Friday 9 December 2016

Disaster for Churchill Mining

Disappointment in striking out ,their words not mine.
This has been a stitch up for Investors by ICSID and our own legals .Mr Quinlivan and his team have a lot to answer for .Obviously they were all shorting this share .
As Investors we have no choice ..... But to bite the bullet of dismal failure .
One thing for sure . It almost beggars belief that no-one thought to take pictures of the Regent or Mr Noor whilst they were all happy signing all the leases .
Perhaps a lesson for all current Miners .
www.politico.com/story/2013/01/autopen-barack-obama-10-facts-085720

Meaning for Us is a new coagulation and back to the waiting game .
Aortech , Pathfinder ,Cambium & Magellan remain as bright hopes for the future ,

Still retaining approximately £10K ,with Metro Baltic anticipated ;
Dividend of 5p re Metro Baltic is an interim payment and not the end of the case (As I think Steve suspects.). My view is this is the excess cash held over and I expect at least another 20p later ,maybe  more .When the case against the Management has concluded .
As this was circa 15p against the Advisors .I suspect 20p+ from the Management as a given . Time will tell if Mr Ronan Reid and his team are on the side of the Investor .
This case is still ongoing reading carefully this weeks accounts.

All in all a very bad week concludes with a smidgeon of hope for the future. Congratulations to Trinity Exploration holders ,a new start at 5p is great .The beginning of good things and a trend changer .

The market has continued it`s steady clamber upwards as you have been informed constantly by yours truly. 2400 is the next target S&P . Soon be there as the Christmas Rally seems to be with us.


       And May



4 comments:

  1. Hi bbr391- Re MET- Our Ronan is perhaps being pessimistic then when he says the 5 Euro cents (4.2p) for 2017 could be the final payment we get.

    The advisors have settled out of court but you are right in that MET are still after the former management- Metro Capital
    Management AS, Mart Habakuk, James Kenny Paul McGuinness, MG Capital Limited and McGuinness Invs OU so lets hope we get a fair amount from them too.

    Either way we obviously did the right thing in accepting 19p plus a cut of future legals rather than the final 20p offer in 9/14, so 23.2p so far and more to follow hopefully.

    Best wishes. Steve

    ReplyDelete
  2. Sounds like 5c and game over o me. That's OK if not the best possible outcome.

    "A settlement agreement was reached in June 2016 between the Company and its former
    investment advisers in relation to all disputes between them on the basis of there being no
    admission of liability, impropriety or wrongdoing by any party. The agreement is regarded by the
    Company as being in the best interests of shareholders, taking into consideration the potential
    cost and duration of the legal proceedings and an assessment of the potential outcome thereof.
    The settlement terms are the subject of confidentiality but the Board is happy to inform you that
    during 2017 the Company intends to make a further and possibly final distribution. It should be of
    the order of €0.05 per share"

    ReplyDelete
    Replies
    1. Hi britishb- I think bbr391 could be right- the adviser case is gone now but the case against the management is still live, looking further down the notes-

      Page 39- Metro Capital
      Management AS, Mart Habakuk, James Kenny Paul McGuinness, MG Capital Limited and
      McGuinness Investments OU.

      Ronan could have added this to his summary but the vote to keep the show on the road also implies the same ongoing pursuit.

      So its binary again but some hope of a further payment from these guys.

      Cheers.

      Steve

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    2. 2014 accounts

      "The board reached settlements with the Company's previous board and auditors that resulted in an aggregate cash payment of €3.5m (£2.925m)"

      2015 accounts

      "Focus for the near future is on maximising shareholder returns through litigation against the Company's former investment manager, advisers and related parties."

      "A settlement agreement was reached in June 2016 between the Company and its former investment advisers in relation to all disputes between them on the basis of there being no
      admission of liability, impropriety or wrongdoing by any party"

      You're both wrong. Everything is now settled by the looks and c. E 5c to come in 2017. Game pretty much over...

      Delete