Member Info for BillClinton

A fellow shareholder was just informed by a contractor mate in Tasmania that Hellyer is having operational problems. Production down significantly and issues relating to non-functioning equipment.

I found this incredibly surprising as Hellyer a simple dredging/milling operation and has been performing very steady and very well. What's more, operators always have spares. If anything breaks down, it should be a several days or a week downtime, not months.

Why now?

Is this an attempt by Doyle crew (James Dean, Scott Levy) & team to spike the asset and prevent others from buying the asset?

Administrator needs to provide updates here, both on the operational issue and the actions of the Doyle Cabal to retake control at this rather convenient time.

@Nickkdog - I avoid whatsapp but is there an e-mail group instead? If so, let me know your address

Keystone Law advised on a shedload of Bedford Row bonds including $150mm of NQ bonds.

Alper Deniz a close associate of Scott Levy

https://www.keystonelaw.com/lawyers/alper-deniz

Note that as underwriters counsel, Keystone drafts the covenants and voting / consent mechanisms to restructure the bonds.

Guess who is CEO of the Trustee acting for all of the bondholders?

https://find-and-update.company-information.service.gov.uk/officers/_Yssms0CSi-b9BOsKHJKOH6up1Q/appointments

So the lawyer drafting the consent covenants is also the trustee controlling the vote.

If bondholders are looking for remedies, they have one more avenue now - informing the law society ASAP and seeking damages against Keystone. Keystone had multiple lawyers involved with this client.

I’m learning more each week as insiders in a panic and playing the blame game.

Don’t believe the claims of parties saying they weren’t in the know or aren’t to blame. At the end of the day, this was a coordinated act.

- Ask yourself why NQ (claiming all sorts of profits) was OTC listed instead of the ASX? Why did the Directors pursue multiple OTC listings instead of a real exchange?
- Why was a third-tier auditing firm appointed instead of a proper one?
- Why was a third-tier Administrator appointed?
- Why was an east end bucket shop appointed to underwrite debt instead of a real investment bank?
- Why were the bonds distributed by the CEO’s relative and sold through a shadowy group of “financial advisory” firms?
- Why is it the same arranger acting on every bond issue including on a Sukuk?
- Why are most of Bedford Row’s employees in Estonia?
- Why is the Sukuk shariah advisor also the owner of the Trustee for Audley bonds?
- Why didn’t NQ actually have a real office in London or anywhere for that matter?

This was a heist pure and simple and it was all planned from day one.

From 2018 to 2020 the Doyle cabal raised US$250mm in various financings for this project.

I spoke to a mining guy who told me based on the operations of the company that max $30mm would have gone into the actual assets, tops $50mm.

The asset value is beyond exaggerated

Hellyer

- Will only produce until 2026
- Claimed EBITDA is grossly inflated by a hedge and the non reporting of management costs / overheads. Actual EBITDA prob closer to $10-15mm.
- That’s enough to repay ING, just
- Asides from ING, Doyle and Dean signed royalty agreements with Deans friends Rivi/Kiwoz/Maui/RCA (guys who are reportedly trying to take over now with Audley/Levy) that take another $10mm+ per year. NQ never publicly disclosed details but it appears these deals mop up every $$ left after ING, and if no $$$ available they get equity, meaning they've diluted shareholders out and will ultimately retake control
- Who gets paid first after ING, Audley or these royalty guys?
- We haven’t even factored in management overheads and the ridiculous salaries these guys were paying themselves. I’m told HQ guys running the financing schemes had no operational involvement and drew £7mm+ per year in salary. How much of a pay cut will they take in a rescue / NQ 2.0?
- Add in rehabilitation costs etc and bondholders will be lucky to see pennies at the end of it all IMHO

Beaconsfield

- NQ paid A$2mm. Maybe someone will pay $5mm now?

Ukalunda/Square Post

- I don’t know anyone who can tell me how/why this is worth anything

Barnes Hill

- This is why many invested and believed the integrated asset / refinery plan that Lenigas was pitching. NQ acted as if they owned this project and had a massive NPV however I recently found out it was just an option and the option has expired. So it’s worth zilch.

Mining equipment on site isn’t worth a fraction of its reported value unless there’s production and significant mine life ahead. And that’s INGs.

Will bondholders/shareholders get a 2020 audit to know what’s real?

At first brush, I don’t see any $$ left on the table here. And bondholders can kiss any future recoveries goodbye if Begbies allow Levy/Doyle/Dean to return for a second act. There’s probably more $$$ in the Doyle cabal coffers.

So it appears the Doyle cabal ripped up to $40mm out of the Audley bonds.

- How much was taken out of $55mm ING loan? (which did not repay a single cent to Audley holders)

- How much was taken from the convertible loan issuances?

- How much was taken from the undisclosed royalty streaming deals with Rivi/KIWOZ/Maui/RCA?

- How much was taken out of the Traxy offtake agreement (where NQ gets less than 30 cents on the dollar for its contained metal)?

- How many other unnecessary or off-market transactions are there with "third parties" that we don't know about?

It's clear where bondholders and shareholders go to get our $$$ back.

Guess where the 40% Audley Bond Commissions went?

1. Distributor of the Audley Bonds is Worldwide Consult Limited

https://investglobalmarketing.com/wp-content/uploads/2017/11/171102-72222-NQ-Minerals-Fact-Sheet-USDOLLAR-PAGE-1.pdf

2. Director of Worldwide Consult Limited

https://find-and-update.company-information.service.gov.uk/company/09566121/officers

DOYLE, Peter Daniel Steven

Correspondence address
The Carriage House, Mill Street, Maidstone, Kent, United Kingdom, ME15 6YE

Role ACTIVE
Director

Date of birth
May 1972

Appointed on
28 April 2015

Nationality
British

Country of residence
United Kingdom

Occupation
Director

@LatvianPrince

I thought your claim was exaggerated but have heard the same from a credible source ie., Levy / Doyle crew seeking to re-take control through a conversion of Audley bonds into equity. Begbies think they are rescuing NQ but it amounts to the hucksters retaking control and pre-empting legal discovery to repeat the heist. It's beyond brazen.

Begbies would be negligent to accept such a proposal.

We need a forensic investigation / independent audit and full legal discovery on these characters and their dealings ASAP.

Why didn't the auditors sign off on the 2020 accounts?

Check out the posters on this NQ video. Even the commenters are fake.

https://www.youtube.com/watch?v=ZLkmLRXoVac

Incredible revelations on Audley!

What is the relevant securities law on the bonds?

Under US common law, there’s a requirement that any debt subordination requires consideration to be provided. Where consideration is not provided, there are precedents for a subordination agreement to be deemed invalid irrespective of whether it was approved or not.

https://www.calt.iastate.edu/article/subordination-agreement-fails-lack-contractual-consideration

My friend who works in capital markets informs me in these cases, you would always attach a small payment upfront (cents even) to compensate affected holders to ensure it’s a valid/binding legal agreement.

So many things smell here. 1) Bondholder vote appears engineered. 2) Fiduciaries appear connected / conflicted and acting in concert 3) No consideration provided for subordination and 4) The totality of the parties actions point to premeditation / deliberate intent - a scheme if you will or the “F” word.

Trustee should be on this but appears a connected/conflicted party.

Has the Administrator appointed legal counsel to carry out discovery?

I’m screwed as a shareholder, but I think the bondholders here have a very strong case.