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ENCO STEL LIKWIDASIE TERSYDE EN WERKERS BEHOU HULLE WERK
Atlantis Forge (Pty) Ltd. Judgement (English - PDF format)
Atlantis Forge (EDMS) in likwidasie (Afrikaans - PDF formaat)
Solidarity to oppose Atlantis Forge liquidation (English - PDF format)
Pamodzi Gold faces liquidation demand
Read full story... (Business Report)
Pamodzi gets R200m offer for gold operation
Welkom-based Virgile Mining has offered Pamodzi Gold R200 million for its President Steyn gold mine in the Free State, says Virgile chief executive Hettie Fourie.
Pamodzi bought the mine from Thistle Mining in February 2008 for R240 million. Fourie said Virgile had first made its offer to Pamodzi about four or five months ago and it would start a due diligence audit on the facility in March. "The offer of R200 million will depend on the state of the mine," he added.
Pamodzi spokesperson Bongi Radebe was not available to comment. A source close to the deal said a stumbling block to Virgile starting its audit was that Pamodzi wanted a R1 million, non-refundable deposit before allowing Virgile to proceed. In addition, the due diligence process was likely to cost Virgile about R800 000.00.
Several of Pamodzi's creditors in the Free State are looking to make applications for the liquidation of the President Steyn mine because of the company's unpaid debts.
Henk Strydom, a lawyer with Strydom and Bredenkamp, said he had received a number of inquiries from suppliers to Pamodzi's Free State operations who had not been paid and would like to launch a liquidation application. "There is going to be an application shortly," he said.
In the Pretoria High Court this week, Accurate Drilling joined Engineering Labour Hire and Mining Supplies to seek the liquidation of Pamodzi's Orkney mine over the non-payment of about R25 million for services and supplies.
Pamodzi's shares plunged 57 percent to a record low of 33c on Wednesday, valuing the company at just R31 million, after it said it had agreed that if it did not pay these creditors before 10am tomorrow, the liquidation would proceed on an unopposed basis. The share closed at 65c.
Pamodzi offered R200 million for mine
Embattled junior gold miner Pamodzi Gold has been offered R200 million for its President Steyn gold mine near Welkom in the Free State. On Thursday, CEO of Welkom-based Virgile Mining, Hettie Fourie, told Sapa that Virgile had made the offer some time ago and that it had been renewed "a few days ago".
She said Pamodzi Gold had not yet accepted the offer. "It isn't viable for them to keep on with their resistance - things are deteriorating every day", Fourie said. She added that Virgile had been given the green light to perform a due diligence study at the mine. "Due diligence should begin next week", Fourie said.
Pamodzi Gold bought the President Steyn mine from Thistle mining two years ago for around R240 million. Pamodzi is currently experiencing funding problems and has recently been under siege from both employees and suppliers demanding to be paid. Pamodzi Gold spokeswoman Bongi Radebe could not be reached for comment.
AngloGold kelder Pamodzi se bedryfskapitaal
Indien Pamodzi vou, was dit AngloGold Ashanti wat hom die nekslag toegedien het, beweer een van die beleërde goudmaatskappy se mindere krediteure. Dit blyk uit Engineering Labour Hire and Mining Supplies (ELHMS) se dringende aansoek vir die likwidasie van Pamodzi se Orkney-goudmyn. AngloGold verwerk van die Orkney-myn se gouderts op kontrak en het volgens die aansoek begin om dié verwerkte goud terug te hou om R93 miljoen wat Pamodzi aan AngloGold skuld, te vereffen.
Dié "wesenlike inbreuk op bedryfskapitaal" verklaar waarom Pamodzi "nie oor die bedryfskapitaal beskik om die dag-tot-dag verpligtinge teenoor krediteure na te kom nie", lui die hofstuk. Pamodzi Gold probeer maande lank al talle van sy "meer as 3 000" verskaffers afweer met hordes ingewikkelde stukbetaling-reëlings wat nou uiteindelik daarop uitgeloop het dat sy krediteure so te sê teen mekaar draai.
ELHMS eis R22 miljoen van Pamodzi, maar daar is ook twee ander likwidasie-aansoeke vir Orkney aan die kom, en een vir die President Steyn-myn in die Vrystaat, sê adv. Johan Engelbrecht, 'n regsadviseur vir die vakbond Solidariteit.
'n Likwidasie-proses kan uiteindelik uitloop op 'n geveg tussen dié wat Pamodzi wil stroop en dié wat hom wil red. Pamodzi is 'n groot werkgewer én kliënt van talle ander ondernemings op die myndorpe Welkom en Orkney. As hy vou, sal dit 'n yslike maatskaplike krisis ontlok.
ELHMS sê in sy aansoek hy wil allermins die Orkney-myn stroop, maar dit eerder onder kuratorskap laat plaas sodat 'n ommekeer-strategie wat die myn se krediteure begunstig, ingestel kan word.
In vandeesweek se aansoek is aangevoer dat Pamodzi nie net bankrot is nie, maar ook nie in staat is om self kapitaal in te vorder nie.
Pamodzi se hoofbestuur het onder meer vir 'n geruime tyd die media mislei oor die R200 miljoen-lening wat hy van Best Rock sou ontvang, blyk uit die aansoek. Mnr. Peter Steenkamp, uitvoerende hoof, het op 4 Maart op 'n vergadering met 'n krediteur erken dat dit reeds teen 11 Februarie duidelik was dat Best Rock "nie kan presteer" nie, lui die dokument.
Pamodzi het egter lank daarna volgehou dat die lening "binnekort" kan materialiseer en dat dit die maatskappy se beste finanseringsopsie bly.
Meer onlangs het mnr. Ndaba Ntsele, voorsitter van Pamodzi, aan Mining Weekly gesê hy het wel in die buiteland finansiering bekom by onbekende partye. Die maatskappy sal voor Vrydag dié geld moet hê om die likwidasie-aansoek te stop, ingevolge 'n ooreenkoms met ELHMS.
Dit bly 'n ope vraag hoeveel kontant Pamodzi nodig het om nie net met ELHMS te skik nie, maar ook die onbekende aantal eisers wat glo reeds toustaan.
Die verrigtinge op die vergadering van 4 Maart tussen Pamodzi en JT Electronics, wat sowat R700 000 geskuld word, is vervat in 'n beëdigde verklaring wat deel uitmaak van die aansoek. Daaruit blyk dit dat Pamodzi 'n skakelpersoon aangestel het wat getaak was om met die maatskappy se meer as 3 000 krediteure te kommunikeer. Dit kom neer op krisisbestuur, het dié skakelpersoon, me. Renate Lohmann, glo gesê.
Pamodzi het die afgelope jaar elke maand sekere vakatures net gedeeltelik betaal terwyl Lohmann mettertyd glo net 'n betreklik geringe weeklikse begroting gehad het om mededingende eise mee te betaal. ELHMS is sedert Augustus verlede jaar voortdurend laat betaal tot betaling vanjaar gestaak is. Dit het sedert Kersfees erge onrus onder sy 1 000 werkers by Orkney veroorsaak wat onder meer bestuurslede met die dood dreig. Hierin lê die dringendheid van die likwidasie-aansoek, sê ELHMS.
Pamodzi Gold's court commitment points to possible turning point
JOHANNESBURG (miningweekly.com) - The decision of Pamodzi Gold to oppose a liquidation application in the Pretoria High Court points to a possible turning point for the better for the black-owned gold junior that is battling a high-profile cash crisis.
The High Court on Tuesday gave Pamdozi Gold until Friday at 10:00 to settle a multimillion-rand debt - and the cash-bereft company agreed that it would settle the outstanding debt by that deadline, which is indicative of a confidence of being able to do so.
Pamodzi Gold's decision to resist provisional liquidation underpins the positivity expressed by Pamdozi Gold chairperson Ndaba Ntsele on his return last Friday from a multicountry capital-raising exercise.
"I think we've saved the company," an enthusiastic Ntsele told Mining Weekly Online on returning from his international cash dash, which he undertook with fellow Pamodzi Investment Holdings executive director Kobus du Plooy.
"I'm just under extreme confidentiality at this point in time, and cannot say any more now," Ntsele, a 2008 World Entrepreneur of the Year, said.
When Mining Weekly Online spoke telephonically to Du Plooy while he was attempting to raise capital in Dubai on Wednesday, he also spoke of "good progress" having been made.
Pamodzi Gold executive director corporate development Bongi Radebe then followed with her statement that several "long-term" funding solutions were under discussion.
On March 4, Pamodzi Gold director Ken Steenkamp was unequivocal that a new deal had been struck. When the company was listed on the JSE's main board on December 11, 2006, Pamodzi Gold, formerly Bema, there was prelisting funding of R75-million in the company to ensure that it was 50,1% black-owned. But built into the company's valuation was a hedge that covered 183 000 oz at a gold price of $350/oz extending over seven years, which had a grave downside, given that gold was already at that stage trading at $600/oz.
But Pamodzi Gold had a strong associate in the form of Pamodzi Investment Holdings, with investments in food, technology, financial services and resources, dating back to the 1970s. Ntsele has a background of high-level of capital raising with the Pamodzi group's Foodcorp and Nike South Africa deals. The unlisted Pamodzi Industrials has WalroFlex, Unique Engineering, Rely Castings and several other manufacturing concerns within its portfolio. Du Plooy is a structural-finance person who was formerly at the Industrial Development Corporation and First Rand.
In 1997, Pamodzi acquired 51% of FoodCorp, attracting R404-million worth of equity finance from ABM Ambro of Holland, which left with more than a R1-billion four years later. Pamodzi eventually concluded a 100% buyout of Foodcorp, giving 20% to 3 500 Foodcorp personnel. Workers received R400-million worth of shares and 15% of the shareholding was reserved for top management. The group also brought the first Euro bond into South Africa, ahead of Sasol and Cell C, also for Foodcorp.
Liquidations: Pamodzi Gold gets 72-hour reprieve
The North Gauteng High Court has granted embattled junior gold miner Pamodzi Gold a 72-hour reprieve to come up with at least R11m of the estimated R22m claimed by unpaid employees and creditors Engineering Labour Hire and Mining Supplies or face the liquidation of its assets at the Orkney Gold Mine in the North West Province. SABC News says Pamodzi opposed the liquidation application and trade union Solidarity welcomed the relief granted to Pamodzi by the Court. "We believe that all opportunities to save Pamodzi Gold must be exhausted before liquidation could be considered an option as this would be a disaster far worse than that at Buffelsfontein Mine a few months ago", Johan Engelbrecht, Solidarity's legal adviser on liquidations, is quoted as saying.
[ Full SABC News report... ] [ See also a Sake24 report... ]
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