Member Info for Fregatr

I spoke to IG again and told them that we have to know how they are going to deal with this before any news/trading comes out or starts. My impression is they are trying to make arrangements with their prime broker to access the NEX so they can quote to allow us to close us out our positions. I am pretty sure they won't take any positions nor settle on the last price before suspension. If the company goes into administration, then of course they will settle at Zero but if it doesn't, then they can't close us withoutout our agreement. That is the way I see it..... I asked them once again to put something in place before the event as after is too late. I explained I needed to know how they will handle this so that I can take a decision if I want to trade on the shares I hold. Frankly, I am not impressed with the way they are handling this.

I totally agree Maestro,

It a complete farce that IG don't know what they are doing. I don't care if we have to wait or whatever but they should have a policy and not wait until something is announced. We should know now what their policy is,

I have had two mails from IG. The first states they have stock which obviously is a hedge against their/ our positions and that they were investigating the situation. When pushed, the second reply was :- "We have chased up our prime broker regarding the handling of Churchill Mining Positions. We haven't heard back from them yet, but once we have done so, I will follow up with you by email." If you have stock and Churchill is requoted somewhere, I.e. NEX, IG would have to open an account to trade out what they hold Or deal via their primary broker. They therefore should be able to make a price for us to close, this is of course my opinion. They are no more likely to pay out at 37p if they open at a few pence or if we look like winning and the price goes to a few quid. They will have to quote around any price they can get to close us out.

Thanks, I haven't read the rules. Mine is only a side bet so not a disaster....and a small profit if they pay on 37p. I guess the question is do they recognise NEX?

Maestro, not a complete answer but this is what they replied.."overnight funding (on Churchill) will continue to be charged until the position is settled. This is because we still hold positions in this stock with our broker and as we continue to be charged for this, we therefore pass the charge on to our clients." From this I assume they won't forclose until they have sold their stock but I doubt they will quite again to open a position.

I just don't see how they can force closure but I will ask the same question....big difference between a SIPP and ISA as the latter has probable have restrictions. In a SIPP shares can just sit there. Even if they are worth nothing. ...the broker hold the certificates. I have a few Greka Engineering who delisted and the company offered to buy them back if the broker sent them the certificate but I decided to keep them and this was not an issue.

J M Finn.

Hi Maestro, I think there may be some confusion here as IG are a spread betting company and stockbrokers. I just spread bet with them and have a position at around 29p....long of course. They charge me long interest every day which is not significant but I can't see they can close this position unless the company goes bust. I assumed they are talking about stock they hold for their clients rather than spread betting positions when they talk of carrying over a position. But I may be wrong so I'll try and clarify with them and let you know.

Ig still have 37.66 as their price on spread betting as a valuation and I assume that will stay like that until there is a firm price somewhere or we go into administration? So I'm showing a nice profit at the moment. My shares are held by my broker in my SIPP and will stay there until the end.

Once there is a market, IG will start quoting again. Its of no matter to them where that market is as long as they can cover their risk si they will have accounts on all these e changes.

I am not an expert and invest more with gut feeling than anything else. I placed money here before the s**t hit the fan as was trying to diversify my portfolio and looked at China's interest in coal. I wasn't looking for a miracle but felt it was a reasonable investment. If I loose everything here, too bad but I welcome the likes of Maestro keeping hope alive with positive arguments. I just don't believe we would be here if there was no hope. If we get a result, great but I know we are up against unscrupulous people but that's the world today. Better to keep this chat factual rather than some castigating others? GLA

Hi Falstaf, I have been in touch with IG and to ask how they will react to this move and their reply was "We are aware of the possibility of Churchill Mining being relisted to NEX exchange. However, at this moment in time, the details are a little gray. We'll need a bit more information on the terms of the relisting in order to advise you. I would recommend you to contact us once the terms of the relisting are more concrete." IMO, its they normally quote around the market price so they are likely to have an account or will open one with NEX to manage their risk. That said, I can't see any reason why they can't quote a price now if they wanted to but it would be a dangerous move for them. As I say, Just MY opinion.

Just hope you are right! That said, i have no reason to think you are wrong. All I know is they are trying to mug us and just hope right prevails. GLA.

I doubt they will be delisted for a while but may be you could find someone who would do a private transaction? While you can't deal, I don't see why shares can't be transferred between two people. What's your offer? You might tempt someone here?

Thanks Maestro....just have to wait and get on with other matters.

I realise this has been mentioned before but can anyone remind me of any time limit on relisting or delisting?

Fine mate. Cleaned up in the US but stuck where to go now as based in Euroland! Brought most back into sterling and sitting % cash. Finished with AIM after this now....take care.

How are you FJS? Good to see you about. I hoped this would pay for all my AIM failures ... still might but not counting on it. Thank goodness for Apple!!!

I regret but I think this will go to the wire... they don't play cricket!! I hope I'm wrong though.....