Sunkar Share Discussion Threads

[the skipper] 05/8/2014 11:02

If that were the case why would they waste their time ringing around shareholders? I'm beginning to think you are working for them!

If anyone wants to contact Boudicca the number is 0203 4753415 and the contact's name was Waleed.

[augustusgloop] 05/8/2014 10:38

making an increased offer would be a very bad plan from their point of view - since they would have to pay more to everyone.

Instead, I expect that they would just buy the shares that accepted.
Delist from AIM and KAZ
Change the company's place of incorporation to Kazakhstan.
Have no contacts with hold-outs for a year.
Then offer a much smaller price to buy them.

Alternatively they just transfer the mine and all the assets to SAPC in payment of the loan - and leave you with shares in a asset-less non-listed company.

[the skipper] 05/8/2014 10:32

Received a phone call this morning from Boudicca Proxy Consultants representing SAPC asking whether I was going to accept the offer. Clearly they don't have the 90% required for compulsory acquisition and are now approaching shareholders individually. I told him in no uncertain terms what I thought of this company's behaviour and advised him that a significant increase would be required to get their dirty little hands on my shares.

Stay strong and it will come imo.

[one day soon1] 05/8/2014 07:13

The big question is why did they insist on filing on the KAZ Exchange and now they say they are going to de - list from that Exchange also!

[danandrews] 04/8/2014 20:48

AIM has run its course. They will more than likely obtain capital through private equity. Benefits to would be investors; the local government are proposing compensation of around 30% of the capital expenses (investment subsidy). Additionally, they will be exempt from corporate income tax for 10 years.
Also removing the useless board and costings of nomad a fair amount can be saved around 800,000 est. per year. The value of this project is undeniable. You have to wonder when Serikjan Utegen was promised a job when all taken private. In a country with widespread corruption it would not be to much of a shock if this were an orchestrated capitulation.

[one day soon1] 04/8/2014 20:36

If it didn`t stink before! (it did) It certainly does now!

[hereford29] 04/8/2014 20:17

But the offer document says that they want to own 100pc, it says they will not continue to provide finance if they don't. But that would seem to be counterproductive since it must cost them more to put the company into administration. So if the compulsory purchase threshold is reached, they will use this. If it isn't reached, they may just strike the remaining shareholders off the register anyway. Anyone have legal expenses insurance? If so, could they ask for some advice? Why would it be easier to obtain capital privately? That doesn't make any sense. If it was true, then sapc would not have listed it in the first place. They must already have the finance lined up.

[paulb10] 04/8/2014 19:57

If they delist from the kaz exchange then it means a very long wait as a minority shareholder in a private company.

[paulb10] 04/8/2014 19:51

oneday I personally will be going to the kaz exchange. The company will delist, HSBC will issue me with certificates. I will then choose a KAZ broker(I believe HALKY FINANCE ARE ONE LOL)and register with them and send them my shares probably in some form of CREST account if they have that sort of thing over there(how depressing but hey lets get on with it I guess)

[one day soon1] 04/8/2014 19:46

Oh dear! I thought I had read something like this but couldn`t quite put my finger on it...until now! Read on...from the offer document:

SAPC has advised the Sunkar Board that it no longer intends to continue to provide financial support to the Company while it remains admitted to trading on AIM and listed on the Kazakhstan Stock Exchange and has agreed with the Sunkar Board that it will make the Offer to the minority Sunkar Shareholders and apply to the London Stock Exchange to cancel the Company's admission to AIM and to the Kazakhstan Stock Exchange to delist the Company from that exchange.

SAPC believes that it will be easier to obtain the necessary capital to continue the Sunkar Group's development in the private domain. Taking the Company private will reduce overheads and allow it to focus on its core business and to develop a new corporate structure (probably in Kazakhstan) in order to benefit from recent tax and investment incentive initiatives in that country

[one day soon1] 04/8/2014 18:50

I was thinking that the last day to do something about our shares was Wednesday but actually if the offer is still open and they said that they would give 14 days notice before any ceasing of the offer then we can choose to accept the offer after wednesday?
Did I understand that correctly anyone?

[augustusgloop] 04/8/2014 18:08

one day,

Even if they don't steal them from you, or dilute you into obsolescence, who will buy them?

The only possible buyer that I can see is SAPC.

If you were looking at them now - would you buy on the KAZ market?

Not a single share has been purchased there since the listing.
Hardly inspires confidence in your ability to sell.

It may act like the OTC market here - and I wouldn't touch any shares listed there. And those companies are predominantly not 85+% owned by people with a record of shafting their small shareholders.

[one day soon1] 04/8/2014 18:00

I am looking into keeping mine and selling on the KAZ exchange in the future for a lot more than 1.8p That is what sapc will want for their shares right? They want to make money!

[bossman1978] 04/8/2014 17:42

So what does the normal pi's do now? I have not sold my shares nor did I agree with the offer. I honestly thought they would get the 90 percent. I have lost a fortune by these corrupt companies. Yes I do believe they are all going to make a fortune by this But not the investors who give them the money in the first place!

[hereford29] 04/8/2014 17:13

the board cancelled all their options in December 2009 and issued themselves with new options at 45p a share, were these sold for cash when the price went back up to 50p, before it crashed again, or did they just get shares?

[augustusgloop] 04/8/2014 17:04

There is stuff at the site.

But what does $68m of investment buy in Kaz?

They did mine a lot and they did mill some.

But the question that can not be answered is:
did they mill a lot and sell it (but not book the sales)?
Or did nobody want the product?

Without having had people watching if trucks were frequently moving in and out, how could you tell?

The best was to figure out what was going on here is to read the posts on this and the other thread right from the start.

That way you can see what the directors were always promising - and compare with what they delivered.

Several times they announced to shareholders (AGMs) or in presentations that they had large orders in the bag.
These never materialised.

[hereford29] 04/8/2014 16:48

One would have thought were there any evidence of fraud, Donald must have known about it. He told me at one of the AGMs that he had visited the site and the operations. And yes, he is easily contactable.

[bogeybazaar] 04/8/2014 16:42

One factor in my buying shares here many years ago was what I thought was the reassuring presence of Scottish Accountant Donald Sinclair on the Board. He was there until 2 years ago. His page on LinkedIn puffs up Sunkar and his role in its IPO and management rather grandly. Surely he must have known what was going on, and is now easily contactable?

[bogeybazaar] 04/8/2014 16:37

But there must surely be people on the ground out there in their financial / business community who can see whether or not there is any newish-looking plant at the Company's alleged site and whether there is any visible evidence of warehousing for the piles of rock/flour allegedly mined, if not actually sold?

[one day soon1] 04/8/2014 16:10

August? Thanks. Can I ask another question? What do you think will happen to Sunkar shares on the KAZ Exchange after Wednesday?

[augustusgloop] 04/8/2014 15:06

There's nothing that they can do.

They need proof - which without an insider whistleblowing, there's no chance.

The entire investment community knows that AIM is riddled with such companies.

If you read on a BB that the share price is ridiculously low because they are overlooked by the institutions --- you should read it as "the professionals have looked it over and don't trust the numbers'.

[one day soon1] 04/8/2014 14:58

August thank you for your valued input. Why don`t you write to the aim regulator?

[augustusgloop] 04/8/2014 14:42

Hereford,

the auditors are paid to add up invoices.

In a fraud, many of those invoices are false.

Suppose I set up a company in some ......stan and list it on AIM
I then set up another company there as a contractor supplying skilled and unskilled labour.

My AIM company 'hires' 100 non-existent workers from my other company for a cost of £2m a year. This money goes into my bank.
If the auditors ever bother to ask - then one of my staff will reply that the invoice was valid.

Then I set up another company as a machinery supplier
The imaginary workforce that I supplied need imaginary machines to work with,
fuelled by imaginary petrol and serviced by imaginary mechanics that I also supply on an imaginary maintainance contract.
Hell, I could even supply the imaginary insurance.

This sort of stuff happens --- a lot!

The Auditors never investigate.
People like Gotham city do.
They somehow find out who the contractors are and pretend to try to do business with them.
Auditors will never do this.

[one day soon1] 04/8/2014 13:49

Just sent an email to [e-mail]
They take it all very seriously and I urge anyone who is concerned to send an email!