SI6 16.7% 0.4¢ si6 metals limited

We do seem to be treading water on this one.....N D-W was pretty...

  1. 565 Posts.
    lightbulb Created with Sketch. 24
    We do seem to be treading water on this one.....N D-W was pretty adament earlier this last month there would be no further extension, but now one is confirmed.

    BCL gets more time for Arab deal

    Column 1 Column 2 Column 3 Column 4
    0 By MBONGENI MGUNI Wed 17 May 2017, 09:28 am (GMT +2


    Lawyers representing BCL Ltd provisional liquidator, Nigel Dixon-Warren secured a 30-day extension of the liquidation process at the High Court yesterday. The extension is necessary for the finalisation of a deal with an Emirati firm.

    : BCL lawyers in Court yesterday PIC: MORERI SEJAKGOMO


    Judge Gaolapelwe Ketlogetswe granted the order, after lawyers for Dixon-Warren noted that there was no objection to their request. The order means the return date for BCL’s liquidation is now set for June 15, 2017.
    The return date is the date on which the provisional liquidator should show cause before the High Court why the original provisional liquidation order of October 2016 should not be made final.
    According to Dixon-Warren, final liquidation would trigger the winding up process, which includes holding meetings of creditors and the sale of assets, including a strip sale.
    “Once the companies are in final liquidation the meeting of creditors can be held,” the provisional liquidator said in an explanatory January release. “By law there has to be two meetings of creditors. After the first meeting , the sale process will commence, but the conclusion of any sale will only be after the second meeting of creditors.” The latest extension is to allow Emirates Investment House more time to conclude a due diligence into BCL Ltd as well as Nkomati Mine, a
    South African nickel mine in which the local base metals group holds 50%.
    The original return date of February 7 was extended to allow for the finalisation of the complex processes, which are likely to stick over the valuation of the Nkomati Mine stake.
    Russian mega-group, Norilsk Nickel is suing both BCL Ltd and Government for $270 million says it is owed for selling the stake to BCL Ltd in 2013. While the Emirati firm is said to be willing to cover the debt, prevailing valuations of the stake are about $130 million due to nickel price fluctuations.
    On Friday, Mmegi revealed that a deal was on the table in which Government has offered BCL Ltd to the Emirati firm for a symbolic $1, while the Arab investors in turn will take up all of BCL’s liabilities including the Nkomati complications.
    “It’s a normal business practice as you will appreciate that BCL’s creditors together with the Nkomati stake is a substantial amount of money,” Minerals, Energy Security and Green Technology minister, Sadique Kebonang told Mmegi.

    Regards all.
 
watchlist Created with Sketch. Add SI6 (ASX) to my watchlist
(20min delay)
Last
0.4¢
Change
0.001(16.7%)
Mkt cap ! $8.291M
Open High Low Value Volume
0.4¢ 0.4¢ 0.4¢ $564 161K

Buyers (Bids)

No. Vol. Price($)
41 30176436 0.3¢
 

Sellers (Offers)

Price($) Vol. No.
0.4¢ 22422017 13
View Market Depth
Last trade - 13.52pm 29/03/2024 (20 minute delay) ?
Last
0.3¢
  Change
0.001 ( 14.3 %)
Open High Low Volume
0.4¢ 0.4¢ 0.3¢ 952490
Last updated 13.02pm 29/03/2024 ?
SI6 (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.