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17/02/18
00:32
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Originally posted by AlCp
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I think you have misunderstand this, the VA were appointed liquidators around June 2016 when the PoN was around $4.5US/lb, then at the start of 2017 when PoN hinted of a recovery with it reaching $5US/lb+ (and of a possible mine restart), it then dropped to $4US/lb again around June 2017 and at that time, the liquidator indicated they couldn't see any return to the unsecure creditors (i.e. the share holders which are us and the majority share holders/major secure creditors) as they couldn't see the mine being sold for more than $220M USD given PoN has been virtually $4-4.5US/lb for 2 years.
Hence, they gave their opinion which allow the share holders to use this letter to claim tax loss instead of paying the $50 fee but they did it with disclaimers to seek financial advice.......and the mine has continue in C&M and hasn't been sold for another 8 months since then.
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Hi Sajjad
Mirabela Nickel Limited was placed in Liquidation on 13 June 2016. The Liquidator of the Company released a declaration declaring the shares worthless on 3 May 2017 (attached).
The Receivers and Managers of the Company (KordaMentha) are currently running a sale campaign for the Company, however there will be no surplus funds for any creditors or shareholders.
Kind Regards
TIM ROSE
Analyst
D: +61 8 9214 1483 E: [email protected]
T: +61 8 9214 1444 W: www.ferrierhodgson.com
Level 28, 108 St Georges Terrace
Perth, WA 6000