Cloudified Share Discussion Threads

[jack1236] 09/4/2019 10:48

Andy

The port was the most cost / efficient method; all the others cost more and are less efficient. I'm not sure about 5m, but worth more then it was in 2011. It might also explain why CHL declined to get a valuation on it in 2017.

[andy] 09/4/2019 10:30

neo,


Not sure why, it's a piece of land by the sea, with potential to create a port,but there are alternatives for exporting the coal so that land is not essential.


The biggest issue was getting the coal to an export facility, and the cost of doing it.

[nico115] 08/4/2019 20:51

Want and will are two v different things

[thailand] 08/4/2019 20:30

I think we could all do with a bit of crack after this debacle.

[wulber] 08/4/2019 19:50

Fingers crossed!

[neo26] 08/4/2019 19:41

expect update from CC within 7 days, they are reviewing the annulment verdict.

Me thinks they want another crack.

[jamesss1] 08/4/2019 19:18

Whatever it's worth ROI shaft up...simple.Bent AF

[neo26] 08/4/2019 15:50

Thanks jnbrw,Considering it cost over $1.8m back in 2010, one gets the feeling it cost much more.I say its worth over 5m at present.

[jnbrw] 08/4/2019 12:56

Neo - no, it was put up as surety but no transfer of ownership, chl still has full title therefore it could be used to settle the costs etc...

[neo26] 08/4/2019 12:43

Haven't they already put that up as guarantee for the annulment phase.Doesnt roi own that now?

[nico115] 08/4/2019 11:57

Jamess No where to run toThis is all over xxx

[jack1236] 08/4/2019 11:50

Andy

Obvious, but it's worth what somebody will pay for it. Churchill clearly bought it because it made sense to have the coal routed through there. Yes there are other ways, but time and money makes that the best option. If further actions are taken then they could just put up the land as 'collateral' as long as the lead creditor agrees.

[andy] 08/4/2019 11:21

jack,


Well the value of anything is highly subjective, and the 'port' land only has a value if they want to indeed make it into a port.


There is a southerly trucking route which they could say they are going to use, and state they are not planning to build a port, then what value would that land have?


I wouldn't put anything past the ROI, I was a little surprised ICSID allowed the 'port' land to be used as collateral personally, the only break they ever gave CHL.


That 'break' ultimately earned money for ICSID of course, as further fees were paid by CHL, so all in all a nice cosy arrangement for ICSID .

[jamesss1] 08/4/2019 11:00

Nico run along now there's a good boring boy xxx

[nico115] 08/4/2019 10:51

Is in all the papers ..let the world know what the Indonesians are like

[nico115] 08/4/2019 10:50

A sad day and month for all concerned Such a shame we didn't get that 10 pound settlement you were so convinced we were getting Shareholders now will get zero here,cost me a lot of money Gutted as I'm sure we were robbed One thing surprises me ..no publicity at all..we should be making sure our case

[jack1236] 08/4/2019 10:33

Regarding Port Land

'elrico - 28 Jun 2017 - 16:00:44 - 28910 of 40818 Churchill Mining - CHL
Jack - "It was about $1.8m, that was 7 years ago, so if there has been any uplift in land value, then it might be worth more." Given the resource find and its proximity to the land bank CHL control, I would imagine it has increased substantially. CHL have a strategic card in play.'

[jack1236] 08/4/2019 10:27

Ultimately the lead creditor is in charge, that's Pala. No doubt that he has their 'ear' as they've left him in charge over the years to 'fight the good fight'. In other circumstances the Chairman would have gone.

[jamesss1] 08/4/2019 09:35

Unless the company goes bang all together and the shares will no long exist...so not forever

[trjones2] 08/4/2019 09:30

just spoke to interactive invester who bought out tdwater,my sons only got the one stock in his account if he does not request a share certificate on paper and close the account at a cost of 42 pounds the shares will be locked in and the only way you can close the account is by giving the shares to charity if not you have to keep paying the quarterly subscription of 22 pounds forever.

[andy] 08/4/2019 09:09

At least news is imminent:


"and the Company will provide an update on this review within the next 7 days."

[andy] 08/4/2019 09:05

neo,


He's still there as far as I cannot see any announcement to the contrary.

-------


8 April 2019

CHURCHILL MINING PLC


Appointment of Administrator / Ceasing of trading on the NEX Market


Further to the announcement of 1 April 2019, the Directors of Churchill Mining plc (NEX: CHL) advise that they have appointed Phillip Sykes and Matthew Haw from RSM Restructuring Advisory LLP, 25 Farringdon Street, London EC4A 4AB as administrators of the Company.


The appointment follows the ICSID Annulment Committee decision to dismiss the Company's Annulment Application. Churchill had previously filed claims against the Republic of Indonesia at the International Centre for Settlement of Investment Disputes ("ICSID") for damages arising out of the unlawful revocation of the mining licenses that made up the East Kutai Coal Project ("EKCP") by the head of the East Kutai's Regency Government, Mr Isran Noor.


The Company's solicitors Clifford Chance are currently reviewing the Annulment Committee's decision and the Company will provide an update on this review within the next 7 days.


The Company has requested the cessation of trading of its shares on the NEX Exchange (which are currently in suspension), which will become effective as of market close on 9 April 2019.


As required by the Insolvency Act 1986 (as amended), creditors of the Company will be contacted by the Administrators as soon as reasonably practicable.


The Directors of the Company are responsible for the contents of this announcement.


-------

The last point indicates the directors are still in charge, so DQ still in situ until announced otherwise.

[neo26] 08/4/2019 08:58

So rsm in charge now, DQ no longer chairman?

[stephen1946] 08/4/2019 08:19

C.C. and the Administrators will now run this case to a conclusion.

CHL Board will offer themselves as adviser`s only. C.C. have lots of skin in this as do, Pala.

[jamesss1] 08/4/2019 08:10

Churchill should sue ICSID for incompetence and miscarriage of justice,now this would put the spotlight on the case.