Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
The problem is there was only going to be one winner and that’s the legal team $$$$
I’m starting to think that this was the plan all along and privatise it ? Yes there’s the question re Zorbas investment and URU but how quickly would he get that back ??
There’s still the possibility that Ccc could buy it for a huge discount ? Saying that so could URU theoretically we are the largest shareholder, as ofd stated we might need a few trucks ourselves soon depending on the route we take ! If we JV it would be a perfect synergy! I did mention this previously what JZ said regarding our investment with MRS ?? Again just my thoughts.
Agree with both of you sometimes the “grass is not always greener” it’s certainly quietened MRS bb and social media down that’s for sure ? That’s unless we are missing something?
Anto apology for not replying to your post (Wed 21:34 just seen it ) You’ve certainly had your sleeves rolled up over there Anto and easily fought your corner / debate imo !
Let’s just hope we are proven wrong and there’s another twist in this what seems a forever lasting “scrap” between bod and pi’s
I just get a feeling the almighty one has got something bubbling away he’s certainly not the type to walk away quietly like he did imo !
No problem ofd I find it strangely quite on the bb regarding MRS considering what potentially could happen within a CVA !?
Lbh secured creditors are first in line ie banks etc then there’s a pecking order !
Shareholders and liquidation
The liquidator’s primary duty is to all of the company’s creditors. The shareholders rank behind the creditors and are unlikely to receive any dividend in an insolvent liquidation unless they also have a claim as a creditor.
I’m not saying that pi won’t get paid out but it will all depend on whether it going to be run as a going concern or it’s a fire sale !
Again just my own opinion and it’s early days yet to surmise which is what I’m doing !
https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-shareholders/insolvency-a-guide-for-shareholders/
This may help Ofd ! Not a great deal of penalties for not complying but again it wouldn’t look good if Ccc didn’t comply !
Form 7 - Monthly Progress Report
This report is part of the Exchange's enhanced disclosure regime and is not intended to replace the Issuer’s obligation to separately report material information forthwith upon the information becoming known to management.
Late Filing Fee - $25 per day per CSE Form
A Listed Company which has not posted a CSE form in accordance with Exchange Policy will be required to pay $25 for each full business day the form remains outstanding subject to a maximum of $500. NOTE: This fee will only apply to the CSE Form 7 Monthly Progress Report until further notice.
https://thecse.com/en/services/listing-cse/fee-schedule
Captor monthly Form 7 progress report will be due tomorrow so it will be interesting to see what that entails?
“Monthly Progress Report must be posted before the opening of trading on the fifth trading day of each month. “
Why step down when your other company is the largest shareholder and him as well having nearly 5% !He knew that he won the EGM so he wasn’t pushed !
You’re not telling me he didn’t know the directors remaining weren’t calling in the administrators because of lack of funds possibly citing reasons that they couldn’t issue shares for working capital due to the restraints put on by the shareholders?! Just a thought.
You said it ofd ! it looks to me that the directors called in the Arrangement as per my previous post.
It seems a bit strange as I said before Zorbas stepping down when he did then days later this happens?!
So surprised there’s no RNS diggit? It’s a bit contradictory to there reasons of suspension ?
“A voluntary administrator is usually appointed by a company’s directors, after they decide that the company is insolvent or likely to become insolvent. Less commonly, a voluntary administrator may be appointed by a liquidator, provisional liquidator, or a secured creditor.”
“A voluntary administrator is usually appointed by a company’s directors, after they decide that the company is insolvent or likely to become insolvent. Less commonly, a voluntary administrator may be appointed by a liquidator, provisional liquidator, or a secured creditor.”
No problem jono I hope this helps !
https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/voluntary-administration-a-guide-for-creditors/
This is intriguing a possible sale of the company? I wonder who might be interested ?
On Wednesday, Bradd William Morelli, Sule Arnautovic and Trent Andrew Devine - from Jirsch Sutherland - were assigned to manage and investigate the affairs of the organisation so that a Sale of the Business, as a going concern and/or Deed of Company Arrangement (DoCA), can be explored.
FYI
Leading independent insolvency specialists Jirsch Sutherland appointed voluntary administrator of MRS Services Group
Their appointment extends over the following companies Holdings (MRS) Pty Ltd, Bachmann Plant Hire Pty Ltd, MRS Property No1 Pty Ltd, Management Resource Solutions Pty Ltd and MRS Services Group Pty Ltd, which is located at Thomas Mitchell Drive, Muswellbrook.
A first meeting of creditors will take place on Monday, September 16.
"It is now the voluntary administrators' intention to continue trading on the business of the MRS Services Group, which includes servicing its various customers and employing its current staff," a spokesperson for Jirsch Sutherland said.
"We're hopeful the business will survive and endure post-administration.
"The administrators are currently in the process of contacting and meeting with all key customers and suppliers to ensure continuity of the business."
https://www.muswellbrookchronicle.com.au/story/6369214/mrs-services-group-in-hands-of-voluntary-administrator/
It looks pretty legitimate to me !
Leading independent insolvency specialists Jirsch Sutherland appointed voluntary administrator of MRS Services Group
Their appointment extends over the following companies Holdings (MRS) Pty Ltd, Bachmann Plant Hire Pty Ltd, MRS Property No1 Pty Ltd, Management Resource Solutions Pty Ltd and MRS Services Group Pty Ltd, which is located at Thomas Mitchell Drive, Muswellbrook.
A first meeting of creditors will take place on Monday, September 16.
"It is now the voluntary administrators' intention to continue trading on the business of the MRS Services Group, which includes servicing its various customers and employing its current staff," a spokesperson for Jirsch Sutherland said.
"We're hopeful the business will survive and endure post-administration.
"The administrators are currently in the process of contacting and meeting with all key customers and suppliers to ensure continuity of the business."
https://www.muswellbrookchronicle.com.au/story/6369214/mrs-services-group-in-hands-of-voluntary-administrator/
This all reads very positive, especially the new projects in the pipeline! Let’s just hope we are one of them :)
Speaking at the Australia Down Under mining conference currently under way in Perth, Australia, Minister Gwede Mantashe
The revival of copper and nickel mining in the country provides a good replacement pipeline for the depleting minerals which have been mined for over 130 years. They are also an indication that mining is indeed a sunrise industry in South Africa.
In 2018, South Africa’s mining sector received over US $3.2 billion in investments, which resulted in the creation of an estimated 5000 jobs.
Furthermore, there are about 60 projects currently in the pipeline, with an estimated value of US $7.8 billion and potential job opportunities of over 30 000 in the medium to long term.
https://www.dmr.gov.za/news-room/post/1814
Couldn’t agree more diggit I hope too it works out ok for the pi involved!
Tbh this was my main concern here when the “revolt” was taking place as I mentioned at the time it would probably do more harm than good “rocking the boat” ATB
Just thought of you Vestor it might save you a bob or two on fuel and you may even get a discount on batteries ;)
https://www.dailymail.co.uk/money/cars/article-7427345/Porsche-Taycan-German-brands-electric-sports-car.html
Could it have been a premonition ?!
MRS RNS dtd 3/5/19
Paul Brenton states :
“I am in the final stages of completion of a re-financing package that will transform the Company's debt profile and generate significant savings in both interest cost and cashflow terms. Board stability is crucial to completion of this transaction and I believe that the changes proposed by the requisitioners of the general meeting would, if implemented, in all likelihood cause the incoming lender to withdraw.”
https://www.lse.co.uk/rns/MRS/management-res-sol-posting-of-circular-and-notice-of-general-meeting-j7p5jbkmjune22n.html
There’s some substance in it ! Time will tell ?
Latest RNS
Management Resource Solutions plc (AIM:MRS) has requested a temporary suspension of trading on AIM of the Company's shares with immediate effect.
The Company has received an e-mail, after business hours in Australia and from an Australian firm providing insolvency solutions, stating that certain of their officers have been appointed as Voluntary Administrators of five of the Company's operating subsidiaries pursuant to Section 436C of the Corporations Act 2001.
The directors will, as a matter of urgency, investigate the veracity of the email and its contents and seek to resolve the situation as quickly as possible. A further announcement will be made in accordance with the AIM Rules.