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So if they plan on giving Millenium 40 million shares and another 40 million shares to aronson for subscription that should leave only 20 million shares from the permissions at the GM of which LCL was to take up to 50 million. Has LCL pulled back/out on their conversion or have they been diddled?
Don't trust what is being posted on bulletin boards......... well that is rich coming from the CEO of a company that lost its Nomad ...has just been suspended and has managed to wipe millions off the market capitalisation........ we have not been able to trust what the company and its directors have been saying either! If you were a short seller of SNRP rather than a gullible shareholder like me (who believed the story trotted out by the Board for many months) you would have done spectacularly well indeed!
Well he did help Aronson the President of Millenium Energy Corp. get their working capital for those 7 gas wells near Tucumcari without going through the right procedure...... Run Forest Run!
Even if they had a port to take it to........Branch line......financial sustainability...... :-( "Changes to planned targets The complexity of the process to concession the branch lines to private operators and the absence of an overarching rail policy, required the Department and Transnet to refine the existing model to address some of the challenges that had been identified. Given the absence of fiscal support for private operators, new mechanisms need to be explored to ensure the financial sustainability of the branch lines. The new process will be completed in the 2015/16 financial year." Http://www.dpe.gov.za/about/programmes/Pages/Transport-Enterprises.aspx
If they can't do any exports for five years and it will have to further to deliver it to a port......... ?????.......And if they ever build a power station there in several years time....... Won't be worth snything for some time to come...... "“The quality of the [low grade] coal remains an issue "
Anyone know what the current assets are valued at and what price SNR could get for the business? I think this has administration written all over it.
1 Jul 2014 Daily Dispatch By SIYA MITIBusiness Reporter siyam@dispatch.co.za EL set to lose coal terminal to Ngqura ZoomBookmarkSharePrintListenTranslate EAST London is set to lose its coal terminal in the next three years after state utility Transnet invested more than R80-million in a coal export operation that went bust. This came to light at the Transnet Group annual results presentation in Johannesburg yesterday. Responding to a Daily Dispatch question, Transnet said there were plans for the East London port to temporarily handle manganese shipments until the Port of Ngqura was ready. The state-owned company was left scrambling for solutions to ensure the R80-million plus invested into East London to support Elitheni Coal’s export operations does not become a white elephant. Border-Kei Chamber of Business (BKCOB) executive director Les Holbrook lambasted Transnet for not having a focused strategy for the East London port, suggesting the port be privatised. Elitheni Coal, championed by Port Elizabeth businessmen Barry Nel, David Nel and Mazizi Msutu, last year fell on hard times a year after it was launched by former Eastern Cape premier Noxolo Kiviet in 2012. A “hostile” takeover of Elitheni by ANC chief whip Stone Sizani and Irish businessman Niall Mellon ensued last year, but not before Transnet had invested millions to support its export operations. Speaking for the first time on the impact of the takeover of Elitheni Coal last year, Transnet Port Terminals chief executive Karl Socikwa described it as a “sad story”. “What we have done in the interim is we have engaged other customers with a view to utilise the mobile cranes we invested in for other commodities. “Manganese, for example, is a commodity we are looking at handling via skiptainers in the East London terminal.” But Holbrook suggested that failed to do proper due diligence. “The long-term sustainability of Elitheni Coal operations was not assured and the business plan was flawed. “The quality of the [low grade] coal remains an issue and the investment in the port could have been ill-informed.” Transnet Group chief executive Brian Molefe added that Transnet had decided to move its coal terminals from East London port to Ngqura in five years’ time. “Mobile cranes can be moved and redeployed somewhere else. East London was a temporary arrangement until we can build a multi-purpose terminal in Ngqura to handle manganese. The coal terminal would also move to Ngqura because, as you know, MBSA was worried about the effects of the dust on their cars.” Transnet reported revenue of R56.6-billion for the financial year ended March 2014, an increase of 12.8%. Its capital investment increased by 15.6% to R31.8-billion and profit for the year is up by 24.9% to R5.2-billion. — Transnet The Daily Dispatch’s trip to Johannesburg
"He has helped house around 100,000 underprivileged South Africans and has worked on and built some 20,000 homes in South Africa. In recognition of his efforts Mr. Bonnar is a past winner of the Archbishop Desmond Tutu Medal for Compassion." Doen't he mean MMS has built most of those homes....mmmmm now what two other people that we know works for MMS????? Http://snrplc.com/board-members/
http://www.drillingedge.com/new-mexico/operators/ckg-energy-inc/221076
I wonder if these are the same seven wells mentioned??? Http://www.emnrd.state.nm.us/ocd/documents/OCT18OCDHEARING.pdf
6% of this company is likely to be worth what? If there is no real prospect from selling Elitheni then this is the only salvation for the sp if it ever returns to the list. Wonder what the deal says about the 6% interest if SNRP fails - presumably it is void so they are not risking much.
Thelo and LCL will get what crums are left over..... after all it is a nonfunctional coal mine with a lot of problems that will need a lot of money. If they can't find anyone to finance them now how do they expect to find a buyer? Liquidation....
Let's put salt in the wound...... Unbelievable.... Bring out the life rafts... Appointment of Gavin Bonnar as a director Past (within the past five years) Mellon Township Limited 29 Mellon Housing Initiative 30 Niall Mellon Township Trust Niall Mellon Township Initiative Limited
Never invested in a company in such a mess. Suppressing information in this way from the markets is pretty close to the bone. Advisers and neds fighting each other for the exits. If this comes good I will be amazed.
This will be no picnic.... Red flags everywhere...... Beware
They also forgot to mention that Irving Aronson is also the President of Millennium Energy Corp.... Http://www.otcmarkets.com/stock/MENC/profile
Http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a4s_cqwv4G1I
Minmet all over again....
Update RNS is out now ..
Did the GM not take place today? That seems very unusual as one would expect that shareholders would have had to be officially informed/notified and sufficient time given to shareholders to attend if they so desired! Does the fact that the company does not now have a Nomad mean that notification cannot be noted by the London Stock Exchange? If there is a GM will the company be in a position to issue an RNS following the meeting? It really does appear that this company is being run by Directors who are inexperienced and/or trying to secure the assets of the company without due consideration for their fiduciary duty to shareholders.
As far as I know Thelo still holds SNRs Elitheni shares (74%) that are promised to LCL through SNR. SNR can call for the liqudation of Elitheni but I doubt (after debts and other costs) that the shareholders would see a penny.
what happens when get around to the date last date new nomad can be appointed before listing is cancelled? I'm assuming company goes private or bankrupt? My shares being in ISA, I expect i would loose lot either way. But do not know. Also, what would happen to SNRP's stake in the mine (that's properly not worth much as its not producing) ? would it be sold cheap off to cover bigger debts/investors? Who would profit most/loose most from SNRP delisting? Rapitrade/ Mr. Stone Sizani? Land Consultants Limited? Others? I don't really know much at all, new to all this. so sorry, if all these questions/points are irrelevant.
Problem is, whenever anybody does DD on this crock, they don't get too far before bursting out laughing & running away.
Presumably they will be looking for stable businesses when they consider these requests for registration.