I have received some information from the administrators (Pitcher Partners) for those looking to write off their GMC folly. I sent them an email and got this response:
On 13 May 2022, the Deed Administrators executed a sale agreement with an unrelated party in respect of the Company’s 100% shareholding in International Manganese Group Limited which in turn owns a 74.87% shareholding in Gulf Mangan Group which in turn owns all the assets comprising the Kupang Smelting Hub located in West Timor, Indonesia. The sale proceeds were insufficient to allow for any distribution to shareholders of the Company.
The Deed Administrators received a recapitalisation proposal from the former directors, Hamish Bohannan and Craig Munro on 16 June 2022. The recapitalisation proposal contemplates that the control of the Company will be returned to the directors during a 12-24 month DOCA trading period to allow the Company to explore trading opportunities and pursue a transaction to acquire a mining interest in Indonesia which will enable it to pay creditor claims. The directors are required to report regularly to the Deed Administrators on progress. Creditors subsequently approved the varied recapitalisation DOCA on 12 July 2022 and it was executed that same day. We are receiving regular updates from the directors with respect to their pursuit of a transaction. Notwithstanding, the Deed Administrators are not of the view that any return to shareholders is likely to be achieved and accordingly have issued a notice to shareholders on 24 June 2022 (attached to this email) which may be used to claim a capital loss on the Company’s shares.
The letter to shareholders, in case, like me you didn't receive it:
GMC Price at posting:
0.6¢ Sentiment: None Disclosure: Held
