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Does anyone have a view as to why transamine is not paying?
RMM and Grant Thornton are applying to the court regarding this non payment and other SISP matters.
I don't think it's quite the end yet, but clearly an operational mine is worth more than a closed mine.
Is it worth £9m more than it's debts?
Transamine are listed as a secure creditor to the tune of 4.5M in the creditors list released recently. I assume they fear not being paid back for forward sold copper or something
The Approx $6M (CAD) that Transamine paid up front for the copper last Nov makes them a creditor - the copper delivered to the warehouse, that they first held back the $0.5M in week one (reported on first comeback hearing) of the SISP put cash pressures
Last Thursday we heard that they were holding back $1.7M and that the Monitors lawyers were talking with Transamine lawyers to try and resolve
Transamine do not have to buy the copper - and they have gone from 90% on delivery to warehouse to 100% according to Bradbury Affidavit
There is no cash to now pay the staff and contractors have been insisting on payments up front, so the DIP cash has gone and nothing coming in
The Board with the Monitor, will now be going to all those parties that contacted them and the ones the monitor contacted about RMM, to see if anyone wants to make an indicative offer (probably by noon tmrw) - they will likely try and complete a deal over the weekend but if they cant or dont feel they can get a sensible deal in a short enough time, then they will apply for bankruptcy
The staff were told last night that unless there is a possible resolution by the weekend, the mine will go cold (ie Care & Maintenance will end)
The opportunity to market this business and get reasonable returns for all was still real with the SISP and DIP Funders - now its 90/10 against us as shareholders as CCAA does not consider shareholders in their duties
So its not over until the fat lady sings but she is now standing up and clearing her throat
Such an absolute waste of a mining opportunity
We have heard some of the Secured Creditors are looking at sueing BOD and certainly RIG will be.
RIG maybe split into 2, those holders at a death but also those that sold for a big loss after September, but will need to wait on the lawyers advice about that possibility
Fingers crossed for a miracle and a couple of parties in an auction today/tmrw
Feel free to follow RIG on Face book or other channels
What a complete **** show. It's sad to see it end this way and shareholders get wiped out. It did look like something positive would be on the horizon with the SISP until Transamine put the final nail in. Can't really blame them as they are looking after themselves and who wouldn't after the way this BOD have acted with money.
Hopefully something good happens in the coming days. The asset must be valuable to someone, but I suspect this latest development will mean that it will be sold on the cheap.
As for suing the BOD, it is something I agree with but will these people even have any money to be sued for at this point? The amount of people suing them might make the legal fees higher than it is worth.
Yes
Nobody would be asked to give money or details to anyone other than the law firm
The Law firm will advertise the Class Action Claim so no worries there Monkey - unless obviously you dont trust a legal firm!
We know there are interested parties - is just down to how much they will pay and will any of that come to shareholders
Its all in the hands of the DIP Lenders and the Monitor now
A properly marketed Sale by a Boutique Investment bank should have brought enough for the shareholders to at least be reasonably happy with if not very happy with
As it is now, it will be down to a few potential buyers - several will be those that were talking to Bradbury last year wanting to buy RMM, others are the ones that contacted Phil after the announcement of the Monitor appointment and others are those that various people have reached out to inc NewGen, GT and others.
Most will only be interested if its cheap cheap. But there is a hope that at least a couple see the value and shareholders aren't totally wiped out
Sickening but still a glimmer of hope
GLA
https://primorusinvestments.com/our-investments/
They are holding 1.5M shares at 27p (GUH)
They been in touch with your group, Know0?
Hi Know0. I tried numerous times getting onto the RIG on Discord, and every time it sends me a code which then says its ready in use. Is there any other forum I can join on (other than Facebook which I'm not a member of)? Many thanks.
https://discord.gg/XvjuZ8FP
Try this one DG, it should take you to the Wikipenny discord group and search for RMM from there.