Anglo Asian Mining Share Discussion Threads

[lefrene] 20/4/2018 11:13

Seems as per usual the 'little people' get done unto, whilst the big boys do whatever suits their convenience and pocket. We have no way of knowing if they still have a lot of AAZ they intend to sell, or how much client stock will be transferred to another broker. But as it's going to take "many months" it would seem that PWC have got their feet under the table and will work it for all it's worth.

[terropol] 20/4/2018 10:55

There was an article in the times saying they are more like to recover £500m not the £850 first estimated.

I was cought up int the CFD bankruptcy by Mr. CORZINE. Ex Man group and GNI.
They closed my position without giving me a choise, no attempt to transfer my positions.
Some I had for years and one was a suspended company (THAT JUMPED 6 TIMES).
Got money from the Government compensation bond.
It was below the Thresh hold.

I HAVE NOT TOUCHED A CFD SINCE.

[celeritas] 20/4/2018 10:12

catsick, holdings will be moved, not all will be liquidated.


From PWC regarding Beaufort.

Commenting on progress on the administrations of BACSL, Nigel Rackham, joint administrator of BSL and joint special administrator of BACSL, said:

“Since our appointment, the priority has been safeguarding the key client data and critical systems used to run the Firms’ business as well as clients' cash and assets.

“We have now identified and ringfenced £50m in segregated client money accounts alongside freezing close to £850m in client assets.

“In respect of the client assets there are a number of open positions and transactions which need to be resolved and concluded. This may impact the total once a final reconciliation takes place.”

Commenting on the outlook, Nigel Rackham added:

“We do forecast a substantial return to clients after costs, although this may take some time to implement and we do not see any returns commencing before mid-April as there are a number of challenges to overcome.

“These include carrying out an assessment of the accuracy of the Firms' books and records, devising new processes to move the holdings of all clients in an orderly and appropriate way, and preparing cost estimates for these activities.”

This is a very significant and complicated insolvency and in terms of timescales it could take many months to complete the returns to clients. Additionally, the available funds within the Firms' own resources are very limited. Therefore, the costs of returning client money and client assets will in all likelihood be deducted from clients' recoveries.

The joint administrators have conducted a preliminary meeting with the Financial Services Compensation Scheme, focussing on minimising disruption and losses to clients.

*In our 2 March announcement we included the following sentence based on preliminary information. “Customer entitlements include ca. £37m of client money and £664m in client assets.” It is clear given the better information now recovered that entitlements will be closer in magnitude, if not exceeding, the amounts identified above of £50m and £850m.

[terropol] 20/4/2018 10:03

Lefrene, I was thinking the same about Brokers nominee accounts. You would have tough it all belongs to the client/investor. But will look deeper in to it.

When I have a clear view on it will post it.
May be worth sending LSE an email.

[lefrene] 20/4/2018 09:42

Celeritas I don't know the protocols for when a broker goes bust. Who really owns the stock being held in nominee names? No doubt a number of people are finding out the hard way.

It's gone 9:30 where's our 50k sale this morning?

[my retirement fund] 20/4/2018 09:17

Yea no online bid quotes same old same old.

[terropol] 20/4/2018 09:12

Good morning all, quite friday on here??

[costax1654x] 19/4/2018 22:22

Anyone investing in PANR as well?I reckon I will be an easy 20% this week

[celeritas] 19/4/2018 21:55

I've been onto them today lef, nothing to report yet.
It's not all about selling stocks, some will be transferred.

[lefrene] 19/4/2018 16:46

Perhaps a phone call to PWC might get you a job lot at a good Celeritas? :¬) "I'll take the lot guv, cash, no messing abaht, 36p do yah?"

[celeritas] 19/4/2018 16:39

Terrible for Beaufort securities customers, just what wasn't it involved in. I guess some AIM stocks will present a great buying opportunity. PWC look to be managing stock sales but expect a shortfall of £300m as some holdings are completely illiquid.

[mattjos] 19/4/2018 16:27

it's ok .. this morning was a gap up .. although the candle wicks overlapped on the chart, I much prefer to see the candle bodies always matching up. Close at this level tonight will be perfect technically for the rise to continue thereafter.

[lefrene] 19/4/2018 16:02

Looking through historical sales they seem to crank up from 5th April onwards where there is a single 50k sale, subsequent days see larger than usual single lump sales with 16th April being the most active with a string of 40k sales, and the past two days have also seen sizeable (for this) single sales, and earlier today there was a single 50k sale. At a guess it's the Beaufort crash causing distressed selling? One can only guess at how many they were holding as nominee for clients, but over supply in anything will soften the price no matter how good the product is.

[casabella2] 19/4/2018 15:39

Resistance at this price level looks to be strong.Thought we would have had a breakout by now into the high 40s or low 50s.

[mattjos] 19/4/2018 14:53

& also worth remembering that the PSA which AAZ have with the government does contain a specific clause indemnifying AAZ financially were the regs to change subsequent to the date of the PSA .. the PSA is legally structured according to international contract law external to Azerbaijan.

To me, that strongly suggests that AZERGOLD is the 'best fit' in terms of a potential buyer emerging & that AAZ is a unique entity in Azerbaijan right now.

From AZERGOLD's perspective, as/when AAZ prove up the resources, it represents a very strongly cash-generative mining operation, with significant tangible mining assets in-country & very close to Chovdar.

[terropol] 19/4/2018 13:04

Just to remind every body, when Arzergold was set up by the government, it stated "it would control all non ferrous metals" in AZ.
Not seen a statement to say the contrary since.

[return_of_the_apeman] 19/4/2018 12:38

They would probably be more than happy for Reza to stay on. Also he might be keen too.

Just my thoughts as always

[crazycoops] 19/4/2018 11:32

Re: takeover Matt, I too have subscribed to the Azergold theory and your scenario would fit well with Reza's retirement from an executive role. However, I have also wondered whether AAZ would be a good fit for a company like CAML, especially once debt is paid down and a divi starts. Nothing but idle musing on my part (I hold both).Regarding Beaufort Sec, it is shocking to hear that nominee account holders have been defrauded in this way. I hope none of the regulars here have been affected.

[return_of_the_apeman] 19/4/2018 10:39

That's the theory

[lefrene] 19/4/2018 10:18

Thank you Mattjos, it creates an opportunity to acquire stock at a distressed price, it might lead to a distinct rise once the supply is cleared?

[mattjos] 19/4/2018 10:09

I believe that is a strong possibility lefrene & would explain how the stock is being offered via the Auction process and not through a named MM on the book.
If so, it is a short-term anomaly as the seller is a forced one

[lefrene] 19/4/2018 10:02

I read yesterday of the mess that Beauforts got into and how liquidators are disposing of assets. It appears that they held a lot of stock in their own name and thus many of their nominee clients are going to lose a lot of money. I must admit I didn't realise such a thing could happen! So is it this liquidation process that might be bringing AAZ stock to the market?

[mattjos] 19/4/2018 09:55

loaf .... the most likely source of a bid would be from the state owned AZERGOLD who operate the nearby Chovdar gold mine however, I do not think they would do so until such time as AAZ have proven up reserves to something approaching the figures that the Russians showed in their exploration.

Perverse as it may sound, I don't think AZERGOLD will mind paying a higher price once that is done as, if they were to bid now, they would only have to do then go through the same exploration process themselves.

This is often discussed on here and is why, imo, this year is the pivotal year for AAZ in so many different ways