Jubilee Metals Share Discussion Threads

[toobs1] 08/10/2019 06:37

Who and what is Quantock plc??? Listed in Bermuda. This better not be a similar deal to what Sylvania platinum did. Jubilee directors better come clean in the next couple of days or I will report them to the amabhungane center for investigated journalism and AMCU. Consultancy fees are up to 6 times more than Sylvania and then ridiculously high business development fees. Your smoke and mirrors is fast coming to a end!!

[plat hunter] 07/10/2019 22:46

Good points Red trend but the deal was structured in a way to add value to the SLP paper they held as a result of putting the deals together.

If true.. then why would SLP need to reward employees of a third party for awarding the rights and terms of a commercial agreement.

Nedbank are caught up in it too by all accounts, quite a scandal if there's any merit to it.

[redtrend] 07/10/2019 21:12

Plat - it depends how the chrome is treated at Hernic. If Hernic/ Samancor get the treated chrome for free from JLP and then they also get 85% of the PGMs once the profit share kicks in, I personally think this is heavily one-sided to Hernic/ Samancor.

It's been a while since I brushed up on my JLP, so I can't remember how the chrome is treated commercially at Hernic.

I mainly follow JLP now for Kabwe alone. And for that I keep a close eye on Vanadium prices, as that's the cream.

[redtrend] 07/10/2019 21:07

Well of course they're beneficiaries of the commercial arrangement, it's all public knowledge as per their Accounts in terms of how they benefit.

In fact points 66-70 again support the case SLP was simply trying to negotiate a commercial agreement with Samancor as standard.

In item 69 it shows SLP's opening pitch was to resell the chrome back to Samancor at market rates. They obviously lost this position if other statements are to be believed (again proving this wasn't unjustly unfair against Samancor). In fact the final agreement (if these statements in the application are a true representation) is incredibly fair commercial agreement, a lot in Samancor's favour:

1) Samancor get processed chrome back for free and their tailings treated helping them out on long-term liabilities front. All Capex paid by SLP.
2) v.small % of PGM revenue
3) A large share of SLP (the issue at hand here is if the Samancor's director's committed fraud against their own company and Portpatrick was not for the benefit of Samancor as a whole)

Samancor haven't even responded to the Application yet. I would assume Samancor may make a formal response through their lawyers in court, before any other entity would issue a statement, if even required. SLP would be bound by confidentiality and publicity clauses in their agreement with Samancor and I doubt will be able to issue any public statements without Samancor's approval.

Such a complex case against Samancor could drag on for years. I doubt though this would impact Samancor's chrome operations. If there is any fraud, Samancor as an entity would throw the directors who committed such acts under the bus. I assume Samancor would have to pay $100m and then try and seize assets of said directors if they could, to make themselves whole again.

[plat hunter] 07/10/2019 20:57

Redtrend.. I don't agree that Hernic is flawed against JLP at all.

We get 15% perpetually and a free processing plant, paid for by the metals it's processed.

When the 15% kicks in JLP will own that plant in it's entirety. I don't think that would look too shabby with another 5 or 6 thrown in on similar terms.

[kennyp52] 07/10/2019 20:50

JLP isn’t it ? 🙄

[plat hunter] 07/10/2019 20:46

Points 66-70 inclusive... SLP are named as beneficiaries of the arrangement, even if they haven't acted unlawfully or being named as a joint defendant.

How quick will SLP respond to this and how?

[plat hunter] 07/10/2019 20:22

Quite right Redtrend.. I convinced myself that it was 100m from SLP but it's the risk of losing the rights to the chrome tailings that's not great for SLP, none the less.

[redtrend] 07/10/2019 20:10

How do you know Samancor's market cap is $100m, it's a private company? You do realise this is a court case against Samancor directors?

It's been in the news since 2nd October, hence toobs picked it up today on the other JLP thread.

[gsg] 07/10/2019 20:07

PH.

Was just Googling Terry McConnachie and Samancor together, in order to check their relationship when those court papers popped up.

[robers98] 07/10/2019 19:43

Slp board says Google it.

[plat hunter] 07/10/2019 19:33

Seeking damages of 100 million USD, and terms the terms of the chrome agreements for open tender.

Who in the right mind would want to be holding SLP if that's remotely true. Where did you find it GSG?

[plat hunter] 07/10/2019 19:28

Good recovery Ginko, I like your style lol

[plat hunter] 07/10/2019 19:26

Point 64 page 18...

I wonder what Samanacor thought of the Hernic split? The rest is WOW... SLP are shagged, even if only half of that is true.

[kennyp52] 07/10/2019 19:08

Presentation makes good reading so a maiden profit is definitely on its way ... if not then we know we have been rinsed .

[gsg] 07/10/2019 18:41

Hopefully we'll get some 'jumpers' from SLV buying JLP, given that they are in the same sector.

[deme1] 07/10/2019 18:28

And this involves JLP how?

[gsg] 07/10/2019 17:56

Sylvania look to be heading into very choppy waters if these allegations are proven.



Page 16 onwards

[niloc4] 07/10/2019 17:43

IF, Jubilee metals and any of its management have been involved in any unlawful deals, I FOR ONE WILL LAY CRIMINAL CHARGES AGAINST THOSE RELATED PARTIES. I hope they have not been doing unlawful dodgy deals.

[toobs1] 07/10/2019 16:14

With each new deal Sylvania issued shares to a mysterious facilitator called Portpatrick for �securing the rights�. This was openly recorded in its annual reports without any clarification about who Portpatrick is or what it did. According to Kon, Portpatrick is in fact a front for Končar and Lazovic. Sounds familiar to Jubilee deals,who and what is Quantock plc again? Just asking

[toobs1] 07/10/2019 15:30

Time for a webcast Leon,your shareholders deserve a statement that you and colleen are squeaky clean. The company you hang out surely looks very bad on Jubilee,BMR also comes to mind.

[toobs1] 07/10/2019 15:22

The essence of the case filed by our firm today obo AMCU against Samancor Chrome is that the company and its directors screwed shareholders to the tune of some $1.8 billion or R28.5 billion.

1. It sold its Chrome and PGM reprocessing businesss to Sylvania Metals at a bargain price, in return Sylvania allocated 14.1 million shares to a front company in the Virgin Islands controlled by a group of shareholders and directors of Samancor.

2.When it �officially� sold its 50% stake in Tubatse to Sinosteel for $100 million another $125 million was paid by Sinosteel under the table to the then majority shareholder Kermas BVI.

3. Samancor entered into a marketing agreement with Samchrome Malta whereby they earned a far 9% Commission on all sales of Chrome. The fact that Kermas BVI secretly owned Samchrome was never disclosed. Samchrome Malta was actually an empty office where no work was done.
4. Kermas BVR agreed to write off $29 million owed by Samchrome Malta to Samancor.

[toobs1] 07/10/2019 14:59

Well well it looks like Sylvania( why the sinking share price) platinum is also in big trouble with Sinosteal(jubilee partner). Leon I hope your dealings with these companies are all above board! I hope there is 0 commission being payed to Jubilee directors for chrome sales. The share price seems to think there is problems,Leon !