Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
Judge has stopped Mr Dicker... asks if a transcript is being taken... the clark of the court has said that there is NOT one! So, the judge is going to take notes himself! [I could have made a couple of quid today ;)]
Everyone on the call should understand that this is a hearing of the high court and there should be no copying or transmission of the call. No mics on except the person called to speak. Judge will hear from the company and the FCA and then anyone who wants to make further representations will be heard. Mr Dicker (our QC) summarising why they're there. Various customers have made a wish to attend the hearing. 130 have attended. 250 asked to attend the first hearing. Lordship has heard skeleton arguments from the company and FCA. Lordship confirms he has read those. Mr Dicker giving the background, quickly...
Lots of sighing from the court clarke as people join from unregistered addresses and need to identify themselves. We're about to go...
No! Court said no sharing of link and cancelled the first link because somewhere shared it. DO NOT SHARE A LINK! You need to email the court. Been posted dozens of times here. Someone now being kicked out because they wouldn't identify themselves.
Shareholders identifying themselves - LOL
113 in now... including me!
I believe Camel will be allowed to speak today... right... let's see if I can login!
Ok, guess this takes some pressure off reporting as it will no doubt be all over the internet before re-opening tomorrow but I'll do the usual, as long as I get into the call. The email has been posted here so many times... I am not confident we'll see the wood for the trees with all the posts (assuming folk will post). So, pleased they suspended really so everyone can fact check for themselves over night. We've come so far... A coin toss it is not but interesting it will be!
No charity donations required... But let's see how rich we are on Thursday morning :)
To be fair; we all benefit equally in many ways. If people choose to day trade the information to try and additionally benefit - good luck. It's very, very hard to know 'how the hearing is going'. However, I am sure large IIs and interested persons will have people in the hearing so you can expect the share price to move in real time with sentiment, I would think. everyone might want to switch to Google for real time price info!
No pressure then!
Aye - it can have it's own thread and discussion could go in another one... Whoever is note taking gets 10% of what anyone makes trying to day trade it ;) You honestly don't have time to do anything else. The court note takers are blooming legends, trust me! Guess you get fit to any activity!
We maybe need to structure this a bit... It's not necessarily helpful to have 20 people all posting the same stuff (or very slightly different even). Suggest we have a bit of a roll call at 10:30am to see who got in and maybe split into blocks of time or something. More than happy not to be the 'prime' note taker (and may not get in at all if it's that busy) but I think 'a prime' and others 'fact checking' is probably the way to go. Maybe too complicated. Don't know. If it's anything like the first case; we won't get a great feel until the close of play, anyway. The tone and body language were important last time out and that's difficult to convey in words, which is sometimes why my recollection varies slightly from what I typed (as I tried not to give too much 'opinion'). These judges know how to poker face until it's decision time (even during summarising).
Last 3 words are key... "at this stage". The FCA have effectively now asked AND fairness is to be considered at the next hearing. I think you meant it to do the opposite but that cements my recollection. The more worrying thing for me is that if people think there is no room for movement, I think the potential for going bust increases. Now, that might be 0.001% to 0.01% / statistically negligible, but I do believe it increases. I believe (I don't know) they need to be seen to have sharpened the pencil to get the good vibes around the court (creditors, FCA and judge). This is not the hearing to act Billy Big Balls. We need to see lots of contrition. However, I really don't think this will fail. The FCA need creditors to get some money. The benefit of "good vibes" and "doing the right thing" may very much affect our future and future business, etc.
95% agreed on some amount of money Vs. nothing. The question of fairness was being held back for this hearing. If the judge believes AMGO can do more... they'll be asked to do more. They won't be asked to do so much they go into administration as that defeats the object. So, IT WILL PASS. It MAY also pass without change. They MAY also have come to an agreement already. But they needed the vote to know the maximum claim amount. There was always going to be room to sharpen the pencil. I think some pencil sharpening has now been priced in. I believe this is what the city probably knows/has factored in and 'we' (investors) don't (yet).
Simple answer is yes... Again, I'd urge people to catch up on the last case but my recollection was very much that not only was this NOT discussed in detail, discussion was shut down because it would be held back for the next hearing. Should even be in my posts from March 30th. I think this is why people think I have turned negative when I am just trying to add some facts to the board. If the pot, %, EVERYTHING were agreed last time, there would be no real need for another hearing, post-vote. This is more than a rubber stamp and I believe the judge will invite people to speak about the scheme's fairness. The fact a judge can overrule the vote at all (despite me believing he will not) and the fact that the FCA chose to oppose now should tell people something i.e. movement is available. I expect a pass. I expect movement. It is, however, possible that everything will remain as-is. But, per my recollection, it's fallacy that it's "done and dusted" in terms of the Ts&Cs. I could be wrong in my recollection and interpretation (could others who were in the call confirm) but I'm staying quiet (here) recently because people think there is a lot of deramp being posted... I see far more ramp, being sold as fact. It's in no way black or red, 50/50, coin toss, whatever... It may well be 95% certain to go through with no changes... But it won't go through tomorrow without question and without a lot of careful consideration by the court. We might look back on it and say it was all a bit of pantomime and we were always nailed on but I remain hesitant to join the ramping because I am not 100% certain... I just have a substantial positive feeling based on the weight of evidence available to us (I still think there is something hanging out there we don't know about, hence MIC selling and what appears to be price suppression). DYOR, measure your own risk and make your own decisions. I remain 'in' but never did my top up and I am not sure I see myself getting over the line with 100% comfort to do it today. If I am posting updates tomorrow, I'll probably not have time to trade so I am 'locked in now' and happy with that... but not to risk more.
The pot and % were agreed as final?
Demand to be in the call is high and they may operate a sort of queuing system so... It may be full of people NOT reporting :(
He's a him and a proper handsome mountain of a man he is too! I'll let you know if/when my spot is confirmed. Like others have said though; if I don't get a spot and others do (or if others do as well to confirm my posts) please post here! At least one other LSE BBer was on the call last time, I'm sure...
Black or red. ;)
Court is Wednesday the 19th.