Member Info for Valency

Haven't posted here in ages & for the most been very happy with progress! In regards to latest the latest appointments - Question is whether Ms. Boyce can do a more prudent job at BCN than her former position at indebted GEM which was subsequently taken over by Pallinghurst its single largest shareholder in 2017. ATB

Dosher thanks for your post & indicating your interest to Cork Gully! Much appreciated. BobZ, received a short courtesy email today similar to your 1st from Becky advising they are currently looking into my enquiry. Thanks for posting your reply & seems CG at least undertook preliminary legal discussions/advice in regard to BP. 'There are strong enough grounds for legal recourse no doubt but should BP file for liquidation a moratorium would stymie any possible proceedings. CG should thus at least consider facilitating a 'webinar' in order for all affected parties (IDC, Laurelton, Bondholders, shareholders & creditors) to jointly & expeditiously assess the matter in question else it would seem they are seeking a short & easy out? Any thoughts?

BobZ, thanks for advising. I've heard nothing from my end as yet. Redrafted an email and addressed it to Becky awaiting response. Sent you an email this morning so you have my details as well. ATB

Thanks BobZ, I forwarded the same (14:00 local) to your contact Becky as I'd initially used the contact us link on their website. No reply from either yet & will advise. I've also saved your email many thanks! I'll be in touch & simply trying to enjoy the last few days of R & R remaining.

BobZ, I emailed 'Cork Gully' on 5th asking the same as well as progress report on the administrative process but have not had a reply yet. Can you confirm any reply? I used the email link on their website gildagalluzzo@corkgully.com Please advise if you have another & thanks for sending your enquiry to them as well. Jaf, it's a big blow to everyone myself incl. Please also email Cork Gully as the more enquiries they receive from shareholders in this regard the stronger the interest indicated. Thanks in advance! ATB

Cont... Just in:- PRCA finding of guilty and expulsion from the body - "Chief executive James Henderson resigned ahead of the five-year expulsion from the PRCA. His departure was "necessary, but not sufficient", Mr Ingham said. "Bell Pottinger has brought the PR and communications industry into disrepute with its actions, and it has received the harshest possible sanctions," he added. The firm was found to have breached two clauses of the PRCA's professional charter and two clauses of its public affairs and lobbying code of conduct. http://www.bbc.com/news/business-41151361 ---------------------------------- My view is that the findings implicate Bell Pottinger more than they realise or care to acknowledge - A) Complicit in covering up Gupta/Zuma corruption by attempting to divert attention away from those investigations and targeting investigative journalists in S.A working on said evidence. B) Directly responsible for economic harm to S.A. as a result of their illicit racial campaign and support of corrupt clients which eventually resulted in a investment ratings downgrade for S. Africa. C) A spinoff of the elicit campaign cost many local corporates in earnings & reputations. D) The mining industry being the largest economic sector in S.A. was a direct target of the "white minority capital" campaign stoking/inflaming militant groups & labour Unions in the name of so-called economic emancipation while their corrupt clients "Zupta's" are all multi millionaires and fat cat corrupt ANC Exec's already own massive free stakes in every existing S.A. company through BEE. E) Unbeknownst to shareholders or the Board, now that there is clearer insight into the secretive, illicit & unscrupulous campaign, companies like DCP never stood a chance to negotiate with the freshly stoked up militant AMCU nor was there any chance in hell to re-capitalize following the mine flood as even investors & creditors such as Laurelton (Tiffany) grew wary of the geo-political rumbling designed & driven by Bell Pottinger over the corresponding period. I'd say unfortunately it's come to light too late but as PL can no longer be reached via DCP corporate email, perhaps any shareholders still wondering the outcome at DCP should email Cork Gully. For what it's worth, perhaps suggesting BoD's, Creditors & Shareholders alike convene to consider possible joint legal recourse? ATB

Cont... The Role of Senior Management 11. It was recognised by members of BP's senior management at the outset that BP's client was controversial in South Africa and that the economic emancipation campaign was sensitive and related in part to the issue of race. While we do not consider that it was a breach of relevant ethical principles to agree to undertake the economic emancipation campaign mandate per se, members of BP's senior management should have known that the campaign was at risk of causing offence, including on grounds of race. In such circumstances BP ought to have exercised extreme care and should have closely scrutinised the creation of content for the campaign. This does not appear to have happened. 12. Furthermore, members of senior management should have taken care to ensure that the BP account team was structured appropriately for such a sensitive mandate. It appears to have been broadly accepted that the economic emancipation campaign work stream required a team with significant geopolitical expertise and yet the bulk of the work was undertaken by a team specialist in corporate communications and reputation management, rather than the geopolitical environment. 13. We have not seen evidence that members of BP's senior management knew about the detail of the work being done on the economic emancipation campaign or saw or knew about the potentially offensive content that was being created or other tactics being employed at that time. 14. Further, there are certain instances where members of senior management were provided with information or confirmations by the account team in relation to the work being done which were inaccurate and misleading. However, there were a series of opportunities for certain members of senior management to discover these matters which were missed. In addition, members of senior management with day-to-day supervisory responsibility failed to put in place policies and procedures to minimise the risks associated with this account, including any formal process for the ongoing monitoring of the account and the work being done. You can listen to the audio interview of Lord Bell amongst others in discussion of the H. Freehills LLP report and at around 9 minutes it is alluded that Bell Pottinger have been expelled - https://soundcloud.com/biznews-com/lord-bell-tells-bbc-hendersons-exit-as-bell-potts-ceo-not-enough If Lord Bell calls the report a soft "white wash" then the real damning evidence is held by the PRCA and eagerly await their final word. Much damage was done incl. here as any hopes of attempting to refinance during such illicit toxic geo-political campaign let alone negotiate with militant AMCU Union was dead in the water!

Hi BobZ, apology for late reply but had a hectic time leading up to my vacation which I'm currently enjoying away from the looney bin. As yourself I've been eager to hear the findings of the PRCA hearing into Bell Pottinger illicit racial campaign it ran in South Africa on behalf of the corrupt Gupta/Zuma cronies with the central theme "racial economic emancipation" to stir up geo-political division based on so called "white minority capital" Although I have not seen an official release from the PRCA there is widespread media suggestion that Bell Pottinger have in fact been found guilty of breeching PRCA codes of conduct with the CEO James Henderson formally resigning yesterday. http://www.biznews.com/global-investing/2017/09/04/full-statement-james-henderson-hes-quit-bell-pottinger-ceo/ The so-called independent investigation findings led by Herbert Freehills LLP as appointed by Bell Pottinger was released as follows & note findings page 2 - http://ewn.co.za/2017/09/04/findings-of-independent-probe-into-bell-pottinger-s-conduct Some of the findings below which even Lord Bell describes as an attempt to "white wash" a much revealing truth! 8. The BP account team was primarily responsible for devising the strategy behind the economic emancipation campaign and for creating and commissioning content for the social media and press aspects of that campaign. Certain material that we have seen that was created for the campaign was negative or targeted towards wealthy white South African individuals or corporates and/or was potentially racially divisive and/or potentially offensive and was created in breach of relevant ethical principles. 9. We understand that it has been alleged by various sources that the BP team invented the term "white monopoly capital". Whilst that phrase was, on occasion, used by the BP account team as part of the economic emancipation campaign we have seen no evidence to suggest that the term was one that BP invented. Indeed, we have seen references in publically available material that suggest that the term had already been in use for some time by the time that the BP account team commenced its work on the Oakbay mandate. 10. In addition, we have seen evidence that the BP account team used other tactics in relation to the economic emancipation campaign which arguably breached the relevant ethical principles, including taking steps which might mislead or undermine journalists who were asking questions in relation to the campaign. Cont....

Hi BobZ. Indeed it's widely believed that Lord Bell was instrumental in her successful reelection. He states the CEO & Board were fully aware and disagreed with his view & warnings - http://www.fin24.com/Companies/Investment-Holdings/lord-bell-says-pr-firm-ignored-gupta-warning-ceo-hits-back-report-20170712 The firm has a contentious history and I guess the more they slid through cracks in the past the more brazen they become while feeding on that magic mushroom known as 'impunity'. http://www.bbc.co.uk/news/technology-16084861 Quote: Naomi Klein - "The truly powerful feed ideology to the masses like fast food while they dine on the most rarified delicacy of all: impunity." Thanks for advising Cork Gully nil value. I also found PL's official email at DCP no longer functional as a matter of interest. I've relinquished this one to my 'f*cket' list. As with yourself & the many others, you're not alone in losses and to be honest it was pretty tough taking that 1st tentative step to recovery through continued investment in my other holdings but simply have to in a bid to claw back. Will be watching the hearing outcome 18th Aug & wish you nothing but the best in future.

Shareholders are well familiar with the trials & tribulations at Lace but there is no doubt that the final nail in the coffin is failure to obtain refinancing. Why were creditors & current/new investors so unwilling to rescue to participate in a sound economic resource? Why did trade union negotiations fail & even take on a militant tone to obstruct remediation & repair of the mine? Why the rapid decay in international investor sentiment towards S.A. investments & geographically located operating companies? Why such a rampant exit of foreign investment from the country at the end of 2016 and 1st quarter 2017 still prevalent today? Who drove the sacking of the then Finance Minister, Pravin Gordham whom was at the forefront of investigations into corruption allegations into the Gupta/Zuma dealings? The hearing under way into Bell Pottinger 'dirty tricks' campaign in South Africa may answer many of these questions? Just a PR firm hired to restore the Gupta & Zuma reputations? Or an subversive attempt to create geo-political chaos by diverting attentions from the corruption allegations lodged against both the aforementioned (clients) for the purpose of perverting justice by sowing widespread racial tension and geo-political chaos through [their] alleged ruthless PR propaganda campaign by means of fake twitter accounts, slogans and racial baiting? The article & both audio links are very informative - http://www.702.co.za/articles/263454/bell-pottinger-is-no-ordinary-pr-firm-it-runs-dirty-tricks-campaigns-globally CEO James Henderson the BoD's and the 'scape goat-ess' lead partner Victoria Geoghegan certainly have a lot to answer for whereas their previous denials of wrongdoing has necessitated back peddling & sacking of employees as part of damage control when the facts started to emerge and large corporate clients dumped them. http://www.fin24.com/Companies/Investment-Holdings/crunch-time-for-bellpottinger-over-dirty-tricks-for-guptas-oakbay-20170706 The facts will emerge in days/weeks to come but don't discount the effects of economic sabotage resulting from the alleged Bell Pottinger UK dirty tricks campaign. DiamondCorp/LDM woes were widespread though navigable but attempting to negotiate refinancing in such a 'staged' geo-politically destabilized country was doomed to fail. Our BoD's, Creditors & Shareholders should pay particular attention to this case as it develops. Civil suits may likely follow? ATB

Apology for the late reply. I did not receive any response to my email 6th May. Has anyone been in touch with appointed Administrators Stephen Cork and Jo Milner of Cork Gully LLP, London? ATB

http://www.thediamondloupe.com/articles/2017-05-05/end-road-diamondcorp-miner-files-administration Yuen Low, analyst with Shore Capital, said, "ACMU were guilty of being very shortsighted. In trying to extract maximum compensation, what they ended up achieving was complete retrenchment of the workforce ... The unfortunate string of problems and resultant production delays saw a vicious circle of 'rescue' raises and increasing dilution ... with liquidation representing the ultimate dilution." He notes that all stakeholders, including key investors who should have provided financial assistance much sooner, carry the blame.

Sheila, sincere apology for the very late reply and may thanks for your post & well stated views on S.A. It certainly isn't a bad place and neither are the people!! As with many a wealthy estate built over decades through hard work, it takes but one unscrupulous freeloading heir to crumble an empire. Zuma's despotic self serving politics is a great cause of concern for all South Africans as well as local & foreign investors. I haven't had the time nor inclination to despair but feel for those I've gotten to know on this forum over time that have honest hard earned savings invested. Should a last ditch effort to raise cash come to light, I would of course be willing to participate in order to save the mine & so doing attempt to recoup my investment but at this stage shareholders have no idea of the state of degradation at Lace nor escalation costs, not to mention that Lace is without a workforce. Perhaps by chance any offers received are so opportunistically low in the current political climate that that not even primary lenders have hope of recouping investments which may sway their reluctance? I won't bet a days wages on that though so let's wait & see what the outcome is. Thanks for your post & wish you all the best! Val

Hi Tozerk, yes he replies 99% of the time with the odd exception. As you know I've spent less than a day at home past month & been inundated but emailed PL late afternoon on Sunday. As stated I've not had a reply as yet. Do I think there is still hope? For what it's worth, I think bondholders although recently agreeing to further standstill in terms of interest payments are now running scared after Zuma's ill-fated political ploy. It has scared many investors & bondholders alike and seems that in terms of emerging market bonds, Russia has become a preferred destination over S.A. at present. Says a lot doesn't it? Considering AMCU efforts to obstruct any remediation effort at the mine and recent politics changing S.A. investment climate, I think it's a far cry to be honest and reckon bondholders now prefer out rather than risk further investment & political uncertainty? ATB

Banksman, agree with your post & considering barely a large sample (less than 60Ktons) was extracted overall from old upper workings not virgin kimberlite & still exceeded estimates in slump year 2 out of 3 times verified the resource statement. A chain of incidents & bad luck escalated out of proportion & would not be contained without funding contingency to break that chain. Retrace back to the AMCU willfully obstructing remediation & dewatering and the fact that the ANC governments recent despotic attempts to remain in power after 24 odd years of self enrichment rather than governance, has led to many a bondholder running to less risky territory. Early in the year Banksman mentioned the political rut flaring up and admittedly I did not actually think the "monkey" at the helm would actually get rid of the respected finance minister in an attempt to get at the treasury & this single idiotic move (a step too far) makes it very difficult to attract foreign investment! Was meant to head to Durban S.A. for the WEF last week but the group unceremoniously pulled the plug which is unsurprising... I emailed PL on Sunday to suggest as a last resort that perhaps some investment interest could be solicited from players affiliated to Dubai Multi Commodities Centre & Diamond Traders? I've not had a reply as yet.

MrP, it will surely take a miracle as the inept ANC government have all but killed investor appetite down South which seems to be the final nail. Considering it's fully developed and assets outweigh debt, some local operator may pick it up for a pitance & frankly can't see foreign investment showing interest in the current climate.

MrP, thanks for your effort & much appreciated. Made it home for less than 24hrs, turned my bag over & out the door again with no end in sight... ATB

Resurrection in this case is becoming costly (exactly how much $??) due to prolonged delays & feel that the AMCU actions border on criminal obstruction of the business restructuring process as ruled by the Court. I'm sure everyone would agree shareholders deserve a status update. I'm still in the US & doubt I'll receive a reply but will email PL over weekend for what it's worth? MrP, did you receive any response to your recent emails to PL & Practitioner? Wishing everyone a happy & relaxing easter weekend. ATB

Going to purchase a ticket on United Airlines for Zuma as a gift... 😬

Trio, you're most welcome & thanks for the kind words. Adding to my previuos post, it's possible that the recent appointment of additional assistant Practitioner is to assist/facilitate labour retrenchments freeing up Deloitte's to continue focus on restructuring plan. Mr Mpakati will have his hands full dealing with the likes of the AMCU nevertheless, it seems a politically correct appointment judging by the name. The Court may well have urged the Practitioner to terminate deadlocked talks in the "more important" interest of Business Rescue rather than flush a viable business down the toilet due to a handfull of irrational Union members! The situation is a sensitive one no doubt & if I'm remotely correct in suspecting the "Contractor route" in terms of rehabilitation of the mine in readiness for production then I would also anticipate that terminated labour, in persuit of fare practice, will be afforded an opportunity to re-apply for employment during contractor repair & remediation period. Many of those workers are worth their salt and would be a loss to Lace & thise are likely be re employed under new terms. If it happens then there will be a distinct difference from past political rotten apples whom will have recieved final packages & a wave goodbye. Protest action from these may follow but I have no sympathy for the "ignoarrogant" self inflicted pain. Await an update & Enjoy the weekend. ATB.