BCL saga, page-167

Further to earlier: Mmegi online have a slant, printed Monday but dated Friday. The last paras are a rehash of earlier timeline and procedural aspects on how things will/may play out, but the earlier part does mention there is interest in some of the JV assets (in addition to the interest in Tati). No specification of which of the JV assets....Maibele a possibility???but definitely no names mentioned, so again a waiting game.
Without being too repetitive PV will (I hope) get access to and make public the WP/Advisian report on the Maibele JV to promote some interest ongoing. I fail to see why the it would not be in the liquidator's own interest (especially if the court endorses Nigel D-Warren to continue as liquidator next meeting?) to release the report to generate more interest in the Maibele project. http://www.mmegi.bw/index.php?aid=69607&dir=2017/june/16

Mmegi

News

BCL reaches its end, Tati gets lifeline


The High Court yesterday granted an order placing BCL Mine in final liquidation, a move that triggers a series of events that legally end with a sale of assets and payment of creditors.

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0		By	MBONGENI MGUNI	Fri 16 Jun 2017, 19:00 pm (GMT +2

"Tati Nickel and BCL Investments, the latter holding interests in several budding joint ventures and a 50% stake in Nkomati Nickel Mine, have had their provisional liquidation extended to December 15. (the bolding is mine).
The extensions, applied for by lawyers representing provisional liquidator Nigel Dixon-Warren, suggest there are investors interested in Tati and BCL Investments’ assets who need time to conduct their evaluations and negotiations.
BCL Mine, on the other hand, is now at the mercy of bargain hunters and even auctioneers, should no concrete offer emerge during the two forthcoming creditors’ meetings that statutorily have to take place when final liquidation occurs. Yesterday, Justice Gaolapelwe Ketlogetswe granted three orders applied for by Dixon-Warren’s lawyers in pursuit of the final liquidation and the extensions.
Advocate Steve Vivian, representing Dixon-Warren revealed that until Wednesday, the provision liquidator was seeking final liquidation for BCL Investments as well. “We have received information from the shareholder being the Minerals Development Company of Botswana that critical negotiations are ongoing and if these work out, it will be to the credit of BCL Investments’ creditors,” Vivian said." As Holmes used to say..."the game is afoot, Watson".... Let's hope so.

As I said the article then examines procedures, but is worth a quick read to refresh the possible time frames.

Have a nice day all.