CRTM former non exec director Marcus Edwards-Jones and CFO Richard Wilkins suspended10 Feb 2026 09:59
Did anyone see PXC crash yesterday after CRTM former non exec director Marcus Edwards-Jones and CFO Richard Wilkins suspended with immediate effect from their roles at Phoenix Copper Limited (PXC) Conduct Allegations: Recent professional conduct of both executives. Historical Payments: Specific "historic payments" made to Lloyd Edwards-Jones S.A.S., which is a firm co-founded by Marcus Edwards-Jones and formerly served as the company's corporate finance adviser. Clearly insider dealing and self enrichment going on.
On the other forum:
Payment to Riverfort deemed as a ‘preference’. There has to be a question from Indigo Capital, and on the same basis, NIU, regarding the context and timing of the raising of the funds by PXC from Indigo, and the repayment/prepayment of Riverfort with those funds raised from Indigo. At the time of the payment to Riverfort, was PXC knowingly trading in cash flow insolvency? If Indigo and/or NIU can argue that PXC was technically insolvent at the time that it repaid Riverfort, either or both of them would have good grounds to argue that PXC has given preference to Riverfort in its payment to it as a creditor.
These factors are material issues to PXC as BOD’s, and to any potential future funder/investors at this time. Of course Indigo and NIU are going to be asking these questions of PXC at this time, looking for ways to secure their positions as best they can. It would be naive of anyone investing in PXC not to consider this is the situation.
The ramifications are that it:
(a) slows any new funding down essentially to a halt, unless or until questions including misreps and preference questions have been satisfactorily answered to the positive; and
(b) open the question that if Indigo were misrepresented by PXC, will Indigo rescind the current financing; and
(c) opens the question that if Indigo and/or NIU can argue that PXC was technically insolvent at the time that it repaid/prepaid Riverfort whether that payment be recalled to PXC, as it was deemed to be paid in preference over other creditors?
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