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ANGM Angel Mining

0.535
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Angel Mining LSE:ANGM London Ordinary Share GB0009348862 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.535 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Angel Mining Share Discussion Threads

Showing 63151 to 63167 of 63250 messages
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DateSubjectAuthorDiscuss
10/5/2013
09:13
Notice of result of meeting of Creditors
Posted on May 10, 2013

Stephen Cork and Andrew Beckingham were appointed Joint Administrators of Angel Mining Plc (in Administration) on 27 February 2013.

A copy of the Notice of result of meeting of Creditors is available to download
here:

wow400
08/5/2013
10:24
Anyone wanting to recoup their losses can do a lot worse than investing in TPL. Recently partnered by chinese and french majors CNOC & TOTAL and waiting for a $60,000,000 cash windfall from these two complanies to compensate for money already spent on its exploration costs. Announcement due prob next week. They will be debt free and already producing oil. Forget the cowboy firms of RRL RMP NEW XTR. This is a genuine company that is going places. Don't believe me, take a look for yourselves!
grahamytrain
30/4/2013
12:38
Like i said months ago. Nick Hall couldnt tie his own shoe laces. Sold at a big loss but at least i got out before i lost the lot.

Regards and Sorry for those in at the end.

wilba
24/4/2013
07:06
Well that makes grim reading. It appears the only glimmer of hope has now faded!
audigger
24/4/2013
07:04
Looks like the Administrators will at least make a pile of money out of Angel. Finally someone wins ;o)
fludde
23/4/2013
22:14
Thanks wow!
ljsquash
23/4/2013
16:11
Angel Mining PLC : Shareholder Update
04/23/2013| 12:06pm US/Eastern

ANGEL MINING PLC

("Angel Mining" or the "Company")

Shareholders Update

Angel Mining plc, the Greenland-focused mining and exploration company, provides shareholders with the following update:

Further to the announcement on 11 February 2013 the previous extension to the notice of intention to appoint an administrator expired yesterday, 20 February 2013. 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.

Once again, should no agreement be reached with creditors before the expiry of this period, the appointment of the administrator would require action to be taken on the part of either the directors or the creditors.

Negotiations with the companies' principal trading creditors are on-going and formal agreements are now in place. The Company also continues to work with Cyrus Capital Partners LP to explore financing and restructuring options.

Suspension from Trading on AIM

Shares in the Company will continue to be suspended from trading on AIM until further notice.

Further updates will be provided to shareholders as soon as possible.

wow400
05/4/2013
07:21
NH achieved what he set out to achieve which was to sell the ANGM story to Joe PI until the story could be sold no more. It is only because they cannot raise anymore PI funds that the PLC has now collapsed.

Gold in the frozen wastes of the North Pole is as fantastical today as it was when I first visited this thread. Shame it has taken so many so long to realise this.

pwhite73
02/4/2013
09:57
where this all went wrong was several years ago when robin left and they decided to try to bring BAM into production. angus & ross/ angel should never have attempted to become a producer. they should have done some more exploration at bam, proved up the asset and then sold it.
lfc4ever
02/4/2013
08:12
Agreed Beth,
at the end of the day NH has to assume the lions share of any blame as he is the head of ANGM.
Corporate responsibility?!

wow400
31/3/2013
17:07
Post (43635).....in a nutshell NH's hands are clean and not responsible for current scenario - if only!

NH had been clearly at fault, why? He was not qualified for the job and too reliant of his "subordinates" for reports or opinions for all the series and repetitions of "issues" arising. If he couldn't be in Greenland most of the time to oversee a "troubled" mine he should have resigned and/or take another post elsewhere like his colleague did.

Now he is blaming Cyrus. Imo Cyrus was using NH's "qualities" to precipitate current scenario. For instance, despite not achieving a breakeven at any time massive capex was spent on Bam every month, what for, especially with the resignation of the then mine engineer? Surely NH would have known the new mine engineer has a mobility issue and not suitable for the task in hand before hiring him - any competent Ceo would have.

Lets hope he redeems himself with a return for shareholders post administration eventually. Otherwise he is as guilty as Cyrus in "corporate" misappropriation from shareholders.

beth21
29/3/2013
14:11
Thanks Wow.
ljsquash
29/3/2013
08:23
Reposted with thanks from Moneypenny re the meeting with NH recently:


Meeting with Nick Hall 20th March 2013

RNS – Oct 2012. Announcement of a delay on delivery of fuel, only one single pour of October due to these consequences an additional $2m from Cyrus – all outstanding existing loans from 31 Dec to 15 Feb 13. The total $30.4m plus accrued interest. Cyrus ANGM must pay $ 3.8m on 15th Feb or they will require 75% of Arctic Mining – owns share capital of Black Angel mining. What happened?

Nick: A formal contract was agreed with Cyrus, we had no choice. If we had been mining the pillars we would have been able to meet the debt (we had not started mining the pillars at that point). We did not sign that agreement without an understanding we could meet the permit conditions. Their insistence to have a notion of 75% of Black Angel for a £1 was nonsense. That would mean having the finance for Black Angel totally impossible, I could not go out and raise the money and say I only have 25% of BAM, and Cyrus were not prepare to put in 75% of the funding

Did they make that clear? No not really, I knew why Cyrus wanted to benefit from Black Angel, but they didn't want to put the money in, otherwise they would have done so. I had a meeting with them and MRI last July, where basically I put the proposition for Black Angel forward. I was looking for them for a 3rd of the funding because I got a basic understanding from our broker we could get the rest in a form of a bond and the rest from equity and I thought it needed the collateral from Cyrus and or MRI (company that has the offset agreement) MRI were up for it but they wanted 2 things, a resource statement , we have a lot of geological data before JORC had been invented, ( MRI were happy to accept a report based on the data) so we have an understanding on what the resource was there, but it doesn't comply precisely with JORC. Second thing they wanted was a financial program to show the project was viable at the then prevailing commodity price. At the time of the meeting zinc was $1800 and at that point the project just about breaks even. We all believed this was achievable but it was all based that Zinc price would not stay where it was. A well respected forecaster suggested in a couple of years time Zinc will be 4000oz. The project is viable at 2000oz. One day it will make Black Angel a huge cash generative company, it will make the investment by Cyrus and everybody else relatively small beer. The only way Cyrus can get their money back is and investors can really prosper if the company comes out of administration and Black Angel project succeeds.

Why did the financial plan fail to pay off $3.8m to Cyrus? The situation that became the last straw was the first pour in January, it was more than disappointing, we got 5.5kg and it was suppose to have been over 16kg. The samples that we were taking off the feed into the mill was that the grade had got very low (coming from lower end of the upper mountain block) The Geologist was saying this is high grade material, he didn't believe it was low grade as the laboratory was saying. He said "there is an error here, either they are not taking the samples or processing it properly, I can tell you that this is high grade" so we continued mining it, but the Geologist at the end of the day was wrong the laboratory had been right. A very bad mistake so consequently the cash was a lot less in January than originally planned.

Apart from our commitment from Cyrus it meant that we had a problem with the tax authorities (not prepared to say the amount) . 3 elements, 1st the regular December payroll, 2nd unpaid taxes 2011 (which we were paying off in instalments) and 3rd holiday pay 12½ %(Greenland law) We didn't quite have enough cash, we could pay 80% and the balance a week later (we still had money coming from the December pour)). Kevin McNair had a good friendship with a chap within the tax authority who agreed this would be ok to do. At 4pm on the Friday the boss at the tax authority said "no it's no good, if you don't have the cash in the bank by Monday morning we will commence proceedings to wind up the company" We contacted Cyrus , they said we can't allow that to happen and to appoint an administrator to prevent the tax authority from being able to get that through the court. I contacted the minister and the lawyer and over the weekend managed to get an agreement with the tax authority, they would post a meeting of creditors that took place on 30th January(about 2 weeks later) Cyrus and myself flew out to Greenland. Along with the General Manager from Nalunaq ,we put together a recovery program to the Tax Authority and they all agreed. Cyrus agreed to back the plan with a drawdown facility so that even if we had a problem with the weather or whatever, there would still be the money there committed. But as part of the overall plan, the creditors were perplexing that money would only be used to operate the mine and generating cash, no money would be used for running the Parent Company, for example; paying the stock broker, stock exchange fees etc. Ours lawyers said under the circumstance to protect ourselves as directors they recommended we file for notice of intention for appointed firm , we had to suspend trading in our shares and the administrator were appointed.

Cyrus are supporting the recovery plan (a standstill agreement), at present everyone is focused on operating the mine and generating cash. What is going to happen next I don't know? All sorts of things are possible but it would be dangerous and foolish for me to speculate. I am not getting paid anything by Angel Mining, Arctic Mining or anyone else, I'm still the director of Angel Mining. Everything is effectively being run by the administrator, so I no longer have any authority as a director but I still have responsibility, which is an odd situation to be in. I could resign, our chairman Frank Chapman decided to go, he felt there was no more he could contribute. As far as I'm concerned I have never been in this position before but I felt that I should continue as director of all of the companies, even though I am not getting paid so that if any opportunities arise where I can do something that is in the best interest for creditors, employees or shareholders then I could do it. I'm fairly impotent at present but I am doing what I can. The operations are being managed by Peter Connolly, we have a new CFO Nick Dove who has taken over Kevin McNair who has been made redundant, those guys are reporting directly to the administrator.

Did you managed to pay anything back to Cyrus? Everything got taken over in the end by the situation. Apart from the Geologist, there was also a delay in the approval that just got very silly. The Pillar mining only started in February, the mountain block first pour in January was very poor, once they realised they were mining rubbish they quickly switched to high grade still in the mountain block. The pillar mining was signed off earlier than February but we had a guy called Nigel Handley who was head of mining but he quit in early December (personal reasons) . If Nigel had stayed we would have mined the pillars a lot quicker. We then recruited another guy but basically he was not up to the job, so we lost time, we thought we had a really good guy. When he got there he had a really bad knee and couldn't get into the mine, how can you have someone head of mining but couldn't go into the mine? We told him to go. We are now mining the pillars and its going really well.

There seems to be some gaps in your pours from October to January? It was not always appropriate to do a news release every time we have a pour, most companies do not do that. I don't mind people knowing what individual gold pours were. I don't quite know why they need to know? Probably because it gives an indication on the income coming in, as a shareholder it's a need for reassurance especially under the circumstances? I'm sorry I just don't remember those particular figures to hand but if the company comes out of administration I am happy to give those figures.
Angel Mining plc is the parent company to Arctic Mining Ltd. Black Angel Mining A/S and Angel Mining Gold A/S are Greenlandic Companies and they hold the licences, these companies are like shelf companies that happen to have the permits.
Why is all the activities channelled through Arctic Mining Ltd and not the Greenlandic Subsidiaries? The mineral development act requires the Greenlandic companies to have a maximum debt equity ratio of 2:1 so if you are going to develop that means raising funds from the parent company, if you were cascading it down that you would have to a 1/3 of it as equity 2/3 as debt. When you start generating cash you can pay you can pay the 2/3 loan back but you can't pay the equity back. You would end up with a large amount of money trapped. (although I do believe these laws may have changed now)

Why are the Arctic Mining accounts overdue? The Arctic Mining Ltd accounts were prepared and audited many months ago but we have been unable to pay the exorbitant audit fee in full and Deloittes were refusing to sign the accounts. A payment has now been made and they have now agreed to sign the accounts and I am informed that they will be filed at Companies House before the end of March.

The Arctic Mining website is currently being developed because we are still having to recruit employees, if they go to the Angel Mining website and it has a big administration notice, people will think should I be involved in the company? We still have to buy things off people and if your company doesn't have a website it doesn't look good. We got this up and running from day one as it was something we had to do. I was very concerned to get this done.

We did file notice of intention to appoint an administrator for both companies but the Arctic mining has no restrictions on how it may use funds generated from gold sales. Because it has an agreement with the creditors if doesn't need to have further protection, so it became unnecessary.

The licences cannot be sold on. A Joint venture would not be my decision, whatever you want to do you have to make an application to the BMP. The BMP are a regulatory body and they have their regulations, if they are not certain and it's a regulation they have never thought about they will have to put it to the minister , if the minister says I am unauthorised to make a decision it could end up with the Greenland Government deciding. There is no president. I am trying to help the Greenland Authority to make themselves more affective , and to do things to enable us the mining people to operate more affective. Has there ever been any interest in a joint venture? No, I personally think joint ventures are difficult, to bring in new money with the current tax laws right now unless we can change the law it's difficult to get joint ventures. We could have and may still have (if it all goes back) a JV with Nuna Minerals. I received the Nuna report in the first week in February, it was an encouraging report and they identified 3 areas where more work should be done. The administrators will have no interest in future development.

On the 22nd January you announced you were commercial, but still 25% below forecast? That's because we were still not mining the pillars based on the forecast. Since that date we have not received any more data, are we breaking even now? Nick: No we are much better than that.

You have finally got there and now the shareholders stand to lose everything? People have waited so long, been so patient and poured all their money into the company and now it's if you don't actually need us anymore? We have been shut out?

We don't know what will happen, I can't comment. Everybody was aware there was secure credit, and therefore with a secure creditor if you're in default they can do all sort of things that are obviously not going to be in the interest of shareholders.

28th of August the permit was received but with conditions. At the AGM you gave out the forecast many shareholders feel was irresponsible bearing in mind you didn't have the final ok? Misleading?
I suppose for the benefit of hindsight I wish I hadn't done it but you must appreciate that you can't run a Greenland operation in a different country. I went as often as I could but it would take me a week to just go there for a day. I had to rely on information, some had been better than others. At the time of the AGM I thought that I would share with shareholders the same information that I knew from what the guys in the mine tell me.

Surely the guys in the mine understood how the BMP works, they would probably have known there would be hold ups with BMP? With all past experiences they were going to have problems?

I think at the time when we got the permit and the conditions we thought there is nothing there we can't deal with, we really didn't anticipate there would be those kind of delays. With the Geologist also saying don't worry plenty more high grade in the mine, (who got it so wrong) Why did he get it so wrong? Because the deposits are difficult to grade, because it's so Nuggety( he did give a very detailed explanation)

It was a degree of confidence from YAGM to take shares below par value. How were they persuaded? They were not persuaded, YAGM said they would rather take shares, they wanted to have shares and reduce their debt , how could I say no? I think they are now the largest shareholder, (someone told me that was the case) This part of the conversation was a bit vague to me.

Last comments from Nick: If I had been Cyrus I would not have gone down this route. As much as I'd love to make a comment, I don't want to give the impression nothing is being done and nobody is concerned for shareholders, I am concerned and if I can do anything I will. I don't have as much influence as I may have had, I don't want to raise false hopes. I didn't expect to be in this position. I don't blame Cyrus as we have failed to deliver, we have had the support but there does come a time when people say enough is enough, unfortunately as a director of a company you don't know when that point will be until it happens, we have now hit the bucket. As it happens they are still saying carry on with it but taking it from here there is no clear thinking amongst them and if there is nobody is telling me.

wow400
24/3/2013
08:36
Induna,

Comments along the lines of 'This is a dog' and 'Nick Hall is a crook' do not count as foresight as far as I am concerned.

In a nutshell, as it is has been for the past two years, ANGM could only continue as long as it had Cyrus's support. Nobody, and I mean nobody (which includes Nick Hall), knew when (or if) that was going to be taken away. If that support were still there, ANGM would not be in administration now.

jaf1948
20/3/2013
13:30
Everybody is talking about hindsight but there were plently with foresight too. PWhite being one of the earliest. A lot of people took his stance as antagonistic and was duly hounded out by m4 and his slavish followers, but in the end he was spot on. Many here could see what was going to happen and there was plenty of opportunity to bail out. Stubbornly holding on is not a real investment strategy unfortunately.
induna123
20/3/2013
03:09
Waste of bandwidth!
99jeremiah
19/3/2013
12:42
Good post!
ljsquash
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