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I suppose we have a maximum wait of 7 weeks for a news update on what’s happening as the interim results for the six months ended 30 September 2019 are due!
You would hope though we are getting something before then but anycase definitely the end of December!
Not a great read the latest RNS over at MRS
The Administrators go on to state that "It is our recommendation that the Companies should be placed into liquidation,
In other words a fire sale !
Liquidation in finance and economics is the process of bringing a business to an end and distributing its assets to claimants. It is an event that usually occurs when a company is insolvent, meaning it cannot pay its obligations when they are due. As company operations end, the remaining assets are used to pay creditors and shareholders, based on the priority of their claims
Looking through Ccc latest financials ending June 2019 and at their list of subsidiary companies
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Captor Capital Corp. Ontario, Canada
Captor Acquisition Corp. Delaware, USA
Chai Cannabis Co. Inc. Delaware, USA
Higher Level of Care California
Captor Cash Management Inc. California
CAC Consumer Services LLC California
CAC Consumer Group LLC California
Mellow Extracts LLC California California
Fesanta Investments Ltd. Republic of Cyprus
I-5 Holdings Ltd. BC Canada
ICH Holdings Ltd. Washington
ICH Washington Holdings Ltd. Washington
ICH California Holdings Ltd.
Northwest Minerals Mexico, S.A. de C.V. Mexico
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00020118&issuerType=03&projectNo=02981735&docId=4614611
Fesanta Investments limited sticks out, one its Cypriot secondly it’s the same address as Corrales Trading , Alegana Enterprises , Cavialeco Ltd and Niketo ltd and lastly it was incorporated in February 2018 not long before the special meeting in August all these companies are associate with the almighty one.
I wonder why Ccc have a listed Cypriot company as a subsidiary as well ? Not to sure about the Mexican Minerals Co ! How exciting ;)
https://opencorporates.com/companies/cy/HE380111
Yes ofd you are correct
“They have set a formal deadline for final and best offers of 28 October 2019 and would intend to conclude any sale and contract documentation by 8 November 2019”
Yes definitely due some updates ofd as I said yesterday now Ccc are sorted maybe we are next ? Not to sure why we are showing that amount maybe it’s something to do with the new accountancy methods?
“Effective August 3, 2018, the Company redesignated its investment in URU from an investment carried at fair value to an investment in associate accounted for using the equity method due to the change of Captor's status from an investment company to an cannabis operational company.“
This was what I mentioned previously as to why they are still showing as a “ diversified” company rather than a “life Science “ one this should have changed back in August last year but the auditors have only just picked it up ! I wonder once they come out of half it will change ?
“The Company was a cannabis focused investment and merchant banking company which accounted for its investments at fair value. As approved by shareholders at the annual general meeting held on August 3rd 2018 and consistent with the company’s listing statement to the CSE. However, in late July of 2019, just days before the Company’s audited financial statements were required to be filed the company was informed by its auditors that, for accounting purposes, the Company should be treated as an operating company instead of an investment company.”
In regards to Dene Rogers Anto maybe it’s because he’s in charge of Captor Acquisition Corp based in Delaware USA which is owned by Ccc but wasn’t in the books the previous year ?
I think you’ll find it’s six months Jimmy the reason I suspect it got updated in July from April was a requirement of the mining licence as per the RNS dtd 30/08 that’s my opinion anycase ! Yes I agree a bidder would be nice if not an update !
Maybe now Ccc is sorted we will be next on his list :)ATB
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Aim rule 26
the number of AIM securities in issue (noting any held as treasury shares) and, insofar as it is aware, the percentage of AIM securities that is not in public hands together with the identity and percentage holdings of its significant shareholders. This information should be updated at least every 6 months and the website should include the date on which this information was last updated;
https://www.londonstockexchange.com/companies-and-advisors/aim/advisers/aim-notices/aim-rules-for-companies-march-2018-clean.pdf
No problem ofd maybe the delay was because initially the loss was $46m due to professional fees as I mentioned before but now they have been remover and classed as “one time charges “ ;)
For the year ended March 31, 2019, the Company’s net loss was $46.7 million ($1.24 per share), compared to net income of $3.8 million ($0.33 per share) for the year ended March 31, 2018. The loss was approximately $7 million after the elimination of one-time charges. Included in the reasons for the net loss are the following:
During the year ended March 31, 2019, the Company recorded a gross profit of $1.6 million from the sale of cannabis at its retail dispensaries compared to $nil in the 2018 comparative year when the company was an investment and merchant banking company.
During the year ended March 31, 2019, the Company recorded a loss of $26.2 million from the sale of a wholly-owned subsidiary, ICH California Holdings Ltd., which held two MedMen dispensaries in California
Unrealized loss on investment at fair value increased to $4.3 million for the year ended March 31, 2019 from a gain of $2.6 million for the year ended March 31, 2018 due to changes in the fair value of the Company’s investments;
General and administrative expenses increased from $1.4 million for the year ended March 31, 2018 to $18.3 million for the year ended March 31, 2019. The primary reasons for the increase of $16.9 million was the payment of business advisory fees of $4.7 million for the closing of the acquisition of I-5 Holding (MedMen dispensaries), share based compensation of $2.0 million from the grant of 1,825,000 stock options, and $5.0 million for professional fees for services required to support execution of its one-time business strategy (capital markets and disinvestments of assets).
Here’s the CTO update
Issued 3 hours ago
“With the submission of the financial statements Captor Capital will now submit its application to the Ontario Securities Commission for the Cease Trade Order to be lifted.”
https://www.globenewswire.com/news-release/2019/11/05/1941433/0/en/Captor-Capital-Announces-Filing-of-its-Audited-Annual-Financial-Statements-for-the-Year-Ended-March-31-2019-and-its-Unaudited-Interim-Financial-Statements-for-the-Three-Months-Ende.html
Ccc have released their Ye so the next step would be to remove the CTO as I said yesterday today was the last day, this was dated yesterday so talk about “to the wire “
Briefly looking at the accounts I’ve noticed the following, it’s more c&p but unless I email it to everyone separately I dont know an alternative maybe the Gambler and his endless wisdom can contribute to something which is constructive but I doubt it !
Page 6/21
The Company was a cannabis focused investment and merchant banking company. During the year ended March 31, 2019, the Company made certain acquisitions in the cannabis industry and changed its strategy. Effective August 3, 2018, the Company was deemed to be an operating company
Section 7 is relevant to URU what I don’t get is why Ccc book value of URU is showing £11,334 against £275,000 for the previous year ?
11/21
7. INVESTMENT IN ASSOCIATE
As at June 30 2019, the Company owned 118,511,118 common shares (March 31, 2019 - 118,511,118 common shares) in URU Metals Limited (“URU”) which represents approximately 15% (March 31, 2019 - 15%) of URU's shareholding.
Effective August 3, 2018, the Company redesignated its investment in URU from an investment carried at fair value to an investment in associate accounted for using the equity method due to the change of Captor's status from an investment company to an cannabis operational company.
Page 17/21
Other assets £11,334 (URU)
Also Ccc showed a loss of just over $7m CAD. I also believe Ccc are now applying for the CTO to be lifted. I’ll send that link next .
https://www.sedar.com/GetFile.do?lang=EN&docClass=5&issuerNo=00020118&issuerType=03&projectNo=02981738&docId=4614615
I would take a look at the latest Rns jimmy that’s if you’ve already haven’t done so , the bid offers were last Friday so by this Friday we’ll know if the top bid was accepted !?
Doesn’t look good tbh it will most probably end up been a fire sale with the secured creditors getting there bit along with the administrators then whatever scraps are left will go to the unsecured creditors ie pi but that’s my opinion.
My other thoughts are is Zorbas is one of the bidders hence why he stepped down days before the arrangement came into place that wasn’t a coincidence the BOD would have known the situation well before it was announced!
“The Administrators also report that they have advertised the businesses for sale as a result of which they have received seven indicative non-binding offers. They have set a formal deadline for final and best offers of 28 October 2019 and would intend to conclude any sale and contract documentation by 8 November 2019.”
“Whilst the board remains confident that the negotiations will reach a satisfactory conclusion leading to the Company regaining control of its subsidiaries, at this stage, there can be no certainty of this outcome. In the event that the businesses were to be sold to third parties it is not possible to predict what return, if any, there would be for the Company.”
https://www.lse.co.uk/rns/MRS/update-3ywagpgqt8lvcsi.html
When it becomes personal that’s a big difference so please carry on !
Please define your wisdom gambler I would call it completely different . It would be Interesting if your comments would be the same in the real world ?
Still waiting for your contribution rather than slating everyone else who participated in what was a pleasant bb !
You don’t have to worry about my c&p because I’m done here ! The thing is my information doesn’t change but it just stays with me now !
You know when it’s school holidays the gambler returns but as usual not with anything worthwhile to contribute with !
Rather than reading my c&p posts which have little relevance to you why don’t you just filter me ?
Or Let’s have something from you for a change ehh ? My little keyboard warrior!
No problem, personally I would be more concerned about what the highest bid went for today in regards to the fire auction over at MRS rather than if Lesego Platinum is the same as Lesego Platinum uitloop ? Not forgetting both names are South African and as mentioned in my previous posts
https://www.mining-technology.com/news/south-africa-mining-right-application/
I’m not annoyed as I’ve said if you’ve got something to add go for it. It would save a lot of time if you just came out with what you are disagreeing about ?
If I’m wrong I’m wrong it won’t be the first or the last time that’s for sure !
You decide on that jono I’m not going to be spending any more time on it ! I’ve given you my thoughts along with information to back it up but its clear we are not going to agree just like our previous discussions so if you've got something to add go for it !
Umbono mentions them, thats because Umbono ultimately own Lesego Platinum along with other assets as listed separately. It’s quite clear in the list of their portfolio. I don’t understand what you are getting at ?
Umbono.com
This clarifies that they are both the same !
The South African Department of Mineral Resources (DMR) has accepted a mining right application submitted by Lesego Platinum Uitloop, a subsidiary of URU Metals.
The application had been submitted over the three prospecting rights that form the Zebediela Project. Lesego Platinum holds the prospective rights of the project.
https://www.mining-technology.com/news/south-africa-mining-right-application/
As far as I’m aware jono if you look at Lesego Platinum website the team mentions Richard Montjoie
PROJECT MANAGER
https://www.lesego.com/lesego-platinum-team.php
In our recent presentation it mention our team which includes Richard
If you also look at the umbrella company Umbono it lists their portfolio which include:
Lesego Platinum
URU Uitloop Nickel
http://www.umbono.com