The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.
Isn't 5% of $5/6bn kind of what we have now?
Cleatclinger,
The whole thing stinks but proving a claim will be difficult. Did your solicitor explain where your claim might lie?
I'd recommend setting up some funding page for all of us to chip in a few quid to pay for a decent opinion from a Silk.
It would probably be about £3k max
Tex
Fraud can be both a criminal offence and litigated in the civil courts.
It strikes me that there may be grounds for both a prosecution under s(3) of the Fraud Act 2006 and possibly shareholder civil action against ARCM or its directors.
A good starting point would be to contact the SFO with any criminal allegations. It would have to prove a dishonest intent to the criminal standard i.e. beyond reasonable doubt.
The Fraud Act reads:
S(3) Fraud by failing to disclose information
A person is in breach of this section if he—
(a)dishonestly fails to disclose to another person information which he is under a legal duty to disclose, and
(b)intends, by failing to disclose the information—
(i)to make a gain for himself or another, or
(ii)to cause loss to another or to expose another to a risk of loss.
I cannot comment on jurisdiction and likely success of a civil action but I do imagine that you would have to demonstrate that your loss was attributable to ARCM and you would not have invested the money you lost, had it not been for the failure to disclose the short position. Fraud is often held to similar standards of proof in civil courts as in criminal courts.
I hope this helps.
Tex
No, it's not that much compared to his salary, agreed.
I still think he and the board would try and get the best deal, regardless of what you think of them or the HK lot.
I think if I was holding 1.75m shares (like TD) then I would make sure the deal I put forward was in my interest.
Meltdown on the PMO feed this week.
I only retrieved the megayacht out of dry dock a couple of months ago and I'm having to put it up for sale again. I tried growing a beard and getting some tattoos but the Instagram models know I am heavily invested in PMO and have literally jumped ship. Who is this Jeff Bezos guy anyway?
Cigarette, Kramer?!
I am guessing things are going to look pretty bad until you find your price, HappyInvestor100!
Brilliant!
Creditors are driving the renegotiations with BP.
All will be fine.
Some proper weirdos on here.
Sorry, I am new to investing, what is an equiry?
Thank you Grippa for reporting this on the board. There have been some wild ideas flying around!
Dodger, you are spot on.
A lot of panic this week despite the majority of the news being old.
I see Motley Fool is shooting from the hip as usual which doesn't help.
I can only put this down to natural human tendency towards laziness and not reading the fine print.
I think the market has misread this.
The additional $300 million will come from creditors' debt to equity swaps.
Well done those who bought the drop!
it sucks really this slow grind back up again... i sold at 114 but thought buying in at c 60p would be a 'smart move'!
I wish I had been able to buy more at 17p or whatever I paid after the drop. i think when I hit my average I will sell and go and invest in bitcoin or something. wine maybe, but i'd probably drink it faster than it could rise in value.
Tequila.
Zama will be fine and PMO will rise again. Mexicans usually get it right second time around.
Hence refried beans.
Why did the Mexican throw his wife off cliff?
Saudi Aramco still paying a $75bn dividend. Must be confident.
https://www.ft.com/content/3c2c576c-51c6-4ced-b1c2-586c4b2f4914
Probably missed the goldrush.
POG is down about 4% today.