The Mission Share Discussion Threads

[tim00] 12/10/2009 17:00

TMG was wound up long ago. Basically it was insolvent. If your shares were held in a nominee account you should have been informed. If not, they hadn't the cash to write you a letter! I'm afraid the TMG posters have disbanded, though Giant Steps still posts on many gold shares. Holdontight, the biggest ramper of TMG, must have changed his handle as I've never seen him post since TMG's demise.

[targatarga] 12/10/2009 16:19

and to think i've held since phillipine gold, another great money making ponzi scheme... at least the share cert looks nice on the wall with my cmr cert....

[katsy] 12/10/2009 16:13

Nothing Macsm, just like everything else thistle did, they even left the liquidation in limbo. Would be nice to offset these for CGT

[macsam] 06/10/2009 15:45

Katsy I had £50K of these that has been lost, but have never been contacted by either the Company or liquidator nor anybody else. Have you any more recent information as to its demise.

[katsy] 02/9/2009 17:15

FWIW, president steyn mine sold on. nice to see people still getting money from this, where's my money???????



Aurora clinches Pamodzi Gold Orkney, tugging at Free State
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By: Martin Creamer
2nd September 2009

Updated 46 minutes agoTEXT SIZE JOHANNESBURG (miningweekly.com) – Malaysian and Middle Eastern-backed Aurora Empowerment Systems on Wednesday clinched Pamodzi Gold Orkney when the mine's main secured creditor, South Africa's State-owned Industrial Development Corporation (IDC), gave its preferred bid the green light.

Aurora's acquisition and purchase of the provisionally liquidated Pamodzi Gold Orkney has opened the way for the company to begin remining the North West gold operation next week.

Aurora has given a no-job-loss commitment and has reportedly put the first batch of 800 employees through their medicals, prior to a resumption of gold mining.

Liquidator Enver Motala told Mining Weekly Online that Aurora's acquisition of the Orkney gold mine of the stricken Pamodzi Gold group would be immediate, as the company had chosen the Section 311 offer-of-compromise route, which would mean more for creditors and no delay in the transferring of mining rights.

Harmony Gold's grip on Pamodzi Gold Free State was, meanwhile, slipping as Aurora prepared to offer more than Harmony's R405-million for the Presdident Steyn gold mine.

Representatives of Aurora, headed by President Jacob Zuma's nephew Khulubuse Zuma as chairperson and Nelson Mandela's grandson Zondwa Mandela as MD, spent the weekend studying both operations.

Motala said funding from the company's Malaysian and Middle Eastern financial backers appeared to be in abundant supply, and the IDC had instructed the joint provisional liquidators to accept Aurora's offer.

"They've given the green light and the acquisition agreement will be signed on Thursday or Friday to allow Aurora to start mining at Orkney," Motala added to Mining Weekly Online.

The second purchase agreement would be prepared within the next ten days.

Motala said that Orkney was the only mine in the Pamodzi Gold group that had new-order mining rights.

Aurora had thus opted for a Section 311 compromise of giving the creditors more, over and above what the liquidators would give them out of the estate, which would take Orkney out of liquidation and make Aurora the new outright owner.

Aurora was committed to restarting mining operations with more than 800 employees next week.

"The have completed the medicals for all of the employees. They have opened their own clinic and bought medical equipment. Previously, Orkney was subcontracting medical facilities from AngloGold Ashanti, which was a huge cost. Aurora has now employed two full-time doctors and opened their own clinic. They are moving very fast and their new production plan is detailed," Motala told Mining Weekly Online.

[katsy] 05/5/2009 14:16

robson1974 - 5 May'09 - 14:09 - 323 of 325


interesting re middle eastern investment into african gold/mining industries

Pamodzi Gold being bought for $150m

"We have partnered a number of extremely wealthy ruling families from the Middle East, who have made available to us $500-million as the first tranche of an investment into the mining sector," Surve said.

"Our Middle Eastern partners are bullish on the gold-mining sector and they are prepared to put a lot of money behind us, but it seems that there is a bit of red tape that we can't seem to get around.

[macsam] 02/3/2009 09:18

Should we not have been contacted by the liquidators

[tim00] 27/2/2009 15:28

Thistle has been wound up. The remaining assets will have been turned over to the company's creditors, ie MC and Casten. Obviously nothing left for shareholders.

[macsam] 27/2/2009 15:22

Me to. Does anyone know the score.

[tim00] 21/4/2008 20:46

Suggests all is not lost quite yet.

[tim00] 29/3/2008 14:59

Also see the announcement on Friday by Pamodzi re financing difficulties, available on their website. Can be interpreted as advising against buying their shares, not a common event!

[gintonic] 29/3/2008 07:37

tim00 here, been away for a few weeks. I don't know whether TMG's initial optimism about refloating was based on discussions with MC/Casten, but if so clearly circumstances have changed. And what has changed in particular may be the lack of refinancing available to Pamodzi. If you look at their latest published accounts for Q4 they are really dreadful. It seems to me that despite the high pog that Pamodzi is about to go under, making a large hole in the TMG balance sheet which not surprisingly MC/Casten are not prepared to fill. In the current climate there were no other sources of finance available. I'm afraid we have to accept that without some dramatic refinancing of Pamodzi and considerable patience from MC/Casten (who could claim all TMG's asets at any time) TMG has no value. I still am left wondering why production collapsed following the downsizing of staffing in late 2005, I'm not convinced that it was just a series of unconnected accidents, but I'm afraid I'll never know. In future I will avoid indebted companies of this kind: while the potential rewards are great the risks are too high, including the risk that the bond holders have all the cards.

[giant steps] 25/3/2008 08:19

As at February 29, 2008, the Company is estimated to be marginally solvent
with assets exceeding liabilities by US $3.5 million. This determination is
based on a Pamodzi share price of ZAR10.40 per ordinary share and a South
African Rand ('ZAR'):US$ exchange rate of ZAR7.80 per US$.

[giant steps] 25/3/2008 08:15

Tuesday 25th March 2008



Extract :

Accordingly, the Board of Directors has resolved that it is in the best
interest of shareholders to wind down the affairs of the Company and when
appropriate distribute the net proceeds, if any, to shareholders.

The Company's liquidity position is predicated on reaching an agreement
on the restructuring of debt ('Indebtedness') owing to Casten Holdings Limited
('Casten') and MC Resources Limited ('MC Resources') or on the successful sale
of the Pamodzi Shares or Loan. The Indebtedness of approximately $20 million
at 29 February 2008 is due on demand. There has been no agreement or
understanding reached with Casten and MC Resources regarding the assignment of
the Pamodzi Shares or the Loan for a reduction in the Indebtedness. The Loan
receivable from Clidet is viewed as illiquid and realistically can only be
monetised after May 31, 2009 when the loan is redeemed for Pamodzi shares.

Even if the Pamodzi Shares can be sold, Thistle will not have the cash
necessary to meet the outstanding liability to Casten and MC Resources.
Thistle will be required to make arrangements with these creditors going
forward.

[katsy] 24/3/2008 19:56

tmg , RIP. So much for the promise not to let the AIM listing expire.

[giant steps] 23/3/2008 11:31

Future source of information





FTSE 20 March 2008 04:56pm
Cancellation of listing of Thistle Mining Incorporated (UK)

[dogberry202000] 21/3/2008 13:58

Interesting points. Thanks, Pirate Pete and to you, GS for your patient encouragement.

I'll just keep watching this thread!

[giant steps] 20/3/2008 17:13

Thanks for that Pirate Pete, "22 Nov 2008" is a worthy observation.

AIM rules make it very clear (see link below)

[pirate pete] 20/3/2008 17:08

Worth remembering the following from the 3rd Q results 29.11.07:

"As the Sale Transaction will divest Thistle of all or substantially all of its active business activities, under the AIM Rules for companies, Thistle will, upon completion of the Sale Transaction, be treated as an "investing company". As a result, it will be required to complete a reverse takeover or implement its own investing strategy to the satisfaction of the LSE prior to November 22, 2008. The Thistle Board has resolved that, of the options available to Thistle moving forward, Thistle should not be delisted from AIM, wound down or become a passive investor..."


Where does the date 22nd Nov 2008 come from then?