We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
It's possible that NLR is planning a pre-pack administration which would see him buy SGZ Cononish from the administrators very quickly after administration is confirmed - allowing no opportunity for other options for the disposal of assets to be explored. The outcome for unsecured shareholders would likely be no better.
"Pre pack administrations can be controversial, as they may involve the sale of a company’s assets at a lower value than would be achieved in an open market sale, which can result in losses for creditors, particularly unsecured creditors."
https://www.franciswilksandjones.co.uk/company-administration-guide/
See also: https://www.companydebt.com/what-happens-to-the-shares-of-a-company-that-has-been-liquidated/
If, as looks inevitable, the administrators are called in that would likely be a lengthy, complex process which could take a year or more to conclude - during which time shareholders will not see their periodical reports, lists of assets, lists of creditors, etc unless shareholders register themselves with the administrators as creditors of the company. Only the creditors will be able to access the detailed reports. If necessary, shareholders may need to send an invoice to the company before it goes into administration (eg. For services rendered in online forums: £1.00). That will make you eligible to register as a creditor.
Otherwise, the most information you will get is the standard "Shares are unlikely to have any value", followed by confirmation that they don't.
So, if you want to see what sneaky offers for the assets are being lodged, register as a creditor to get on the administrators' mailing list.
Not the first time GB has let everyone know he got out early.
Even apologised last time so it's odd to mention it yet again.
Mate there's plenty of sheep that need shearing, I want my money back you lying deceitful c un tz!
I'm sure there will be plenty of others checking in to tell us how lucky or smart they were to bail out at the right time.
Slacker, I think the men and women that were given no notice of the lay-offs and have been left without pay or information for the last 5.5 weeks should be the priority for getting “anything that’s left”. The treatment of staff has been nothing short of criminal and at the very least, they deserve a half decent pay at the end of this month.
Nat le Roux switches sides as the curtain falls, citing: "unavoidable conflict between the interests of the Company and my personal interest as the major secured creditor".
Today's RNS announces his resignation as SGZ Cononish "heads towards administration".
Cabbage coming up........
Does anyone think they'll be anything left for share holders?
It's still a gold with mining permission!
What do they still have to discuss?
Why all the delays to the inevitable?
A sad day all round for those who were honest. Seen it coming a long time ago and I hope I helped save some people some money when they either didn’t invest or mitigated their investments. As for tyndrumboy, where is he now telling everyone how to spend their cash or offering tours. His face will forever be shamed.
Tom Winnifrith can't contain himself over at https://tinyurl.com/3d78cxsk
Sorry to everyone who lost.
Except Tyndrumboy1872.
He should be in front of a judge.
THIEVES !!!!!!!
The fat lady cometh. They have had plenty of time to consider their options and it has been clear to some of us for a long time that administration was inevitable. And yet Scotgold are still "considering" it. If they had any other options they would have been bound to say so.
Well. It is now.😡😡😡
How many years does the licence to mine the national park have left? Because based on these articles, you may expect a significant objection to any extension or renewal which would cap the life of the mine.
Last week's follow-up:
https://parkswatchscotland.co.uk/2023/10/29/the-crisis-at-the-cononish-goldmine-a-national-park-authority-not-fit-for-purpose/
Very informative Andrew, doesn't exactly inspire confidence in SGZ to be able to continue as a going concern even in a limited way. C'est la vie!. :o).
Salutations of the day Sir
UK law states that workers on unpaid leave can apply for redundancy cash after 4 weeks if they so choose. That deadline has now passed so Scotgold could already have a redundancy liability which they can't pay - although the Govt will pay a basic amount if a company goes bust.
It's taking a long time which is probably slightly positive but I can't see how Scotgold can be negotiating from a position of strength.
Happy birthday and many congratulations of the day.
Happy Halloween to all still here. Good fortune has enabled me to reach my 77th birthday. Sadly, Scotgold has not (yet?) been blessed with good fortune and all we are left with is pumpkins! Employees and shareholders of SG and the community of Tyndrum deserved better. I hope that something will come up for them all.
GLA, R.
The silence is deafening….