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Press release
#1
I just received the press release from NUS  The date of the hearing is August 9, 2019.  I is hard to tell but it looks like the creditors get the assets.  No mention of shareholders.
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#2
Just emailed NUS and asked if the shareholders will get anything? No response yet.
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#3
DSMF is using the outstanding debt to acquire all the assets. It appears NMI will then be liquidated and closed. Its seems DSMF went through a lot of trouble to ensure they could acquire the operation without compensating shareholders. With all the capital DSMF has, its unfortunate they were not willing to consider compensation for their investors. I guess its legal recourse or nothing at all for shareholders.

"If the Sanction Order is granted as sought, and the conditions precedent to the Acquisition Agreement
and the Plan are met, upon completion and implementation of the Acquisition Agreement and the Plan,
the Company will have effectively no assets, and, as contemplated by the Plan, will be liquidated upon
implementation of the Plan."
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#4
(07-30-2019, 07:16 AM)HLV Wrote: DSMF is using the outstanding debt to acquire all the assets. It appears NMI will then be liquidated and closed. Its seems DSMF went through a lot of trouble to ensure they could acquire the operation without compensating shareholders. With all the capital DSMF has, its unfortunate they were not willing to consider compensation for their investors. I guess its legal recourse or nothing at all for shareholders.

"If the Sanction Order is granted as sought, and the conditions precedent to the Acquisition Agreement
and the Plan are met, upon completion and implementation of the Acquisition Agreement and the Plan,
the Company will have effectively no assets, and, as contemplated by the Plan, will be liquidated upon
implementation of the Plan."



The value of the assets certainly appeared to far.....FAR..... exceed the value of the outstanding debt to DSMF.  One of the biggest faults of this restructuring process was the lack of advocacy for the common shareholders.  In theory, Mike Johnson and his staff should have represented the shareholders during the process, but they were terminated at a time when they could have been most effective.  Hence, the shareholders had no advocate.  How are we to know if Price-Waterhouse was diligent in their role.  I ask: Who was paying their fee?

Why did a financially qualified company became available only after it was deemed there were no qualified candidates to move the project forward?  I have wondered if the same qualified company/connections were involved both, before and after that particular determination.  I guess we won't know since the shareholders were not represented.  And, I'm astonished the assets were not subject to any price discovery.  Completely astonished..... I hope the court will address this error.

Now it's up to the wisdom of the Court.  Until the titles of the assets are assigned to DSMF, we shareholders are still alive in this battle.  I urge shareholders to voice their concern to the Court of this potential injustice.  If we do not, the Court may rubber-stamp its approval without a thorough review.
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#5
https://www.pwc.com/ca/en/services/insol...rials.html

I read through the Motion Materials < 93452123_v(1)_Notice of Application section.

Please go to Page 4 of out of 74 of that document. It states the following:


Quote:


Overview of the Plan


12.  The purpose of the plan is to (a) facilitate the restructuring transaction whereby DSMF, or its nominee(s), will acquire all of the issued and outstanding shares of the Target Subsidiaries...  The Plan's aim is to preserve the core business units of the Nautilus Group under new ownership with a view to continuing the growth of those businesses.


The Target Subsidiaries are defined as "NMI's subsidiaries" on page 2.  It does look like they plan on acquiring the company, paying off the creditors some of what they are owed, and then running away with what's left of the business and continuing the business to make it grow.  I too was going to contact the investor relations and see what they have to say about this.  I did notice that there was some contact information on pages 16 / 17 of that filing, but the only emails I think of are interest are for representatives from Nautilus, representatives from PWC, and the Canadian Revenue Agency.  I don't know if any of them are willing to make our voices heard, but their email addresses are there.

*Edit* - I just emailed investor relations. I will let you know if I receive a response.
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#6
Fairly certain DSMF did not continue to fund Nautilus for the past year and extend timelines of money owed to them and restructure the business into two separate business units so that they can shut down the operation and/or re-purpose the assets. Frustrating to read the plan details of preserving and growing the "core business" when that's followed by the liquidation of the empty shell of Nautilus which is what folks have a vested interest. We're growing the business....just without the folks that invested in it. We own the 'core business' you own The Company that is bankrupt.

The new operation will be poised to be a huge success and the first deep sea mining operation in the world. And better yet they won't have to pay back all the money that was used to build it. In a way it seems the country of Canada will also be losing its stake in the future operation as well, though they will be getting royalties paid to them as part of the plan.

Hard to see any sort of silver lining on this one. I'd love to be wrong but it looks like Mr. Tariq Al Barwani, Chairman of Nautilus and his company DSMF, which is owned by his company Mawarid, which is owned by his father's company MB holdings, have bided their time, ousted the old guard, are now procuring the assets and shutting down Nautilus so they can grow the core business and are ready to start making some $$$.
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#7
(07-30-2019, 12:02 PM)HLV Wrote: Fairly certain DSMF did not continue to fund Nautilus for the past year and extend timelines of money owed to them and restructure the business into two separate business units so that they can shut down the operation and/or re-purpose the assets. Frustrating to read the plan details of preserving and growing the "core business" when that's followed by the liquidation of the empty shell of Nautilus which is what folks have a vested interest. We're growing the business....just without the folks that invested in it. We own the 'core business' you own The Company that is bankrupt.

The new operation will be poised to be a huge success and the first deep sea mining operation in the world. And better yet they won't have to pay back all the money that was used to build it. In a way it seems the country of Canada will also be losing its stake in the future operation as well, though they will be getting royalties paid to them as part of the plan.

Hard to see any sort of silver lining on this one. I'd love to be wrong but it looks like Mr. Tariq Al Barwani, Chairman of Nautilus and his company DSMF, which is owned by his company Mawarid, which is owned by his father's company MB holdings, have bided their time, ousted the old guard, are now procuring the assets and shutting down Nautilus so they can grow the core business and are ready to start making some $$$.
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#8
(07-30-2019, 12:02 PM)HLV Wrote: Fairly certain DSMF did not continue to fund Nautilus for the past year and extend timelines of money owed to them and restructure the business into two separate business units so that they can shut down the operation and/or re-purpose the assets. Frustrating to read the plan details of preserving and growing the "core business" when that's followed by the liquidation of the empty shell of Nautilus which is what folks have a vested interest. We're growing the business....just without the folks that invested in it. We own the 'core business' you own The Company that is bankrupt.

The new operation will be poised to be a huge success and the first deep sea mining operation in the world. And better yet they won't have to pay back all the money that was used to build it. In a way it seems the country of Canada will also be losing its stake in the future operation as well, though they will be getting royalties paid to them as part of the plan.

Hard to see any sort of silver lining on this one. I'd love to be wrong but it looks like Mr. Tariq Al Barwani, Chairman of Nautilus and his company DSMF, which is owned by his company Mawarid, which is owned by his father's company MB holdings, have bided their time, ousted the old guard, are now procuring the assets and shutting down Nautilus so they can grow the core business and are ready to start making some $$$.

And the new company(ies) wont be listed and will be private.
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#9
I mentioned before and the Monitor's report pretty much confirms it that this was a smash and grab for the assets and tech which was funded by the shareholders.
They are even screwing PNG's JV, Eda Koppa, section 4.5.4 in the Monitor's report.

There has been talk of class action or some form of suit against the company.  If I read the report correctly, the plan has DSMF assuming the debt the subsidiaries owe the soon to be bankrupt NMI, which are the shareholders.  Can we file a lawsuit against DSMF to reclaim the debt owed?  I think that debt is over $500 million.
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