massive shorts it seems brought dwn the counters so there's nothing for MAS to investigate, let the play continue, Muddy shorts on Olam would have broken the company as well as did the whole Asia in 1997. Just hv circuit breakers and control wanton shorts
PROFIT WARNING IN RELATION TO THE FINANCIAL RESULTS FOR THE HALF YEAR ENDED 30 SEPTEMBER 2013
The Board of Directors of LionGold Corp Ltd (the “Company”) wishes to announce that the Company and its subsidiaries (collectively, the “Group”) are expected to report a loss before tax for the Half Year ended 30 September 2013.
Based on a preliminary review of the Group’s performance, the loss is mainly attributable to:
1. care and maintenance costs from the Group’s gold mining operations in Bolivia and Ghana; and
2. substantial losses arising from the unrealised loss on financial assets at fair value through profit and loss.
The Group is in the process of finalising its Half Year Financial Results for FY2014, which will be released on or before 14 November 2013.
In the meantime, the Board of Directors wishes to advise shareholders and investors to exercise caution when dealing in the shares of the Company.
BY ORDER OF THE BOARD Nicholas Ng Managing Director and Group Chief Executive Officer 8 November 2013
Media Release - LionGold’s Bolivia Gold Project delivers a 40% increase in its Mineral Resource estimate to now contain a total of 1.79 million ounces of gold
Price may not sky rocket. When market sentiment are bad, every positive news bring some cheer. Daily just don't let me fall off the chair will be good enough ≥︺‿︺≤
LionGold’s Bolivia Gold Project delivers a 40% increase in its Mineral Resource estimate to now contain a total of 1.79 million ounces of gold
Highlights: A new Mineral Resource has been estimated for LionGold’s 100% owned Amayapampa Gold Project in Bolivia. This resource estimate shows a small reduction in ounces in the Indicated category and a significant increase in ounces in the Inferred category, to now contain a total of 1.79 million ounces of gold, a 40% (507,000 ounce) increase on the previously reported Mineral Resource of 1.28 million ounces. These differences are due to a significant increase in the gold grade of the Resource, from approximately 1.1g/t gold to 2.4g/t gold, in each of the categories. This has been achieved through the addition of recent geological information, and applying a different geological model that is considered to better conform to the structural domains of the mineralisation.
There will also be an overall decrease in the expected tonnages to be mined, paving the way for a potentially smaller gold processing plant, lower capital cost and lower operating cash costs per ounce, whilst maintaining similar gold production volumes to the original plan.
The development of the Amayapampa Gold Project is proposed to be in two stages, with a smaller 1,500 tonnes per day (550,000 tonnes per annum) operationcontemplated initially. Design work is well advanced and bids are currently out for the design and construction of the gold processing plant. It is expected that this Stage will produce an average of 30,000 ounces per annum over its first 3 years of operation.
The ultimate Stage 2 operation is anticipated to process 1.5 million tonnes per annum upon an upgrade to the plant. After a ramp-up over the fourth year, full production is expected to produce an average of 95,000 ounces per annum over an anticipated additional four years prior to a final ramp-down year. During the ramp-up and a rampdown an average of 70,000 ounces per annum is anticipated.
Since acquiring the Project in December 2012, LionGold, through its 100% owned Bolivian subsidiary Minera Nueva Vista, has been building a first-class operations team to take the Project forward.
SUBSCRIPTION OF 98,186,000 NEW ORDINARY SHARES IN THE CAPITAL OF LIONGOLD CORP LTD (THE “SUBSCRIPTION SHARES”) AT S$0.183 FOR EACH SUBSCRIPTION SHARE TO RAISE GROSS PROCEEDS OF S$17,968,038
Lawsuits shine light on Goldman?s role in Asiasons, Blumont and LionGold crash
FRANKIE HO, The Edge 25 November 2013
Ipco International CEO Quah Su-Ling is taking a unit of Goldman Sachs to court for losses suffered during the collapse of Asiasons Capital, Blumont Group and LionGold Corp early last month. According to legal papers filed on Nov. 20 with the High Court in the UNK and seen by The Edge Singapore, the case revolves around a loan that Quah took from the bank to buy shares in two of these companies.
Quah opened a private wealth management account with UK-incorporated Goldman Sachs International in February, with the intention of taking a loan to buy shares in LionGold. She was introduced to the bank by an investment consultant named William Chan, who heads a Singapore-based investment management firm.
Under the loan agreement with Goldman, Quah initially pledged three million Asiasons shares as collateral for the credit facility. She first invested in Asiasons in 2008, and became a shareholder of Blumont shortly afterwards.
With the money from Goldman, she proceeded to buy LionGold shares, which, together with her Blumont shares, were subsequently placed in her investment portfolio as collateral to extend her loan facility. As the amount and value of her LionGold shares grew over time, the size of her loan increased correspondingly.
By Oct. 1, it had increased to more than $61m, from $12.4m at the time she became a Goldman client.
When Blumont announced in July that it planned to raise funds through a rights issue, Quah was told she could tap her credit line from the bank to subscribe for the rights shares. She agreed to take up her full entitlement to the rights issue on Oct. 1, using the loan from Goldman, and instructed the bank on the same day to proceed accordingly.
Abrupt U-turn
To her surprise, the bank called her on the morning of Oct. 2 to demand that she repay her entire loan in cash by 1.30pm the same day. It?s unclear why Goldman suddenly decided to pull the credit line.
By 1.37pm that day, she was served a notice of default through an email stating she had failed to meet her obligations to the bank, which proceeded immediately to sell her shares in Asiasons, Blumont and LionGold. On Oct. 2, Goldman sold 1.2m of Quah?s shares in Asiasons at $2.79 each. The following day, it sold more of her shares in Asiasons, in two batches, at $2.7524 and $2.7144 apiece respectively.
In seeking to prevent more forced sales, Quah found a buyer on Oct. 3 for her shares in LionGold and Blumont. The next day, she informed Goldman about the buyer ? Vicario Investments from Hong Kong ? and instructed the bank to stop force-selling her shares.
Goldman continued, however, to offload her shares on the market. On Oct. 4, before the Singapore Exchange halted trading on the three counters an hour after the opening bell, the bank sold 292,833 of Quah?s shares in Asiasons for $2.4246 each and 230,667 LionGold shares for $1.2372 apiece. By the time trading was suspended that morning, shares of Asiasons, LionGold and Blumont were down to $1.04, $0.875 and 0.88 respectively.
Other casualties revealed
Around that time, Quah found out that Goldman had also issued a notice of demand to three other individuals seeking payment of their outstanding loans. They include James Hong, Blumont?s executive director and Ng Su Ling, who resigned as Blumont?s independent director on Nov. 18. All three defaulted on their loan obligations, according to court documents filed by Quah?s lawyers.
Ng, too is taking legal action on her own against Goldman. She tells The Edge Singapore that she signed a margin financing agreement with the bank in June. ?I have filed a claim form, which is akin to a writ in Singapore. That would mean the commencement of a lawsuit. Notice of commencement has been sent to their lawyers in Singapore.? Her case will also be heard in UK.
?I can only say at this point that the suit is in connection with agreements signed with Goldman Sachs International and Goldman Sachs Singapore. In relation to the particulars of the claim, I cannot give them to you at the moment because my solicitors are working on it. It is a personal suit,? says Ng who has hired a Queen?s Counsel and solicitors from Reynolds Porter Chamberlain LLP (RPC), a London-based corporate law firm. RPC, which has offices in the UK, Singapore and Hong Kong, is known for taking on cases involving professional negligence.
Quah, too, has engaged a Queen?s Counsel to fight her case. Court papers filed by her lawyers from London-based Wiggin LLP allege a breach of duty on the part of Goldman. A breach of duty occurs when one person or company has a duty of care towards another but fails to live up to that standard.
Among other things, Quah?s lawyers claim that the bank had ?perversely and irrationally threatened? the dump her investments on the open market and had inde
margin account forced selling always damage company and can ruin a lifetime of works, so most banks wont allow single share margin facilities but Goldman Sex seem not to follow such guideline. CEO Nicholas ex DMG boss probably know only wall st giants can bring down the three once high flyers dwn at once exploiting the lack of circuit breakers in SGX
Sgx is now the last place to build lifetime business like Olam , can be shorted and only connections saved them. 8bn can disappear to thin air in couple of days is unheard of. Wall st banks bully kecik and no protection from SGX as lack circuit breakers
however much Soh amass over his few decades wheeling and dealing is no match for wall st giants unless one other major Security house say Nomura or Credit suisse is on his side
liongold is a mystery... why no one dare to take this private...
liongold through its web of vested interest has reserves worth 7.5m ounces... if u dig everything up at $1200 per ounce also worth $11.25B. If profit margin of digging it up is 10% also got $1.25B
total net asset $231M if u write off 50% of capitalized exploration expenditure its still $161M
liongold market value now 941m shares * $0.172 = $161M i offer 20% premium and take it private $200M... i own $1.25B worth of future profit
WHY NO ONE COME BUY LIONGOLD... *FRUSTRATED AND PULLING WHAT IS LEFT OF MY HAIR OUT* Hit a high of 178
Who are the men who let their sharea to be sold short(13.6%) and in the process kill themself.Or is the BANKS WHICH GAVE the money to buy the shares at a lower price who sold the shares and force the price down, then call the people to top up the difference in money or force sell the shares. This brought the counter down. Can SGX say where the shares came from.
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Nallayak
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Posted by Nallayak > 2013-10-31 18:08 | Report Abuse
impressive turnaround and impressive golden exploration results