harpmandoodle
07 Jan 2015
All loan clauses are void.
harpmandoodle
07 Jan 2015
loan is null and void on administration. Just the outstanding debt remains. Debt forms the creditor 'share' of any proceeds. So if the debt is $10m and total debt is $20m that gives that creditor 50% of voting rights at creditor meetings.
harpmandoodle
07 Jan 2015
Plus the ongoing leasing charges over 10 years
harpmandoodle
07 Jan 2015
Well the $1 had certainly split the LSE chaps! Don't believe a word of it. Administrators dictate the outcome, but that does not stop them negotiating with Vitol for a $1 charge to take on ALL the company debt. How much is all? About $20m? best of lucj with getting Vitol to take that on.
waddid
07 Jan 2015
Re: BHR Stream Log It really does make you wonder if you were really cynical whether all along the BHR long term plan since JFJ was onboard was to utilise PI investment during the economic downturn, then before the upturn (predicted) put a ridiculous re-finance offer on the table that they have a good indication PIs won't accept to force the business into administration and then offload the mine to their mates at Vitol. During the conference call I don't think this was mentioned once. RK seems to have a lot of kind words for them, which are lacking for us PIs. The fact JFJ has $400,000 invested indicates to me this must be worth much more to him. Honestly why governments are pouring millions of £$ into combating criminal activity across the 'dark web' is beyond me when these a**holes can tear you a new one in the cold light of day!
harpmandoodle
07 Jan 2015
It's also possible it's a windup via friendly journalist. Count nothing out when dealing with these people. Already had a suggestion on here that the articles contain a clause locking out investors. Don't believe a word of it. For the record Karstal, it's not a small group of long term shareholders, it includes mainly new shareholders too. Can't even tell the truth on that can you.
harpmandoodle
07 Jan 2015
Because it would be in administration. Admin means it works for the creditors only. Shareholders come last in the food chain. Shareholders get no vote in admin. Only hope is administrator holds out for a better offer.
buffetinwaiting
07 Jan 2015
if vitol buy the mine for $1 that would make our shares worthless surely this is not legal if we own 80% of the business how can someone buy it for $1
harpmandoodle
07 Jan 2015
That should get the blood boilng over on LSE!
harpmandoodle
07 Jan 2015
Is Vitol majority loan note holder? If so, they hold the cards.
harpmandoodle
07 Jan 2015
Exactly my point. There's nothing for shareholders.
waddid
07 Jan 2015
buffetinwaiting - not sure it says that if in administration Vitol could buy the mine for $1!
waddid
07 Jan 2015
[link] - RK doesn't have much to say for us long termers. Hopefully some news be it bad/good shortly though.
harpmandoodle
07 Jan 2015
No news is bad news IMO. Probably negotiating a structured administration with investor. PIs will be excuded as shares will be worthless. Loan note holders have to agree and probably will.
buffetinwaiting
07 Jan 2015
mike190: if administrators were called in what could we excpect to see in the sp
