JJ99 reply to C/G

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J99 offering to CG

Post by Moneypenny on Fri Apr 12, 2013 8:38 am

"Thank you for your full and speedy reply to my last mail. Since we are approaching the 8 week mark, myself and some of the other shareholders in Angel Mining thought it best to more fully express our doubts about the running of the company prior to its demise.

By some accounts Angel Mining now appear to be in profitable production. As I stated previously, one would hope that the administrators do everything in their power to uphold their principal remit of nursing any ailing company back onto the road to recovery, wherever possible, but I would also add, to be acutely aware of the possibility of
malpractice in the events leading up to the demise of this particular company.

Suspicions were aroused due to several incidents over the life of the Nalunaq gold mine where poor decisions appear to have been made as to contingency planning, presumably backed by, or at least unopposed by, a board member who was also an employee of the main financial backing company. Oil was left to run out, cheap parts ordered which took an age to arrive and then were unfit for purpose, the same could be said for the latest mine manager who was unable to even access the mine due to a bad knee. Borrowings were also permitted to be utilised for development of access to the principal asset, Black Angel Mine, before the gold mine was anywhere near commercial production, in retrospect, a somewhat cavalier attitude to growing the business which would later court disaster. At best, these decisions could be seen as costly incompetence, at worst, a contrived
sabotage of the company, a clear case of moral hazard/conflict of interest, designed to hand the debt free assets over to the new entity.

In addition, shareholders were fed a succession of over-optimistic RNSs which resulted in a steady stream of investors, in the promised hope of future prosperity, culminating in ridiculous predictions of increased output in the run up to the end of 2012 . This ensured a buoyant share price on the back of which new share issues were often undertaken to dilute current holders. If the scenario of the subsidiary, Arctic Mining taking up where Angel Mining left off, minus the pesky creditors and shareholders who unwittingly bankrolled the development of the company's principal asset turns out to be true, then it is incredible that companies can be structured in a manner in which the unsuspecting are lured into what amounts to a corporate booby trap.

As I've said elsewhere, I can handle the whole outfit permanently going down the pan with everyone getting their fingers burned equally in the process, thereafter filing ANGM in the drawer marked "Plucky (if rather incompetent) Losers" but to be wiped out and then have to stand by and watch them continue debt-free in another guise after all the apparent 'bad luck' would I'm sure prove too much for me to bear stoically.

I trust that you will bear these things in mind as you strive to bring this situation back onto an even keel."

Moneypenny
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JJ99 reply to C/G

Post by SOVEREIGN on Fri Apr 12, 2013 7:19 am

Please make a point of visiting LSE ref J99 @17.57 today 11/04.
Thank you J for putting into words everything that most of us are feeling at present.
A fantastic effort .
THANK YOU on behalf of us all.

SOVEREIGN

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