Salt Lake Potash Share Discussion Threads

[kennyp52] 07/12/2021 15:10

Yes its now been renamed SO4 Limited and de-listed . Kiss your money goodbye

[easylikesundaymorning] 07/12/2021 08:28

Any update on this? My trading 212 account is still just showing trading suspended..

[kennyp52] 26/10/2021 16:08

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 13:51

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

[noirua] 26/10/2021 12:10

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 20:29

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

[lookingforhelp] 21/10/2021 20:22

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 16:44

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.

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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.


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[lookingforhelp] 21/10/2021 10:56

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

[noirua] 21/10/2021 10:33

Taxpayers’ potash punt in peril
Oct 20, 2021 – 5.42pm


Salt Lake Potash (ASX:SO4) enters administration
21 October 2021

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

“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 11:01

Class action anyone ?

[kennyp52] 20/10/2021 08:48

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

[noirua] 20/10/2021 07:17

Voluntary administration: A guide for creditors - ASIC

[adorling] 20/10/2021 06:43

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 06:32

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

[noirua] 19/10/2021 18:54

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 18:43

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 15:46

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 11:36

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

[jaforsadi] 19/10/2021 10:46

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

[noirua] 19/10/2021 10:36

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

[lookingforhelp] 19/10/2021 09:33

apologies for double post...fat finger trade

[lookingforhelp] 19/10/2021 09:32

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 09:31

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....