OK I see. Thanks for clarification jet. So sell and claim capital loss. I'll give my accountant a call!
No possible chance of TMR recovering?
TMR - Tamaya Resources
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OK I see. Thanks for clarification jet. So sell and claim capital loss. I'll give my accountant a call!
No possible chance of TMR recovering?
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Hi there :
just wondering whats happening with this one? I have got few shares from this comp ... and in my porfolio it's showing as $0.00. Also no data is shown online about TMR by my online broker!!!
Anyidea what to do with this? Would be great if I can get some advice! Please help me
Thanks in advance!
just wondering whats happening with this one? I have got few shares from this comp ... and in my porfolio it's showing as $0.00. Also no data is shown online about TMR by my online broker!!!
Anyidea what to do with this? Would be great if I can get some advice! Please help me
Thanks in advance!
Wysiwyg
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Best contact the Tamaya company directly matey.Do you know their phone number?It is the best way to know by directly speaking to the company.And don`t stop until they tell you what you want to know.
Looks like the end.
Tamaya appoints receivers
30-October-08
Written by Staff Reporters
Two days after placing itself into voluntary administration, Tamaya Resources Ltd has today appointed receivers.
The company advised today that it had appointed Michael Ryan and Peter Allen as receivers and managers of the assets and undertaking of the business and its subsidiaries, which include former West Perth resident Iberian Resources.
Last year, Tamaya gained a controlling interest in Iberian from a failed takeover attempt.
The company went into administration following the collapse of copper prices which had made it impossible for it to repay loans and operate its Punitaqui mine in Chile.
Wysiwyg
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Shareholders in Tamaya Resources will be disappointed to read that we will receive NO compensation after asset sales.
Remember the company directors name please.
Remember the company directors name please.
One of the most disgusting things ive seen happen 
They have a capital raising and tell shareholders it is to secure the future of the company then 2 months later its in administration, during the lead up to which massive amounts of shares change hands
What have ASIC, the ASX or any government agency done ?, as far as im aware F#ck all, no investigation, no please explain to the company its management or directors.
The investing Public were completely shafted from what i can see then let down by the powers that allegedly be, something very very dodgy went on with Tamaya from the share placement in which so called "sophisticated investors" got an option attached to there shares were as anyone else didnt to the sudden collapse after massive volumes of shares changed hands.
They have a capital raising and tell shareholders it is to secure the future of the company then 2 months later its in administration, during the lead up to which massive amounts of shares change hands
What have ASIC, the ASX or any government agency done ?, as far as im aware F#ck all, no investigation, no please explain to the company its management or directors.
The investing Public were completely shafted from what i can see
then let down by the powers that allegedly be, something very very dodgy went on with Tamaya from the share placement in which so called "sophisticated investors" got an option attached to there shares were as anyone else didnt to the sudden collapse after massive volumes of shares changed hands.
Wysiwyg
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You have prompted me to seek further explanation.I was informed there will be an ASX announcement giving details next week and after reading these details I will investigate further.The sale price attained for assets will be the foremost of my scrutiny and then explanation on director whereabouts (occupation wise) and my rights to a percentage of asset sales.Is Punitaqui still operating and why did the company fold up so quickly?
The write-down of $141 million for the Iberian assets reduced equity and induced a technical loan default.This forced them into voluntary administration.(reference The Ugly)
Why didn`t they sell some or all of the Iberian assets and maintain Chile assets?????? It would have been evident they bit off more they they could chew.Bad business decision when "knowing" they couldn`t manage both.
By choosing to write-off the assets they knew it would fold the company up.Drop it and run.Saw the markets tanking and bailed out.Can anyone see that is what happened?
Can`t prove it but I know who they are.
Not an expert in this field but i would have thought shareholders may have a case against TMR and a class action could be looked at through a litigation funder such as IMF-IMF Australia.
Lots of cases against incompetent directors have been settled this way recently
I agree mate, we have been dudded by big old fat Hugh....there must be a come back such as a class action...there's a lot of people out there who were mislead. I'm in for one, anybody else what to strike up a dust storm in the blokes face?
i was lucky enough to not buy any shares in the purchase plan a few months before the company went into administration. however, since i obviously lost the entirety of my investment due to a bunch of dodgy directors, i would definately be interested in investigating ways to make those who were in the wrong accountable for their actions.
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No need to bother selling the useless shares now. This should do it as far as the tax man is concerned!
http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=00949218
Wysiwyg
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So did you hold any shares JackC? I think the management cut and run cheaply in this instance. What do you think?
Thanks for posting this.
Well at least i can write off my investment when i do my tax return.
I still hold the view that the shareholders were misled especially before the capital raising that was meant to secure the company's long term future.
Bast@rds IMO the directors and senior managers of this company.
Wysiwyg
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I can`t believe they took everything!
The $20 mil. capital raising in May 2008 would have been to appease the creditors is my thinking. They claim the capital was for Punitaqui copper mine in Chile. I still believe TMR fed share holders a pack of lies. Reading Callaghans interviews now, it is easier to see he was a great car salesman.
Disappeared without a trace as far as internet searches go.
This deal went through in May.
Some jouno. building up Hugh Callaghan (ex Rio Tinto and Xstrata)
The $20 mil. capital raising in May 2008 would have been to appease the creditors is my thinking. They claim the capital was for Punitaqui copper mine in Chile. I still believe TMR fed share holders a pack of lies. Reading Callaghans interviews now, it is easier to see he was a great car salesman.
Disappeared without a trace as far as internet searches go.
This deal went through in May.
Some jouno. building up Hugh Callaghan (ex Rio Tinto and Xstrata)
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I did lose a few grand on this one but I guess thats the way it goes with these speccy stocks. Had been on my watchlist for ages & watched it come down loads before jumping on before the end when I saw some signs of a potential recovery. How wrong was I! Nevermind, will just make me more savvy next time round hopefully...
Cheers, JC
Did anyone notice the quarterly report released on the 23 Jul 10? It indicates a possible relisting onto the ASX, what does this mean for shareholders? Is there even such a thing as shareholders for this company? My etrade account does not even list this company on my portfolio anymore
Wysiwyg
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I don't know for sure but that reads like shareholders at time of liquidation will be given the opportunity to buy new shares to re-capitalise the company. That is the old shares are gone and new shares will need to be bought. I can't see anyone getting their original shares reinstated for free. The loss was lodged with the taxation department so that is another reason why I don't think shareholders at time of liquidation will be reimbursed.
Please prove me wrong.
As a concerned previous shareholderof TMR, I am concerned that there has been no information forthcoming on the status, and the efforts to liquidate the assets of TMR (especially the Iberian Resources Assets).
I conducted some research, and found that the proceeds of the Lichvaz Gold mine in Armenia (Sipan Gold LLC)(which was quite a valuable asset of Iberian Resources (acquired by TMR)) was quoted by the liquidator as not expected to be significant. See this see http://www.infomine.com/index/pr/Pa750035.PDF[/url]
I have visited the mine, and know some of the previous management, and this does not ring true at all. My wife is Armenian, so we go over there quite a lot.
I find it a strange coincidence that Ernst and Young in Sydney (Keiran Hutchinson....surprise surprise, he hasn’t returned my e-mail) were the Liquidators, and the company that supposedly purchased this asset were a company based in the free-zone in Dubai called Terranova Overseas Company http://biz.yahoo.com/e/100415/gbgd.ob10-k.html[/url] is a wholly owned subsidiary of Terra World see http://www.svcresources.com/images/outcome_of_Board_Meeting.pdf a company based in India see the next website, that lists among its partners Ernst and Young Australia in a customer relationship http://www.terraworld.in/partners.htm.
This appears to be a conflict of interest in selling liquidated assets to a company that does not constitute a commercial arms length transaction.
I am very disappointed in this type of behaviour and I hope someone else can further invstigate. The whole dealings of TMR stink, and the directors should be prosecuted.
I wonder if there are people still reading this blog? I have sent this to ASIC, and have been advised that it has been passed on to a "relevant officer" about two months ago.
As soon as I find out who it is, I suggest that all the people on this blog start sending that officer messages. They just might get into action.
I conducted some research, and found that the proceeds of the Lichvaz Gold mine in Armenia (Sipan Gold LLC)(which was quite a valuable asset of Iberian Resources (acquired by TMR)) was quoted by the liquidator as not expected to be significant. See this see http://www.infomine.com/index/pr/Pa750035.PDF[/url]
I have visited the mine, and know some of the previous management, and this does not ring true at all. My wife is Armenian, so we go over there quite a lot.
I find it a strange coincidence that Ernst and Young in Sydney (Keiran Hutchinson....surprise surprise, he hasn’t returned my e-mail) were the Liquidators, and the company that supposedly purchased this asset were a company based in the free-zone in Dubai called Terranova Overseas Company http://biz.yahoo.com/e/100415/gbgd.ob10-k.html[/url] is a wholly owned subsidiary of Terra World see http://www.svcresources.com/images/outcome_of_Board_Meeting.pdf a company based in India see the next website, that lists among its partners Ernst and Young Australia in a customer relationship http://www.terraworld.in/partners.htm.
This appears to be a conflict of interest in selling liquidated assets to a company that does not constitute a commercial arms length transaction.
I am very disappointed in this type of behaviour and I hope someone else can further invstigate. The whole dealings of TMR stink, and the directors should be prosecuted.
I wonder if there are people still reading this blog? I have sent this to ASIC, and have been advised that it has been passed on to a "relevant officer" about two months ago.
As soon as I find out who it is, I suggest that all the people on this blog start sending that officer messages. They just might get into action.
