this page https://discord.com/channels/@me
Im in on the main chat page.
Great. I’ve sent a message in group
On Discord I am Leah16#8898
I am only in at the main "home page".
Can you look for the RMM page under dedicated channel.
Thanks Leah for your support
Very helpful Leah and hope to see you in RIG
"andmillsy" and "Iluvise68" - many thanks for your nice responses. I look forward to working with everyone on RIG to try to use our collective strength of purpose to fight our corner as best we can!