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Thanks Anto for that so it’s up for sale as a going concern? I wonder who might be putting a bid in ?
We can assume what the admin meeting will be about on Monday now ! ? Will it stay suspended until sold ? A lot of questions will be raised over the next coming weeks, and what happens next ? That’s anyone’s guess !
The agreement was only for 12 months so I doubt Hermes forced it to be refinanced so soon when there was already an agreement in place , it’s more likely something as I suggested previously that MRS hadn’t adhered to in the loan agreement!
The Hermes news article I sent seems very likely they are referring to MRS imo as it’s states:
“to fund a mining services business”
(bearing in mind I obtained the information from the Australian website of Hermes Capital so it’s relating to a Australian company)
“finance, for a 12-month period over which time the business would be “turned around”.
“In this instance, the client had engaged safe harbour/business turnaround experts who had drafted a 12-month turnaround program, however, the bank had grown too impatient. “
Again all in my opinion. Hopefully news will be release by next week with an update of what’s happening!
Yes I’m aware of all what’s gone on but what I’m trying to get to the bottom of is the current CVA with Hermes, if this Hermes news is related to MRS it’s more than likely they didn’t offload the yellow goods within the 3 months as per the agreement rather than pay the monthly payments as some people are suggesting! Again my own opinion what doesn’t add up is Hermes were willing to foreclose on $200-400k but if it was a larger amount as suggested that maybe a different story !
“roughly $3 million of the Hermes term debt would be retired early, leaving the debtor finance portion of the combined facility at a level acceptable to Hermes.”
Gige are Hermes referring to MRS ? If so it makes you wonder what hoops they had to jump through to obtain the loan ?
The plan included the sell-off of some redundant assets in the initial three months, meaning roughly $3 million of the Hermes term debt would be retired early,
https://hermescapital.com.au/2019/02/05/wheelhouse-security-and-runway-the-real-deal/
Very true ofd not forgetting year end accounts most probably due within 2 weeks today which that may have information within the forward statement! We will also get to know the reasons why they withheld information in the previous accounts the new QCA codes were changed back in September, the Corporate Governance stated:
“It has not been possible to incorporate all of the annual report and accounts disclosures required by the QCA code in the Company’s annual report and accounts for the year ended 31 March 2018 but as noted above the Company intends to include all of these disclosures in the Company’s annual report and accounts for the financial year ended 31 March 2019.”
You maybe a winner here eventually but you’ll always be a loser regardless, seen your type many times before unfortunately!
I thought you had disappeared into your hole after your last tirade of insults to the good people who frequent this board.
Something you may not be familiar with but it’s called constructive dialogue rather than your usual personal attacks here !
Do you what you have to do or say but at least try and keep it constant rather changing with the wind depending your position!
Yes gige I saw that, as far as I was concerned the-security was for the Westpac loan ? What has it got to do with the Hermes loan or security ?
We still don’t t know the reason why the Hermes loan was pulled as yet. I’m not disputing what you are saying either.
Unfortunately I don’t have the answer to that gige as I said previously they were just my thoughts !
What I was getting at was people are only assuming the loan payments haven’t been made nothing has been stated that this is the case ?! If anything we’ve had more info that it has in regards to the latest RNS statement ! “Business as usual “
The question is why has the the admin been called in within less than four months into an agreement unless without stating the obvious something that has caused them concern to do so !
Hopefully next week things may become a little clearer !
No problem Gige I know the feeling. I’m aware of the what went on in the past but I’m more interested in what’s going on now.
In regards to Hackett leaving I’m can only assume he didn’t like what was going on in regards to the CVA which is understandable considering he only started in June!
Let’s say hypothetically they paid two out of the four payments due so they are owed $200k why would they call in the administrators when they had plenty of security? Even if they hadn’t paid any the same applies to $400k ? The admin state the company has sufficient funds so you would assume servicing the loan was included?
Gige I don’t see the reason for capitals? As I said these were “my” thoughts not facts !
In regards to your previous post it will all depend on the lenders t&c what to include in their lending criteria so that we don’t know but if they didn’t intend to service the loan why on the 3rd April a month before they took the Hermes loan out why did John Zorbas purchased an additional 4,450,000 shares at an average price of 2.48p if they had no intention in services it ? Yes you can argue it was to “bolster” the bod shares / position?
Again he would have known about the miss payments if that was the case before he left and also the potential consequences!
There were clues in the 3rd May RNS
“if implemented, in all likelihood cause the incoming lender to withdraw.”
The question is are they referring to the loan from Hermes that was just announced two says previously?
I’m not here for an argument just looking at it from a different angle.
I’m well aware of how he operates so something in me is saying there’s possible something going on in the background! Anycase hopefully there will be some news on that next week ?!
It’s all seems to be going to plan according to our Corporate Governance!
Could Point “2” become relevant ? Was the reason for the almighty ones departure at MRS so that there was no conflict of interest if there’s is going to be a possible integration between both companies!? As I said previously it seems a bit coincidental with what happened a few days after him leaving with Hermes “pulling the plug”
Did Hermes pull out because Zorbas left rather than the loan not getting paid ? The administrators did say there’s sufficient funds to carry on trading !
These are just my thoughts and possibilities while we await news on various things.
Corporate Governance states :
“In the immediate future, URU will endeavour to achieve its vision by continuing to explore and develop its flagship Zebedelia Nickel Property. The Company will continue to look for additional acquisition and/or investmenmt opportunities as the arise.
Our Strategy
The key pillars of our strategy are:
1. Advancing the Company’s 100% owned Zebedelia project. URU Metals plans to delineate a compliant mineral resource estimate. The Company will then look to advance the project through feasibility studies and into production and cash flow generation.
2. Strategic Investments. Where appropriate, URU Metals will act as an active investor and will strive to advance corporate actions that deliver value–adding outcomes (for example, project development to increase company valuation or to achieve a listing).”
http://www.urumetals.com/investor-relations/corporate-governance
I would say positive drill results would be pivotal to us applying for the mining license.
If you look at the latest RNS has he dropped a few clues that the drills are in ?
“continue developing the newly discovered Ni-PGE resource found adjacent to and in the footwall of the existing nickel resource."
Yes ofd good point. Hopefully we will be getting the drill results in soon as well?! I cannot see us applying for a mining license without knowing the latest results! When you look at the stages in the presentation.
In the latest presentation it states
3/21
3. As yet unfound massive sulphide nickel associated with the ultramafic rocks of the Bushveld Complex
Then it goes on to state
17/21
Next steps
• Drilling of 6 holes to confirm proof of concept and demonstrate the strike extent of the Ni-PGE mineralisation.
The next step is :
• Submit a Mining Right Application and associated Environmental Authorisation and Waste and Water Use Licence to secure mineral right for a further 30 years
Has the massive sulphide Nickel been found ?
Also next Monday is the creditors meeting over at MRS so that will be interesting to see what the outcome is of that ! What I find strange is that the Administrators have said
“they have sufficient capital to trade the businesses, whilst they call for options to recapitalise the businesses.”
So makes you wonder why the Lender has called it in if they have sufficient funds to service the loan ?!
Latest Ccc form 7 progress report as mentioned previously. Unfortunately not much information included that we didn’t already know but anycase it’s here below !
https://webfiles.thecse.com/August_2019_CSE_From_7_Captor.pdf?jEhR0I6ZHDo2HOS4sIyiLOEHeoA5m_TQ
Latest down under :)
South Africa working on exploration strategy
Baxter told Mining Weekly Online that the national exploration strategy, once finalised, would make it easier to find funding for greenfield exploration. International venture capital funds would be the preferred source of the financing required to fund this exploration, Baxter said, with funds in Canada, Australia and the UK being of particular interest
The geological prospectivity of South Africa remains significant. We know where the platinum deposits are
https://m.miningweekly.com/article/sa-working-on-exploration-strategy---baxter-2019-09-06/rep_id:3861
I don’t know why you put yourself through it Anto :)
At least they have gone down the route of a CVA as if they had sent in the receivers they would one have no control of how the business is run and secondly the receivers will be the only ones getting paid with their hefty charges !
I’m presuming MRS will already have racked up a substantial legal bill already with all the investigations that have gone on recently?!
Hopefully this can get resolved pretty quickly!
It’s a shame it has come to this because they state:
The Administrators have confirmed that it is 'business as usual' for the operating companies, and they have sufficient capital to trade the businesses, whilst they call for options to recapitalise the businesses.
It quite obvious the secured creditor has got spooked with all the toing and froing between the bod and pi’s regardless of what opinions or sides we decide to take imo !
Looks like we beat them to it ;)
Further to the announcement of 4 September 2019, the Company confirms that Voluntary Administrators have been appointed to five of the Company's operating subsidiaries pursuant to Section 436C of the Corporations Act 2001. These subsidiaries are:
· Holdings (MRS) Pty Ltd
· MRS Services Group Pty Ltd
· Bachmann Plant Hire Pty Ltd
· MRS Property No 1 Pty Ltd
· Management Resource Solutions Pty Ltd.
The appointment of Voluntary Administrators was made by Hermes Capital, a secured creditor, with reference to the facility announced on 1 May 2019.
The Company and its Australian financial advisers met with the Voluntary Administrators yesterday to ascertain their plans. The Administrators have confirmed that it is 'business as usual' for the operating companies, and they have sufficient capital to trade the businesses, whilst they call for options to recapitalise the businesses.
The Board of MRS has committed to the Administrators to work with them to seek to bring about an end to the administration process as quickly as possible.
A creditors' meeting is scheduled for Monday 16 September and further updates will be notified in due course.