Just dropped you a message.
-Sid |
trader465 I did. I also posted all the contact info for the FCA. Anyone interested should first contact me by PM on here. |
Looks like nobody bothered to form an action group? |
Farrugia. Many years ago now, (about 5 or 6) I had insider information here about "shady practices." But many"insiders" are always reluctant to spill the beans when the chips are down and prefer to look the other way. The:- "I actually did witness the injuries in the serious road traffic accident but I prefer not to say anything" types. Consequently, it then becomes difficult to prove because instead of growing a pair and speaking up, they won't. Absolute cowards. But I do know a couple of investors here that have opened their mouths. Now it's up to the FCA. |
they were definitely involved in shady practices but how to prove? One has to examine what they said in each of the trading announcements and what they proceeded to actually deliver |
trader 465 I agree completely with what you say here. So, here's an interesting (but true) story. Many years ago a friend of mine had a building business in the Midlands. He did some work for an obnoxious character who, despite the work being carried out with expertise and on time, always refused to pay to get a reduction in the price. Most times the obnoxious character got away away with it, knowing that in order to receive payment in full for the job would result in an expensive chase through the courts.
I asked my builder friend (who obviously didn't know of the situation before he took the job on) if he was upset with the situation but he simply shrugged his shoulders. "Of course," he said, then added with a wink:- "But I know where he lives." |
 1. Asset Stripping – This is when company directors deliberately run a business into the ground while extracting value through inflated salaries, dividends, or related-party transactions before buying back the remaining assets cheaply.
2. Insider Fraud / Corporate Fraud – Executives use their inside knowledge and control over company finances to mislead shareholders, manipulate financial statements, and benefit themselves at the expense of others.
3. Fraudulent Conveyance – This occurs when assets are transferred or debts are incurred with the intent to defraud creditors, often seen in cases where companies are deliberately saddled with debt to make them appear financially distressed.
4. Phoenixing (Phoenix Companies Fraud) – Directors allow a company to go bust while transferring assets to a new entity under their control, leaving creditors and shareholders with nothing.
5. Debt Loading / Leveraged Bust-Out – Executives deliberately take on excessive debt, often at inflated interest rates with a related party, stripping the company of its real value before letting it collapse.
6. Earnings Manipulation / Financial Statement Fraud – This involves understating profits or overstating costs to mislead investors and regulators, creating an artificial financial crisis. |
Dan, a company director, runs a highly profitable gold mining company but wants to seize full control of it for himself and his banker friend, Mr. Nassa. Instead of simply skimming profits, Dan devises a more lucrative scheme.
First, he and his fellow directors award themselves exorbitant salaries and bonuses while deliberately driving the company into debt. To finance this debt, they borrow money at inflated interest rates from Mr. Nassa’s bank, ensuring that both the directors and Mr. Nassa profit handsomely from the interest payments.
As the company’s financial health deteriorates due to artificially understated profits and overstated costs, its stock price collapses. This allows Dan and Mr. Nassa to buy out small shareholders at a fraction of the company’s true value, ultimately acquiring the entire gold mine for themselves. Once they own it outright, they can restructure the company and extract vast profits without oversight. |
Perhaps this share price will be 20p on March 3rd.
Here's a bone for the Hum losers. And as you all know, I have some good friends here in the S. USA and occasionally I hear about something that sounds "interesting." For those interested please take a look at this company, Innovex (INVX) The Presidents advice is "Drill, Baby Drill!" so you never know but please DYOR.
Good Luck All and Adios! |
bag158s IMO we've all be shafted here but this may trade higher than the offer price before they pull it off AIM. |
What is the opinion, should I hold my shares or accept the offer at 0.02677 ? Please respond thanks |
Hummingbird Resources Takeover – Final Trading & Delisting Update
Key Points:
• Nioko Resources’ Unconditional Offer: As of 20 February 2025, Nioko has received valid acceptances for 81.79% of Hummingbird shares under its cash offer.
• Final Trading Date: Hummingbird shares will trade on AIM for the last time on 28 February 2025.
• Delisting & Private Status: Cancellation of AIM admission is expected on or shortly after 3 March 2025, after which Hummingbird will become a private limited company.
• Liquidity Warning: Shareholders who do not accept the offer before delisting will find their shares illiquid and difficult to trade, as no alternative trading facility will be provided.
Action Required:
• Shareholders who have not yet accepted the offer are urged to do so immediately to ensure timely payment and avoid liquidity issues.
• The offer remains open, and Nioko will provide 14 days’ notice before the final closing date.
• Acceptance instructions are detailed in the Offer Document, available on Hummingbird’s website. |
I think for most holding these selling or keeping is not much different.
Sell before delist for a huge 90-odd% loss and recover just enough change to buy a risk management book. Or sit on the full 100% loss until archaeologists unearth your shares in 3025. |
1knocker Here's some sound advice for you:- Don't get mad, get even.
GL. |
Hum gone from my investment spreadsheet, a very modest sum added to the cash account.
The end of HUM and my interest in this board.
Commiserations to all who lost heavily.
Best of luck to any brave folks who stayed for the ride as shareholders in a private company. Goodness knows what your chances will be of selling, still less getting anything like a reasonable price.
I shall miss [most] of the contributors to this board, whether i agreed with them or not. I won't miss HUM.
Goodbye and good luck to one and all. |
Laurence. Of course, you and others like you bummed this up mercilessly until the bitter end, instead of growing a pair and attempting do something constructive. Bravo!!!! |
Funds received from HUM tender shares here and the end of this sorry saga, not a total loss, but a reminder of the risks we take, GLA all, see some of you on other BBs I am sure.. :o)
#1Knocker, Burford..? EML next.. (we suspect, but cannot confirm).. |
BT, if you fancy litigating against the directors (who will have insurance against such claims - premiums paid by the company) I wish you all the luck in the world.
Don't bank on legal aid though, because
(a) the likelihood of any investor here falling within the financial limits for entitlement to legal aid are small, and
(b) legal aid is not available for such a claim as you propose, even if the intending claimants' means are such as to bring them within the financial criteria.
If you think a third party litigation funder will take on such a claim (for a cut of the winnings) try writing to Burford, but prepare to be disappointed. |
Treat yourself to a steak dinner with your partner with the payout |
Has anyone been paid out yet..?
The initial Nioko offer closed 03.02.2025 payable no later than 14 days after (17th)..
Most shares would be held in nominee accounts, so it could depend on when the broker puts their submission in for tender shares..? |
Take the money, and move on. Not much money, but at leastHUM disappears from your portfolio spreadsheet.
The prospects of the management of a two-bit junior gold explorer /miner operating in a Wild West jurisdiction being held accountable to compensate shareholders for the failure of the venture approximate to zero.
It has been a succession of kicks in the financial goolies, but continuing to clutch at ever more improbable straws is plain stir crazy. That is what has left us with next to nothing left of the money we invested. |
i bet the guinea mine will miraculously transform into a money-making machine once all the machinations are complete. Mine built by public investors for its fruit to be enjoyed by private institutions. |
I guess pay-out is imminent. |
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