Sunkar Share Discussion Threads

[danandrews] 14/8/2014 16:33

19 August 2014 at 11.00 a.m....Offer price is closed.

[one day soon1] 14/8/2014 16:06

Any news from the AGM????

[augustusgloop] 12/8/2014 21:26

that's because there has never been any trade.

So there isn't a price.

There are probably no MMs that hold it - so you would need a matched trade.

That means their brokers will hold a list of buyers and sellers and try to match them.

Don't hold your breath.

[danandrews] 12/8/2014 20:46

Does anyone know where to locate the share price price on the KASE, face value on the site appears 0.0!?

[the skipper] 12/8/2014 18:31

Bogey,

They are obliged to let shareholders have a reasonable opportunity to ask questions, so I would be going along to vent my spleen were I not committed to other things.

Would be grateful for any feedback that you can provide, should you make it to the meeting. It would be wise to get a letter of representation from your broker to ensure that you gain access though and maybe trying to record the Q&A to use as evidence against the cheating scumbags, although I guess they will have lawyers there to ensure they don't incriminate themselves.

[augustusgloop] 12/8/2014 16:47

I didn't mean that the people would all be in KAZ (which they will).
I meant that any meetings would be in KAZ - and the language would not be in English.

I wouldn't be surprised if any letters to shareholders are also in either Kazakh or Russian

[bogeybazaar] 12/8/2014 15:14

"After this, they will all be in Kazakhstan" - what about that non exec de Chezelles - I was hoping maybe he'd still be there to play the white man - or has he gone native too?

[bogeybazaar] 12/8/2014 15:06

I have just this minute spoken to Capita the registrars and they confirm that the AGM is going ahead. However, it seems there are only really 4 resolutions on the agenda, and as Ordinary written resolutions they only require 50%+ voting strength to be passed so that clearly would be a mere formality. I'm not familiar with plc company meetings so I don't know whether they have to tolerate any other business or whether the meeting could be declared opened, votes passed on the nod then meeting closed in about 5 minutes flat. I wouldn't waste my time and money going to London just for that. But there doesn't seem much scope for any dissenting PIs to achieve anything on a mere show of hands. Any contrary views out there eg as to whether the meeting would be likely to allow shareholders some time to let off a bit of steam?

[augustusgloop] 12/8/2014 14:52

Let us know if they turn up.

50:50 if they will bother.

After this, they will all be in Kazakhstan.

[danandrews] 12/8/2014 14:16

I assume it is, and as such will be attending.

[hereford29] 11/8/2014 17:35

is the AGM still happening? I thought as it isn't AIM listed any more, it won't go ahead? Can we still vote? Do they still have a London registered office?

[danandrews] 11/8/2014 17:19

So assuming 90% is not reached...who is coming to the AGM?

[mike1962] 11/8/2014 17:00

What is the point in wasting time and money trying [failing]to take SKR to court.

My reply from the FCA was short and sweet "GO AWAY" and dont waste our time.

The scam has taken place and sadly we have all been mugged !!!!

[augustusgloop] 11/8/2014 12:58

dan - not a chance!

Have you ever heard of such a case?

Commercial fraud trials cost maga-bucks and proving guilt is almost impossible without access to the books.

You don't get access to the books until you first prove guilt.

And that is for companies sited in the uk.

If you think that you could persuade a UK law firm to prosecute a Kaz company in Kazakstan at their own expense then you are deluded.

And any prosecution in the UK would be useless because they would just ignore it.

This is what you are up against if you start suing these Kaz companies



You need very deep pockets.
The judiciary and the politicians are all in the pay of the local conmen.

[danandrews] 11/8/2014 11:55

I'm sure you could find a firm which offered a no win, no fee option. After all were they successful this would be rather lucrative for them.

[bogeybazaar] 11/8/2014 10:04

Quite. To be realistic, I suspect many remaining here have already lost so much that they would be unwilling to throw any more away on even small preliminary steps towards possible litigation.

Let's say, in round figures, that based on the offer price there's now just £1.2 million worth of disgruntled PIs left. To fund the start of legal action would take 8-10% of that sum. And that percentage, I would guess, is probably the limit of how much those PIs would be prepared to throw in the pot towards a fighting fund.

I may be typical of many small PIs - invested £6k and now looking at an offer value of just £500, so yes, I'd consider putting £50 or so into the pot. Not much left to lose, but still loathe to throw all the rest away on one throw of the dice and for what? A few hours' worth of a junior solicitor's time in London EC, a Counsel's opinion and still no real progress?

[augustusgloop] 11/8/2014 09:23

You would probably need at least £100,000 just to initiate the legal action.

And multiples of that to push it through the courts.

[one day soon1] 11/8/2014 06:03

bogey, Yes I am serious about legal action. I don't see any point in attending the AGM and kicking off! Would probably just be hauled off by their private security!...

[bogeybazaar] 10/8/2014 21:02

Are you serious about legal action, or is that just angry bluster, one day? Will you make the AGM and kick off there?

I'm afraid I can't see any reason why SAPC would bother to increase their offer to us remaining PIs this week. They've all but effective total control over the company's destiny already.

It would be lovely for a big league player like BHP or Xstrata to come to our rescue this week by making Mynbayev, who's presumably only really interested in money rather than fertiliser, an offer for the whole shebang that he just couldn't refuse, but that's only in my dreams.

[one day soon1] 10/8/2014 19:11

Ok lets see if we have a better offer this week otherwise its court time.
They can`t get away with it.

[bogeybazaar] 10/8/2014 16:01

hereford

Good article - which bears out what I always suspected viz IPO of SKR was on the back of a price bubble that burst, other countries viz Morocco by a country mile, already have production and shipping well organised, and that dark horse Saudi is set to outstrip anything SKR's SUC could promise, and lining up for production in less than a couple of years. Even if SKR were chugging along nicely with decent sales already under its belt it's hard to see it would be anything but a minnow in the world market for years to come without massive additional capex.

[hereford29] 10/8/2014 15:35

Read this! It would appear fundamentals of the investment are sound. The problem is execution.

Financial Times Sun Aug 10 06:11:58
Subject: Phosphate rivals gold in doomsday dividends

FT.com News alerts


Sunday Aug 10 2014
All times are London time

-----
Keyword(s): potash
Frequency: Immediately
-----
Phosphate rivals gold in doomsday dividends
August 10, 5:56am
The blunt criticism of gold as the classic bunker asset - that after all you cannot eat it - could never be made against phosphate. No one can eat without phosphate.
Read more >>



Links not working? Try to copy and paste the full URL into your web browser.

[bogeybazaar] 10/8/2014 15:28

I see Teck Soon Kong is in fact the one director who is up for reelection. Does anyone know what, as Chairman, he is supposed to have done, and whether he has in any way fulfilled his brief? Looks like a bit of an idle old freeloader to me, but I'm willing to be persuaded otherwise.

[bogeybazaar] 10/8/2014 15:24

Hereford

Re-election / sacking of BoD isn't on the agenda. I don't think a minority in a 90% subsidiary company could force this on a show of hands, but I'd like to stand corrected?

Augustus

You may of course be correct in all this, but I doubt that deeper investigation is possible. The Mynbayevs, Damitovs and Utjegens of that world are probably sons of inner circle clans who were rich and influential back in the USSR days, and for whom these post-communist days are just an easy money-making breeze. Their potted CVs do suggest there is a fuzzy overlap between their 'business' and public-sector careers.

[augustusgloop] 10/8/2014 14:09

bogey

It is always difficult to prove dishonesty rather than incompetence in sales predictions.

What is different here is that they on numerous occasions claimed to have orders.
Then those orders vanished.

They claimed to have orders from certain regions then later claimed that they needed permission to sell their product into those regions.

The point is that SAPC and the group that brought this to market, greatly benefited from those claims. [By the 120p price of the IPO and the share price at the time that they sold the rest of their shares into an optimistic market.]

My view is that if the guys making the predictions made a huge amount of money from the effects of those wrong predictions. Dishonesty is much more likely than incompetence.

I take the view that genuinely incompetent people do not get to run these companies.
When a group of people attain positions of power and wealth - it seems a bit naïve to call the behaviour that achieved this 'incompetent'.