Salt Lake Potash Share Discussion Threads

[kennyp52] 26/10/2021 15:08

Well I feel totally misled by the board and their scientific results ! The people that put out their reports should be notifying their professional indemnity insurers by now I'd have thought and as for the directors .. I'd like to see them taken on a personal level for what looks like financial fraud to me bur what do I know.

[lookingforhelp] 26/10/2021 12:51

Thanks...I've signed up for the class action

[noirua] 26/10/2021 11:10

LookingForHelp, there is a class action at early stages of being setup in Australia that needs at least 7 persons. It cant really be advanced as it needs the outcome of the good work of the Administrators - usually takes about 6 to 8 weeks if they have assets others would bid for and that seems the case as far as SO4 are concerned. There is still a small chance a large predator might bid for the whole caboodle if they can get the loan package rearranged. With a big company as backers they could agree a lower interest rate and extended terms.

[lookingforhelp] 21/10/2021 19:29

Sorry, not three weeks before administration, I meant three weeks before the stock was suspended.

[lookingforhelp] 21/10/2021 19:22

Thanks Noirua. Have you watched the podcast ? If so, do shareholders have reason to complain ? Given the CEO's constant positive running commentary on LinkedIn and suggestion in a proactive video that the company was well funded just three weeks before it went into administration, I'd like to think the Board could be helo responsible and thereby liable.

[noirua] 21/10/2021 15:44

The header is kept the same as sometimes companies come out of administration. If the company goes from voluntary administration into a DOCA, the directors’ powers depend on the DOCA’s terms. When the DOCA is completed, the directors regain full control of the company, unless the DOCA provides for the company to go into liquidation on completion. If the company goes from voluntary administration or a DOCA into liquidation, the directors cannot use their powers. If creditors resolve that the voluntary administration should end, control of the company goes back to the directors. How to complain About companies, organisations or people This page will help you find out who to contact for information or assistance, and whether you should lodge a complaint about a company, organisation or person with another agency or report your concerns to ASIC. Watch our video on Tip-offs, information of concern, and reports of misconduct. Https://youtu.be/fCosFX_FJEc Listen to our podcast of Warren Day, Executive Director, Assessment and Intelligence talking about what happens when you make a report of alleged misconduct or a complaint to ASIC. Https://asic.podbean.com/e/asic-view-episode-2-how-asic-deals-with-reports-of-misconduct/

[lookingforhelp] 21/10/2021 09:56

Potentially one of the most poorly handled funding and development strategies I've ever seen.

[noirua] 21/10/2021 09:33

Taxpayers’ potash punt in peril Oct 20, 2021 – 5.42pm Https://www.afr.com/companies/mining/taxpayers-potash-punt-in-peril-20211020-p591oo Salt Lake Potash (ASX:SO4) enters administration 21 October 2021 Https://themarketherald.com.au/salt-lake-potash-asxso4-enters-administration-2021-10-21/ In a statement, KordaMentha added it would begin marketing SO4’s assets for sale while also searching for recapitalisation opportunities. Australian SoP hopeful Salt Lake Potash collapses, owing US$127 million 21 October 2021 Https://stockhead.com.au/resources/australian-sop-hopeful-salt-lake-potash-collapses-owing-us127-million/ “Given SO4 has a world-class potash project in a favourable jurisdiction, we expect significant interest in the sale and recapitalisation process.”

[lookingforhelp] 20/10/2021 10:01

Class action anyone ?

[kennyp52] 20/10/2021 07:48

Looks like fraud to me . Let’s see if the authorities get involved and arrest the directors .

[noirua] 20/10/2021 06:17

Voluntary administration: A guide for creditors - ASIC Https://asic.gov.au/regulatory-resources/insolvency/insolvency-for-creditors/voluntary-administration-a-guide-for-creditors/

[adorling] 20/10/2021 05:43

With the process not working to produce Sulphate of Potash from the salt lake beds then this was always doomed to fail and it was there to see. Disgraceful that Management must have known this several months back. Potash as a sector has a poor history of success so I may be selling EML also soon if I that spikes on financing news?

[presto77] 20/10/2021 05:32

Administrators called inAll overhttps://www.afr.com/street-talk/salt-lake-potash-hits-the-skids-kordamentha-called-in-20211020-p591nd

[noirua] 19/10/2021 17:54

There is a possibility that SO4 might withdraw from AIM as in the case of Doriemus AIM: DOR now only quoted on ASX. However, the shares of DOR remained low for sometime but eventually rocketed to 36c from 3.5c so there is always hope lies eternal. No one is quite certain why.

[lookingforhelp] 19/10/2021 17:43

Was chatting to someone from Australia today and they reeled off a number of train wrecks from this group...Salt Lake Potash, Cradle Resources, Berkeley Energy, Prairie Mining, Paringa Resources, Coalspur, Odyssey Gold, Apollo Minerals... Strewth...

[terminator101] 19/10/2021 14:46

Sad day for genuine holders here, but worth looking back on this thread (and on twitter) to identify the pump and dump crews that were at work to suck the last dregs out of this. On a plus side it looks like riddler got stuck in this.

[lookingforhelp] 19/10/2021 10:36

Yep. Heading to zero. Everyone needs the odd tax loss...

[jaforsadi] 19/10/2021 09:46

Mcap will be zero No funder wants to touch this outfitIt's over Mcap will soon be zilch

[noirua] 19/10/2021 09:36

At least the market cap is very low especially for those buying in at 2p.

[lookingforhelp] 19/10/2021 08:33

apologies for double post...fat finger trade

[lookingforhelp] 19/10/2021 08:32

I just wish I could attend the AGM on 29 Nov...that one could be a lot of fun. How Middlemas and his cronies on the board have not been hauled over the coals yet is beyond me. He'll probably resign before it goes into administration so he can claim it was nothing to do with him....

[lookingforhelp] 19/10/2021 08:31

I just wish I could attend the AGM on 29 Nov...that one could be a lot of fun. How Middlemas and his cronies on the board have not been hauled over the coals yet is beyond me. He'll probably resign before it goes into administration so he can claim it was nothing to do with him....

[el-tel] 19/10/2021 07:59

I can imagine a well established mining group buying this at a massive discount and making millions from it . Sadly not existing shareholders.

[eezymunny] 19/10/2021 06:55

They think it's all over... www.investegate.co.uk/salt-lake-potash-ltd--so4-/rns/statement-re.-suspension/202110190741345058P/