Central Rand Share Discussion Threads

[johncasey] 29/7/2019 19:22

Union calls for mining company in liquidation to be rescued
Lesetja Malope
2019-07-29 16:45

Central Rand Gold land outside Johannesburg. Foto: Felix Dlangamandla
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The majority union at the troubled mining company Central Rand Gold SA has applied for the firm, which is already under liquidation, to be put under business rescue instead.

The Building Allied Mining and Construction Workers’ Union, which represents 75 of the 120 company’s employees, has applied to the Johannesburg High Court for an order that the company be placed under business rescue.

According to the application the union filed earlier this month, the union was allegedly not properly informed of the decision to liquidate the company.

It was placed under liquidation two months ago after two creditors, including the City of Joburg, approached the court.

At the time, the court appointed a provisional liquidator, Icon Insolvency Practitioners.

However, at the first meeting of creditors last month, the company was voted out and new co-liquidators, Johannes du Plessis and Norman Jacobs, were appointed.

At the first meeting of creditors held by the new liquidators last week in Roodepoort, Johannesburg, the proven creditors were briefed about the court challenge.

According to a well-placed union source, as well as one of the creditors, the union claims the company’s debt amounts to more than R180 million, while the proved claims at the meeting of creditors totalled less than R30 million.

Zolile Smous, the secretary-general of the union, declined to comment and said he would only speak about on the issue once the court had dealt with it.

Central Rand Gold SA chief executive Dominique van Wyk declined to comment on the matter.

Thabo Padi, the lawyer for the City of Joburg, which is owed more than R18 million, confirmed he had been mandated by his client to oppose the union’s application. Questions sent to the new liquidators were not responded to.

Meanwhile, the company has allegedly kept its holding company, previously listed on the London Stock Exchange, in the dark about its financial woes.

The company, UK-based Central Rand Gold Limited, wholly owns CRG Netherlands Antilles, which, in turn, owns 74% of Central Rand Gold SA, but it is unclear if it still holds this stake after the company was bailed out by Chinese investors a few years ago.

According to some of the shareholders City Press spoke to, Central Rand Gold Limited, which City Press has also tried to get hold of, has remained mum on the financial state of the local company. Several of the shareholders who made contact with City Press said they found out about the liquidation for the first time when they read about it in this publication.

[johncasey] 29/7/2019 19:15

i think youre right simon..when i see the name jacobs..i think scam artists

[bacondude] 29/7/2019 19:01

Emailed today...Please acknowledge my email and share holdings. I tried to call today, the number wasn't working. I am reluctant to sign over my shares Into a company who I can't reach by phone and their website is just a holding page.

Simon

[arvo3] 29/7/2019 18:28

Anyone spotted the mistake yet ? ......dark GOLD mine not coal mine, lol !

[arvo3] 29/7/2019 18:12

With that news, Let's hope there is light at the end of long dark coal mine shaft ..... otherwise we are shafted ! :-)

[arvo3] 29/7/2019 17:41

replace the xx in the hxxps by tt

[arvo3] 29/7/2019 17:41

Guys, just seen this write up by Lesetje Malope from City press in SA:-

Union calls for mining company in liquidation to be rescued

hxxps://city-press.news24.com/Business/union-calls-for-mining-company-in-liquidation-to-be-rescued-20190726

[cadz1] 29/7/2019 17:16

I suppose it’s not like we have any other options. The shares are currently worthless and the companies going into liquidation. Doing nothing gets us nothing so at least the form might yield some results. I’m pausing until the results of the agm and running it past my broker who said they have not been informed of any liquidation as of yet

[johncasey] 29/7/2019 12:45

what if you send in the claim form with proof of ownership and they make off with you r shares? i did this with ronson plc and never saw my shares again...never got a penny

[bacondude] 29/7/2019 12:18

I'm going to try & call them... I'll update you if I find anything out.

[takeachance1] 29/7/2019 11:55

I have not completed the claim form and have no intention to do so. Just looks so unprofessional.

[johncasey] 29/7/2019 11:30

bacon..yes thats what i thought..doesnt look ligit to me..scammers?

[arvo3] 29/7/2019 10:07

That's exactly my thoughts too. Ahh well hoping for a miracle here, lol !

[bacondude] 29/7/2019 09:50

Is it just me or is anyone else slightly bemused by the quality of the copying of the claim forms? What message does this send out to the hundreds of people who have lost money on this share when the liquidator cant even copy the claim sheet squarely. The levels at which this share and the way in which this company has traded hit new lows almost daily. Roll on the 31st, but quite frankly I am not expecting anything particularly good to come out of it. Total and utter shambles.

[arvo3] 29/7/2019 09:03

As requested, just forwarded forms to you guys Winston and Highseas

[highseas1] 29/7/2019 07:10

Hello arvo, could I also kindly request the claim form please, send to [e-mail]. Thanks

[winston270] 28/7/2019 23:24

Hi arvo3,

Could I please request a copy of the form to [e-mail]

[syed48] 28/7/2019 19:07

I have received this email today from investor relations crg

Dear Syed,

Thank you for your email.

Have you received the AGM information pack including the annual report?

Kind Regards,

CRG Investor Relation

来自 Outlook

[syed48] 27/7/2019 21:54

I was in touch with my broker and they have advised me that any information will pass into them first by the company

[arvo3] 27/7/2019 20:34

Simon and Dave, forms sent to you guys too.

[cadz1] 27/7/2019 20:24

Me tonight you don’t mind, [e-mail]

[syed48] 27/7/2019 20:11

Can’t open the link from punk gold

I think every body is getting different information

Is company still or liquidation or not

AGM is on 31/7 or not?

[bacondude] 27/7/2019 18:18

And me please

[e-mail]

Simon

[johncasey] 26/7/2019 21:57

cant see us getting anything back if you read this Mine's BEE partner kept in dark about liquidation - PressReader
hxxps://www.pressreader.com/south-africa/citypress/20190609/282235192160707
9 Jun 2019 - Puno Gold Investments, the black economic empowerment partner of troubled mining company Central Rand Gold SA (CRG SA), is furious ...

[arvo3] 26/7/2019 21:05

Syed48, form sent to you as requested.