Sunkar Share Discussion Threads

[danandrews] 23/7/2014 13:58

Bossman - On the 7th SKR will indeed cease trading on AIM, only to trade on KASE. However i would expect further dilution..

[hereford29] 23/7/2014 13:49

If you believe what they say, no, SAPC will put the company into insolvency administration and the Directors will lose everything, along with the minority shareholders and also SAPC will lose the majority of their investment and find it a lot more expensive to regain control of the asset after insolvency fees.

[bossman1978] 23/7/2014 13:33

But if don't sell our shares or accept the offer will they not take the company private after the 7th August and you would lose everything?

[danandrews] 23/7/2014 13:24

The books are more than likely available online for free, if not the following links will assist.

hxxp://www.dellam.com/05759399-SUNKAR%20RESOURCES%20PLC.html


You may wish to question why the auditor's resigned on 23 March 2009

One other area of interest the 2007 accounts, within which your find the following;

In December 2007 the company agreed, subject to concluding satisfactory due diligence, to acquire a 50% interest in a Kazakhstan company which owns a chemical production plant for $5m. The company has made a initial payment of $2.5m.



Did this materialise..no.. that in itself demonstrates the competence and perhaps integrity of the board at that time (Serikjan Utegen and Teck Soon Kong).

On a side note it is somewhat naive to think that operating in a country like Kazakhstan does not take place without some degree of bribery or embezzlement. We live and learn.

[hereford29] 23/7/2014 13:17

As a shareholder you are entitled to question the auditors.

[one day soon1] 23/7/2014 12:53

hereford29
This is what I find so annoying1 nothing makes sense and this is what needs to be investigated. They state loads of orders over the years then it all disappears! One idea why don`t we hire a forensic accountant to look at the books?

[hereford29] 23/7/2014 11:56

From the July 2012 update:

Sunkar Resources plc (AIM:SKR) is pleased to provide an update relating to Direct Application Rock ("DAR") accreditation for sales in Russia, the leasing of surplus equipment and the appointment of a new Chief Financial Officer.


DAR SALES UPDATE


In its Preliminary Statement of Results Sunkar announced that it had taken orders for over 12,000 tonnes of DAR from local Kazakh farmers. The Company has now shipped 1,777 tonnes to this sector of the industry in May and June 2012, and accelerated rail deliveries to satisfy the remaining orders are expected in August, September and early October. In addition, as reported on 23 April 2012, 12,223 tonnes of a 16,000 tonnes DAR order from a Russian fertiliser company has already been shipped during the current year.


The Company is also pleased to announce that its wholly owned subsidiary Temir-Service LLP has received accreditation for sales of DAR from Chilisai in Russia. The certificate is valid until June 2022 and states that the product is cleared to be used for all crops. The certificate was issued by the Federal Service for Veterinary and Phytomedical Inspection (a Competent Body of the Ministry of Agriculture of the Russian Federation). As a result, the Company has already received a number of orders from Russian agricultural businesses amounting to 5,800 tonnes of DAR, of which 248 tonnes have already been shipped.

[hereford29] 23/7/2014 11:17

The Board said it was the "wrong kind of rock" for the local farmers. They refused to buy it because it wasn't what they were used to using. This could be fairly easily verified by asking a local ex-pat agribiz specialist in Kaz to speak to some farmers and ask them. There are plenty of these on LinkedIn.

Dan, my shares are held in a nominee account via TD Waterhouse. From the latest list of top instructional brokers, it appears TF have around 3.25pc which are likely to be nominee accounts for small shareholders, and a few other online brokers I guess the same.

[augustusgloop] 23/7/2014 10:51

I don't doubt the JORC.

Maybe the samples that were analysed were genuine (not those for the Jorc)
No way to tell.

But if the quality of the deposit was as reported then there is the problem of explaining why nobody ever wanted to buy any for direct application.
And they couldn't sell the stuff to the big fertiliser companies.

This after all is a type of product that is in big demand.
Either it wasn't really for sale.
Or it wasn't what it was supposed to be.
Or they have been selling it (off the books) all along.

I can't see any other possibility

[danandrews] 23/7/2014 10:43

Hereford, who is your proposed broker for when SKR delist?

[hereford29] 23/7/2014 10:18

At the AGM when the DFS/BFS was discussed, there was a mild mannered and very nervous bald guy, he was introduced by the Board as the expert to comment on the DFS. I also remember at the time, one of the Board explained the change from BFS to DFS - he said that a BFS was no longer accepted terminology and that what they had now was a DFS but that this was actually better than a BFS in terms of credibility for raising finance. I recall this very clearly. Also in connection to the JORCs, I spoke to an expert in analysis via LinkedIn – he was a bilingual Russian Kazakh Canadian national who told me that the JORCs for Chilisai were in no doubt, that it was perfectly clear that Chilisai represented a viable and valuable asset and project, but that the project management and handling of the same was the problem, and had been the cause of the delays to date and would likely continue to remain problematic. Nonetheless I want to continue as an investor in the privately held company.

[one day soon1] 23/7/2014 09:57

Bossman1978
As far as I can see it! Slight possibility of a better offer for the remaining shares IF they don`t get 90%. If they do get 90% then the remaining shares will be compulsorily bought at 1.853p per share!

[bossman1978] 23/7/2014 06:48

Is there any chance here for our hard earned investment? Aim is a total disgrace in general!!!!

[augustusgloop] 23/7/2014 02:40

oil,

how many do you know that produced a definitive feasibility study rather than a bankable feasibility study?

If you intend to borrow money.
Or attain hundreds of millions in a placing or a JV then it had better be bankable.

[oilbethere] 23/7/2014 02:15

Yes, but you could say that about any resource development company!

[paulb10] 22/7/2014 20:34

I do not believe that all these professional apprisal companies could have been suckered in by criminally produced drilling samples (i.e the samples were never drilled in the first place and they were false.) And that these false samples had been criminally adjusting and produced by laboratories and then passed on to the proffessional appraisal companies to do their stuff and sign off the project.

[augustusgloop] 22/7/2014 19:55

Look at the top of the page on this header - project timelines.

Clear as day "bankable feasibility study"

They used that terminology right up to the point when they produced a 'definitive feasibility study'

I pointed this out at the time.

[augustusgloop] 22/7/2014 19:50

paulb,

if they do a bankable feasibility study - then it is their reputation on the line.

A definitive feasibility study provides a detailed projection --- BASED ON THE EVIDENCE PROVIDED.

A reputable company provided with samples, reports on the quality of those samples. They are not hired to test their provenance.

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

If you work as a chemist in a lab and are sent a soil sample.
Your report details the chemical composition of that sample.
It does not state that the sample came from where the management said it did.

You provide a report for the management.
You do not question if they are misleading you.

[paulb10] 22/7/2014 19:24

SKR did have Institutional investors at the start when I invested. I remember credit agricole at one stage and also that bank in the US that went bust was it lemans and I suspect others you would have thought they would have done some homework. I still do not believe that all these reports from respected companies conclusions on jorc assessments, processing methods etc etc could have had the wool pulled over their eyes their not that stupid and its their reputations on the line.

[augustusgloop] 22/7/2014 09:34

that was near the beginning.

[bones30] 22/7/2014 09:27

I had thought they bought roughly when paxton took the wheel. Maybe I'm wrong but it was around a long time before then.

[augustusgloop] 21/7/2014 23:25

bones, VGM

yes - but they bought in at the beginning.

They believed the story, which was credible then.

Year 1 - promised to be running at 110,000 in a year
Year 2 - promised to be running at 100,000 in a year
Every year more promises
But they never got beyond 60,000 oz
Ended up at 40,000 oz.

By Jan 2011 it was clear that the company was built on lies.
That's when the share price started its fall from 220p to a few p.

But during this time proactive, minesite and their brokers were plugging them aggressively.
The IIs knew to stay clear.
[There are always a few analysts that are not in the loop - but the ones at the main institutions 'share' their insights."]

[danandrews] 21/7/2014 22:06

Anyone know a major UK bank that trades on kase? If they don't get 90% I for one am looking forward to the annual meeting. Vengeance is an act of justice.