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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Minmet | MNT | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.75 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.75 |
| Top Posts |
|---|
Posted at 06/11/2015 09:58 by andy I met the guy running the Bjorkdal mine yesterday, they are so pleased at the amount of gold they are mining!Such a shame it was scammed out of honest investors. |
Posted at 12/10/2015 10:59 by wanderlust From Lexology.comDisqualification of directors for failure to comply with Company Law obligations A&L Goodbody A&L Goodbody logo Ireland February 10 2015 In the matter of Aventine Resources plc: ODCE v John Liwosz v Anthony Brown, [2014] IEHC 611, High Court, 30 October 2014, Mr Justice Cregan In this case, the Director of Corporate Enforcement (ODCE) sought a disqualification order under Section 160 of the Companies Act 1990 in respect of two individuals, from acting as company directors. There was evidence of a long history of poor company law compliance by the two directors who failed, despite repeated demands and requests, to meet certain company law obligations. In addition, there was evidence that they had breached two High Court orders and were therefore in breach of their duties as directors. The ODCE stated that it had received numerous complaints from shareholders in the company about the conduct of the company. In addition the company, which was admitted to trading on the Alternative Investment Market (AIM) on the London Stock Exchange, was also publicly censured by AIM in 2005 for breaches of a number of AIM rules. The position at the time the application was brought was: the financial statements for the company of 2008 had been filed late and were disclaimed by the company’s auditors; the 2009 accounts had been filed late and were disclaimed by a different set of company auditors; the 2010 accounts had not been filed; the 2011 accounts had not been filed; books of account were not properly kept; the affairs of the company were conducted in a manner which were unfairly prejudicial to its members with persistent delays in holding AGMs; the respondents failed to comply with many of their statutory obligations despite persistent pressure from the Director; and the respondents continued to breach two High Court orders to make good these defaults. The explanation given by the directors for the persistent failures was that the company was in a perilous financial state and that it had limited funds to meet its auditors' fees. John Liwosz said that the company had difficulty in raising funds and was forced to exhaust all avenues of financing in order to get the funds necessary to complete the filings. The judge stated that the most noteworthy feature of this application was the fact that the directors were in persistent and continuing breach of not one, but two High Court orders. He described this as "an extraordinary omission on their parts". He said that their behaviour showed a blatant disregard not only for their obligations as directors under company legislation, but also for the express terms of two court orders directing them to comply. The judge pointed out that for the previous five years, members of the company were unable to ascertain the true financial position of the company, making this is an "intolerable situation" for shareholders in the company or possible investors in the company. The sole responsibility for this state of affairs, he said, lay solely and exclusively with the two directors. As directors of the company, they were charged with ensuring that the company fulfilled its statutory obligations. The judge imposed disqualification orders against the two directors. He considered the mitigating factors put forward on behalf of the directors and decided upon a disqualification period to reflect the seriousness of the case. It was clear to the court that the directors deliberately refused to comply with two court orders for a protracted period of time, instead of putting the company into liquidation. The judge disqualified the first director for a period of seven years and the second director for a period of six years. |
Posted at 04/8/2015 08:19 by andy post 2281Good question, maybe moved on to repeat somewhere else in the world with another bunch of investors. That people can get away with such practices without any redress is unbelievable and shows up the lack of regulation. |
Posted at 18/7/2012 20:22 by wanderlust CS did you know that Minmet & Gold Oil were linked back in 2007. Another nice little earner for all directors as I remember. Naturally another fiasco for investors. |
Posted at 18/7/2012 14:01 by andy CS,A couple of aricles for your perusal; |
Posted at 15/7/2011 08:59 by anandi I have no interest in that what shares I had were eaten up as a direct result of the revaluation. However, I feel that anyone thinking of investing in this company? should be aware of the ethics of this company, in that they are not concerned about their shareholders only themselves. Should they be taken to task then copying and pasting these emails here might help. It certainly serves as a reminder of what the company has lost for their investors. |
Posted at 02/5/2011 13:27 by wshak Sunday May 01 2011TWO years after a collapse in the value of their shares and after a complaint to the Serious Fraud Office (SFO) in London and the Office for the Director of Corporate Enforcement (ODCE), Irish shareholders in formerly AIM-listed, Dublin-based exploration firm Minmet Plc -- now called Aventine Resources -- remain understandably sceptical and very concerned about the fate of their investments. Despite assurances from director John Liwosz early last week about a forthcoming shale gas deal for its remaining asset in the US that might return some of their cash in the future, the handful of shareholders who attended an annual general meeting in Dublin on Wednesday last remain haunted by various controversies that have surrounded the company since it was first set up by Charlie Haughey's son Conor and late former Aer Lingus chairman Bernie Cahill in 1998. At one time, Minmet had a market value of £210m on hopes of big gold finds, but that was a distant memory by July 2008, when representatives of 6,000 British and Irish shareholders demanded answers about a highly complex money trail that involved dealings with the company's chairman, Peter Maddocks, deals with offshore companies, loans that couldn't be paid back and business dealings with South African businessman Leslie Greyling and his son Clinton. In the past, as reported in the Sunday Independent in 2008, Charms Investments, founded by Clinton Greyling, was involved in the sale of a Tucumcari shale gas project in New Mexico and Mr Greyling received a 126,000 payment through an offshore company for a West African resources deal. But there are concerns among shareholders that Leslie -- who pleaded guilty to a US stock fraud in the early 1990s and in 1997 pleaded guilty to a securities fraud in Florida -- is still linked to Aventine. They are now battling to have two independent directors appointed, to give them a fairer say in what happens to their shareholdings, when they transfer to a stake in a newly formed US company that will develop Tucumcari to bring the gas wells into production, using a $30m (20m) loan to Aventine. They are also concerned that last year Aventine's board wanted to exchange all debt for shares in Trilliant Exploration, a US pink sheet (small stock) listed company that earlier this month could not even pay its audit fees. Prior to this, the Aventine board announced a potential takeover by a US firm called Fox Petroleum, when its shares were trading at a dollar. Their value has since plummeted however, and they are now nine-tenths of one cent, according to concerned shareholders. Earlier this week, Mr Liwosz told them that the ODCE would have preferred that the directors liquidate Aventine. "In that case, the only people who would get anything would have been the former directors, though," he stated. Nevertheless, the shareholders fear that a similar fate awaits any shares they end up with in the newly proposed Tucumcari project deal. They point to the fact that the company's auditors, Deloitte and Touche, resigned in January, suggesting that the value of the Tucumcari project is questionable. A newly appointed auditor, LHM Casey McGrath, was "unable to obtain sufficient appropriate audit evidence to enable us to form an opinion as to the appropriateness of . . . the value of. . . intangible assets [the Tucumcari project], investments in subsidiaries and group undertakings [loans]". Mr Liwosz disagrees, however, pointing to fully validated reports by consultants Edison Research and Gaffney, Cline and Associates that support the project being valued at $68m. "I'd like Aventine to be a future incubator of attractive prospects in the resources sector that could be floated off or sold to trade buyers, and hopefully we'd relist to benefit our shareholders," he said, having admitted that the company had recently received "a severe kicking by the authorities". Whether this will instill confidence in shareholders like Dubliner Jim Wilson, who has invested "a substantial amount" in Minmet -- now Aventine -- through the years, remains to be seen however. "What happened here in the past was very galling -- but I'd like the new director [Mr Liwosz] to earn my trust. I hope that my investment doesn't go down the pan again," he said bluntly. |
Posted at 27/4/2011 19:07 by wshak I didn't go to the AGM today after last year's farce.I did arrange for an Irish Independent journalist to be present though, along with a photographer, but I understand they refused to let the photographer in. The journalist got in though, and it'll be interesting to see what he prints, if anything. The Irish Independent did a cracking storuy on MinMet a few years ago: www.minmet.info WShak |
Posted at 07/3/2011 12:43 by clocktower sl - skinning cats is one thing that Mike has seemed to be very good at if you look at his history and the long list of very unhappy investors that seem to have been well and truely skinned in many companies he has been on the board of. CPN - WTV - and others not to menition MNTGood Luck though but BEWARE |
Posted at 19/5/2010 15:15 by clocktower Neville and his supporting crew have milked investors at so many listed companies, that any investor that sees his name on the list of directors (or for that matter any other of the directors that are associated with MNT) - should run a mile and warn all other pottential investors of their history repeatedly, as the FSA & SFO fail to investigate questionable practices at numerous AIM listed or de-listed companies. |
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