test,test,test

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Re: test,test,test

Post by goooba769 on Wed Mar 06, 2013 5:03 am

Good luck with the questions and well done setting this up.
It's unfortunate we have come to this point but that's the AIM for you. Very much doubt we will see anything come back as Cyrus will likely take control of all the assets to cover the debt. Would be nice to see them auctioned off to get top money when gold is so high but in reality will it happen I doubt it.

Ill keep an eye in and see if anything changes. GLA

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MP4

Post by stuart143 on Wed Mar 06, 2013 4:10 am

Thanks for that just thought it strange about the datenow cleared up' It shows some stones for NH to meet up with someone considering the circumstances though good luck MP4. Will you be sending some selected questions before the meeting or just attend with everything. Thanks Again for this

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Nalunaq accounts

Post by Terry Firma on Wed Mar 06, 2013 3:31 am

Has anybody managed to get the accounts of Angel Mining (Gold) A/S ? as an aside, Arctic Mining Ltd's accounts are overdue from 30/11/2012, I see.
I think an interesting point to dig around is looking how the accounts of the Danish Public ltd company have been treated in comparison to ANGM PLC. I think that a key point for an action group to investigate is certain accounting treatments used by the BOD.....the operating costs, less revenue were capitalised as 'development costs'....this capitalisation was always strange.....was it legal ? Only for a provision of $10,805,000 for the impairment of the value of assets at Nalunaq Gold Mine, to be entered on last years accounts. This provision was entered by the BOD- why this amount and why at the time of the interims ? Is the provision in the Angel Mining (Gold) A/S accounts ? Was the value of the Nalunaq assett fairly reflected in last year's accounts ? Did they know in February 2012 that either the asset was overvalued, or that there would be another year of capitalisation ?
I am afraid that I think there is little hope for the PLC, without a legal challange to Cyrus taking over the subsidiaries.
It looks to me like a stitch-up.......Cyrus are the largest creditor, but have the charge against all assets. If the PLC can't pay the creditors then Cyrus loose their cash investment, but gain the Arctic Mining Ltd, Black Angel Mining A/S and Angel Mining Gold A/S........and the licences attached to them. This looks somewhat perfect timing for Cyrus- with the pillars at Nalunaq giving them a year of decent revenue.

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Re: test,test,test

Post by peted on Wed Mar 06, 2013 3:13 am

Hi Moneypenny & others in this unfortunate boat.

Great that this has been set up - I would love to be part of a meeting with Nick et al if this can be pulled off. I've held from Dec 2011 via TDW & 1st Direct nominees. 815,000 shares. The question has already been raised, how does this affect things?

The main threads are still on LSE until/if pulled?

Many thanks

peted

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WARNING

Post by wassatt on Wed Mar 06, 2013 3:05 am

If anyone received an email from me around lunch time today, do not open it...delete it straight away..........its spam and will start sending emials out to one and all.....hopefully I have cleared it, but delete anything with an attachment......

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Meeting

Post by Moneypenny on Wed Mar 06, 2013 2:35 am

Don’t read too much into the date. I can only meet Nick either the 13th or 20th March due to work commitments. The 20th was better for him.

Keep the questions coming and I’ll do my best to get them all answered. I have good time to prepare


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NH

Post by wassatt on Wed Mar 06, 2013 1:14 am

I have received this today, looks like Nick is doing the rounds with the same / similar responses........

I very much regret the recent events which have seen Angel Mining plc enter into administration. This is a new experience for me but I now know that the Administrator takes full responsibility for the affairs of the company, during the period of administration, and the directors have no effective powers or responsibilities, which is why we have not been able to make any public statement (RNS) since the appointment.



It is possible for companies to recover through administration and I know that the Administrator will explore recovery opportunities. I have undertaken to help in any way that I can.



The underlying business continues to operate and the team is now completely focussed on the generation of cash for the benefit of creditors.



Regards



Nick


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Jaf

Post by stuart143 on Wed Mar 06, 2013 1:12 am

Got you I think like you re money. As per creditors I certainly understand it as ALL monies being generated if any will go to the creditors at this time. So

Q Apart from Cyrus how much do we/did we owe to other creditors and have they all now been paid

Q If they have all been paid are all current revenues (minus operating costs) being paid to Cyrus on an interval agreed with Admin and what over what timescale will this continue

Q Have all key staff retained their positions during this time and are any likely to be leaving in the near term to the detriment of ongoing operations.

Big Zen posted a line of questions on LSE will see if he posts them here

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Stuart

Post by jaf1948 on Wed Mar 06, 2013 1:00 am

It was this line 'I take it that any income that the subsidiaries are currently earning may help pay creditors but is of no value to us' that I really wanting confirming. Personally, I have already assumed our money has gone.

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jaf

Post by stuart143 on Wed Mar 06, 2013 12:54 am

I think he answered it with that line
"
"Prospects for our future as shareholders are not good but we have not given up". So on the face of it implying effort to assist but I am unsure what type of plan would let us come back from this.

Also still a bit suspicious about the 20th as I think may know something we don't but credit to MP4 and her womanly ways if anybody can get him to speak she can

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Nick's resume lists him as a recover specialist

Post by Sorte_Engel on Wed Mar 06, 2013 12:45 am

I think he probably did know that the Administrators would take control.

Anyone in business would.

Well done eliciting some response.

It appears Cyrus may have been waiting for the optimum time to pounce and all the delays and bull**** from the company over the last 12 months, at least, afforded them the perfect opportunity just as pillars were about to be or being excavated.

'Encouraged' and 'assisted' right up to the point where they 'allowed' them to fail? Crying or Very sad


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Re: test,test,test

Post by Ahsoka Tano on Wed Mar 06, 2013 12:07 am

Cork will present a plan to the creditors, of which Cyrus will be able to amend and vote by themselves as they are the largest debt by some margin. Game over, simple as....... Unless.....

The only hope is Cryus are intending to get ings back on track and not screw over existing shareholders, and that he forced NH to involve administrators as he was not performing and the tax issue was the last straw etc.

The question to nick should be "why did Cryus want to involve Admin, and if you do not know exactly why, why did your solicitors advise doing so"

Also, Jaf, that is very worrying that Nick did not know that the BoD would lose control. is he mad?


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Re: test,test,test

Post by jaf1948 on Tue Mar 05, 2013 11:47 pm

I have just had two emails from Nick:

On 05/03/2013 12:07, Nick Hall wrote:

I very much regret the recent events which have seen Angel Mining plc enter into administration. This is a new experience for me but I now know that the Administrator takes full responsibility for the affairs of the company, during the period of administration, and the directors have no effective powers or responsibilities, which is why we have not been able to make any public statement (RNS) since the appointment.

It is possible for companies to recover through administration and I know that the Administrator will explore recovery opportunities. I have undertaken to help in any way that I can.

The underlying business continues to operate and the team is now completely focussed on the generation of cash for the benefit of creditors.

I then replied:

Since I and all other shareholders hold shares in the PLC, I take it that any income that the subsidiaries are currently earning may help pay creditors but is of no value to us, i.e. we have lost all our money. Can you please confirm that is true. Also, are you able to tell me who put us into administration - was it the Board or was it at Cyrus's request.

His reply was:

The board appointed the Administrator on the advice of our solicitors based on pressure from Cyrus.

Prospects for our future as shareholders are not good but we have not given up.


Note that he didn't answer my first question !


Last edited by jaf1948 on Wed Mar 06, 2013 12:27 am; edited 1 time in total

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Re: test,test,test

Post by Ahsoka Tano on Tue Mar 05, 2013 11:29 pm

maybe Cyrys insisted on administration as NH could not steer course? I want to know why, if NH was against Admin (and that was only reason Cyrus agreed to help on Tax issue) why he didn't pay tax and forgoe BAM %75. Assuming they have any money at all in the last 2 months of pours etc. if not, no wonder Cyrus wanted admin.

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MP4

Post by wassatt on Tue Mar 05, 2013 11:28 pm

Well done with the meeting. I will try and come up with sme questions ......

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MP4

Post by stuart143 on Tue Mar 05, 2013 10:08 pm

Good for you I.ve sent an email to make sure I have the right details.

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Meeting with Nick Hall

Post by Moneypenny on Tue Mar 05, 2013 10:02 pm

Dear All,

I have just spoken to Nick and he has agreed to meet me on 20th March. Please either post your questions on here or email me personally and i will compile a set of questions to put to Nick.

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PSP

Post by stuart143 on Tue Mar 05, 2013 9:47 pm

I've just posted it see if it stays

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meant to post this here

Post by stuart143 on Tue Mar 05, 2013 9:44 pm

Here's a thought if the mine NAL is now producing commercial pours and can be shown to do so on a monthly basis from hereon in then the business is surely viable to service debt etc can you imagine the administrators going to court in front of a judge to break up the business as they will have to justify their reasons for doing so.There are potential funders out there as confusion has found pension funds, Kores etc

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MP4

Post by stuart143 on Tue Mar 05, 2013 9:42 pm

Angel Mining plc
Nicholas Hall, Chief Executive Officer +44 (0) 7931 709 053

You can still get all their contact details from previous rns if anyone else wants to know

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Re: test,test,test

Post by P.S.P on Tue Mar 05, 2013 9:41 pm

Hi all,
Left a message last night on LSE, I asked would everyone attach MP4,s new forum at the end of their message on the BB and it has been taken off. I only mention this because people just looking in will not know the link to it or not know about the forum at all, see if you get the same response, i.e message gets taken off

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Numbers from replaced rns

Post by ExPronto on Tue Mar 05, 2013 9:38 pm

Hi,

Angel Mining plc
Nicholas Hall, Chief Executive Officer
Kevin McNair, Chief Financial Officer

07931 709 053
07900 690 908

Fox-Davies Capital (NOMAD & Broker)
Daniel Fox-Davies/Simon Leathers

0203 463 5000



Bishopsgate Communications Limited
Nick Rome

0207 562 3350

lse.co.uk/share-regulatory-news.asp?shareprice=ANGM&ArticleCode=0k2gc9iu&ArticleHeadline=Appointment_of_Administrator

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Contacting Nick

Post by Moneypenny on Tue Mar 05, 2013 9:24 pm

Hi Westsider,

I'm happy to approach him, see how he feels about meeting up with a representative for shareholders. I don't mind meeting him either, he is up in the Lincolnshire area, not that far from me.

Does anybody have Nicks mobile number, it's not on the website anymore?

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Investigate and increase public exposure

Post by Sorte_Engel on Tue Mar 05, 2013 7:41 pm

Does anyone know anyone who works at Private Eye or The Guardian?

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Re: test,test,test

Post by westsider on Tue Mar 05, 2013 7:08 pm

Hello Moneypenny,

I was at the last AGM and noticed you did have a bit of a connection with Nick, so I think your idea of a Q&A with him is an excellent way to start, and I would suggest that you be the one to approach him. I know geographically we may not all be able to come together but I for one would be willing to attend around the London area.

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Re: test,test,test

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