Angel Mining Share Discussion Threads

[badhshah] 01/3/2013 13:48

We will get a positive update soon. This company will survive.

[sleveen] 01/3/2013 12:53

Yoo need a stop loss and stick to it....with the expensive benefit of hindsight.

[gibrewog] 01/3/2013 12:50

Au Digger - Like you I was also invested in both Oystertec and Angel Miining and took a fairly heavy hit in both. Let's hope we don't have any other shares in common that go the same way. The trouble is with these companies, unfortunately you tend to really get wrapped up in the company and can see the potential but the management rarely deliver.
That's obviously the nature of AIM stocks and the high risk.
It really was a shame with Angel Mining as the potential is still there, but bad luck and bad management seem to have won the day.
I don't know what is going on behind the scenes, but I cannot understand why we as shareholders haven't had an RNS updating us all of the current situation.

[12bn] 01/3/2013 12:27

Badhshah,I am afraid administration means the assets are sold to pay the creditors,the game here is over.Whatever you had invested here has gone,forever.I hope that you didn't lose too much.

[mds2028] 01/3/2013 12:22

I like your optimism Badhshah, but what makes you think that is the case since we are now in administration

[badhshah] 01/3/2013 09:11

My belief is that it will remain under administration for sometime until finance is in good shape. I do not believe for one moment that game is over. This game is played to save bam from syrus. Be patient for next few days/ weeks/ even months.

[audigger] 01/3/2013 08:58

I feared that Cyrus wouldn't come to the rescue as some had believed due to the shambles that was ANGM management. Why would they chuck more good money down the drain. My last hit due to an AIM company going in to adminstration was Oystertec for those that remember that debacle! ANGM wasn't as financially painful but serves as a reminder that this kind of investment is risky.

[pwhite73] 01/3/2013 07:59

As there has been no RNS yet most are not even aware hence the empty thread since the appointment of administrators.

12bn/gb234 just like your ever changing avatars you really are complete two faced hypocritical lying dog.

[fludde] 01/3/2013 07:48

Everything else remains assets of the company and will be sold to raise funds for creditors if an operational deal is not forthcoming. Creditors, not shareholders may get some of their money back.

[pwhite73] 28/2/2013 22:51

It is only the PLC that has gone into administration meaning the part of the company for which you held shares in. Everything else remains intact.

[tunnelking] 28/2/2013 19:55

Cost me 40k,hard lesson learnt

[ernest hemmingway] 28/2/2013 17:55

Another share where you let others think you knew what you were talking about, as the share plunged all the way down, till you cut at 0.5p.

You are a disgrace, a clueless buffoon who will cost a lot of naive people on these threads a lot of hard earned money.

[12bn] 28/2/2013 16:48

I am sorry for you holders here,I didn't think Cyrus would have let ANGM actually go under.What confuses me is how the administration doesn't include Arctic Mining,Angel Mining and Black Angel mining.BAM and Nalunaq were the main assets so have they been just taken away from shareholders and the equipment given to the administrators.It stinks if that is the case.

[cufes2] 28/2/2013 16:39

No problem . . . it's a shame moreforus didn't post it on here considering how much time he used to spend posting on here . . .

[mrphil] 28/2/2013 16:21

CuFeS2 - thanks for that, I see it's now on their website. Glad I wrote this one off as soon as they were suspended as it doesn't look like we are likely to see anything back from our hard earned investments!

[cufes2] 28/2/2013 11:16

moreforus 28 Feb'13 - 11:02 - 220753 of 220778 0 0

ANGM

"Stephen Cork and Andrew Beckingham of Cork Gully LLP, 52 Brook Street, London W1K 5DS were appointed Joint Administrators of Angel Mining Plc (in Administration) ("the Company") on 27 February 2013 (High Court number 1198 of 2013).
The affairs, business and property of the Company are being managed by the Joint Administrators, who act as the agents of the Company and contract without personal liability.
The Administration appointment does not extend to the Company's subsidiaries, Arctic Mining Limited, Angel Mining (Gold) A/S and Black Angel Mining A/S, which continue to trade under the control of their directors.
Stephen Cork and Andrew Beckingham are both licensed to act as insolvency practitioners in the United Kingdom by the Institute of Chartered Accountants in England and Wales."

[12bn] 28/2/2013 09:20

Yes MRPHIL we should.Goooba I am well aware that ANGM cannot do a consolidation without increasing the share price to over 1p or reducing the nominal value,which would need shareholder approval.ANGM will have to raise cash somehow, as part of a survival deal with Cyrus and one way or another existing shareholders will be diluted massively imo.Cyrus will get 75% of Arctic Mining for some of the debt aswell,imo.

[mrphil] 28/2/2013 09:11

"On 19 February 2013, the Company filed a new notice of intention which effectively extends the period of protection for another five business days, until 26 February 2013."

Should we not have heard something?

[goooba769] 25/2/2013 08:11

Pwhite wouldn't that effectively mean administration in which case the licences revert back to Greenland? Cyrus would struggle to get their money back.

I believe the suspension issue is dealt with as the creditors seem to have signed up to a repayment plan.

The big question is what do Cyrus really want. If they get 75% of BAM for some debt write down ANGM still lives on. You can bet that Nick will be doing everything to keep this going so he can keep getting his nice wage.

This will live on but it depends what Cyrus plan to do.

12b at the current share price consolidation is a non starter they need to build the share price up above the nominal value.

Cyrus will take a chunk of BAM for some debt write down, mine will become commercial, poss JV, Nuna report out extending mine life, share price will be driven up over the months and then a possible consolidation.

[12bn] 25/2/2013 06:50

PW,my initial thought was that angm would do a consolidation of say 50:1 and would then do Socius/Seda tap like re-financing but there seems no time left for that, so maybe they may do a big discounted fund raising at 0.2p/0.3p.I would be surprised if ANGM went straight into administration as Cyrus would get little of their $30m debt back.

[pwhite73] 24/2/2013 14:22

An agreement with the principal creditors is no guarantee the shares will ever return from suspension. Given the company's parlous financial state and the need to refinance yet again the company may decide there is no intrinsic value left in the ordinary shares.

It is impossible to see how they are ever going to raise capital again on the markets and coupled with the cost of maintaining a listing the company may decide to cancel the shares. With Cyrus controlling 70% of the votes this will be no problem.

[jaf1948] 22/2/2013 08:04

Wonderful post. That says it all.