Member Info for MY21

Slight pick-up in growth forecast: U.K. economic growth is likely to have picked up marginally in the first quarter in spite of weaker manufacturing expansion, the Confederation of British Industry has declared.

U.K. interest rates set to remain on hold for coalition’s entire term: The Bank of England is expected to leave interest rates on hold at 0.5% this week, marking the first time in more than half a century that a government has enjoyed unchanged borrowing costs for its entire term.

CBI says soaring pound has battered U.K. export drive: The soaring value of the pound has battered Britain’s manufacturing exports, leaving the economy reliant on the consumer-driven services sector for growth, the CBI has warned.

Britain’s new property hotspots will see house price hikes: The number of homes sold in the Bristol postcode encompassing Avonmouth nearly doubled in 2014 from the previous year, fuelling fears that Britain’s latest property hotspots could develop into regional house-price bubbles.

Fuel costs remain big concern for transport company Chiefs: The price of oil may have more than halved in the past year but fuel costs remain one of the biggest concerns for the Bosses of transport companies

Small housebuilders struggle to fill balance sheet holes: Britain’s biggest housebuilders have constructed record profits on the back of rising property prices and government incentive schemes — but their rise has left smaller rivals having to fill widening cracks in their balance sheets.

More young renters give up on ever buying a home: A growing number of young people have given up on the idea of buying their own home, reinforcing signs that property ownership could cease to be the norm for the next generation.

Taylor Wimpey faces £12 million repair bill for award-winning estate: It seemed like such a good idea at the time, building an award-winning housing estate with a bargain price-tag, but eight years on Taylor Wimpey’s dreams of prestige and prizes have turned into a £12 million headache

UK construction PMI slid in March In the UK, the construction PMI recorded a drop to 57.80 in March, lower than market expectations of a fall to a level of 59.80. In the prior month, the construction PMI had recorded a level of 60.10.

At 0330GMT today, Brent crude oil one month futures contract is trading 1.03% or $0.60 lower at $57.52 per barrel, ahead of the American Petroleum Institute weekly oil inventory data scheduled to be released later today. Yesterday, the contract surged 5.77% or $3.17, to settle at $58.12 per barrel, after news emerged over the weekend that Saudi Arabia had increased its official May crude oil selling price for Asian buyers, the second consecutive month it had raised prices. Additionally, expectations that the agreement to curb Iran’s nuclear program would not lead to an immediately oil supply glut supported the commodity further.

If one assumes the Receiver is powerless to intervene in project company's legal wrangle with SISG; the onus will fall on the current BOD of the project company to demonstrate that due process is being followed to dispose of the assets to repay SISG in full and all other creditors to the extend there is a surplus left. Your legal team will understand fully what I am on about here. Moreover; your legal team will have rehearsed all possible scenarios in their mind already I suspect.

You are also right in your assumption that if there is no competitive auction; SISG will be the only bidder. However; the parent company receiver has a legal duty of care to all unsecured and secured creditors and must demonstrate that the project company's subsidiary's assets were sold at the price which demonstrates market value. I suspect they will use London Mining's recent sale as comparable evidence. This is very complicated state of affairs as investors have been deliberately starved of key facts.

Your statement is correct. I am assuming SISG will bring two legal claims against AMI in receivership: 1. As an unsecured creditor i.e shareholder seeking as yet unknown financial claim against AMI as was hinted at in a recent RNS by the Company whereby they suggested equity shareholders will get little or no value in the light of any proposed restricting of AMI's finances and the yet to be quantified financial claim by SISG against AMI. 2. SISG as a secured creditor will demand repayment of $167m from project company subsidiary which is not in receivership. Again; I am assuming as AMI is the parent company of the project company in question; AMI in Administrative receivership as the parent company of the project company owing $167m could challenge SISG and state that as the project company assets namely; mining licences, Tonkolili site is more valuable than $167m; the project company in question must exercise due care to all unsecured and secured creditors by selling all assets in a competitive auction to the highest bidder in order to pay SISG off and any other creditors.

Will do mate.

Good morning Mate I feel compelled to correct you if I may. SISG is not an unsecured creditor in respect of PFX liability of $167m. However; as the asset known as Tonkolili mine is deemed to have greater value than $167m liability; when SISG starts to demand their payment outstanding via the Receivers; the Receiver will highlight the following: 1. SISG is indeed owed $167m as a secured creditor against the Tonkolili asset so the Reciver will argue as the asset is worth more than $167m; the asset must be auctioned to the highest bidder to pay SISG's liability and any surplus should be used to pay other secured creditors first and then unsecured creditors if there are any monies left over. 2. IN so far as shareholdings in AMI is concerned; SISG is now an unsecured creditor just like all other shareholders in AMI. Moreover; you recall one of the previous RNS announcements claimed that SISG has made a number of financial claims against AMI which meant any restricting will mean shareholders will see little value or words to that effect. What the receivership means that any financial claims made by SISG whether it is for £1 or £1bn; such a claim will be unsecured in the same way your current losses as a shareholder is also an unsecured creditor claim. In a nutshell; based on currently available public information about AMI's financial status prior to receivership; the only secured claim by SISG is for $167m o/s secured debt facility which they bought from a consortium of secured bank creditors inorder to force AMI into submission through their ultimately unsuccessful restructuring negotiations over the past few months. I hope this is helpful.

Is previewed briefly in Sunday Times today.

PROPERTY tycoon Nick Candy is branching out from luxury apartments to join the space race. Candy, 42, who developed London’s One Hyde Park apartment complex with his brother Christian, is backing a satellite broadband business that will join the junior stock market later this month. Satellite Solutions Worldwide (SSW) will join AIM through a reverse takeover of cash shell Cleeve Capital in which Candy has a 10% stake. SSW plans to raise £2m to give it a £14m valuation and use the funds to buy rivals and build a base of customers who cannot get online through conventional telecom networks. SSW, based in Oxfordshire, was founded in 2008 and rents broadband to more than 11,000 customers. It does not have its own satellites but rents capacity from satellite operators, such as Eutelsat, SES and Avanti

U.S. jolted by slowdown in rate of jobs growth: The rate of jobs growth in the U.S. has slowed sharply, providing fresh evidence that the Stateside economy may be weakening.

Mitie home care probe hit by delay amid damaging allegations over treatment of staff: Mitie's investigation into its home care division is taking longer than expected as the firm tries to get to the bottom of damaging allegations about the way it treated staff

Construction sector expected to grow at decent clip this year even after March's pre-election wobble: The construction sector is expected to grow at a decent clip this year even after March’s pre-election wobble.