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SO4 - Salt Lake Potash

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Commencement of sales process - Korda Mentha
10 March 2022

• Measured Mineral Resource for the Project has increased 108%, from 0.90 Mt of Potassium to
1.87 Mt of Potassium based on drainable porosity.
• Upgrade of Indicated Mineral Resource for the Project has increased 156% from 0.90 Mt of
Potassium to 2.30 Mt of Potassium based on drainable porosity.
SO4 has upgraded its JORC Code (2012) compliant Mineral Resource estimate for the Project further
de-risking the investment.​
 
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noirua said:
Commencement of sales process - Korda Mentha
10 March 2022

• Measured Mineral Resource for the Project has increased 108%, from 0.90 Mt of Potassium to
1.87 Mt of Potassium based on drainable porosity.
• Upgrade of Indicated Mineral Resource for the Project has increased 156% from 0.90 Mt of
Potassium to 2.30 Mt of Potassium based on drainable porosity.
SO4 has upgraded its JORC Code (2012) compliant Mineral Resource estimate for the Project further
de-risking the investment.​
Click to expand...
There does seem little hope here taking into account the loan book. The asset value whatever it really was last year in true figures has now doubled. So survival now looks very much achievable though whether shareholders get to see a cent is a different matter entirely. At least the impossible is now on the horizon with the extreme shortage of fertiliser.
 
there's a report that SO4 has found a buyer.
Macquarie Capital had locked in an offshore buyer to buy Salt Lake’s assets, and was working through the final pricing details on Tuesday evening.

Sources expected the buyer to sign the dotted line within in the next 48 hours....
Click to expand...
 
I'm wondering if Anglo American are bidding for Salt Lake Potash. They bought out Sirius Minerals the collapsed UK Potash Company in Yorkshire, Northern England.

On that occasion they made a cash offer for the shares at about 5% of the companies peak share price.

Sirius Minerals went for a bargain price, after its failure to secure £410m worth of Government bonds left the company on the brink of financial collapse.
www.angloamerican.com

Recommended cash acquisition for Sirius Minerals Plc by Anglo American Projects UK Limited (a wholly owned subsidiary of Anglo American plc)

Q4 2019 Production Report
www.angloamerican.com www.angloamerican.com
www.proactiveinvestors.co.uk

Anglo American upgrades scope of former Sirius Minerals potash mine

Anglo American PLC (LSE:AAL) upgraded the scope of the Woodsmith project, the once headline-grabbing North Yorkshire Moors polyhalite fertiliser project...
www.proactiveinvestors.co.uk

1662472822265.png

Closing price in London at suspension was 2.45p or 4.17c. If shareholders are very lucky they might receive 34% more at about 5.6c = $46 million - no promises meant whatsoever.
 
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As with the twists and turns in life it is for SO4. So the company appears to be heading to become a shell unless there is an unexpected 'potest exitum cum versandumque'. In other words a surprising outcome.​
SO4 it appears has just paid its listing fee for the next 12 months probably why they were not booted out a few days ago.
Directors listed are Chairman Ian Middlemas, Matthew Bungey, and Phil Montgomery.
 
KPMG - [KORDA MENTHA] -
"We advise that at the reconvened second meeting of creditors of the Company (and subsidiaries) held 2 December 2022, a Deed of Company Arrangement (DOCA) was accepted by the creditors of the Company.

The DOCA was executed on 23 December 2022 and the terms of the DOCA were fully complied with and hence the DOCA effectuated on 5 January 2023.

As such we are no longer the Administrators of the Company and our role has converted to Trustees of the Salt Lake Potash Creditors’ Trust for the purpose of distributing a return to creditors (excluding shareholders).

Salt Lake Potash Limited currently remains subject to the appointment of Receivers and Managers from KordaMentha.

We understand that the Directors intend to work with Receivers and Managers to pursue an opportunity for the recapitalisation of SO4.

Shareholders will be informed of any updates when the recapitalisation plan is proposed. There has currently been no declaration that the shares of the Company are worthless."​
 
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  1. There must be 7 or more people claiming against the same person;
  2. From the same, or similar, event/circumstances; and
  3. The claim must relate to at least one common issue of law or fact.
Australian Class Actions work an opt-out model. This means that all people affected by the event or circumstance become members of the action whether they intended to or not. These group members are bound by the decision of the Court, or negotiated settlement, unless they opt-out of the proceedings before a date which is fixed by the Court.


 
Does anyone have any idea who is handling the delisted SO4 shares now? It's tax time and I have to chase the SRN number of the holding, now that the HIN is null and void.
 

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