CUO - Copperco Limited

[resourceboom]

By the way I have no idea what any of this actually means, I hope CFE will clarify further on Monday.

 

[enigmatic]

I hope so too, was just doing a little bit of research on CUO and finding out that CFE has done this is some what interesting.
So is there any good news out of CUO, as i was reading the thread it seemed good at the intial phase there was speak of 500mil cap now 42mil so I'm hoping it is only this finiancal trouble.
Jman if our arround any info

I currently hold CFE, dont hold CUO

 

[jman2007]

I hope so too, was just doing a little bit of research on CUO and finding out that CFE has done this is some what interesting. So is there any good news out of CUO, as i was reading the thread it seemed good at the intial phase there was speak of 500mil cap now 42mil so I'm hoping it is only this finiancal trouble.
Jman if our arround any info

I currently hold CFE, dont hold CUO

Not quite sure what to make of this yet, and what it mght mean for CUO/CFE holders. At a first glance, it appears as that the CFE move to acquire CUO's debt is a kind of predatory move, and I think we also need to distinguish between CUO's debt and their assets i.e. The Lady Annie Copper Project, and just how CFE plan to make money from this transaction - this point being conveniently glossed over in their release. Hopefully will become clearer tomorrow....

jman

 

[jman2007]

'Flooding Disrupts CopperCo's Lady Annie Mine'

http://www.24hgold.com/english/viewarticle.aspx?id=376793

Well despite the short-term setback of this weather related event, I suppose there is a small positive in that Lady Annie is at least able to continue as a going concern, at least for now. This is one of the few indications I've seen that there was anything at all going on at Lady Annie.

jman

 

[bandicoot76]

copper prices are going up, copperco is still producing copper under administration... can shareholders expect to see some of the profit of this production at higher prices or will the parasites swallow it all up? i guess what i'm asking is will our company survive or has it been stolen out from under us by slimy thieving treacherous b*stards?

 

[dmagnus]

shareholders rank behind unsecured creditors so I'd say it'll be a while before they pay off their debts

 

[Aargh!]

copper prices are going up, copperco is still producing copper under administration... can shareholders expect to see some of the profit of this production at higher prices or will the parasites swallow it all up? i guess what i'm asking is will our company survive or has it been stolen out from under us by slimy thieving treacherous b*stards?

Copper prices are going up but ALL mining activity at Lady Annie has ceased. Check the announcements (6/03/09 in particular).

I understand your frustrations. I've a lot of money tied/lost in CUO.

 

[bandicoot76]

absolutely disgraceful!... a $250mil company with a maiden profit of $5mil from 'developement grade' ore destroyed for a debt of $45mil that wasnt even ours!!! surely SOMEONE must be held accountable? where the hell is ASIC ...something smells rotten, no putrid actually and to me it looks like blatant corruption... especially when you look at the trading volumes BEFORE the voluntary administration announcement was made!

 

[Aargh!]

So what's the latest with Copperco?

I live abroad so it's hard to keep track of this one. I have not seen any announcements for a long time.

 

[ktrianta]

So what's the latest with Copperco?

I live abroad so it's hard to keep track of this one. I have not seen any announcements for a long time.

Not good really. assets have been purchased by Cape Lambert for enough to cover the debt plus a little left over for creditors.

As usual, shareholders will get shafted.

 

[Aargh!]

Have an ASX announcement attached. I Don't understand what's going on. Can someone please explain?

Are Cape Lambert just securing Minsec debt?

What does this mean for CUO shareholders?

 

[muddy waters]

https://www.aussiestockforums.com/forums/images/smilies/banghead.gif

Latest report: http://www.mcgrathnicol.com/current... information/CopperCo Report to Creditors.pdf

McGrathNicol were appointed as Joint and Several Administrators & Ferrier Hodgson were the original receivers & managers [ but may have been replaced by Deloitte Touche
Tohmatsu ??]

There is a creditors meeting scheduled by the administrators for 26/06/09

The ride is all but finished for shareholders!

Macquarie got it's lot [Cape Lambert CFE appears to have acquired the secured debt];
creditors may get some scraps;
and we get to file away our holding statements!

Chess transferred issuer statements back to shareholders 26/02/09.

As I understand it, we can't declare a loss for 2009 tax purposes until we receive finalization notification from receivers

I have lost a packet on this one and heaps on URL & MGX; I got out of CFE in good time!

Thank God for CVN;

 

[muddy waters]

Goodnight Irene!

http://aspect.comsec.com.au/asxdata/20090617/pdf/00961387.pdf

Who's next!