well

[stuart143]

creditors had till yesterday to respond yes or no to proposals although when will we know. If it's negative for support then pretty soon I would think.
If positive then 1 month from the 6 months admin is appointed is when they are required to update creditors next so about end of August

[edwinchester]

Yeah I read it pretty much the same way. Pretty depressing really as tgere appears next to nothing for creditors and zero for shareholders. Only hope is to continue as a going concern which given the current mess it's in seems fairly hopeless to me but one can live in hope.

[stuart143]

reread report it looks to me that unless it continues Cyrus and other creditors get very little if nothing at all mention of extension after 1 year admin so looks like it stays afloat meantime to give creditors some value because if they vote to fold then lose a lot of money and licenses not transferrable. Anybody agree with how I read that part

[jaf1948]

http://angelmining.com/wp-content/uploads/2013/04/Angel-Mining-Plc-in-Administration-Joint-Administrators-proposals.pdf

[stuart143]

(b)
achieve a better result for the company’s creditors as a whole than would be likely if the
company were wound up (without first being in administration); or
(c)
realise property in order to make a distribution to one
or more secured or preferential creditors.
The
Administrators are seeking to
facilitate the
rescue
of
the
C
ompany as a going concern
to the extent that this
might be possible
under objective (a)
.
Subject to the levels of realisation that
are
achievable i
n due course from the
core assets of the Company, a
ny such rescue
may need to be predicated on
a material injection of new
liquidity.
Given the
Company’s
existing security profile
,
this
would likely need to be in the form of
equity
. Additionally
material
debt forgiveness
or conversion
of debt to equity may be required
.
No such forgiveness or conversion
can
be
implemented without the consent of the parties concerned and
,
in the opinion of the Administrators,
the degree of
balance sheet insolvency
and the
on
-
going
vulnerability of the underlying assets
to hostile enforcement action in
Greenland
is such that this outcome must be regarded as unlikely.
The Company is not itself trading although it continues to h
o
ld debt and equity investments in its
operating
subsidiaries. The realisable values of these assets
would not necessarily
be impacted directly by a liquidation
process so, in the event a rescue of the Company
as a going concern
cannot be achieved, t
he Administrators
propose to
realise property
in order to make a distribution to one or more se
cured or preferential creditors und

[goooba769]

I think the glimmer of hope is long gone but I hope I'm wrong.

GLA

[JohnnyT]

Thanks for the info.

I've heard people have had the shares removed from their accounts so I'm presuming where we go from here is down the pan?

Or is there still a glimmer of hope??

[stuart143]

Just to let you know I have been advised by the administrator that we could have some news next week sometime on where we go from here.

GL
Bobby

[stuart143]

"This domain name has been reserved for future use". Time for theories anyone

[stuart143]

namely starting 27 Feb they have 7 more days from today although the announcement rns after this is dated 1 March 2013. Like you and others here Wassat I haven't a clue and why pay us at all if the regs can allow them to get away from that. What have CG found or planning god knows. Wassat trying to mail you your addresses are bouncing? RNS Number : 3912Y Angel Mining PLC 21 February 2013  AIM:ANGM 21 February 2013 ANGEL MINING PLC ("Angel Mining" or the "Company") Shareholders Update Angel Mining plc, the Greenland-focused mining and exploration company, provides shareholders with the following update: Further to the announcement on 11 February 2013 the previous extension to the notice of intention to appoint an administrator expired yesterday, 20 February 2013. On 19 February 2013, the Company filed a new notice of intention which effectively extends the period of protection for another five business days, until 26 February 2013. Once again, should no agreement be reached with creditors before the expiry of this period, the appointment of the administrator would require action to be taken on the part of either the directors or the creditors. Negotiations with the companies' principal trading creditors are on-going and formal agreements are now in place. The Company also continues to work with Cyrus Capital Partners LP to explore financing and restructuring options. Suspension from Trading on AIM Shares in the Company will continue to be suspended from trading on AIM until further notice. Further updates will be provided to shareholders as soon as possible.

[600]

I seem to recall that they made a 6 month agreement with the creditors around the time they went into Administration. IMO they will be staying in Administration until at least the 6 months is up. By then they will know whether the cash flow means we have a chance of survival. In the meantime we will be kept in the dark!

Is the statutory 8 weeks up for Cork Gully's proposals tomorrow? From memory, not a good source, they went into Admin on 27 Feb.

[stuart143]

Indeed that ain't so rosy just now and I agree the site needed to give us what may be our final update however no arctic mining which was apparently required asap to have an active website for the company for trading, recruiting etc . But your right whilst price is still okay being above I believe from memory opex of 800 what next won't be long till we know anyway

[goooba769]

One of two things stu
1. They are updating it to tell us we are gone
2. They are updating it to tell us a deal.

With POG going south its not looking good even for Cyrus!

[stuart143]

to me still no sign of up and running arctic mining web site so far yet angel mining is back and can be found but not accessed. Why not the same for arctic mining thoughts anyone as apparently it was the sight that would be required to keep things running.

[maninhat]

Just recieved this in my Halifax account....
____________

ANGEL MINING - Important Information

Further to the Appointment of Administration of Angel Mining PLC (Angel), we have received notification that the Angel shares are no longer eligible to be held within the UK Settlement System.

We have therefore removed the Angel shares from your account.

Should we receive a distribution as a result of the Appointment of Administration of the Company, we will notify you at that time. Please note, however, that there can be no certainty that such a distribution will be made.

Should you wish to find more information about the Appointment of Administration, please visit the Angel website, www.angelmining.com/.

____________________

.....so I guess thats it then......

[Sorte_Engel]

Angel Mining T/A Arctic Mining.

LOL

We all know that to be the truth.

[stuart143]

If they aren't mining the pillars they are about to do so as these bolts were of the type that were to my recollection to be used a,ong with resin packs. I'll try and find the email I got

[suicidesid]

Somebody recently advised that Yorkville are into this situation for a lot more money than us individually. Is there any likelihood than us PI's could join forces in establishing if we have been defrauded? I am not qualified to take this further but would be prepared to put my hand in my pocket if there was a feasible chance of winning. My holding is about 1.1m shares but us all collectively plus Yorkville may be quite a beast to deal with.
SS

[stuart143]

I would say that should CG uncover what they would believe constitutes any malpractice/wrondoing they will be legally obliged to submit same to the court or other lawful authorities. Their not anybodies friends in this and would wish to uphold their own good name. If some PI's can uncover what would appear to be damning evidence you better believe with their experience CG will have also done so imo

[mariog]

I wonder what do they mean by the specific information and if they expect a fraud here

[stuart143]

about getting representation for PI's during the investigation with the possibility of seeking legal redress and the affairs of the company leading up to administration here's what I got back Thank you for your email. The Joint Administrators are undertaking suitable investigations into the affairs of the Company. If you are in possession of specific information that would be helpful to their investigations I would be grateful if you could submit this in writing to the following address: Stephen Cork and Andrew Beckingham Joint Administrators of Angel Mining Plc (in Administration) c/o Cork Gully LLP 52 Brook Street London W1K 5DS The website is currently down following a change in IT support arrangements and will be back online as soon as possible. A copy of the Joint Administrators' proposals report will be posted on the website when available. Kind regards, Tim Tim Grimstone Senior Executive Cork Gully LLP 52 Brook Street London W1K 5DS T: +44 20 7268 2150 F: +44 20 7268 2151

[T-Tom]

hi all
it does seem that over on LSE, that some of what i would say are very good and very level headed posters are getting ready for a fight which lets hope we all get behind and not let them get away with all our money , but lets just hope they do the right thing in the first place and save the company
all the best T-Tom

[goooba769]

I need to borrow you rose tinted glasses mine are worn out with this bag of sh@t company/management! Every thing is a long drawn out deal with this company they can't even go to the wall quickly!

[stuart143]

For rose tinted glasses on a boring day both sites as I stated are down creditors currently being updated maybe the Angel has been saved and the Arctic site no longer required. As NH said they need at least one for recruiting purposes and not one that shows them in Admin Oh well back to my day

[stuart143]

Now tanking as well $1542 at last check that will help admin not. Both sites now down but there wont be an update until creditiors are informed so the wait continues

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