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I would guess that PUNO have even less money than CRND. Just a guess mind; happy to be proven wrong. I think there was also mention in one of the RNS' (after the ruling) that each party would be responsible for their own legal costs.
takechance1, Exactly! That was only part of the award. That's since also gone amazingly quiet............ Plus they were also awarded all Court Costs tbc (which over that many years could also amount to a sizeable award) Extract from RNS: Central Rand Gold wins dispute with Puno regarding funding call. · The Company's subsidiaries, CRGSA and CRGNV, awarded ZAR72,326,573 (approximately US$5,684,420). · The Company's subsidiaries, CRGSA and CRGNV, awarded all legal costs relating to the application, which is still to be determined as the Courts still need to tax the accounts. Why are the directors not pursuing collecting these Court Awards??? This would provide substantial working capital & would allow them to reduce debt.
Whilst I'm not happy with the recent RNS, see email to chairman, until I see what is on the table I will remain neutral to positive on this share. Yes, we owe some money, but... get the concentrator circuit working even at a 30% higher return than the 0.7gpt we have a viable business at 70% capacity of 45,000 tons per month. Its all about the timing and we are so very close to getting it right. DYOR
I wonder what ever happened to the $5.6m puno award?
We've been here before when mining rights were taken away, but it seems to me that the last four or five months they've been scraping around trying to come up with anything that might save us. I think the loss of the Chinese was probably the death knell. Everything since then has been the desperation of a drowning man trying to save himself. The non appearance of accounts, the cock up with the water figures, the absolute dearth of any operational news all point in one direction. I'll keep an eye on it as ever, but I don't believe in miracles and I'm not even sure we'll re-list.
Winston - I think it probably is the end - the likelihood is that our debt will get called in and assets will be stripped for next to nothing, leaving CRND as an AIM cash shell. I've been in and out of this share over the years and was lucky enough to be out pre-suspension. I truly hope LTHs the best for any returns on this, but I've been in several before (Sea Energy and IPSA immediately spring to mind) where assets have been sold off to pay off the debts and PIs get left high and dry. GLA, I really mean that.
Amazing how the financial position has gone from 'The Company's cash position still remains challenging' to 'the financial position of the Company nevertheless remains extremely serious' at the same time TCTA suddenly discover that their dipstick is in the wrong place & the mine water level is suddenly 40M higher overnight, you couldn't make this up......! Yet they were still confident enough of the future to agree a bonus scheme with miners for 6+ months in advance to end the strike. Not least that CRND appear to be deliberately withholding the release of any financial results and keeping PI's in the dark, whilst negotiations are on-going to set PI's for a fall!
Ive tick you up there as i agree with you, this company is about corrupt as they come . how they do get away with for so long, they have used dilution to weaken the share price,not coming to share holders and not releasing any real news. after that RNS will we get any real news this month???
At least Clinton got a **** out of it that's a sight more than us
It might well happen that the cash flush PIC steps in to bail this one out to save jobs or we become a takeover target for a bigger fish now that PUNO sorted.
I agree , liars . Spin the truth to make out we did not say this or that exactly .AIM gamble for you, take it and move on , is what is usually done . We are so far don't we the list of ppl Simon could give a monkeys about , it's not worth even them looking down. There is nothing I believe PI's can do . These guys know how to spin their web and words . Last time on AIM , it's too dodgy, what you read in the RNs does not translate into profit no matter how good the feedback appears. Really fghktf off with this today!
Yep. We've been taken for mugs. 'No cute deals.' it's the same as Clinton saying 'I did not have sex with that woman.' when they've got his semen all over her blouse. I don't believe them.
My personnel opinion is that with the old water level a mine inspection would have been made when the WL reached 180mbs to survey prior to the resumption of underground mining.Thus they would have been aware of the WL,I believe PIs are being set up not only for a disappiontment but also to be ripped off
Between the old water level and new there is a difference of about 40m and noboby at CRND was aware of the fact.any mine inspect would have disclosed this fact
i think the chinese guy who lent us the money will end up with this, i cant be bothered looking back but i would guess one of his companys has provided the concentator the BOD will let this go for next to nothing and all end up with a sweet pay off but no cute deals just when i thought it wa getting better lol
Terrible RNS. Terrible company. They've been incompetent or lying about the water levels. There is no real information about where we stand or when or if we start trading again. I was upbeat, but I'm no longer hopeful we will get anything back from here. There should be a legal imperative to supply us with real information about our financial situation, what we're making, what we're losing. But I'm not sure I could trust anything they tell us now anyway.
Yes a poor update with no real information other than the mine will likely be sold and they are setting us up for poor selling price.As for the water level with the previous water level figures it should have been clear to resume underground mining.Are they telling us that nobody went down the mine to verify the water level that is too much to believe the incompetence is unbelievable
Yes, that's what they said last time. I.e debts was being paid down suggesting the processing was generating a profit. Amazingly, the water levels are suddenly wrong & the tone RNS sounds more negative again in relation to companies financial position. No results / no share suspension lifted etc, etc
Lets see what happens next year . Back in the bottom drawer for now.
4 engineers coming in from China? At least there seems to be some movement now. Just how much debt do we have? Would we be able to negotiate a free carry if we had to sell? I thought we were using the proceeds from the tailings to pay down our debt - maybe it is just the interest. Hoping for some clarity with the report to see what has been going on.
Are they allowed to do deals without going to shareholders first? Surely the financial position of the company should be disclosed to us PI's? They were in the mire before Mr Wang paid for the concentrator unit-I am sure this would not have happened without them convincing Mr Wang it would be worth the outlay and the potential returns.
I bet while PI's suffer despite our investment in the company , when this goes off the radar completely management would have ensured they are taken care off handsomely. That's my definition of a cute deal !
So,the gist is – current management can’t make it work, the assets will be sold cheap to someone the management is in collaboration with and PIs are to be significantly diluted. I’ve been in from before the pre-50:1 consolidation of 2013 (bought @ 2.8p) and now 4 years later down to 0.4p, suspended and they’re about to go bust. Woeful performance losing 99.7% of value. The only positive I can take from CRND is that I can now better identify deceit.