Member Info for Castaway

I think Belhoul was throwing his last dice with that statement today - he obviously knew about the application for joint admin. and maybe he thought he may influence the UK courts. I thought that Belhoul was the last chance for shareholders when the Butti's transferred their holding to him as he has a large amount of capital to back him. ADCB obviously don't trust him as he is too close the Butti's. If I were in ADCB's position with all the fraud that has come to light recently I would want a totally independent body sorting out this mess.
This stinks more day by day.

I agree with TQ also - under banking rules, they may have made a full provision for the senior debt, but I think they will expect some to be repaid.

Mrd that's just the extra debt if the total debt was issues in shs at £9.40 it would be around 700 million shs. I think that is a fair outcome - will it happen - no chance!

I wasn't casting aspersions Rastuss - as I said it would not surprise me if it were true. I was inferring that it cannot be taken as fact hence inside info - I could say anything on this BB it does not mean it is true does it?

Rastuss - I don't think a quote on a BB, by an anonymous poster with no proof can be taken in any seriousness.
Though it would not surprise me!

Crux can you ask JC how they will approach mining the "high interest" kimberlite at Marsfontein if the bulk sampling results look good.
How is the progress on the JV going for Sunland and are they still going to be drilling H2 2020 (with CV delay etc.)
Also how does JC view the new mining licences in Botswana just awarded Sunland in today's RNS .
Thanks

Rastuss I don't think the UAE Central Bank has taken over UAE Exchange it's just ensuring that current transactions are completed - From thias article https://www.thenational.ae/business/banking/central-bank-steps-in-to-oversee-uae-exchange-operations-1.994022 :

"UAE Exchange has halted transactions through its branches and online platforms, with the exception of the operation of a Wage Protection System which it is being allowed to operate "until further notice", the central bank said.

"In order to protect consumers, the Central Bank of UAE has required the exchange house to swiftly settle outstanding remittances and all other already initiated transactions," it added."

Rastuss, not sure how many other debts will be uncovered, but the fact they defaulted on Forex loans at UAE exchange indicates to me how little cash they had, I am at a loss to understand how Shetty and his associates managed to do this without someone stopping it/whistle blowing sooner - both CFO's in NMC/FIN were culpable (both gone now) and 85 banks didn't realise what was going on? The more that comes to light the more shocking it gets.

IMO we will see further debt exposed within the Shetty group of companies - the fact UAE Exchange even defaulted on Forex loans shows the extent of the dire straits they are in.

In NMC's current position, the usual thing that the many advisers they hired will recommend is to sell off any non core assets, pay down as much debt as possible and concentrate on the core business.
The banks will no doubt want reassurance that NMC is doing all it can to reduce the debt and will not be wanting to rush into admin as this would probably result in a larger default on the debt for them.
NMC is no ordinary company or IMO the administrators would have been appointed by now. The fact it provides health care will mean the continuity of the core business and I am sure the UAE Gov. will insist on that. I suppose there is still the potential of one (or more) of the creditors calling for administration and the hospitals being run by them until a buyer can be found. That would risk a break up of the management and could cause problems in running the hospitals, though I presume that will depend on how much autonomy each hospital has.
Whichever way it works out I don't see anyone with capital invested in NMC coming out of this without a severe haircut and unfortunately shareholders are at the bottom of the food chain if admin occurs.

Echo - ramping yes, but surely in the best possible taste!
And it is all true.

Well we need to promote our little company as much as possible. Under the radar for now, but if they get a decent CPR at Marsfontein 2-3p is on and that is not too far away judging by the reports on Twitter

Market cap £2.67 mil cash in the bank and low running costs - great assets, great CEO. Buy some and lock them away for a year and I am thinking potential 10 bag, shares available at big discount to last placing.
Trouble is there is so much competition for the few £'s investors have to buy with right now. BOD is safe though and the assets are quality.
I have been buying over the past few weeks and will continue to do so when funds allow.
This is a little gem of a share!

IG are probably acting within their T&C's. I think if they were going to close you out they would have done so by now. If you cannot cover the extra margin I would just leave it as it is - chances are it will be resolved in the next few weeks with NMC, one way or the other and you will get your cash.

Morning Newbie, I cannot understand how IG can insist on 100% margin if your short, but I suppose it may be better to cover it if you can. If NMC does go into admin they may refuse to pay out?

Well they may be voted on by shareholders - but they are surely recommended by the BoD, i.e. Shetty et al
At the end of the day they should be culpable - they get paid sh***t load of $ for their positions and their duty is to the shareholders - they have clearly abrogated this responsibility and should pay for it - at least take back their fees.

Maybe auditors need paying by taxpayers, if paid by the company there is a huge conflict of interest as in this case EY were paid over 50% of their fees in non audit revenues

I agree Rastuss, but to get to the auditors you need the politicians on boards and the the FCA

I am going to monitor this over the coming years and unless things change I personally will be giving the FCA and relevant politicians some serious stress. The fact a FTSE 100 company can be a fraud and no one realised is a complete shambles. Directors need to be made individually responsible, they really have no liability right now - OK Shetty and his close associates were perpretrating this but the non-execs etc. got paid big time and allowed it - they are the real culprits in this - they are supposed to be independent and provide checks and balances. Hope we see them in court.

The true metaphor I understand - always used "damp squid" in "Anyway and even though it feels like a damp squid in the process" - this is not "it was a bit of a damp squib" - so I think he just invented a new metaphor! :-) it will happen eventually - time goes by words evolve - my son says "can I get" instead of the proper English "can I have" - ****es me right off all American crap - but hey ho the world got English crap for 200 years so we can't complain - it will be Chinese in the next 100 years