Maybe a bit hard to see where this is going as I personally would have thought if the liquidator could not get the provisional liquidation extended again, then the court (as it did with BCL earlier) would simply place both TNMC and BCLI into final liq., instead of which it seems the court has removed TNMC (BCLI?) from liquidation totally, putting TNMC back in the hands of the original management.
The only reason I can imagine for the court doing this would be a slap in the face of KPMG for perhaps dragging their feet on the whole liquidation....continuous due diligence exercises, further requests for offers, etc., so the court may want to see some real progress rather than granting extension after extension?
Is it relevant to SI6? Absolutely, as BCLI are the JV representative/equity holders on the BCL side, whilst Maibele North deposits and Airstrip Copper and Dibete geographically lie pretty much midway between TNMC mines and Selebi Phikwe BCL mines, so that ore transported from TNMC to the BCL smelter pass nearby Maibele, making it attractive as an ore source, I would have thought.
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Botswana's Tati Nickel Mine out of liquidation after court ruling
11TH APRIL 2018
BY:
REUTERS
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GABORONE –
Botswana's High Court has taken
Tati Nickel
Mine out of provisional liquidation, dismissing a request for more time to negotiate with potential buyers, the liquidator said on Wednesday.
Tati – a subsidiary of the liquidated
BCL mine group – has since October 2016 been under provisional liquidation, which was twice extended after liquidator
Nigel Dixon-Warren asked for more time to pursue a deal with investors.
The High Court took the company out of liquidation on Tuesday following the lapse of the last extension.
"The decision effectively places the company back into the control of the directors and this is highly prejudicial to the creditors," Dixon-Warren told Reuters on Wednesday.
"The company was insolvent when it was placed under liquidation and it remains so now.
Tati has no means to operate as going concern."
When it was placed under liquidation,
Tati had incurred a cumulative loss of 1.6-billion pula ($165-million) and owed creditors one billion pula, with its former parent company
BCL being the largest creditor at 800-million pula.
Dixon-Warren said he would urgently appeal the court's decision to try to protect the creditors' interest.
He said at least three companies had submitted indicative offers to buy
Tati and he needed more time to conduct due diligence on them before asking them to submit firm offers.
Best wishes.
