Member Info for Jarv55

From advfn

Alba aims to be Scotland's first bank solely dedicated to lending to small and medium sized businesses. We are led by an experienced team who have an intimate knowledge of the banking sector and share a passion to transform SME customer banking, combining a relationship-driven banking model with state-of-the-art technology platforms.

"I am delighted to join the Board at this time to help try to find a new role for Amigo. A particular area of interest will be to explore the opportunity to build Amigo through acquisition as a wealth management focused group, supporting SMEs and high net worth individuals, as well as potentially providing back-office software solutions to support other developing finance platforms. Coincidence?

Https://www.albacoltd.co.uk/who-we-are/ so Alba do sme's

Https://en.wikipedia.org/wiki/Jim_McColl

Jonathan Roe, Chair said: "Since March, Jim has been a Board consultant assisting the Board in identifying potential strategic opportunities for Amigo to continue as a listed company by way of a reverse takeover. We are delighted that Jim has agreed to join Amigo's Board as a Non-Executive Director to continue to seek a better outcome for Amigo shareholders. There is no guarantee that a transaction will result, but with Jim's track record and work to date, we believe we have increased the possibility of being able to do so."

Jim McColl, Non-Executive Director said: "I have been working with the Amigo team for several months and have found them to be passionate and hard working. I am delighted to join the Board at this time to help try to find a new role for Amigo. A particular area of interest will be to explore the opportunity to build Amigo through acquisition as a wealth management focused group, supporting SMEs and high net worth individuals, as well as potentially providing back-office software solutions to support other developing finance platforms."

Following the appointment of Jim, the total number of Directors on Amigo's Board will consist of three independent Non-Executive Directors, including the Chair, and one Executive Director.

What other compaies has he turned around?

No mention of the loan so maybe there isn't a gap time will tell.

GLG its not the unions running Labour its the Wef we are heading for communism.

Notwithstanding additional sources of working capital that are expected to be available to the Company, specifically based on the stored inventory of PGM concentrates held by the Company and the Facility, the Directors are continuing to focus on the possible sale of the Company's assets as the first priority.

Amongst all the noise of the fudning issues in the UK which the auditor will require to say the Plc is a going concern their first priority is till working on a sale. No idea what is going on due to all of us being treated like mushrooms by the bod but lets see where we are in November.

Lovelyboy apparantly if you type your info into Yandex you might find what you are looking for.

Treadingcarefully actually they haven't they have said there is no money in the UK like lovelyboy just worte the cash could be in KK.

Https://www.accaglobal.com/uk/en/business-finance/types-finance/trade-loans.html

Del totally agree on the wages they should be deferring them for shares in leu of pay.

Very old but you can see what could be done if needed . https://www.proactiveinvestors.co.uk/companies/news/1735/eurasia-mining-secures-russian-investor-2539.html

GLG Dmitry has 16% of the company he has plenty of reasons to want to lend a trade loan and I am sure he won't want to dilute himself. There was a facility like this in place before if I remember rightly it was for a £1million.

Wraggy we don't know if they will come out of suspension with out any news, will it just be audit is done here is the cash position and un suspend. Or will it be we have sold and then come out of suspension, or will it be audit done but with some kind of addtitional news or will it be we are delisting and going private lots of things can happen here.

5085 you are missing one thing there they can if they want to go with the Sinosteel deal and start actually mining.

Aubery you are assuming nothing is coming in unless I am reading this wrong they have said in the rns they expect other cash to come in.

additional sources of working capital that are expected to be available to the Company, specifically based on the stored inventory of PGM concentrates held by the Company and the Facility, the Directors are continuing to focus on the possible sale of the Company's assets as the first priority.

Thechessmaster they haven't told us what the cash position is at the moment but they must of got cash from somewhere tax rebates or vat the last rns said

The first tranche payment of approximately £480,000 from the tax authorities has been transferred, and the Company's cash position as of 31 December 2023 was approximately £989,000.

· Notwithstanding the previously notified unsold inventories of concentrates from the 2022 mining season, the Company now has sufficient working capital to meet ongoing obligations until early Q32024, and further repayments from the tax authorities, as yet unquantified, are expected to be transferred related to the reduction in the tax rates for the 3 year period.

They are now saying they have cash until the end of Nov 24 they may or may not need a loan for the UK side to keep it as a going concern is the way I read it, that depending on if they can get the cash from the concentrate on the books before then or if they sell the assets.

Jelly give yourself a wobble man they have just told us they are in talks with Pacific with carve outs for other investors to take a look too. No smoke and mirrors if you actually read the rns.

The tax authorities applied the adjusted 3.5 multiple increase to other minerals that were already taxed at rates of 6% or more. The subsidiary had been paying 6.5% and this increased the rate to 22.75%.

· The Company challenged this misinterpretation of the laws by the tax authorities and, via its subsidiary, started a litigation process against the tax authorities.

· Albeit initially unsuccessful in the lower court, Eurasia challenged the verdict and its subsidiary has now won the case in the Supreme Court.

· The overpayments of the mining tax made by the Company since the beginning of 2021 will now be returned by the tax authorities in full (with any relevant fines and other penalties that had been applied by the tax authorities) plus interest at the rate set by the Central Bank for the relevant periods (that is currently set at 16% per annum) covering the three-year period which ended December 2023. This will allow the Company to strengthen its cash position as explained below.

· The first tranche payment of approximately £480,000 from the tax authorities has been transferred, and the Company's cash position as of 31 December 2023 was approximately £989,000.

· Notwithstanding the previously notified unsold inventories of concentrates from the 2022 mining season, the Company now has sufficient working capital to meet ongoing obligations until early Q32024, and further repayments from the tax authorities, as yet unquantified, are expected to be transferred related to the reduction in the tax rates for the 3 year period.

Our key focus at West Kytlim has been on the sale of 2022 concentrate, which is currently held in inventory, with no restrictions related to its sale as a precious metals bearing high grade concentrate. The Board expects the concentrates to be sold at carrying value and we are currently evaluating offers from three parties who responded to the tender process.

We have started to receive value-added tax refunds (VAT) against capital expenditure in previous years, which also contributes to our cash position (see below), in addition to the proposed concentrate sale.

I wonder how much they are getting back.