This Weekend Post article fleshes out a bit (but not a lot) the 6th/7th Nov creditors' gathering in that it mentions JVs with BCL, one of which is doubtless the BCL/BML JV at Maibele, which is always shrouded in silence, for some reason which escapes me. To quote........"Dixon-Warren states in the report that the BCL also has shareholding in a number of subsidiary Joint Venture companies whose shareholding has been incorrectly allocated to BCL Investment. "
I would have thought (my own opinion only) perhaps fortunately, the Maibele JV would not be "a ....subsidiary Joint Venture compan(ies)y" of either BCL or BCLI, but the subject of an agreement initially between the parties but to date unincorporated??? I may be wrong and/or just pedantic, but I would have thought BCL had only earned it's 40% in a so far undocumented arrangement, with BML or it's subsidiary (African Metals?) retaining -subject to BCL's formalization of it's earn in - 100% of the tenements. If this be the case perhaps the liquidator's task in re this particular JV may be simpler than in the case of say Pula Steel wherein I thought BCL actually is a shareholder per se. It looks like a long and winding road nonetheless, but one which is very important to BML, especially as we have just been drilling on Airstrip and Dibete, both of which are within the BCL/BML JVC tenements.
“The shareholding needs to be corrected and the financial position revised for both BCL and BCL Investment,” he said. The report further indicates that the majority of these Joint Venture companies were in possession of the prospecting licences which the Minister of Mineral Resources, Green Technology and Energy Security, Advocate Sadique Kebonang has since suspended in accordance with the Mines Act.
Dixon-Warren says in the report that further investigation is required and it is accordingly recommended. He points out that it is still not fully understood what the assets of the company are and how best they can be disposed. He explains that it has not yet been determined what the expected recovery on debtors is and therefore additional work needs to be done to be able to address these outstanding issues.
He says because the records contains inconsistent and unreliable data, considerable effort is required to reconcile the financial position of the BCL Group and to understand the assets and the potential recoverability. Because of the concerns regarding the integrity of the data already reviewed, there is need to source primary data to be reviewed so that informed decisions can be made based on factual information. All these hurdles further compounds the already complex winding up process of the company notwithstanding the complexity of the operations themselves.
“Poor quality of data also impacts the disposal options as considerable work needs to be done to first ascertain what BCL owns,” states the Provisional Liquidator. The report records that disposing of the assets piecemeal has been identified as a possible solution to the benefit of the creditors which the Provisional Liquidator says he is serving their interests."
I am probably too simplistic, but I just wonder why ( or why not) BML people don't proactively seek a sit down discussion with the Liquidator to sort out the true BCL/BML position. If we are under BCLI then there may be wriggle room as BCLI are still under provisional Liquidation, whereas if we are thrown back to BCL the fact BCL are now actually under liquidation may make BML's situation even more confused ....in the unlikely even more confusion was even possible in this saga of the ancient mariner ongoing. http://www.weekendpost.co.bw/wp-news-details.php?nid=4452
Winding up BCL will take years to complete - Liquidator
Publishing Date : 30 October, 2017 Author : TAPELA MORAPEDI
Also BCL Liquidator sets DPP on former BCL Management
Publishing Date : 30 October, 2017 Author : TAPELA MORAPEDI
Regards to all.
I
BML Price at posting:
0.1¢ Sentiment: Buy Disclosure: Held
