Member Info for Castaway

It's the end of the world pione3r :-)
I am a tad more optimistic. There was going to be a recession this year in any case the world needed a clear out - we just got a wayyy bigger one than we expected. I think this will be short and sharp in 3 months it will look much better. Plenty of ups and downs along the way of course!

Anybody got thoughts on this?
IMO we should here in the next week or so what fate beholds NMC. If it is a going concern then there should be interest from within the UAE, if it's not then they will have to call in admin. NMC is in limbo at present.

I agree too Flabby/gg - FFS it is clear when the results are up to and urm things have changed - do they think investors are complete idiots - they must!
Also what sort of forward looking statement made the company would have any realistic way of predicting the future - FCA are totally unfit for purpose IMO

I doubt it makes any difference if the bank who made the loans was bankrupt - if they were legal loans and the bank went into admin, the creditors of the bank own them and NMC would still be liable. If they were illegal then there is a chance NMC are not liable whether the bank goes into admin or not..

I think the fact that some of the BoD were unaware of the extra $2.7bn loan (and neither were the shareholders and presumably the other lenders and bond holders) is significant. It may be fraud and NMC may not liable for the debt.
Unfortunately, I still think that there will be little left for shareholders even if a rescue package is put together (especially under the current climate).
I am certain the main hospitals owned by the company are going to keep running, so there is some hope as long as they are actually as profitable as the accounts infer.
It feels a bit like 2008, companies have been stressed by overexpansion, credit lines are tightened and they run out of cash - Shetty was in trouble with NMC in 2010/11 and got bailed by Centurion, probably for the same reason as the current one, they got their main man on the BoD and he must have surely known what was going on https://www.thenational.ae/uae/new-medical-centre-refinances-most-of-dh475m-in-debt-1.440322

I reckon he is safe in India with his 100's of $millions.
If you look at the empire he built (with hindsight) it is a perfect vehicle for a fraud. A huge safe as houses healthcare business with huge profits (well that remains to be seen?) and a massive money transfer company in Finablr - borrow from banks, issue bonds, borrow against your shs in healthcare and transfer all the cash out to hidden bank accounts via Finablr. I would like to think the initial business intention wasn't fraud and Shetty just failed to run the business properly, but IMO he has cut and run from early last year and saw what would happen as his business became overstretched. As far as the extra $2.7bn loan - the bank would not need sign off from the whole board, I am sure the 3 top guys with their 30%+ shareholding would have the required authority. IMO Shetty pledged his shares to several banks maybe personally and as collateral for his business loans and the same shs more than once, banks allowed it as they are lax and he was a pillar of the community with powerful friends and a large financial backer.

From the Jan corporate update REE has "Hedged 455,000 bbl at $65.70/bbl in Q1 2020 and 63 million therms at 45p/therm in calendar 2020."

Watch this Boom - AA states they set up the company to operate profitably with $27 oil price https://www.youtube.com/watch?time_continue=30&v=Cuoxi_dzXG4&feature=emb_title
POO on IPO of REE was under $30.
There is no better oil company investment on the LSE IMO - results next week let's see what happens divi as well!

Much like here in effect to reduce the spread of the Covid-19 virus- see this link: https://www.arcgis.com/apps/opsdashboard/index.html#/bda7594740fd40299423467b48e9ecf6
There are no reported Covid-19 cases in Zim.
The ministry is authorising the signing the JV and it is past the cabinet etc, from the RNS dated 3/3/20: "The Company has received official communication from the Ministry of Mines and Mining Development to the effect that all internal processes leading to the conclusion of the Joint Venture are expected to be finalised during the month of March 2020."
I don't see how this changes anything.

I agree Rustin - balls of steel required, it looks bad now but in a few weeks it will look a lot better.

Flabby it is all doom and gloom this week with no light at the end of the tunnel - there will come a point in the near future where it will hopefully change. At that point oil will increase quickly as the traders will realise they oversold it and s/p of companies like RRE will go up massively 300% should be possible this year IMO - economies will be in overdrive to catch up lost ground, people will book hols they missed - it will take time to recover fully, but it could happen sooner than we think (or not!)

I think there will be a big sell first thing. like the one on the 16th - should see in the next hour.
Silly s/p for the assets - not just here though every company on the planet is being destroyed!

This sentence in the RNS is of interest "kimberlite pipe and has been identified as 'high-interest'" - bulk sampling starting - should get an update on that fairly soon - looking very good going forward,

The auditors EY apparently received over 50% of their fees from non-audit work and had a very cosy relationship with shetty and the others involved in the fraud. The CFO has gone on long term sickness - he was probably culpable. Between them they may have (must have) had a set of books for the audit and another set that told the truth.

Or both LW - you cannot judge if a trade is a buy or a sell from how they are reported as that just tells you where they are in the spread - the s/p lets you know for sure

Well clearly there have been more sells than buys or the s/p would not be down 12% - the market is not logical - RRE is a oil company and therefore the stock follows oil price in the current mad world. As someone stated on this BB recently if the company was liquidated we would all get £15 per share more than the current s/p - GLA

The rise last Friday was most likely shorts closing and a few jumping in as it looked like a recovery was on. If you day traded it you could have made 100%.
What Shetty et al have done will come out eventually, I doubt we will see any justice though.

I cannot believe you can buy RRE for £5.50 per share - the markets are the worst for decades, but oh the opportunities!

Edwina the last interims were published on 24/9/19, but were up to 30/6/19, there was a prospectus published on 19/7/19 announcing the issue of 13 mil shs voila!

The problem is that even if the banks/company manage to pursue Shetty through the courts (which will take many years), they then have to find the money and it will be hidden away by now in some dodgy tax haven.