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Share Name Share Symbol Market Type Share ISIN Share Description
Oxus Gold LSE:OXS London Ordinary Share GB0030632714 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.0% 3.125 - 0.00 00:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Mining 0.0 -1.9 -0.4 - 22

Oxus Gold Share Discussion Threads

Showing 34351 to 34374 of 34650 messages
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DateSubjectAuthorDiscuss
28/3/2019
13:09
Thanks for all the information you guys, anyone any idea of a definitive award figure if we are successful?
shinyleather
28/3/2019
12:51
I can't put in the exact link but if you google 'french court of appeal arbitration set aside quantum' an interesting pdf comes up. 3 [PDF]Annulment of arbitral awards by state court - International Bar ... Massive document, but it shows the procedural errors that result in a decision being set aside. One example :- "Failing to answer each argument raised by the parties Fidelity Management SA v Myriad International Holding BV, 9 June 2005, [2005] EWHC 1193 (Comm) X Only the failure by an arbitral tribunal to deal with an important or fundamental issue could be capable of amounting to a serious irregularity causing substantial injustice. The arbitral tribunal had asked itself the right question and had answered the issues put to it." ------------ Presumably, the argument from Oxus would be that they highlighted expropriation had taken place. The failing by the Tribunal would be that this argument wasn't answered because the Tribunal implied (incorrectly) Oxus hadn't suffered expropriation because of a dividend payment. I am sure there are many more and full marks to anyone who reads the full document.
nick2412
28/3/2019
12:49
hTTps://www.italaw.com/sites/default/files/case-documents/italaw7238_2.pdf Page 266, I believe it's $522m, so $261m.
jack1236
28/3/2019
12:39
Greetings Nick2412 No; this though was my recollection at the time as I recall posting that in the UK, if the original arbitration outcome was set aside (in part or fully) there would be a re-arbitration. Another poster replied with the information that the French courts would if the hearing in March 2019 was successful for OXS, deal with all such matters, so the poster had been told by BDO, ie with all matters then outstanding, including if apt, quantum.
maytrees
28/3/2019
12:35
I recently received the following from BDO 'We expect a decision to be issued by the Court by the end of 2019, and hope to be able to provide a more substantive update for creditors in our January 2020 Administration progress report.'
jack1236
28/3/2019
12:33
Of the $1.25bn award, can anyone remember or know the split between AGF and Khandiza?Just tried a Google and couldn't find it, but it was detailed somewhere.
wulber
28/3/2019
12:26
Yeah, then CHL can do the same!
wulber
28/3/2019
12:22
Thanks Maytrees and NickYes, l thought there was quantum too but couldn't remember where l had seen it.I have assumed $750mn for AGF, l beleive it was circa 2/3 of the total claim.750mn shares in issue and 50% haircut.Result is in May from the last news received.Fingers crossed!
wulber
28/3/2019
12:11
Greetings all The notice early on in the thread reads: TO ALL CREDITORS & SHAREHOLDERS OXUS GOLD PLC (“THE COMPANY”) - IN ADMINISTRATION STATEMENT We refer to the decision of the Paris Court of Appeal (“the Court”) of 31 October 2017. This decision dismisses Uzbekistan’s appeal against the Court Order of 19 January 2017 which rejected Uzbekistan’s admissibility objection against the Company’s Partial Annulment Application and confirms that Order. The Court also ordered Uzbekistan to pay EUR 8,000 of costs on the basis of Article 700 of the French Code of Civil Procedure. The Court has now set a timetable for submissions on the merits of the Company’s Partial Annulment Application and has also set the hearing date for 26 March 2019. The Administrators had hoped to obtain an earlier date for the hearing, but this degree of delay is not unusual in the Court. However, we are pleased that Uzbekistan’s technical objections to the admissibility of the Company’s Partial Annulment Application have been dismissed in their entirety and that the proceedings on the partial annulment of the Award may now proceed. Following the hearing on the merits of the Company’s Partial Annulment Application, we would expect a final decision to be issued by the Court in mid to late 2019, which is later than we had been anticipating. We regret that no further information can be given at this stage regarding these proceedings. This statement is dated 15 November 2017 and is given by: Oxus Gold Plc – In Administration Acting by its Administrators as its agents and without personal liability So the partial annulment hearing has just taken place with the full outcome expected this summer. Quantum has not been formally mentioned but there is a note in one of the earlier posts that BDO stated there will be no re-arbitration; rather if the March 2019 hearing is successful for OXS, the full matter including payments if any, will be determined by the French Court this summer.
maytrees
28/3/2019
12:10
Yes Jack, very much ballpark figures and erring on the side of conservative calculations.
nick2412
28/3/2019
12:07
Nick Some shares need to be cancelled; there is also interest which need to be added and other considerations (if it's won).
jack1236
28/3/2019
11:58
Firstly, we are looking at a partial set aside. Almost certainly this will be the AGF element as that is specifically what Mark Lalonde referenced in his note that he would have given 50% of his (uncalculated) value for. The AGF element of the claim was much bigger than for Khandiza. So, if things go well, we are looking (in relation to Mark Lalonde's comments) 50% of AGF value not 50% of $1.3b. It's also AGF where the Tribunal made the crass error and wrongly stated Oxus shareholders had already been compensated via a dividend. That dividend was for a different asset in another country. If a decision to set aside is made then any resulting award / out of court settlement would (under standard / very generous legal funding arrangements) work out about like this:- Figures are based on a very generous estimated 3 x funding costs for Calunius - going to be about £22m after this case plus let's say 30% of an award over and above the funding cost multiple returns. The figures also don't include an award of costs to OXUS which would surely come if the decision is set aside and Oxus go on to get a fairer settlement. It's also important to remember that BDO has categorically confirmed that the legal funding arrangement hasn't changed. That's contrary to what Richard Wilkins suggested late last year. Richard has chosen not to answer why he wrote this but BDO has been unambiguous and clear; no change to the legal funding agreement since Oxus entered into administration. $200m would be about circa 12.6p to shareholders .$70m = 3p $100m 5.2p. $150 8.9p. $200 12.6p Based on 700m shares in issue. Wulber, I think even if the court only has the powers to set aside rather than award a figure an OOC settlement is a possibility if successful in Paris. Richard Wilkins has indicated his 'vibes' from his Uzbek contacts suggest, under the current regime, they are more open to an out of court settlement.
nick2412
28/3/2019
11:17
Wulber, what's your source for saying Paris may decide quantum, please? Have there been precedents? It's not my understanding but happy to be corrected. Uzbeks might offer an OOC settlement based on RW's comments. Also, what award figure are you using to base a 15p return? I'll put some figures down in the next post.
nick2412
27/3/2019
17:17
But aren't the Paris courts deciding quantum too, if successful?
wulber
27/3/2019
17:15
Dave444What Oxus were claiming and what the tribunal would have awarded had the case been won are two very different things.The last sentence of Marc Lalonde's statement makes it clear that because the case never got that far, the level of damages was never assessed.
zaphod99
27/3/2019
17:11
Well if that happens thats about 15p a share and happy to take that!
wulber
27/3/2019
17:09
Oxus were producing 100,000 oz pa and planning to ramp uo to 300,000oz with $170m coming from the chinese. The potential of the resource was somewhere near 20Moz gold upside and the time gold went as high as $1900/oz... and then there's sunk cost(i think $100m). When you look at all these numbers and to get just $10m(not even paid)with the AGF part thrown out thanks to a schoolboy error is unreal. If it does get reversed then i hope the french appeal courts can also work out the quauntum rather than sending us back to Unicitral. If you look at the potential of the resource even the original $600m claim seems on the low side
sos100
27/3/2019
17:07
1.3 billion claim 50% 650mProviding that full claim is worked on
dave444
27/3/2019
16:46
We do not know. It never got as far as determining any damages payable. “In the circumstances of the present case, I would have ordered Respondent to pay to Claimant 50% of the damages Claimant suffered as a result of its inability to conclude positively the CITIC financing and to proceed thereafter to the completion of Phase 1 and the undertaking of Phase 2 of the AGF Project. Bearing in mind the views of the majority of the Tribunal on this subject, there is no point in attempting to assess the exact amount which this would have represented.”
zaphod99
27/3/2019
16:11
$650 million
am78
27/3/2019
15:59
Lalonde dissenting opinion describes he would have awarded 50% of damages claimant suffered.50% of what does anyone know?
wulber
26/3/2019
08:29
that was an assumption given by the American Judge - not official news ----- wonder why the report on this case has still to come out hTTps://icsid.worldbank.org/en/Pages/cases/casedetail.aspx?CaseNo=ARB/13/9 Uzbekistan(W&C)lost
sos100
26/3/2019
08:15
The last news said we should hear in May
wulber
26/3/2019
06:51
Has anyone been able to find the court details? How many days have been allocated to this appeal?
am78
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