Salt Lake Potash Share Discussion Threads

[kennyp52] 19/8/2023 16:29

I am guessing that there are already 7 people so I will just wait and see now.

[noirua] 17/8/2023 08:39

How do Class Actions work?


In Australia, Class Actions take place in the Federal Court and State Supreme Courts and there are three criteria that need to be met for proceedings to commence:

There must be 7 or more people claiming against the same person;
From the same, or similar, event/circumstances; and
The claim must relate to at least one common issue of law or fact.
Australian Class Actions work an opt-out model. This means that all people affected by the event or circumstance become members of the action whether they intended to or not. These group members are bound by the decision of the Court, or negotiated settlement, unless they opt-out of the proceedings before a date which is fixed by the Court.

[kennyp52] 08/8/2023 09:41

Just one big con ..

Commencement of sales process - Korda Mentha
10 March 2022


• Measured Mineral Resource for the Project has increased 108%, from 0.90 Mt of Potassium to
1.87 Mt of Potassium based on drainable porosity.
• Upgrade of Indicated Mineral Resource for the Project has increased 156% from 0.90 Mt of
Potassium to 2.30 Mt of Potassium based on drainable porosity.
SO4 has upgraded its JORC Code (2012) compliant Mineral Resource estimate for the project further.

[noirua] 08/8/2023 08:15

Removal from Official List:

essentialscutty
07/08/23
Post #: 69202093
Interesting to read today about Kalium going into Administration last Friday. The same AFR story noted CEFC $US47m loan to SO4 has been written down to $5.5m or 9c in the $. Looks likely secured lenders have taken a major haircut in approving the sale of SO4 to Sev.en. The class action may involve more than SHs?
[...]
www.australianresourcesandinvestment.com.au/2023/08/07/what-comes-next-for-kalium-lakes/

[kennyp52] 05/7/2023 19:57

Noirua .. you registered ? I said at the time that to have the auditors appointed as the receivers was a conflict of interest . All the way up to the suspension we were on the verge of production and a very highly profitable business. Then bang . So why has another group decided it is worth taking on and picked it up for next to nothing ? If the grades of the product are no good what are they going to do to magically turn it around ? It stinks to high heaven

[noirua] 03/7/2023 07:57

Registration for the class action is now open:

[easylikesundaymorning] 05/6/2023 16:55

Yes of course. I have given up all hope with it but I can't get rid of it in my trading 212 portfolio until it has all been resolved. I'm sick of looking at this disaster and for it ruining the portfolio gain.

[lookingforhelp] 31/5/2023 08:27

HMRC will recognise it as a tax loss.

[lookingforhelp] 31/5/2023 08:26

mate, just write it down to zero and move on.

[easylikesundaymorning] 31/5/2023 05:35

Any updates on what is going on? I'm so sick of having this company frozen in my portfolio! Just want it gone hopefully with some money returned?

[kennyp52] 23/3/2023 14:07

Who were the auditors .. ahh .. KPMG ... stinks to high heaven of cover up . Get them out of the way and lets see what happens.

[lookingforhelp] 22/3/2023 21:39

Let's do it.

[kennyp52] 22/3/2023 21:04

Shareholders going to be asked to punt some capital ? I’d rather sue the directors and auditors

[noirua] 21/3/2023 10:30

MicksterB
07/03/23
Post #: 66649369
Share
Hello heres the latest from KPMG putting the onus on KordaMentha for shareholders:
"We advise that at the reconvened second meeting of creditors of the Company (and subsidiaries) held 2 December 2022, a Deed of Company Arrangement (DOCA) was accepted by the creditors of the Company.

The DOCA was executed on 23 December 2022 and the terms of the DOCA were fully complied with and hence the DOCA effectuated on 5 January 2023.

As such we are no longer the Administrators of the Company and our role has converted to Trustees of the Salt Lake Potash Creditors’ Trust for the purpose of distributing a return to creditors (excluding shareholders).

Salt Lake Potash Limited currently remains subject to the appointment of Receivers and Managers from KordaMentha.

We understand that the Directors intend to work with Receivers and Managers to pursue an opportunity for the recapitalisation of SO4.

Shareholders will be informed of any updates when the recapitalisation plan is proposed. There has currently been no declaration that the shares of the Company are worthless."

[lefrene] 14/2/2023 14:47

Looks like they should all run for parliament! They have the front, amnesia and bullsh!t skills. I notice under "Company information" they haven't got around to air brushing it enough for it to be presentable.

[noirua] 14/2/2023 14:07

By #essentialsscutty in another place
Have just been checking out the 2023 version of the website. Looks impressive. Obviously, there is a real business here all along. Just under different owners and management. Still hoping to find out one day how this happened.....and who is responsible?

[noirua] 25/1/2023 13:13

By MicksterB: The reconvened second meeting of creditors of the Company (and subsidiaries) was held on 2 December 2022, at which a DOCA (Deed of Company Arrangement) proposal was accepted by the creditors of the Company. The DOCA proposal, which is currently in the process of execution, will provide for the potential opportunity for a recapitalisation of SO4 by the new Directors. As the control of the Company is not yet back with the Directors it is not currently appropriate

[noirua] 25/1/2023 12:50

In a landmark decision, the shareholders of Sons of Gwalia were awarded the same status as non-shareholding creditors on 27 February 2006 because the company breached continuous disclosure obligations or misled them about its financial status.[28] On 29 August 2006, Sons of Gwalia (SGW) was de-listed from the Australian Securities Exchange.[29]

[noirua] 16/1/2023 13:47

LHSwordsman 09/01/23
Post #: 65596709
Share
You need to either a) sell your shares in an off market transfer, b) wait for SO4 to resume trading on the ASX (may or may not happen) and then sell them (probably close to $0) or c) wait for the Deed Administrator to provide a declaration the shares are worthless (which is unlikely to happen as it seems like SO4 still owns some tenements of questionable value).

[lookingforhelp] 08/1/2023 15:26

here we go again

[noirua] 04/1/2023 22:20

22 December 2022
Salt Lake Potash Limited ACN 117 085 748
And affiliated entities as set out in the attached Schedule of Entities (All Administrators Appointed) (All Receivers and Managers Appointed)

[noirua] 26/11/2022 15:13

Post by camban 26 November 2022::