Sunkar Share Discussion Threads

[hereford29] 18/7/2014 16:34

Well that is some conspiracy theory Augustus, but if that were true, the auditors would be able to identify it and would have already done so and as it is still AIM listed, an enquiry into the books could be called for irrespective and an injunction to block the de-listing pending investigation of the claims. The two main Directors owned 50pc of the shares until the dilution on SAPC's majority stake purchase. So how can they have sold them into the market? they remained 12.5pc shareholders each at the time of the present offer. SKR had a CFO for quite some time, Donald Sinclair, who I am sure would not have been party to anything like this and it is impossible that he would not have known about it were it true. If this were true, it would not be difficult to get an investigation to prove it. And from what I have read, enough shareholders have rejected the offer to prevent a compulsory purchase anyway. I find it highly unlikely that the whole of the Board including NEDs could have been engaged in a cynical and protracted fraud.

[augustusgloop] 18/7/2014 16:12

If it goes into receivership - then the books are open to the receivers.
This way the books stay closed - no evidence = no prosecutions.

They have already made the money:
let's say the asset was worth about $1m.

They lied and convinced the market at IPO that it was worth hundreds of millions of $.

They raised $68m at IPO - for about 1/3 of the shares.
[Any money going in being taken by the syndicate (one form or another).]

They guaranteed not to sell the remaining shares for (about 1 year??).
But a later the syndicate were no longer on the register of major holders.
No RNS notifications - whilst the share price was kept high by Director promises of impending sales and news.

Let's say that they sold these 2/3 of shares for about $80m
[No way of knowing.]

They then buy 51% of the company for $10m (from the company - and so get it straight back anyway). So it really cost them nothing.

They then buy shares cheaply on the market and make the present offer - buying the company 100% for a true cost of about $6 million.

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Does it now matter if these shares are really worthless?

They have made $68m + $80m - $6m = $142m

Take away from this what they spent on the asset (an unknown)
But add what they will sell the various assets (equipment + plant) for - again unknown.

Then maybe they were selling the product (off the books) all along.

---------------------------

Summing up -- what they are doing now is covering their tracks.

The money was banked long ago.

Maybe the asset itself is valuable -- there is no way that you or I or any other company could know.
And even if it is, if we owned it - the likelihood is that the subsoil licence would be revoked - and SAPC would then buy it for peanuts again.

[hereford29] 18/7/2014 15:31

And how can they make money from owning shares that decline in value to almost nothing? That doesn't make any sense.

[hereford29] 18/7/2014 15:27

so why do they want to keep it then? why not just put it into receivership?

[augustusgloop] 18/7/2014 15:18

But, it is not a genuine valuation.

They probably bought the asset for about $1m.

Nobody has showed even the slightest interest in a takeover (except SAPC) even when the valuation was very low.

If other companies were not willing to pay 7p a share when there were half as many shares in issue - why would they be willing to pay 118p a share now?


If this was a genuine company worth anything like $715m then predators would have been circling when the Mcap was $50m - they aren't even interested at under $10m.

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Do you believe that the mafia pay fair value for the business they buy?

This asset was bought and brought to market for one purpose only - to make the syndicate very rich.
This it did!

You can not believe anything that they have told you.

The only way to value this asset is based on what other people are prepared to pay ==== nothing!

[hereford29] 18/7/2014 14:23

My point was that this should be the valuation of the business, and the basis of the takeover, since it was the valuation given at the time of the AGM when SAPC was already the new 51pc owner. so £1.185 per share is about right, or basically, the IPO price.

[augustusgloop] 18/7/2014 14:11

Hereford

that study was based on information provided by the management.

Do you believe that the management information has been accurate at other times?

Do you trust that representative samples were provided for any analysis?

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Chemical analysis showed that DAR was suitable for use by farmers ---- but then almost nobody would buy it, despite being by far the cheapest on the market.


Chemical analysis showed that benefacted rock was suitable for use by farmers ---- but then almost nobody would buy it, despite being by far the cheapest on the market.



Chemical analysis showed that milled product was suitable for use in DMAP plants ---- but then none of them would buy it, despite being by far the cheapest on the market. [And after they took large quantities of samples.]

[hereford29] 18/7/2014 13:40

On 28.02.2013 the Detailed Feasibility Study released by Sunkar and compiled by SNC-Lavalin International valued the Chilisai Phosphate Project at $715.2m. The project must therefore have this value still.

[one day soon1] 18/7/2014 12:07

Directors are the company....
Very Interesting Dan do you have any more info?

[faza3] 18/7/2014 10:38

really and what of it
I think they should take care of directors not company
do not you think so

[danandrews] 18/7/2014 10:25

The AIM regulator is reviewing SKR.

[danandrews] 17/7/2014 19:52

Why would a obscure investment and trading company based in the British Virgin Islands demand admission to KASE in order to become the largest shareholder in a LSE AIM company.

SAPC received 10,000,000 shares on SKR's application to AIM, why? These were promptly cashed in. If your house had as much smoke within, you would be calling the emergency services.

I think all will become clear in months to come.

SKR will soon be gone.

hxxp://www.chilisai.net/sapcoffer/

[hereford29] 17/7/2014 18:06

Once the offer goes unconditional, nominee brokers will often change the default response to accept, since they have this in their terms, on the basis that the shares then become less marketable and difficult to trade therefore it is in their clients best interest. So you need to actually reject the offer if you want to hold on to the shares. Some nominee account brokers may not do this, they may keep the default as reject if you do nothing but yours may do. One of mine does, the other one doesn't.

[hereford29] 17/7/2014 18:05

Once the offer goes unconditional, nominee brokers will often change the default response to accept, since they have this in their terms, on the basis that the shares then become less marketable and difficult to trade therefore it is in their clients best interest. So you need to actually reject the offer if you want to hold on to the shares. Some nominee account brokers may not do this, they may keep the default as reject if you do nothing but yours may do. One of mine does, the other one doesn't.

[hereford29] 17/7/2014 17:56

You don't have to sell, you can remain a shareholder, but after they reach 90pc, there will be no choice, they can make acquisition of outstanding shares mandatory. I don't see this as a scam though, rather bad project management, poor oversight by the Board perhaps, but this wasn't a conspiracy. where did the money go?

[danandrews] 17/7/2014 15:05

Mike if at this time you cannot trade your shares, its your broker that you should be contacting.

[mike1962] 17/7/2014 14:48

I have just sent my letter of complaint to the FCA, lets wait and see what happens.?

[danandrews] 17/7/2014 14:33

I don't believe so, an RNS would be rather prompt if they reached 90%. And trading would be suspended.

[one day soon1] 17/7/2014 14:13

I am assuming SAPC have achieved a 90% purchase of shares to complete the buyout ?.

They would have to make an announcement and they haven't made one.
re fca I just spoke with them again and although they are very guarded as to what they say they told me that they look at everything ant that the more info the better they can investigate so don`t think its a waste of time.

[danandrews] 17/7/2014 13:52

My shares are with HSBC, i am still in possession of them. I would demand further clarification from Equiniti.

[mike1962] 17/7/2014 13:39

My shares account is through Equiniti and I was informed yesterday that my shares have been removed [Transferred out] from my account and they are anticipating a settelment payment of 1.85p per share which has been agreed by the Directors of Sunkar and SAPC ?.

I am assuming SAPC have achieved a 90% purchase of shares to complete the buyout ?.

I am confused as I have never experienced this before ?.

I am in the process of writing to the FCA [formally the FSA] but as I am writing the letter I really feel this will be a waste of time.

[augustusgloop] 17/7/2014 06:54

So, there has never been a single trade on the Kaz market!

How very reassuring.

[augustusgloop] 16/7/2014 21:27

I am not even sure that they are actually properly listed in KAZ.

Look at the website - there isn't even a KAZ price there.
The AIM price is clearly listed.

Never come across such an omission before.

But the updates are provided by 3rd parties - perhaps none cover KAZ.