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TRAF BOWOOD
13 Nov 2015
Building Something building here ahead of the interims. The nomad has a SP of 2p and the major shareholder with 80% may be looking for a RTO
MIRL zombynation
13 Nov 2015
Come back rns Minera IRL Limited Provides Corporate Update LIMA, PERU--(Marketwired - Nov. 13, 2015) - Minera IRL Limited ("Minera IRL" or the "Company"
(TSX:IRL)(AIM:MIRL)(BVLAC:MIRL) provides a further update regarding a number of issues which are facing the Company. Developments concerning Ollachea Community Comuneros (persons with voting privileges) from within the Ollachea community recently met with the Company and the Company's external community relations consultant in Lima. During this meeting the Comuneros informed the Company of their concern about the events which led up to the suspension of support for the Ollachea project from the President of the Ollachea community, as announced in a press release on August 17, 2015. Additionally, the Company understands that a community information meeting took place in Ollachea on 7 November at which this matter was discussed in front of representatives of Minera IRL SA (Minera IRL Ltd's 99.99% percent owned subsidiary in Peru) and the providers of the bridge loan, COFIDE. The Minera IRL Limited board (the "Board" is discussing these developments with the Company's community relations consultant and is awaiting detailed minutes of the meeting. The Board expects to be in a position to provide further information on community support for the Ollachea project next week. Extraordinary General Meeting ("EGM" of Minera IRL. S.A. In a press release on November 9th 2015 the Company, as 99.99% owner of Minera IRL S.A, announced that it had requested, through a letter that was delivered through notarized certification on October 27, 2015, that a shareholder EGM of Minera IRL S.A. be convened by no later than November 11, 2015, as required by Peruvian Corporations Law. A notice of the meeting has not been included in the Official Gazette, Diario "El Peruano" by November 11th 2015 as legally required. However, Minera IRL S.A. has issued a press release, unauthorized by the Company, stating that the EGM will be held on December 3rd 2015. This date, however, exceeds the maximum 15-day period established by Peruvian Law for the meeting to be held. The Company will immediately follow established Peruvian legal procedures to require that the EGM is held. Response to false media speculation concerning June 30, 2015 interim financial statements Certain media reports have suggested that the Board was in a position to issue June 30, 2015 interim financial statements in a timely manner, as Minera IRL S.A. had provided "the completed documents," but chose not to do so. These reports are false. Two of the critical issues the Company needed to consider in preparing its June 30, 2015 financial statements were the potential impairment of the carrying value in the balance sheet of the Corihuarmi mine, and an up to date estimate of environmental remediation costs and reclamation costs to be provided in the balance sheet in relation to the closure of the mine at the end of its life. The information necessary to address these and certain other issues was not included in the documents provided by the Company's Peruvian subsidiaries. Furthermore, due to the limitations imposed on the Company's Chief Operating Officer and Vice-President Administration and Finance in carrying out their duties in Peru, as reported in the press release on October 23, 2015, the Company is unable to complete its work on these two critical issues necessary to complete the preparation of the financial statements. During this time, Minera IRL SA commenced proceedings to dismiss four key employees, one of whom is the Minera IRL SA environmental manager who was working with the Company to determine closure costs for Corihuarmi mine. Legal Action The Board is aware of the requirements for all material information released by the Company and its subsidiaries to be not misleading, false or deceptive and to be notified via a Regulato
GBO JakNife
13 Nov 2015
Re: Who owns the subsidiaries? It is assumed that there is some value in the subsidiaries. Not a great deal of value but some value. That "value" will be returned by either the subs being sold or liquidated. The cash from such sale or liquidation will be returned to the holding company and used to repay the bank debt. If there is any money left over after that then it would go to shareholders. But it's already been indicated that there's no expectation of any money being left over and the suggestion appears to be that the banks will not get all of their money back either.
JRIC The Dutchman
13 Nov 2015
Re: Takeover offer at 72p They mention one, but also at 72p. Given that this is a property company I would expect bidders would carefully consider NAV and future cash flows so no all out bidding war is likley to develop, so I guess that this may top-out at 75-78 if we are lucky. Looking at my own, albeit small investment made in late 2012 the performance has lagged the FTSE 250, even after taking account of the strong income stream. I will be glad to be out, but finding something else witha safe and decent yield is difficult. Overall my 'japanese' investments have been dissapointing in staerling terms as gains have been offset by currency depreciation. Of course I should have bought into a hedged investment fund. cheers
QPP melrosian
13 Nov 2015
Re: Edison Research TopalovSometimes I agree to things because I am busy. You state:"The growth in NIHL claims was incredible and I don't believe sustainable, certainly not at 44% profit margin or whatever it was. Your 0.5 calculation is derived from the agreed 53,000 odd cases on the books at the time of sale. What do you think S& should have paid for this? This was based on a defined set of cases, not future cases therefore normal P?E ratios cannot possibly apply. "Fair questions. However on your "defined set of cases" point. SGH branding is "We are lawyers". I have repeatedly ridiculed the adequacy of the sale price of Hearing Loss claims ( At a PE Ratio of 0.5) Your conclusion only has an element of validity if SGH will not continue in the trade of "Industrial Injury Claim Lawyers". It may be exceedingly difficult to get banks to finance WIP on HL Claims as the Case to invoiced fees cycle is not well established. Frankly I have no better feel for how that will pan out than anyone else. SGH and QPP have a joint view on the cash outcome and have given us ballpark figs. However SGH have won a dominant position in the UK in this trade ( 44% Gross margin? economies of scale etc> and a stream of income which will stretch beyond the defined cases. That is worth a lot more than a forward PE of 0.5. That said I accept SGH will in all likelihood scale this element of their trade back by 20% or so to reduce capital tied up in working capital.A more sensible approach for QPP night have been to ditch HL claims on SGH at 15% of future net income and wipe out most of any strain on future cash flow. It could then have set about a company split to a measured timeframe while QPP shareholders continued to benefit from high 8 fig net profits after tax and interest . None of this would have happened with the former directors ( who ever admits they got it wrong) So we are left with a company where the family silver was sold in a firesale at a silly PE of around 4. Remember, post sale QPP only had £45M debt to pay down. Broadly 2 and a half months sales invoices . Invoices can be factored or discounted at a bank. So if HL had been sold on for , say firesale price of £10M and no share of future income, the remaining group could have reduced ts reliance upon bank funding to £10M - £15M. Could have all been done and dusted by now, clear strategy put in place ( We havent ever really had one) - some reliable prudent profitability projections - a small divy continuing - tiny gearing and a need to fund future "telematics data management businesses" ( well its s*xy so why not? ..especially with a future split/IPO option). All tidy and clear after a SP battering and in recovery mode. Better than 90P, smallness and a lot of uncertainty? Probably, but time will tell. Mel
HSTN theprior
13 Nov 2015
Re: Is it the exchange rate ? FW, have a look in the posts by Greyinvestor, there's a lot of background there. He's obviously researched this company more than most of us. His posts are generally very informative.I bought in here at about 77p and have therefore seen modest growth. Don't expect this share to fly. Just reinvest the divi and watch the organic growth. But expect it to take a few years to make significant money.If your looking to get rich quick perhaps you should look at tech or natural resources, both sectors are due for a rerate imvho.Regards, TP
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