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Latest Administrators’ progress report dated 14 December 2018:
https://www.fticonsulting-emea.com/~/media/Files/emea--files/creditors-portal/cip-emea-public/weatherly-international-plc/joint-administrators-report-for-the-period-1-june-to-30-november-2018.pdf
So the mine is up and running still. No news from the administrators. Wonder what the plan is. Presumably shareholders still own a chunk of this entity?
Informanté
18 April 2018 ·
Basil Read workers demonstrate over poor working environment
Maria David
TSCHUDI- Over 400 workers of the Basil Read company at Weatherly International’s Tschudi Copper Mine project staged a peaceful demonstration demanding better working condition and regular salary increment.
They alleged company management is unqualified and demanded from Weatherly Managing Director, Ministry of Mines and Energy and that of Labour and Industrial Relations to conduct an investigation into the matter.
During their demonstration, workers claimed that they are treated like slaves and let to work in sunny, dusty and rainy conditions, while people sitting in the office have air conditioners and are treated special.
A petition was handed over by Tracey Naris on behalf of the demonstrators to the Operations Manager of Basil Read Theo Silver.
According to Naris, they are not happy with words being used to them by Silver.
“We are working with unqualified management, favoritisms, racism and threating of employees are the main issues,” said Naris, whilst reading the petition.
Furthermore, Naris added that they want the company to pay their unpaid overtime and also their lunch hours which has not been paid ever since the project started in 2014.
They noted that they also want their wage negotiations to be heard as soon as possible, as they are tired of low salaries which they are being paid at Tschudi Copper Mine.
“We will be waiting you to call us and sit together and negotiate these issues and find another relevant solution. Until when do we need to suffer in our own country,” added Naris.
The Management was given 10 days to respond.
...an article about Tschudi's mine workers going on strike because they're not getting paid!
They have started production again as highlighted by the following article: hxxps://informante.web.na/2019/02/27/tschudi-mine-workers-on-strike-again/.
Anyone know if they have started any scale of production as yet.
If they restart production even on a small number of assets then there maybe some recovery for shareholders.
Weatherly International PLC said Monday that following operational progress at its Tschudi mine in Namibia, it started a strategic review of its options which includes the potential sale of certain subsidiaries.
In June, the company appointed administrators due to material uncertainty regarding its operational and financial position, after flooding had occurred at its open-pit Tschudi mine in May.
Despite moving equipment in, which stabilised water levels, Weatherly had said it did not know when mining could re-start nor what the financial hit from the flood would be.
"Since June 2018, there have been material improvements to the dewatering capabilities and a strategy enabling stable path to growth has been implemented," the firm explained.
The company said that the scope of the options being considered include, but are not limited to, the sale of certain subsidiaries or the disposal of certain assets.
Weatherly invited parties with an interest in making a proposal to contact Numis Securities Ltd or Treadstone Resource Partners Pty Ltd, who are leading the review.
"The company then intends to provide such interested parties with certain information on the business, following which interested parties shall be invited to submit their proposals," it added.
Weatherly International shares were suspended from trading in June.
So this has now delisted and disappeared off the radar - but are shareholders not still entitled to know the outcome of this debacle - especially as there was talk of being back to normalised production by end of this year? Or have Orion pulled the plug?
Final cake??? They will lose millions
A right issue of £10m-£20m would have sorted the short term cash flow problem arising from the production halt, looks like Orion is going to have the final cake here.... A successful financial backing could have seen this company grown to an £100m annual turnover company....I hope all the existing shareholders do recover some money here.
Should you wish to contact the Joint Administrators: WTIShareholders@fticonsulting.com or 020 3727 1616.
There was a huge risk of failure hanging over WTI, it made it a big gamble to invest. But had they resolved the issues and Kitumba worked out - well who knows where it may have gone. But I think the BOD were clutching at too many straws and in the end gave out the wrong signals to investors. But will they continue - what of the rescue package - investors truly shafted if that happens. You'll not be the only one SimonShares.
Sorry to all the long term holders. To think I had 16K looking at me a few months back and got very greed. A harsh lesson learned. Still as long as you have your health, its only money. Now to tell the wife..............
If the mooted rescue package is still being discussed (they sounded like it had already been implemented) I think investors have a right to know the full story here. Seems like another WTI case of 'pulling the wool....'
hxxp://www.ftse.com/products/downloads/Suspended_Companies_Rule.pdf
Hi pedro57, where can I find the rules you are referring to? I couldn't find them online - could you please post a link? Thanks!
Unfortunately it is now!
WTI is not being delisted yet. The announcement yesterday was that it would be removed from AIM all share index. This is based on it having been suspended for two months. If WTI were to go out of suspension it would go back into index after one year. These rules on the index can be read up on online. It is not a delisting.
But what of the delisting - is it not the case that whatever the outcome, shareholders are going to get the worst deal first?
I am not an expert on the administration process, but the way I read FTI document was that this is a proposal to creditors, i.e. sale of WTI assets like Tschudi to repay at least some of the loans. One of the reasons WTI called for administration is to protect company from creditor taking full control, which now adds FTI as a middle man. I do not think Orion is interested in a lowballed price for Tschudi, which is what it would get if it were to be sold now before dewatering is complete. I also think as a related party it is difficult for Orion to get its hands on the assets. I think administration complicates the process of Orion getting control. Best option would be is to extend further lending to allow for Tschudi dewatering and to use WTI cashflows to repay debt.
That is how it appears to me too - I guess any suppliers also get left high and dry, but possibly with an offer to make it back be agreeing to re-supply the new entity. That just leave shareholders out in the cold. Makes you hope it all fails again!!
I am confused. It seems like the mine is viable. Rescue plan is good. Orion spending their money on rescue plan. Just bought another asset. New ceo at other company. But then they just going to dump the shareholders and then carry on business as usual so to speak. As a private company.