Salt Lake Potash Share Discussion Threads

[noirua] 10/11/2022 08:21

Letter to Creditors


Recapitalisation continues so no news on anything until it is completed.

[noirua] 29/10/2022 23:10

Recapitalisation continues so no news on anything until it is completed.

[kennyp52] 11/10/2022 09:51

Noirua .. is there any return to the shareholders ?

[noirua] 09/10/2022 09:15

KPMG - 7 October 2022
Australia Salt Lake Potash Pty Ltd and Piper Preston Pty Ltd

[noirua] 06/10/2022 12:46

Recapitalisation of SO4 - 6 October 2022

Binding offers for the recapitalisation of ASX: S04 and/or the acquisition of its subsidiary interests are due by 30 October 2022.

Schedule of Entities
Irve Holdings Pty Ltd ACN 633 114 619
Two Lake Holdings Pty Ltd ACN 633 114 637
SO4 Fertiliser Holdings Pty Ltd ACN 633 114 628
Irve Developments Pty Ltd ACN 634 354 215
Two Lake Developments Pty Ltd ACN 634 354 233
SO4 Fertiliser Developments Pty Ltd ACN 634 354 224

Restructuring Services
Share
KPMG helps management to stabilise the business, reorganise borrowings, enhance profitability and build a platform for sustainable growth.

[noirua] 29/9/2022 09:13

Salt Lake Potash Limited
Salt Lake Potash Limited (Administrators Appointed) (Receivers and Managers Appointed).

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For up-to-date information and opinions on legal moves and potential ASIC investigations go to the Hotcopper website in Australia.

[noirua] 27/9/2022 09:28

To Creditors - Dated 20 September 2022
– Please note that the meeting will be on Friday, 30 September 2022 commencing at 10:30 a.m. (AWST).


You will note that the Administrators’ recommendation is that creditors of each individual company resolve to adjourn the second concurrent meeting of creditors for a period not exceeding forty-five (45) business days.

[investaway] 22/9/2022 11:34

Do small retail investors have to seek independent legal advice?

Or is there going to be collective legal action on behalf of all shareholders?

I'm from the UK and it seems to me this is a massive case of misrepresentation. Anyone been in a similar situation before with what is happening with this? I'm not happy. Feel as if I have been scammed and I hope there is something done about this.

[noirua] 22/9/2022 08:18

Voluntary Administrator’s Report to Creditors
21 September 2022


Czech family-owned energy investments business Sev.en Global Investments has emerged as the buyer for bankrupt ASX-listed Salt Lake Potash, securing its second deal Down Under in the space of a few days.


The West Australian
Salt Lake Potash investors in May 2021 fundraising ‘potentially misled’, special administrator says

[lookingforhelp] 08/9/2022 08:36

there in lies the problem...Middlemas shouldn't be allowed to director of a public company given his track record.

[noirua] 07/9/2022 15:24

essentialscutty
07/09/22 15:55 Post #: 63569203
I saw this in the AFR and wondered if it is just more gossip. According to the ASX we have three remaining Directors Chair Ian Middlemas, Matthew Bungey and Phil Montgomery in the listed entity that has just renewed its listing fees for another 12 months. If the SO4 business is sold out of the listed entity as a going concern then it will be lawyers for sure with SHs. Interesting times.

[noirua] 06/9/2022 18:47

I'm wondering if Anglo American are bidding for Salt Lake Potash. They bought out Sirius Minerals the collapsed UK Potash Company in Yorkshire, Northern England.

On that occasion they made a cash offer for the shares of about 10% of the companies peak share price.

[meanreverter] 06/9/2022 14:42

Insolvent companies, when bought, typically change hands at a nominal price (e.g. AUD 1).

[noirua] 06/9/2022 13:28

'It is understood the deal being discussed on Tuesday night would see Salt Lake Potash sold to a buyer, rather than an injection of new funds into the existing capital structure.'

Does not look favourable for shareholders.

Closing price in London at suspension was 2.45p or 4.17c. If shareholders are very lucky they might receive 34% more at about 5.6c = $46 million - no promises meant whatsoever.

[noirua] 06/9/2022 13:17

Salt Lake Potash deal ready to land; offshore buyer in box seat
Anthony Macdonald, Sarah Thompson and Kanika Sood
Sep 6, 2022 – 5.44pm

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ASX-listed Salt Lake Potash, which has been up for sale since February, has finally found a new owner to take the keys.


Salt Lake Potash’s Lake Way project (pictured) has found a new owner.

Street Talk understands Macquarie Capital had locked in an offshore buyer to buy Salt Lake’s assets, and was working through the final pricing details on Tuesday evening.

Sources expected the buyer to sign the dotted line within in the next 48 hours.

It would spell the end of a long saga. Salt Lake Potash was pitching itself as the first Australian producer of sulphate of potash, a chemical used in fertilisers, when it hit the skids with too much debt and operational troubles at its flagship project Lake Way in Western Australia.

Its lenders, who had security over Lake Way, called in restructuring firm KordaMentha in October 2021, as Salt Lake Potash’s troubles continued, equity investors refused to tip in more money and lenders refused to relax repayment terms. KPMG was also appointed as administrator.

The listed Salt Lake Potash had a $250 million market capitalisation prior to the appointments, and counted Ellerston Capital and Swiss firm Lombard Odier Asset Management among investors.

The lender syndicate was owed about $160 million and included Commonwealth Bank of Australia, Taurus Funds Management and the Clean Energy Finance Corporation.

Receiver KordaMentha mandated Macquarie Capital to run a sale or recapitalisation in February, and was expected to reach out far and wide to look for new backers amid perky potash prices.

It is understood the deal being discussed on Tuesday night would see Salt Lake Potash sold to a buyer, rather than an injection of new funds into the existing capital structure.

[lookingforhelp] 06/9/2022 12:33

can you cut and paste the story...

[noirua] 06/9/2022 12:07

Copyright Link - I'm trying to decipher it.


AFR Link:

[noirua] 06/9/2022 12:00

Dona Ferentes
κατάσκ_9;πος
there's a report that SO4 has found a buyer.
Macquarie Capital had locked in an offshore buyer to buy Salt Lake’s assets, and was working through the final pricing details on Tuesday evening [ NSW time].

Sources expected the buyer to sign the dotted line within in the next 48 hours....

[noirua] 31/8/2022 11:42

Suspension from Official Quotation

[kennyp52] 09/8/2022 20:47

There were very dubious claims from the BOD which to me in hindsight mislead the market and there may be actions for negligence against them and also the experts who did the test of the process that ultimately failed to realise the recovery rates needed . Even the auditors might face negligence claims ? It’s not beyond the realms of possibility that this could be traded out of receivership and re-list. But with directors that actually know what they are doing !!

[noirua] 02/8/2022 21:32

kennyp52, those over on Hotcopper are following this one more closely and they are not that confident of a good outcome. As I got back in again after many years out of SO4 at an average of 2.20p or 3.7c there is an outside chance. Anyone well over that has zero chance of a good outcome unless BHP bid very late on. Maybe KordaMentha lives in hope as we do.

[lookingforhelp] 01/8/2022 23:05

All SO4 holders are stuffed. I just feel sorry for those that doubled down and went into Sovereign Metals as well...they will probably end doing their dough as well.

[kennyp52] 01/8/2022 19:48

Noirua . I won’t hold you to it .. but what’s your opinion on any value for shareholders ? Or are we out with the washing and going to be stiffed ?