Mineral Sec Share Discussion Threads

[marky4] 07/2/2011 13:20

Lady Loretta now fully owned by XStrata, not sure if any of the other assets have come good since this company went under.

[nutt] 22/12/2008 03:45

Thanks clearsoup,we can but try.

[clearsoup] 21/12/2008 11:57

CUO Shareholders action group now representing over 10m shares. Well organised and well resourced activists. For more info see HotCopper thread, where the group is co-ordinated by "Monkeybusiness".

[clearsoup] 11/12/2008 18:31

? White knight

[mr.oz] 09/12/2008 20:17

they had (have) very large % of Tianshan. (+25%) Someone maybe going to get their hands on a large chunk of an interesting company IMO. May trigger T.O.

[skanjete2] 09/12/2008 13:47

thanks a lot for the responses!

[djalan] 09/12/2008 13:32

Nutt
All above from Hot copper

No mention of Crespigny

good luck

[nutt] 09/12/2008 13:26

Thanks djalan any help on this one is appreciated

[djalan] 09/12/2008 13:24

From HC

"Fair enough. All that I have read on Copperco is puzzling indeed. Basically management has without warning tossed the towel in and handed our key assets to the mercy of the receivers. We shareholders need to make it clear that if deals have been done to the detriment of shareholders we will go after them with the full force of the law. Individually we cant do much but as a group we would have more serious clout and if needs be a small contribution each could raise a significant amount to fight our cause with high level representation.

The strange events have been reported by media,financial analysts and others. However, we the shareholders (owners of the company) are in the dark as to what is actually occurring, what has actually led to this situation. I have seen other situations where management simply call administration, they get there payouts and allow the company to be flogged off at firesale prices and shareholders are left with nothing. It is our own fault if we allow that to happen. If it is a situation where a management is that negligent that they call administration without conveying any problems to shareholders then they need to be held personally liable and we need to be regarded as the companies creditors and also go after the assets of any negligent management.

Many shareholders have already contacted poster monkeybusiness who has set the ball rolling in looking after shareholders interests. I encourage all shareholders to communicate with monkeybusiness as growing numbers will increase shareholder clout. ARE WE GOING TO ALLOW COPPERCO WITH ITS VALUABLE ASSETS TO BE TAKEN FROM US BECAUSE SOMEONE COULD NOT GET THEIR ACT TOGETHER?"

[djalan] 09/12/2008 12:58

From HC

"QUEENSLAND copper miner CopperCo fell into administration due to its inability to reimburse Swiss commodities trader Glencore after a plunge in the copper price, rather than a looming $US45 million ($60 million) debt repayment to Macquarie Bank.

The receiver appointed by Macquarie, Darren Weaver, of Ferrier Hodgson, said yesterday CopperCo's board took the decision to appoint an administrator after it was left with too little working capital to survive.

Rival miner Matrix Metals - a higher-cost producer - entered administration for the same reason last month.

"There were provisional pricing issues and also a requirement for additional working capital to meet the costs of [CopperCo's mine] expansion," Mr Weaver told the Herald. "The mine is operating as normal under our control as receivers and managers.""

[djalan] 09/12/2008 12:54

From HC

9/12/08

Analyst wants CopperCo probe
9th December 2008, 7:30 WST

Research house Fat Prophets has called on regulators to investigate the collapse of CopperCo two weeks ago, describing the failure as "diabolical".

Fat Prophets resources analyst Gavin Wendt says the sudden collapse of the Perth-based producer has raised questions over its disclosure to investors and a late flurry of trading in its shares in the days before it went into a trading halt.

The collapse of CopperCo, chaired by Keith Liddell, has been blamed on its failure to refinance $45 million due to Macquarie Bank. The debt was inherited in the merger with Mineral Securities three months ago.

Mr Wendt told subscribers to Fat Prophets' latest mining report that CopperCo had never cited the refinancing as a concern. "The situation with respect to CopperCo, which right up until the end was trumpeting its robust financial position and seemingly no mention of its debt position, has us perplexed, angered and continuing to ask many questions of both the company and market regulators," he said.

CopperCo completed the merger with MinSec in September. A refinancing deal fell through at the last minute, prompting directors to call in voluntary administrators from McGrath Nicol on November 27.

Macquarie then appointed receivers and managers from Ferrier Hodgson to safeguard its $135 million total exposure.

The merged group's assets include major stakes in Niplats, Corvette Resources, Platmin and Tianshan Goldfields.

Mr Wendt said the Australian Securities Exchange and the Australian Securities & Investments Commission needed to have a close look at the company, including "highly irregular movements in its share price".

Shareholder casualties of the collapse include company promoter Tony Barton, Queensland mining magnate Nathan Tinkler and east coast boutique investment bank Lazard Carnegie Wylie.

[nutt] 08/12/2008 17:13

Skanjete.All is prop lost but want to make sure directors also suffered.they are talking about class action on HotCopper site (well worth alook).I also think the assets of Company might be sold for more than is owed.The more of us share holders involve the better.I think my children could of kept the company going atleast till the end of this month when money was due ,which is rather strange,heres hoping.

[skanjete2] 08/12/2008 12:55

Nutt,

Could you elaborate a little more on the subject (action), please? Does it mean that not all is lost?

[nutt] 06/12/2008 14:54

There is a possible action being taken on this,if more details are need ...Let me know or go to Hot Copper Australia.

[pillion] 03/12/2008 13:38

.............Shares in CopperCo have fallen from a high of $1.24 in 2007 to 5c when trading was suspended last Thursday.............

[pillion] 03/12/2008 13:34

CS LOL !!!!

Crespo's been missing for a while

Did he get out ???

[clearsoup] 02/12/2008 19:43

Coming soon:'Fourth Time Lucky with Crespo'. Do we have long to wait?

[dogdig] 02/12/2008 17:16

Administrators appointed for Copperco 26/11/2008 - shares suspended.

Ah well, that's it!

:( :(

[dogdig] 09/11/2008 13:59

And mine have converted into next to worthless - holding valued at £1000 when Scarborough Mins now worth about £7 in Copperco - and the latter are changing names I gather. Hmmm!

[clearsoup] 05/11/2008 11:49

The LSE:MXX i held through BSL have morphed into CUO registered in my name at ComputerShare (I think that's what they are called) in Australia.

[rhiannon] 05/11/2008 10:57

WHAT IS THE LATEST Re shareholding in what and where and share certificate if any?????????