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Nathan90<< Hope you are right, shareholders definitely need a say here, as the main shareholder is also the creditor. Why transfer the shares to personal name? (either looking for tax write off or hedging bets). To a certain degree, I think it depends on how tied the judges hands are with international law; technically if Russian creditor paid it can be considered fuelling Putin's war/Russian economy. However, given that the Sanctions did not go through court, yet we have suffered losses because of those actions, it does provide more of a case against the Sanctions if that's how it plays out.
I would imagine they still can't pay debt to other company if it is also owned by main shareholder.
Guess lot to consider; depends what judge thinks about this situation. We are probably the only country in the world where we will screw are own people over and send money abroad to people we don't know.
This was posted on another site:
If you do some homework you can find out which judge the administration order is before and write to the judge explaining why you think the administration order should be refused.
You see this is a fake administration order because the administrators cannot pay the creditors for the same reason the POG directors could not pay the creditors. The creditor is GPM and so long as the sanctions are in place not even the administrators can pay them. So what are they actually doing?
Any thoughts here??? I here war could be over by September as Putin needs win by Autumn (Former leader Russia)
Oiled-Up<< Remind me why you are on this post when you exited because you were so clever and smart???
What rhymes with BANKER???
Oiled-up - How old are you??? You sound like a crypto teenager...
The simple fact is, no one knew how this would play out, at first it looked like their may be negotiations, then they chose to escalate Sanctions, and they did so with no mercy for a UK company or UK people. There is no rational logic in what has happened, the fact you think this was highly predictable is arrogance after the fact.
Oily - I own no Poly.
LTH missed opportunity to divest early, however I believed Sanction was flawed which is why I did not sell.
Not heard of FREE MARKET where prices determined by buyers and sellers without 'INTERFERENCE,'
UK citizens get 25k fine and up to 10 years for market manipulation
The implementation of Sanctions was unequal, unfair, and there are counter arguments to national interests and security. So it is up to me to prove that case.
Oiled-up - You really are a nasty piece of work. If a stock doesn't work out, it doesn't necessarily mean it was the stock pick, especially when you have the most AGGRESSIVE PACKAGE OF SANCTIONS EVER!!!
What about Polymetal now trading at a fraction of its value? 15 mines and Top 3 Gold producer, Top 5 silver producer.
I suppose people were bad stock pickers there???
There was a global demolition of Russian assets!!!!!!!!! FFS
LewisMJ<< You either work for gov or company...
Have you heard one mention of Sanctions affecting anyone else but Russia from politicians or media???
About 50 companies on dual index with 70-90% crashes in 2-3days; LTH had no time to divest.
This was a controlled demolition.
Exposure to Russia is not valid, when it was admitted to LSE and has been trading since 1994 with a FTSE250 screening. As for predicting war, most world leaders didn't think he'd actually go ahead; secondly this is related to UK Sanction on UK company, you do not expect your own country to destroy your own countries investments. Catch22 works both ways.
LewisMJ<< Your opinion, your entitled, a suspect post...
FACT: Sanctioned UK company by UK government at cost of UK shareholders for other country with no direct conflict or immediate threat. A political statement and a breach of FCA market rules, widesoread market manipulation, selectivity in Sanctions; escalation of Sanctions forcing administration.
Fair and orderly market participation???
Influence on banks, brokers, media to divest (market manipulation)
Disruption to operations
Would debt of been paid and gold sold without Sanction (YES)
Were Sanctioned reduced to allow payment for oil/gas (YES) Selectivity in Sanction, Market Manipulation, Unfair market participation
In national interest??? (Destroyed UK company, destroyed shareholder savings, provoked Russia, Bigger target as Russia state sanction akin to warfare and by various media posts)
Just getting started...
Lawrence13<< Is it worth trying to pass shareholder comments through POG owners??? I'm hoping I can get a response from MP/OFSI sooner rather than later, they should be aware that POG is in administration. I made it clear that a UK Government had put a UK company in administration and was wiping out UK shareholders.
If no joy, I'm taking it to health & parliamentary ombudsman, followed by small claims court.
I'm happy to join forces on a legal challenge, albeit my loss is smaller than yours (still lot for me though).
Can let me know your email/number if like.
Watched the TV debate, enjoyed listening Liz Truss talking about putting money in peoples pockets; obviously not the pockets of dual listed companies on international markets...But don't worry we are targeting Putin; here you go Mr Putin free Gold, enjoy!!!
So if third parties are buying gold? Where is the money from this? Why are they calling in the debt after just two months of waiver?
Secondly is it normal to suspend for administration? Wouldn't you delist completely?
Legal challenges can be presented for sometimes years after...I just have a small claim (still a lot to me) that if needs be I can take to court for around £250, and on principal I will do this. I was fobbed off with my complaint that it was 'normal market risk' (when they state themselves its the toughest package of Sanctions, plus SWIFT/Banking, plus not direct conflict), secondly they argue that 'companies should plan for Sanctions,' not allowed to pay debt or sell gold to main bank/creditor, forced administration.
I noticed in that article they mention targeting gold again, I wonder why; regardless of situation, it is still market manipulation and unfair in what should be a free market.
Tomski7<< 'write it off, should of 2 months ago.'
So you have 165posts on this stock in recent months, lot of posts for a write off???
2 months ago POG posted:
GPB has issued waivers of its offtaker rights such that Petropavlovsk has been able to sell gold to third parties, and the Group has identified new buyers as well as applied for a gold export licence. However, the Group has also received a notice from GPB that the bank:
· may revoke such waivers at any time and may elect not to issue further waivers; and
· reserves the right to initiate judicial proceedings against certain Petropavlovsk subsidiaries in Russia for repayment of the RCFs.
Just listening to our future leaders answering questions on BBC, sounds like Sanctions were discussed at G7 in September long before war. They therefore had plenty of time to think about the implications for companies of 10-20+years dual listed on UK/International markets. Yet the narrative remains, make Putin and Russia pay the price.
I hope my MP can find someone who will provide a 'personalised' response, I don't want another generic template letter.
I will be taking this as far as necessary.
It will be interesting to see what Monday brings, but I've informed my MP now, the more people that understand the implications of the Sanctions the better.
Having thought about the situation, Russian's trade on the MOEX, so from day 1 governments/banks must of known this would distress many UK/International/US holders; no suspension of market, then divestment promotion, then Sanction, then escalation Sanction.
The Sanctions were on behalf of another country when were not in direct conflict.
Secondly rules of Sanctions have been amended to suit certain situations (e.g. energy/transport), whilst harsher Sanctions on certain companies like POG. I'm no legal expert, but there has been no equality or fairness in implementation.
Well the economic fall out of these Sanctions is an ongoing issue affecting many companies and many people in many jurisdictions. So it is not an isolated company like Sirius or other cases, the affect on markets and response has never been seen before, so you can't rule out what might happen in the future.
I have done my piece on behalf of myself and others here, being silent doesn't get you anywhere...
The problem with Sirius was not due to government Sanction...
In a free market this would be ok, this is a sanction administration due to gov. BIG DIFFERENCE
What is the difference between being held up at gunpoint at ATM machine???
Is this suspended yet on MOEX??? Of-course Russian tabloid will state shareholders get nothing. Trustworthy sources.
It looks terrible, the only positive thing is that the level of corruption here provides the slightest glimmer of hope.
How do the BOD get paid??? Is there chance they picked up shares or through SPV (e.g. family/relative).