It doesn't make sense that he is negotiating a bigger %... This whole debacle started 5th August last year, almost 6 months ago... We are now in Feb 2017 and it's like GMC are back to before August 2016, nothing much has happened since then besides dwindling our cash reserves... This isn't good guys, this thing reeks...
5th August 2016
Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that it has entered into a binding term sheet with Marthen Amtiran (“Pak Marthen”) for the investment of US$10 million in Gulf’s Indonesian‐based subsidiary PT Gulf Mangan Grup (“PT Gulf”), for a 10% interest in PT Gulf (subject to any regulatory approval). Pak Marthen will pay a non‐refundable deposit of US$0.2M within 5 business days of the signing of this Term Sheet. The balance of US$9.8M will be paid within 5 business days of Bupati providing a written recommendation of the Kupang Smelter Project to the Governor of the Province of NTT
Term sheet is binding
15th August 2016
Gulf Manganese Corporation Limited (ASX: GMC) (‘Gulf’ or ‘the Company’) advises that it has received a Certificate of Deposit for US$200,000 from Marthen Amitran (“Pak Marthen”), following the signing of a term sheet on the 5th August. Under the term sheet, the proposed cornerstone investment from Pak Marthen is US$10 million for 10% equity in Gulf’s Indonesian-based subsidiary PT Gulf Mangan Grup (“PT Gulf”) ‐ including a six month option to invest a further US$7 million.
Signs binding term sheet, deposits $200k
15th November
Following the granting of site approval from the Governor of East Nusa Tenggara in early October, Gulf advised that minor amendments would be negotiated to the original term sheet entered into with Pak Marthen, which was disclosed on August 5th 2016. These amendments have now been finalised, allowing for the initial US$10 million investment to be made within 21 days of signing this agreement. Under the agreement, Pak Marthen will also have a 12 month option to invest a further US$10 million for an additional 10% equity in PT Gulf. Following the signing of this agreement, Pak Marthen has been appointed as President Commissioner of PT Gulf
Amends binding term sheet, raises a few questions
2nd December
Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) is pleased to advise that it has received approval from Badan Koordinasi Penanaman Modal (“BKPM”) and the Ministry of Law and Human Rights for the investment of the US$10 million for 10% equity in PT Gulf Mangan Grup (“PT Gulf”)
These approvals enable Pak Marthen to finalise his investment of US$10 million for 10% equity in PT Gulf, and with all documentation now signed the Company expects the funding to be received next week
All good, funds next week
28th December
Gulf Manganese Corporation Limited (ASX: GMC) (“Gulf” or “the Company”) advises that Marthen Amtiran’s (“Pak Marthen”) investment of US$10 million for 10% equity in PT Gulf Mangan Grup (“PT Gulf”) is yet to be completed. The Company apologises for the delay on the completion and, with the public holidays over the Christmas and New Year period, expects the funding to be received in January 2017
Now in January, more than a month after it was meant to be in bank account and holidays didn't start until late December. Holidays shouldn't be anything to do with not receiving funds when they said they would
23rd January 2017
Pak Marthen is simultaneously funding another unrelated project as well as the PT Gulf Investment, and due to some unforeseen processing issues related to the transfer of funds there have been delays in PT Gulf receiving this investment. As a result, Gulf has made the prudent decision to explore alternate funding avenues whilst the investment from Pak Marthen is finalised, and will provide a further update to shareholders on these funding discussions shortly. Gulf is continuing to work closely with Pak Marthen and expects the funds to be deposited in two tranches – first tranche imminently and the second tranche by mid-February. The Company will remain suspended until the issues are resolved and funds are placed with the PT Gulf.
Now he is funding another project and there are unforeseen issues relating to transfer of funds...
15th Aug 2016 announcement
Financial capacity In Kupang, Pak Marthen is known as a wealthy individual who had worked with Indonesia's largest companies and was closely associated with Astra International Group. In the business community in Kupang, it is recognised that he is philanthropic in his approach to the community in Kupang and they estimate his wealth to be in excess of USD$150 million.
Does anybody believe this nonsense, for somebody that has so much money cannot transfer $10m under the agreement which he has had 6 months to prepare!
1st Feb 2017
The timetable set by the Company has now passed and a counter offer on substantially different terms has been proposed by Pak Marthen. This proposal is in the process of being evaluated by the Board.
Substantially different terms to original binding agreement that has already been changed
Cmon guys, this is bullshit, the whole lot is bullshit... If Pak was serious he would not have changed the original terms that was signed 6 months ago...
He deposits $200,000 which is a tax write off for him and small change just to keep things going with GMC and keeps the carrot dangling...
He amends the agreement which buys him more time and keeps the carrot dangling longer...
A month after the funds were coming 'next week', Pak sites 'holidays' as the reason he cannot transfer the money... Holidays is another excuse since there aren't many actual holidays in December/January that funds, once transferred, won't make it into a bank account... This is another massive lie IMO
A month later Pak says he is funding another project and there are unforeseen issues with the transfer of funds... ARE YOU SERIOUS!! HE IS WORTH MORE THAN $150M...
Then finally he wants to substantially change the agreement ONCE AGAIN...
MY OPINION ONLY IS AS FOLLOWS:
THIS WHOLE THING REEKS LIKE CRAP, HE HAS HIS OWN AGENDAS AND IT WON'T FAVOUR GMC OR GMC SHAREHOLDERS... IMO THIS IS A DELIBERATE ACT THAT HAS BEEN PLANNED FROM DAY 1... THE ONLY REASON BEHIND THIS ALL PAK WILL KNOW FOR SURE, BUT IT WON'T BE GOOD... HE WOULD ALSO KNOW THE LEGALITY BEHIND THIS AND HE WILL NOT BE A LOSER IN THE END, GMC AND THEIR SHAREHOLDERS WILL BE... I HAVE SEEN THIS TOO MANY TIMES AND IT'S ALWAYS BEEN THE POOR SHAREHOLDERS THAT HAVE COPPED IT... THIS IS PDY AND AZZ ALL OVER AGAIN, I WILL BE SURPRISED IF GMC EVER MAKE IT OUT OF SUSPENSION AND A CLASS ACTION SHOULD BE STARTED NOW IMO
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