Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
So ultimately unless I've massively misinterpreted the document;
Everyone has agreed that the CVA fixes everything
The CVA will be made available in early 2022 (publicly maybe?, no idea)
ICON can continue trading if the CVA is approved but I think will owe a phenomenal amount of money to lots of people.
But if the administrators were to write up the CVA and ICON were to begin trading, it must be a tangible workable solution financially Otherwise they'd allow ICON to keep trading then immediately go under again due to lack of finance. So I think this is all good in the right direction, guess we probably won't hear until March.
I can't summarise the lot, but apart from reading the first few pages and realising what an absolute **** show it was, EHGOSF (trying to do the right thing) actually substantially slowed the entire process down - by months, and cost 200k which someone now has to pay.
But so far (I'm only half way through), the administrators put forward a CVA (credit plan of some sort I think?)
"Since that time the board, EHGOSF, Arch and Greencastle have held "Global settlement negotiations" with a view to resolving the disputes, claims and counter claims, between those parties. HEADS OF AGREEMENT ON A SETTLEMENT WERE SIGNED 20 DECEMBER 2021"
------ I think this has no bearing on what will happen to icon, they're just agreed 'something' which I guess we'll find out about but that's mostly all agreeing....they might have agreed to do XYZ to pay someone back but then fold the company, or just fold the company - who knows....still reading...
EHGOSF paid £310k to Icon, but no - not to ICON, but to the subsidiary "Labs UK" - I'm not expert, maybe did this so that if ICON went under then LABS wouldn't be liable for the money? - what do I know?
Sale offers for GSN (Gay star news) were put up for tender and several offers of purchase came up, but "however is the CVA is agreed, the company intends to retain ownership of the platform" ----- THIS is good news I think, if the CVA is agreed and they want to retain the rights that means (I think) that ICON will continue to exist. If the CVA has been agreed by ALL parties (which is has in December 2021) then up to this point, everyone seems happy....I just don't understand what needs to happen with the CVA for it to be put into action/come to fruitition.
GSN website valued at 30-40k, 2 serious offers received (assumedly in this ball park) but clarifies again if the CVA is 'agreed' then ICON will retain rights to the website.
Arch capital were owned 184k by ICON went they went into administration.
Arch want 234k + 4 million for failure by ICON to repay their debts. This still needs to be investigated 100% before any settlement can occur.
ICON owe HMRC 46k
Creditors came forward after administrator of which 16 of them (in total) claimed they were owed 7.6 million, but 35 creditors didn't come forward (THANK CHRIST)
Greencastle will be paid back the 1.5mil they're owed as part of the CVA.
EHGOSF will 'convert loan notes into ordinary shares in the company' - sounds good, gotta have a company to have shares in it.
The rest of it goes on to detail who is owed what by needing to be involved with the administrators for information gathering.
I'm no expert so had no idea what a CVA was, but companies house states;
"If your limited company is insolvent, it can use a Company Voluntary Arrangement (CVA) to pay creditors over a fixed period. If creditors agree, your limited company can continue trading."
So ultimately unless I've massively misinterpreted the document;
I do legitimately think he's got some sort of underlying mental condition. That's like 20 tweets in just over an hour, he's either a serial deramper, conspiracy theorist or mentally unstable.
Its sad really, if you don't like the share - move on?
I don't know how long it takes to take a company 'out' of administration but I'm guessing because they're still under/in, the state hasn't officially changed so no comms can be issued.
I won't deny its painfully frustrating, but I think the first RNS we get will probably be "we're back, stay tuned".
I don't have it to hand but I'm confused by his presence.
Correct me if I'm wrong but I think he said he doesn't work for icon but has been involved with 'working things out' - if that's literal, who's he working for?
If he's an investor then how would he know more than us? If he's involved then wouldn't feeding us information be a very bad move for the company? If they had news they'd have given us an RNS just to say we're working on being relisted? (but maybe it takes a longer period of time for thing JA's to hand everything back.
I'm not saying he's not trying to do the right thing but accusing DF if he's associated with ICON is definitely not what the company needs right now so I'm highly skeptical until we see that RNS.
I'm right there with you bud, when I invested 5k I had no need for the money but it's been such a long time and things have changed. Now I need that money badly, but I'm currently at a 2k loss. I know the split second I sell in minor profit it'll be the day before the major news, then I'll hang myself haha
I really love how people are adamant this is going south like its a forgone conclusion. Like they want to lose thier investment just so they can be right.
Everyone is entitled to an opinion obviously (maybe less arrogant opinions preferably)... I personally doubt we've spent (god knows) how many months in administration with so many get out of jail cards just to get to the end and liquidise.
I had written this off originally but I'm chuffed to see a potential outcome, time will tell so I'm just happy sitting back and waiting.
Should issue an rns stating "at some point in time we may or may not have a GM which may or may not be adjourned, we may notify you 5 minutes before but we may notify you 5 hours later but rest assured we will maybe probably not have a GM. But please make sure you vote with your proxies. "
I may be totally wrong, but isn't it usually a few days from last voting to the GM? - So would we be looking at Tuesday rather than the cut off point being the same time (2pm) of the GM?
I'm stupid though, I may be wrong.
I use a UK based (web) tax firm called tax scouts, they do charge (obviously) but it's often like £125, which is probably not a lot if you are paying a chunk of CGT. They ended up submitting a self assessment for me because of my gains/losses last year, even though I'm PAYE.
chickenlover, you can read the RNS on the London Stock Exchange website;
https://www.londonstockexchange.com/stock/EUA/eurasia-mining-plc/company-page
(at the bottom)
Strange, I checked the UK site and tried adding loads of stuff to my basket - none of it was discounted at all so I don't really know who's posted these deals but they don't appear to work from what I could see?
Would love to grab me some 50% off gummies though :(