Chris Heminway, Exec-Chair at Time To ACT, explains why now is the right time for the Group to IPO. Watch the video here.
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http://www.wolfminerals.com.au/irm/PDF/2499_0/AdjournmentofSecondMeetingofCreditors
Anyone that knows him please tell him to save our tungsten mine.... great returns :-))))))
Isn't tomorrow the deadline for bids from potential buyers ?
Thx Blitz for update appereciate it... I spoke to HL today and asked if I could offset my losses against corporation tax... they told me YES....BUT!!!!! even if the share gets delisted it could come back again so Told me to hold tight.... we live and hope and yes I know it’s a long shot but let’s see :-))
Bulent,
It's on care & maintenance by the look of it. I can see 4x4s still doing the rounds day & night but not sure if they are Wolf vehicles or the administrators. I'll get my binoculars out. There's definitely activity and the plant lights are still on every night.
Nope ! Just an irritation to a worms
do I detect a bitterness
Or maybe it was his wife then... don’t shoot the messenger telemarketing man
you are probably right about the beach and your money
On the beach with telemarketers mum with my money
What is Richard Lucas doing these days?
Is the mine completely shut does anyone know ?
At some point the shares will be cancelled and the Inland Revenue (in UK) will classify this as realised for capital gains purposes. It means that the loss any holder of equity being the cost of their investment becomes an allowable loss for UK CGT purposes (I hope). So if you are fortunate to have other gains you can offset this against them.
Hi, the administrators will be calculating a balance sheet as at the date of administration in order to assess the liabilities and realiseable assets of the company. Those that have financed the company, equity, loans and creditors have different rights to the assets on a winding up. Regretfully equity shareholders rank last. It looks like around £160m of the assets are secured against the loans so anything realised above that go to everyone else. From memory other preferential creditors are administrators fees, Inland Revenue and redundancy costs. So they get paid then I think other creditors who have supplied stuff. All a bit sad I’m afraid.
Anyone know of the procedure you now need to go through as a Shareholder now the company is in administration? Just thought many people may not know including me.
http://www.wolfminerals.com.au/irm/PDF/2493_0/SecondMeetingofCreditors
Sorry guys wrong board... thought this board would have disappeared by now.... tungsten companies as a whole is bad investment right now.. stay away and don’t lose out like I did to these shiisters
Upgrade and a BUY upgrade in one day... some nice figures about to be published me thinks? Good time to stock up me thinks DYOR
Mike,
Yup. Agree with you there. Ore sorters also maybe ?
Yes, Jeff not to blame for any of this. He rightly assumed the technical work done by "others" pre-project was sound (which with hindsight it obviously wasn't).
Here's to getting it back up and running with an appropriate and workable method of processing.
gla
What I guess will happen is that it will be sold for a song to a mineral processingly ( is there such a word ? ) smart operator who will invest millions in research into how to improve recovery to say 80% from this unique orebody.
Where Wolf made their mistake ( and it was nothing to do with Mr Harrison ) was in budgeting for a recovery of 65%. They probably did not even achieve half of that because of the intimately associated muscovite and kaolinite.
Then and only then will the new owners invest in a new plant ( froth flotation springs to mind ???) and make their fortune. Because of its history it may be difficult to find investors .
However, one day it will happen. Mark my words. It is a wonderful resource which needs a more technically aware Board of Directors than the current/past
crew.
ryan
agree with your point of view
the administrators will be trying that i think
if that doesn't work they will have a shell company for sale
a shell company ( my thoughts ) will keep the tax losses
so we are in the hands of the insolvence crew
gla cat
No, I am not a customer, and not a shareholder.
I know what was done. I know that the experts brought in by the COO were the right ones, and had already enacted plans to reduce the losses by half, in 7 months, and get the other half down in another 8. Proof of concept already passed and done.
It is not unusual for new mines to be unprofitable first 4-5 years of production. It's unfortunate that people do not learn to listen to those that can build them to require less maintenance and set up the right production organisation, but it's what generally happens.
You can take it as you want. I've got no need to get your approval or admission. But this site is not a basket case, if someone were to buy it, and bring back those people that were helping to turn it around to finish the job.
Almonty sp plummeted by 25% in the last four months. What does the market know that you don’t.
And you were so very confident. You should have sold your 1000 holding in Almonty bank in June - you could be holding 1333 shares now! Anyway, they will probably keep dropping. Maybe a placing soon?