With the most I can get hold of at short notice... hope to regain some of my LOND losses with this... GLA
another Steve Madden style stock... not much movement on SP at the moment, think this may spike after lunch then be a spiral downwards from there...
APPOINTMENT OF ADMINISTRATORS Thu, 16th Oct 2014 17:07 RNS Number : 5462U London Mining Plc 16 October 2014 London Mining Plc Quoted on London AIM (LOND) ("London Mining" or the "Company") 16 October 2014 Appointment of administrators & RESIGNATION OF Nominated Adviser and Broker Further to the announcement made earlier today, London Mining PLC confirms the appointment of Russell Downs and Peter Dickens of PricewaterhouseCoopers ("PwC") as joint administrators of London Mining PLC. Following the appointment of PwC as administrators to the Company, Liberum Capital Limited has today resigned as Nominated Adviser and Broker to the Company with immediate effect. If the Company fails to appoint a replacement nominated adviser within one month from today, the admission of its AIM securities will be cancelled. Application will be made to the Channel Islands Securities Exchange Authority for a cancellation of listing of the convertible bonds issued by London Mining (Jersey) plc. Russell Downs, joint administrator and partner at PwC said: "The collapse in iron ore prices and the resulting impacts on this business have been very dramatic and our focus is to ensure that a buyer is found for the Marampa Mine operations given it is such an important part of the Sierra Leone economy. We are liaising with key stakeholders and asking for a short window of forbearance as we look to conclude a transaction."
What happens if the assets are pre-pack sold to a new investor, but with the same management; it can be done but I'm not sure how this alters our holdings (i.e would they be transferable or dead) - I feel I know the answer though...
Still find it strange how MS are stuck holding some 13m shares too... couldn't see who else was left holding large sums..
AMI & JSW to pick up the Marampa mine via Administration; asset is 'owned' by JSW, but AMI is used as the contract miner and logistics... Timis has always wanted the grade at Marampa; may well now get his way...
The mine is going into Care and Maintenance mode, LOND know full well nobody was going to buy the company debts and all, but they will get someone to buy Marampa via the administrators, to get maximum value for the banks, the mine needs to maintained to a point of production readiness for the new owners...
As of August 2014 - obviously some big sells from the ii's since this report, but also some large top ups too. As a rough guide look about 2 thirds down the page; http://www.londonmining.com/investors/aim-rule-26
“Stocks in China are reducing, which demonstrates that demand is outstripping supply and demonstrates that there’s been a lot of high-cost production that has already left the market and continues to leave,” Fortescue Chief Executive Officer Nev Power told reporters on a conference call today. “That will continue to happen, albeit it is happening slower than I think most of us in the industry expected.”
Que Sera, Sera Whatever will be, will be The future's not ours to see Que Sera, Sera What will be, will be
In general, rich people stay rich and get richer by not spending their cash... seen it time and time again, I hope LOND see that too and are pursuing other options. Yes JSW have the cash, but as many have said - will they spend it fairly?
Worthington - 13th Oct The Company requested the temporary suspension of its shares on the 10(th) October 2014 in order to consult with the FCA about whether any of the transactions announced either on 8 October, or previously, or which are currently being contemplated by the Company could be classified as a reverse takeover. The Company will make a further announcement before the end of this week.
If you did a simple check on careermine, the one site that is genuinely kept up to date by LOND, all their jobs were pulled around 10 days ago. They had been looking for a GM of the site, that's gone, A friend of mine in recruitment has said he's received numerous approaches by LOND staff too... Don't get me wrong, I am invested here and hope it's just preservation and the weak jumping, I'd love nothing more than to see this go live again and my money be accessible!
They are unlikely to turn around and say "no, we are going into administration" - there's no formal press release on anything, so company will be told to get things quiet and 'as normal'
I feel more like a daddy long legs... with legs being pulled off one by one... :0)
Contributor yes... not the f-ing savior of everything... so are you saying that AMI will suddenly not just start paying the $1m deficit per month that they have been short by, but also employ an extra 1300 locals and pay LOND's tax equivalent too?
SL Gov should buy it out of the taxes the company has paid to them, then business as usual... lol
"London Mining employs nearly 1300 local staff with over 2000 other workers employed indirectly through companies contracted to London Mining." You would like to think the the SL Gov't would also have some form of vested interest to make sure deals are done. Added to this AML's monthly contributions to the SL Gov't are nearly halve the normal rate... this (LOND going bye bye) would literally kill the region, not Ebola...
Wrong company. But if you are meaning london mining, it's been heavily suggested to me by someone in the know that it's administration now, they know I'm invested and there's nothing they can do to help or give good news. It Sounds like there are still talks ongoing, but highly unlikely to help us.
From what I gather of it / my view, they are still trying to work something behind the scenes for at least the primary asset (Marampa); but I would say this is more for employment purposes (TUPE type arrangement for site staff), not trying to get something for investors. I agree though, just any message is find but give us something so I'm not thinking about it looking at the wine rack again tonight!