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Spoke to Stuart Andrews last night and he was baffled as I was, later in the evening he confirmed via email that the company has paid the dividends already to registrars, the company is chasing up what the issue is. I have forwarded his response to IG and waiting for their reply
Just contacted Fincapp who is representing Billing Services Group in the UK,
Stuart did not take my call however I have asked him to contact me back
Details for others if they want to Chase
finnCap Limited +44 (0) 20 7220 0500
Stuart Andrews/Scott Mathieson
Guys, I chased up dividends payment with IG and they emailed me this few mins ago
"Thanks for your call earlier.
Corporate action team confirms that the dividend has been cancelled by the company. Please find attached Bloomberg screenshot for more information."
I have not been informed that the dividends was cancelled
Can someone help please.
Half yearly RNS (on 30th Sept 2019) broke down the sale off AAM for $3.3m which is ( today exchange rate $1.25=£1) so around £2.64m
GRIT owns 27% of AAM so that works out to £712,800 (for the sale of AAM GRIT share) plus $1.9m interest (£1.52m)
Total proceeds £2,232,800 from the sale of AAM
Roughly 5p a share (on roughly 41m shareholders)
Have I missed something? possibly cash burn between now and the sale
The most interesting thing about the judgement is that the following point is made
"It is estimated by the Judicial Manager that Judicial Management may run for 9 months."
and
"Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and
maintenance programme until Leboam is able to trade as a going concern."
still living in hope
I just found this regarding CRA,
http://www.zci.lu/20190301_ZCI%20Announcement_Leboam%20Judicial%20Management_Final%20Order_vF.PDF
If Link does not work I have posted the judgement below
ZCI Limited
Bermudian registration number 661:1969
Euronext share code: BMG9887P1068
("ZCI" or "the Company")
JUDICIAL MANAGEMENT ORDER OF LEBOAM HOLDINGS (PROPRIETARY) LTD
Shareholders are referred to the previous announcements released by ZCI in connection with, inter alia,
the Provisional Judicial Management Order issued by the Botswana High Court for Leboam Holdings
(Proprietary) Limited (“Leboam”), which became effective on 18 December 2018. Capitalised terms
defined in previous announcements have the same meaning when used herein.
Shareholders are advised that following a meeting of creditors of Leboam held on the 25th of February
2019, pursuant to the Provisional Judicial Management Order, the Botswana High Court has issued a
Final Judicial Management Order for Leboam (the “Final Order”). The Final Order became effective on
28 February 2018 and accordingly, subject to the supervision of the Botswana High Court, Leboam is
placed under Judicial Management. Pursuant to the Final Order, Mr John Hinchcliffe, an accredited and
registered Chartered Accountant in Botswana, continues in his appointment as the Judicial Manager
(the “Judicial Manager”) and any legal proceedings contemplated and/or subsisting by or against
Leboam is stayed and restrained.
At the aforementioned creditors meeting, the Judicial Manager presented to the Master of the Court in
Botswana and Leboam’s general body of creditors his report on the assets and liabilities of Leboam, its
debts and obligations as well as his view on the prospects of Leboam’s recovery to trade as a going
concern. The report indicated that Leboam is insolvent. The recommendation from the Judicial Manager
was that Leboam be placed under Judicial Management as opposed to liquidation as there are
prospects for recovery for the following reasons:
? Preliminary studies carried out by consulting engineering firms indicate that there are sufficient
ore deposits of good quality that could extend the life of mine to another 26 years.
? Fujax Minerals and Energy (the First Petitioner) is committed to funding the care and
maintenance programme until Leboam is able to trade as a going concern.
? There are potential options of entering into a scheme of compromise with creditors to reduce
Leboam’s debt burden.
? It is estimated by the Judicial Manager that Judicial Management may run for 9 months.
Pursuant to the terms of the Final Order, with effect from 28 February 2019, the Judicial Manager is
authorised to secure and preserve the assets of Leboam; to prevent the continuing mismanagement of
Leboam; to ensure Leboam will be able to meet its obligations so as to avoid a winding-up; and to do all
things necessary to preserve the interests of the members and creditors of Leboam.
Completely missed the wages news, that would have been a massive sign to run for the hills, Doesn’t matter, it is what it is. Like I said, no point crying over spilled milk Hope people haven’t lost what they could not afford to lose
Right now I can accept 100% dilution, kick in the teeth I know but 50% of something is better than 100% of nothing
Very Disappointing for everyone, such a shame when most that have invested believed that it was a turnaround story.
So basically what happens now is:
CRA need to find someone to invest, if the other debt holders are not likely to further dilute security of the asset then this will be very difficult for CRA.
if this is the case then unfortunately for anyone holding any shares, unless preference shares are unlikely to see anything if it is liquidated. wages will have to be paid first, then all debts and at the very bottom of the list will be the shareholders.
My biggest holding, so i feel everyones pain here.
you can't change anything so do not let it ruin you. Hopefully it is calling Fujax bluff to approve the loan.
not holding my breath, i knew it had debts but i really did believe the capital injection they recently had was enough to to move this back up and production to return to normal this month.
So the person that asked the question about his holding in ISA (IGEEK), you won't be able to trade the stock, on IG it is usually just grayed out ( a constant reminder of the loss).
@ JohnnyB.Goode: looks like the aftermath of BF, shares need to be liquidated and you can't seriously be telling me 1,387,514 sells vs 152,730 buys is not PWC liquidating the stock. The only question now becomes, will they now let it drop below placing price. I think they did say BF customers could lose up to 15% so i would not be surprised if we see falls below 1.2. went in today only for a tech trade, this mess is not going to be sort until April so if anyone chasing, let it ride it's course and top up near the end of the month. Close your eyes and forget about it, the bounce will be worth it