Wednesday, October 28, 2020 7:56:16 PM
The reality is that the company is under administration under Korda Mentha. This is why there are no announcements in the company’s website. KM now calls all the shots and just announced that it plans to accept an offer from Pilbara (PLS) for the mine (read the news in HC). This is clearly a hostile takeover offer that would pay note holders, but it would probably give zero value and zero shares to Altura stockholders (100% loss). The situation looks bleak, except for at least one possibility. Altura was about to fix its debt situation with the help of Azure and others by issuing a new capital raise (CR) with heavy dilution while preserving some value for its stockholders. In fact, my understanding is that this was going to happen this week, but Pilbara made its move (a move in bad faith in my opinion). Azure, Altura and other big fish have cried foul and are demanding that KM allows the CR to proceed with their plan. I read that Pilbara may have got some insider information before it made its move and this may cause lawsuits, etc., if this can be proven or if Altura can convince KM or judge that it’s plan to proceed with a CR plan should be allowed. This may be the only way to get some value for the stockholders. It will not be easy because KM already proved to be nasty as A40’s administrator when stockholders lost 100% of their shares to a chinese shark company based in the Caribbean and blessed by KM.
My advice to you an all here is to read the developments with the Administration process, write to them, write to Altura, Azure and other friendly parties and follow or join the groups of stockholders that may be forming to defend their rights. I also recommend the Hotcopper site (if you can filter the BS), since the Aussies are much more informed about what is happening and the options. This is moving very quickly so there may be new developments soon.
This post represents my opinion and my understanding of the situation, but may not be 100% accurate and may not account for other possible developments. Please remember to DYOR.
Good luck to all here and I wish you all the best.
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM