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@Madmax3000 & @BillClinton,
Thanks mate.
I'm wondering if any of these forum members already filed a complaint to any regulators about this issue ?
FCA emails are : MIUMailbox@fca.org.uk and Consumer.Queries@fca.org.uk
As for shareholders to file a complaint to SEC, I think there are a few angles to look into.
If I'm not mistaken, NQ minerals have been pledging their shares too to raise funds under Invenio Capital PLC.
And if I may suggest, in order for us to have a better discussion on what to do, I would suggest if we do it in a closed group rather than an open forum like this.
If we all think that ING is part of it somehow, I think we all should write an email to Netherland financial regulators ?
https://www.dnb.nl/en/contact/reporting-complaints-and-wrongdoing/
And also we file another complaint about NQ Minerals to SEC (since they also raising fund from US Investors) too.
https://www.sec.gov/tcr
As for the UK firms, at the moment Avenir seems the only firms that regulated by FCA, and we've sent 3 emails to Avenir about this voting , but they didn't respond at all.
FCA did respond about this and they suggested to write email to :
MIU Mailbox
https://www.nasdaq.com/press-release/nq-minerals-usd-41-million-debt-restructuring-with-ing-bank-2020-07-16
NQ Minerals USD 41 million Debt Restructuring with ING Bank
PUBLISHED
JUL 16, 2020 6:00AM EDT
Some part on the article "ING Bank's Adrian Moroz, Director within Metals, Mining and Fertilisers, said, "The bank is pleased to partner with NQ Minerals, Traxys and the Hellyer Mine in order to provide this refinancing facility. This transaction is noteworthy in that this was achieved throughout Covid, which is a testament to the dedication of all parties involved, as well as the underlying strength of the project."
@BillClinton,
NQ also listed in US. So you may be able to send some complaint to SEC about it. I was informed by another a guy, and apparently, David Lenigas have his own telegram group , and he was pretty active in informing the members about the update on NQ, until it went into administration.
What interesting is, this guy said there was a huge dump of shares on July 14th, and if you look at the shareholder structure, it's possibly the management who has that large amount of shares.
@moxx,
I don't think ING totally aware of the situation. But I'm very much agree with the idea to attack the largest institution in the picture, so it will become a massive case. There are strategic moves that can be played here, and I think we have a pretty good chance if we doing it right.
If you look closely, the current CFO of NQ Minerals (Mr Adrian Moroz) was an ex ING staff worked as Director Natural Resources & Mining. How coincidence is that ?
This is what I got from my broker after they cross-checked with JSA when Reyker went bust.
"They have no record of the mention document being delivered via Crest and have never known a document to be delivered via Crest.
Furthermore, at the date of this notice was issued (in April 2020), their Crest system was not live. It was fully restored until late 2020.
Since the special administration of the custodian they have corporate action alerts (SSNs). They have no records of this document being delivered by SSN.
All post was scanned from March 2020, so they have searched through all physically received post for the 3 months around this notice. They have no record of this notice being received by post."
@Ivanhoes21,
If you didn't get it, and I didn't get it, and many of us who also in the group didn't get it.
Meaning they didn't distribute this information to all, and as far as I am concerned Bedfordrow was there when they took my money (replied to my email when I was investing), but now they didn't inform me when this occurred. This is unacceptable !
And especially the reply I got from my brokers and custodian is, they never received such information.
@ivanhoes21,
Do you know whats the requirement to conduct this sort of voting in UK (e.g : all bondholders get invited, minimum attendance, minimum vote from attendees,etc ) ?
As far as I know, many of us didn't get any information at all about this vote.
@moxx,
Totaly agree !
I think the easiest way to see if there are too many layers of companies in order to get the financing.
NQ Minerals could issue the bond themself, but somehow use a UK Listed SPV, which is listed in another country.
These as*holes use multi-layers of companies and regulators to confuse us and the regulator.
But eventually, we will get one who can be held responsible.
I would suggest you write a complaint to SFO instead of FCA. They should be able to assist given their track record dealing with these sorts of companies .
https://www.sfo.gov.uk/our-cases/
@latvianPrince
One thing, we know for sure, none of the bondholders was informed by the Avenir as the bond registrar .
They may arrange (rigged) the voting, but if so many bondholders didn't inform about this, can this voting be considered legal and reach quorum ?
I believe there are so many other parties involved in this scam, from the registrar, trustees, SPV,etc.
@LatvianPrince,
Thank you very much for this detailed information.
How can we reach you ? is there any email address ?
My email is : jojohanes2021@gmail.com
Yes, Doyle and the gank, now have another project and are also assisted by Bedford Row Capital using their SPV (Escher Marwick PLC)
link : https://igmining.com/management/
@toffmagan,
Feel free to drop me an email. My email is : jojohanes2021@gmail.com
There are few of us now, and trying to sort this out together.
thank you
@toffmagan
Yes, I think so too. It was the investment grade rating and Collateral value attracted many investors all around the world.
They're not gonna get away this time. It is purely fraud!!
@Nickkdog,
Yes, WhatsApp will be the best method. Let's we exchange email first and we take it from there?
My email is : jojohanes2021@gmail.com
Please feel free for anyone to drop me an email
Cheers,
On another thing,
I think it is better to discuss this matter privately rather than in an open forum like this, what do you guys think?
Hi Nick,
Yes we had. And we got mixed responses from FCA. The first reply mentioned they will look into it. and another reply from my colleague who is also a client, said we have to report this to BaFin, since the Notes is listed in Frankfurt.
I would recommend to write to FCA and their email are :
MIUMailbox@fca.org.uk
primary.market.integrity@fca.org.uk
FCA - SFO (Serious Fraud Office) --- they specialized in heavy and complex cases, and choose serious fraud and bribery (as suggested by SFO staff to us)
https://www.sfo.gov.uk/contact-us/reporting-serious-fraud-bribery-corruption/
BAFIN :
https://www.bafin.de/EN/DieBaFin/Kontakt/Kontaktformular/form_node.html
@bugerov,
Yep, got the exact same one this morning too.
Legally we're not direct bondholders. Best would be asking our custodian to send an email to them, but we can also send directly too to see how they (Truva Trustee) respond, even though we may already know what the responses are.
I'm just wondering if any of us (bondholders) are based in Australia? Because this issue needs to be addressed to Australian regulatory bodies too.
Some of the directors are already back in Australia and while preparing for the next stunt , which is located 1 floor below NQ Minerals ( https://igmining.com/contact/ ) . Fund raising also assisted by Bedford Row Capital using different SPV by the name of ESCHER MARWICK PLC .
How good is that?
Hi Bugerov,
I’ve sent a letter of demand to Audley Funding requesting this proof that voting has been informed to all bondholders, and they refused to provide that.
On top of that, I’ve just read their financial report, and they still lose money until June 2021. They haven’t made a single cent of profit since they issued the bond back in 2017 until now.
Link : https://www.nqminerals.com/styhugiw/2020/09/NQMineralsHalfYearly2020RNS-FINAL.pdf
So what we’re facing is a company without financial repayment capacity, and almost no collateral too, since it’s a subordinate on the collateral after ING took the big chunk. In the worst scenario, all debt will be converted to equity, and since NQ’s equity is minus (based on their latest financial statement), all bondholders will end up with nothing.
I hate to say this, and I don’t want to sound pessimistic too, but given the situation, I really don’t see any good outcome, unless we managed to get back the collateral and liquidate it while the collateral (Hellyer Mine) still has value in it. Because as of today, the Hellyer mine is still in operation but the proceed is not to pay the bondholder but instead goes to the company, and the company itself is hemorrhaging cash and over expanded.
So we stick to the bond covenant and the main reason why we all invested in the first time, if NQ Minerals (Audley Funding) can’t pay the bondholder upon maturity, then liquidate the collateral, and we get our money back,as simple as that.