Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
What exactly was this guy turning up daily to do for however many years since arbitration began? I hope he's been working on a contingency for losing the case, and is now implementing it. However it's been around 5 weeks since THAT RNS and it's about time there was some indication to shareholders about what's happening. Get your finger out Shead, we deserve at least some sort of update on what the company is doing or considering doing.
I would concur. It's game over. The only glimmer of hope would be that they haven't RNS'd as much whilst filing those payment charge sheets. Surely if that was part of the process of liquidation then that should have been made public. However, the "property and plant" on the balance sheet is of zero value to OXS, it didn't ever belong to OXS, it was a partner in Uzbekistan. Quite what it was doing on OXS balance sheet in 2013 and 2014 I believe(having not been there in years prior but since commencement of arbitration) is beyond me. Calinius will get paid, these other laibilities have been paid, then lights off I expect.
He did yes, but I told him I'd not post our conversation on a BB and as I believe he was being straight with me I feel it's fair I do likewise. What I will say is that I feel he hasn't accepted the situation as per 23/12 to be final but he was extremely cautious with that he was saying. What I felt was interesting was that he said several times that the answer to what I was asking would be privileged information. Now if it was just a case of insolvency and goodbye without ever trading again, nothing is privilleged as no one could buy or sell anyway. Suggested to me, possibly only to me, that there was at least avenues being explored.
I've called them twice, 1st time a lady answered and said no directors were available. 2nd time, same lady, put me through to Richard Shead. I can't say he came across as positive sounding, and he does come across like he's very ****ed off but I believe him to be honest and that one way or another is still trying to realise some hope for OXS.
Swainer, I think no news is just that, no news, but i would agree my feeling is they haven't just given up. I do think that they will be exhausting all avenues to realise some value to shareholders. What I would say, is that I have spoken to the CEO of the company, and two things struck me, one was that they told me at least 5 times they were working tirelessly with lawyers and otherwise to realise as much value as possible for shareholders, but the most interesting to me, was that several of the questions I asked, was met with the response(which I felt was a genuine response and not just an awkward question being rebuffed), that what I was asking was privileged information. NOW if the company felt they would never trade again, how could anything the could tell me be considered privileged information, as Id never have an opportunity to buy or sell shares based on any information anyway. So therefore, I do think the company, have some sort of plan of action, and haven't just run out of steam and headed for the scrapyard.
OXS have $10m plus interest and NOTHING else. Once Calinius have been paid, if the Uzbeks ever do pay, then OXS will have what $4m dollars at most, no assets and over 700m shares. I'm sure the CEO must have preferential treatment with shares in lieu of salary too. Unless we appeal, I think we can just write this off. The RNS spoke of maximising shareholder value, and I don't expect Richard Shead to just roll over and accept wipe out unless the UNCITRAL report was very damning of OXS conduct or failings. Unless and RNS tells me otherwise, I expect an appeal, through a proper court instead of an old folks home!
Guys, I've lost a lot of money here, but I believe that you'll achieve peace of mind quicker, if you put this behind you as last weeks news. There were plenty signals for us to get out, we didn't, and now I don't ever see OXS trading again. Calinus will get paid, RAB and Darwin vultures may circle and RS will pack it in. Face it, OXS are fu cked, PI's are fu cked, but there will be something to be paid, but like always, the bigger animals will feed first.
GetCarter, I could not agree more. The guy who is pointing the finger at the CamKite guy, I hope, is just letting off steam at a painful loss. That's understandable, if misguided. If not, and he actually is trying to pursue legalities, he's an idiot who needs to accept that trading AIM can bring huge gains, and/or huge losses, and certainly the latter, WILL happen. Oh and given the FCA are pretty much disinterested in anything that happens on AIM, don't waste your time or money going that route mate. You'll pay a fortune and get nowhere. Drop the blaming someone else, lick your wounds and wait for the next multibagger, which will come if you research. Investing in AIM, based on advise or our own research, is risky, as NO ONE,who's not on the inside has the full picture, and sometimes ****ty things happen. Unforeseen placings, oil dusters or here a court case judgement completely unexpected, happens. But accept that anyone trading AIM is risking THEIR capital and this are responsible for THEIR decision, whatever they are basing their decision on. The very very best traders don't get them all right. The guys who are jumping on board are nothing short of pathetic, some taking time out on Christmas Eve to throw mud at someone, as far as I've seen, has only ever tried to help people. You lot are acting like 8 year old girls calling names to someone because someone else has.
I find it impossible to believe our RNS' weren't worded optimistically to let Darwin and RAB head for the exit. BUT to be honest, we had several signals shoulda said sell. 1. Lamm getting hired to represent Russia v Yukos in an appeal. 2. Why the changing of the RNS wording from extremely confident to confident. Why the change in tone? I think both sides either knew, or had a very good idea of the outcome, the main reason being reason one above. Would Russia turn to a legal team who've just been unable to prevent a payout of $400m to $1b plus? Alas I didn't sell and now have 700 and something thousand shares worth about as much as an exclusivity deal on chocolate fire guards.
I think that is the only thing left to ponder. Does the claim on both assets being dismissed yet recompense for the taxation imposed count as a loss or does the fact tax was returned, make it therefore technically a win. Then factor in out that $10m we are liable for 50% of 5 years of arbitration costs, we're not looking great.
If CamKite was in control of your account, you must have done very well out of some of his other shares. I'm also at a bit of a loss as why you feel he would deliberately lose you money. Surely if you're paying him it's in his interests to make you money for that relationship to continue, no? This share was huge risk/reward, but I think we all researched and factored out the total loss part, and were guessing somewhere between a lowball offer and all our dreams come true. Surely was in CamKites best interests for this to make multiples so you make money and pay him money rather than see you broke and get zero no?? Anyway, I am sorry for your loss, my loss, everyone loss, and worst of all was the timing.
Although I wouldn't hold my breath, there is grounds for appeal. If I'm not mistaken, Russia have hired Lamm to defend against the Yukos decision. However that is the might of Russia, compared to broke Oxus gold. We've lost once, I do not see Calinaus wishing to fund any further legal process. I think the only hope of us reclaiming anything is the machinery, and id regard even 1p as a very nice result from here. I've written my investment off.
No, OXS have been awarded about $10m, which is almost pointless tbh. If, and it's an if we are in any way compensated for machinery we'll still be lucky to see anything back at all. I'm absolutely astounded here, did not envisage a loss. Thought worst case scenario was a lowball award.