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GravityWaves

1,673 Posts.

682

04/07/19

23:09

Post #: 39381668
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Originally posted by sabine: ↑

Thanks Gravity Waves ... it’s always interesting to know who the drivers are .
Eduard Eshuys does have some history .

Here’s a flash through some of it for anyone interested, who isn’t already up to speed ;

He’s the Executive Chairman of DGO Gold :
https://www.dgogold.com.au/board-of-directors-and-management/
View attachment 1631989
He came onto the Board after DGO bought into NTM to fund expansion;
NTM Gold Ltd raises a further $1.5 million through DGO placement - Proactive Investors Australia
13 Mar 2019 · NTM Gold Ltd (ASX:NTM) - Rights within the subscription agreement include DGO being entitled to nominate a director after acquiring a 10% shareholding in NTM.

March 26, 2019;
Experienced mining executive Eduard Eshuys joins NTM’s board as a Non-Executive Director
◼ This follows DGO Gold Limited becoming a substantial shareholder with 12% stake in NTM

June 3, 2019 ;https://www.theaustralian.com.au/bu...s/news-story/b7c5a4d27be0d0e5ee7bfef06cea2c1b
Directors of failed Apex chased for $74m losses
View attachment 1631830
Ed Eshuys is one of three former directors of failed WA gold miner Apex Minerals who is being sued for damages over the company’s collapse. Picture: The Australian
The ex-directors of failed gold miner Apex Minerals, including ex-St Barbara boss Ed Eshuys, have been hit with a $74 million damages suit after the miner’s liquidators alleged the company was trading while insolvent.
According to an application lodged with the Federal Court in Western Australia recently, Mr Eshuys, fellow WA mining veteran Kim Robinson and resources executive Brice Mutton are each being pursued for millions of dollars in damages stemming from Apex’s collapse in July 2013.

The claim has been lodged by Bryan Hughes of Pitcher Partners, who are acting as Apex’s liquidators. It is understood the three named defendants held directors’ insurance, which could be called upon in the event the claim is successful.

Mr Hughes first tipped the potential pursuit of Apex’s former directors in 2015, flagging at the time that Apex was “experiencing significant, ongoing difficulty in paying its debts as and when they fell due since at least October 2011”, but the scale of the claim has not been public up until now.

“The application relates to an insolvent trading claim against various directors of Apex Minerals and its subsidiary, Apex Gold,” the application says.

According to the document, the liquidators are seeking more than $37m from Mr Eshuys, more than $6m from Mr Robinson and almost $31m from Mr Mutton, as well as interest and costs.

The liquidators secured an agreement with litigation funder IMF Bentham in 2015 to fund the case. It is uncommon for claims directly against a collapsed company’s directors to make it this far or for a claim to be this large, given the difficulties of establishing an insolvent trading claim, the cost of such cases, and the challenges of recovering damages in the event of a successful case.

Mr Eshuys and Mr Robinson are well-known in the mining community.

Mr Eshuys was the man who led the exploration efforts of Joseph Gutnick’s Great Central Mines, making a series of discoveries at the time, and was the managing director of mid-tier gold miner St Barbara from 2004 to 2009. He took the helm of Apex in 2012, but it fell over just over a year later amid a drop in gold prices.

Today, Mr Eshuys is the executive chairman of ASX-listed DGO Gold, which is exploring for gold in WA’s eastern goldfields.

Mr Robinson, meanwhile, was most notably the founder and chairman of Kagara, a zinc miner that at one point was worth more than $1 billion but collapsed into administration in 2012. He now runs the successful Talisman winery in WA’s southwest.

Mr Hughes and Mr Mutton declined to comment, while Mr Eshuys had not responded to a request for comment at the time of going to press.

MORE BACK HISTORY :
DGO takes a slice of NTM - MiningNews.net
20 Nov 2018 · Ed Eshuys' DGO Gold has agreed to invest at least A$2 million in Leonora explorer NTM Gold .

October 10, 2018@Lemand on KAI - theories on the ‘colourful’ personality who might be backing DGO:36024933

The St Barbara connection which is reported both glowingly and coldly;

March 24, 2011disallowed/business/boss-not-worth-bonus-court-told-20110323-1c6qp.html
“Boss not worth bonus, court told
........GOLD producer St Barbara's cash position and outlook in mid-2008 were so precarious that directors feared it would be insolvent within a year, a former non-executive director has told the Victorian Supreme Court.
Barbara Gibson also told the court yesterday that she and two fellow directors were so unhappy with chief executive Ed Eshuys's management that they did not believe he should receive a performance-linked payment when he left in early 2009.
Mr Eshuys ultimately received $150,000 for hitting some performance targets but he is suing St Barbara for as much as $1 million, arguing that despite a series of production and cash-flow setbacks during 2008 he should have received more.
The court has heard St Barbara struggled with cash-flow problems ......”

July 24; 2007 @whatthe 2649266“Shares in Melbourne-based St Barbara are up 18% this month as investors warm to its plan to treble production to 450,000oz per annum by late 2008, using the unloved SOG mines that Eshuys bought two years ago.
It is belated recognition for Eshuys, who some thought had taken leave of his senses when he paid the administrators $38 million for SOG's beleaguered gold operations.
The rally in gold prices has certainly helped St Barbara's cause...”

Expand

Thanks for posting the info @sabine. I hope the liquidators extract the $37m out of Ed Eshuys. No surprises that Eshuys & Diamond Joe Gutnick are old pals: there appears to be similarities in their corporate MO. As they say: 'Birds of a feather flock together'. It looks like Diamond Joe is still kicking a variety of nefarious goals in the questionable accounting department...

disallowed/business/companies/asic-liquidator-push-turns-up-the-heat-on-diamond-joe-gutnick-20190514-p51n9z.html

NTM Price at posting: 3.9¢ Sentiment: None Disclosure: Not Held
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