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CSE, COPPER STRIKE LTD
blacksheep
post Posted: Mar 29 2019, 07:53 PM
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In Reply To: blacksheep's post @ Mar 29 2019, 06:42 PM

Ann just out - no mention of the further decrease in SYR holding,but have taken out another loan "to acquire additional investments" Investment is what - no mention of additional investment in SYR shares, but they have put up 4.1mil shares in SYR as security

QUOTE
Copper Strike Limited (“Copper Strike” or the “Company”) advises that it has entered
into a new Loan Agreement whereby the Company has received $3.95 million with the
loan initially secured by the provision of 4,100,000 Syrah Resources Limited shares by
way of security.


The purpose of the new loan is to enable Copper Strike to acquire additional
investments.


A summary of the material terms of the new loan are as follows:
- Loan: $3.95 million
- Repayment Date: 3 years
- Interest Rate: 3.25%
- Origination Fee 2.50%
- Initially Secured Syrah Shares: 4,100,000

This replaces the terms of the previous loan of $4.2 million which was terminated as per
the Company's ASX announcement dated 21 February 2019. That resulted in a reduction
of the Company's investment in Syrah by 2,281,782 shares and a substantial gain on
settlement of the previous loan.




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Mar 29 2019, 06:42 PM
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In Reply To: blacksheep's post @ Feb 21 2019, 10:48 AM

According to SYR's annual report, CSE now holds 6.8 million shares in SYR.

In CSE's last Qtryly - 31 December 2018 - Copper Strike owned 12.05 million shares in Syrah Resources Limited (including 2.26 million secured shares). the 2.26 mil shares were subsequently handed over to the lender to satisfy the loan taken out by CSE to purchase them. This was reported in CSE's ann dated 21/02/19.

Odd CSE has not reported the 3 million shares sold since? Unless it has only just occurred.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 21 2019, 10:48 AM
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In Reply To: blacksheep's post @ Feb 14 2019, 07:01 PM


QUOTE
COPPER STRIKE TERMINATES LOAN AGREEMENT
Copper Strike Limited (“Copper Strike” or the “Company”) has terminated the Loan
Agreement announced on 4 October 2017.

The Loan Agreement has been terminated earlier than the original 2-year term at the
Company’s option and on a non-recourse basis. Cessation of the $4.2 million loan has
occurred by the Lender taking possession of 2,281,782 Syrah shares held as security,
hence leaving no obligation outstanding.


As a result of the termination there is no further liability to the Company by closing out
the loan and it will result in the Company recognising a gain on settlement of the
liability of approximately $1.3 million.

Total interest and fees paid during the loan term amounted to approximately $264,000.
The Company is currently contemplating entering into a new loan arrangement, details
of which will be announced in due course should this eventuate
.


As mentioned in my post below - "Who was the loan provider?" - indeed. That loan provider now has 2,281,782 SYR shares



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 14 2019, 07:01 PM
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Posts: 5,832
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In Reply To: blacksheep's post @ Oct 4 2017, 02:10 PM

QUOTE
CSE is headed by several colleagues/friends of the former SYR CEO, Tolga Kumova - Harry Hatch, Brendan Jessar of BW Equities and Mark Hanlon. I made this post on another forum in March this year, and as I said back then - "A bit of a wild theory all just IMHO, but you never know!" - or maybe they simply see value in buying a few more shares


Made those comments above back in 2017.

In today's The Australian there is another article on Harry Hatch/Gasmere Pty Ltd and the ATO issue - Share trader shifted $1.5n to Greek accounts, ATO case reveals - it includes the following references

QUOTE
The affidavit, filed by ATO director of significant debt management Aris Zafirou, also reveals details of the shares Mr Hatch has traded, which include Copper Strike, where he is a director, and the names of people who have sent more than $12.4m to his bank account between 2011 and 2018.

These include two senior executives at boutique corporate advisory BW Equities, Rory Luff and Benjamin Kay.


QUOTE
Mr Luff and Mr Kay are among dozens of names linked to deposits in Mr Hatch’s bank accounts that Mr Zafirou described as “income from unknown sources”.

Mr Luff told The Australian he was “not in a position to talk about it”

https://www.theaustralian.com.au/business/t...596e4b37cb2c86c

Why is BW Equities sending Hatch money to invest for them??. Being a broker one would think they would do their own trading and not go through a 3rd party

Also mentioned in the post below - "Would also be interesting to know who the beneficial owners are behind Gasmere" - indeed. The plot thickens





--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 3 2019, 02:21 PM
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In Reply To: blacksheep's post @ Jan 2 2019, 08:50 PM

Interesting reference in CSE's Half Yearly Report to 31/12/2018 re the possibility of liquidating SYR shares - if necessary. CSE took out a loan in 2017 (Oct I think) for a 2 yr term - it's due for repayment this year

QUOTE
Going concern
The Company has net operating cash outflows of $183,162 and cash balance of $468,489 as at 31 December 2018.

The financial report has been prepared on the going concern basis, which contemplates continuity of normal business
activities and realisation of assets and settlement of liabilities in the ordinary course of business. The going concern of the
consolidated entity is dependent upon it maintaining sufficient funds for its operations and commitments. The directors
continue to monitor the ongoing funding requirements of the consolidated entity. The directors are confident that sufficient
funds can be secured if required by a combination of capital raising and sale of assets to enable the consolidated entity to
continue as a going concern
and as such are of the opinion that the financial report has been appropriately prepared on a
going concern basis.

The Company also has the option to liquidate its position in Syrah Resources Limited if there are insufficient funds being
generated.
As at 31 December 2018 the Company's investment in Syrah Resources Limited was carried at the market rate
$18,131,675 (30 June 2018: $34,817,633).


Audit reference in the 2018 Annual report re this loan below - are they suggesting all of the SYR shares + STA + SUP are being held as security - in the case of SYR, CSE own 12.5 mil shares and even @ current SYR SP, that's a lot of security. Who was the loan provider?

QUOTE
Loan Liability (Note 15)
Copper Strike entered into a loan agreement during the year
to finance the purchase of additional equity investments.
Existing equity investments were transferred to the loan
provider as security
.

There is a risk that the terms and conditions of the loan
agreement and associated transactions have not been
appropriately evaluated, interpreted and recorded in line with
Australian Accounting Standards.

This area is a key audit matter due to complexities around the
accounting treatment for the initial recognition of the loan and
associated transactions


Harry Hatch is due back in court this week - Feb 7 - re ATO matters. ATO appear to have frozen his assets. There are two separate tax issues - one against him personally, the other against Gasmere Pty Ltd of which he is a director. Hatch, according to media articles, claims the ATO have got it wrong, suggesting when his clients wanted to buy shares, they would deposit the money into his personal bank account, along with the ASX code of the company in question - he buys on their behalf?. Assume he uses Gasmere for this purpose - ie buy shares on behalf of his clients? If that is the case, who are the investors behind the Gasmere a/c?? Gasmere holds shares in a number of ASX listed companies.

One media article suggested Hatch also had links to a company called Australian Business Advancement Co-operative (ABA Co-Op) - according to it's website, although I couldn't find him listed on their site - https://abacoop.com.au/board

Did find ABA Co-Op founding director Marino Sussich and director/secretary Nigel Harrison - together with Harry Hatch - all listed as directors of The Heurston Group PLC http://heurstongroup.com/history-directors/ - Subsidiaries of Heurston Group Plc: 2Up Holdings Pty Ltd Australia 100% 100% 2Up Gaming Services Pty Ltd Australia 100% 100% Streamark Ltd United Kingdom 84%(1) 70%(1) Streamark Asia Ltd (2) Labuan 100% 100% http://heurstongroup.com/wp-content/upload...-PRINT-FILE.pdf

Will be interesting to see what happens with regard to the Gasmere shares in CSE.

One also hopes that CSE do not find themselves in a position where they have to liquidate any of their share holdings

Would also be interesting to know who the beneficial owners are behind Gasmere.



--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 2 2019, 08:50 PM
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Seems CSE Non Executive Director Harry Hatch is in a spot of bother with the ATO

ATO battens down Harry Hatch - The Australian
QUOTE
Dec 22, 2018 - The tax office has hit veteran Melbourne investor Harry Hatch with an order freezing assets worth up to $50 million including bank accounts,




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 


blacksheep
post Posted: Nov 14 2017, 10:05 AM
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In Reply To: blacksheep's post @ Oct 23 2017, 06:34 PM

SYR up considerably in recent days. If you believe Balama will dominate the graphite space, CSE is a major shareholder of SYR.

CSE's SP currently 28c with little trading taking place - 5k volume - $1,400 value
Attached Image


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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 23 2017, 06:34 PM
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In Reply To: blacksheep's post @ Jul 27 2017, 02:21 PM

QUOTE
In view of the MPO/Keybridge Capital Ltd/Aurora Funds Management (acquired by Keybridge/Nic Bolton of previous BrisConnect fame move), I asked the question back in 2015 what Bolton and his Funds were doing buying into CSE. Bolton is know for his activism in acquiring companies.


Keybridge continues to accumulate by looks of things - begs question why. Only asset that CSE has is 12 mil odd shares in SYR. Other than that, they do nothing

Previously held - 10,224,266 shares, or 9.569%
Further acquisitions during Sept/October 2017 they now hold - 12,381,516, or 11.588%
Attached Image








--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 4 2017, 02:10 PM
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In Reply To: blacksheep's post @ Sep 12 2017, 02:00 PM

Odd CSE have taken these steps, at this time, to take up their entitlement in SYR. If I recall correctly, CSE has not participated previously. Gives them a total of 12 mil shares. CSE is headed by several colleagues/friends of the former SYR CEO, Tolga Kumova - Harry Hatch, Brendan Jessar of BW Equities and Mark Hanlon. I made this post on another forum in March this year, and as I said back then - "A bit of a wild theory all just IMHO, but you never know!" - or maybe they simply see value in buying a few more shares smile.gif

QUOTE
CSE is an interesting "beast".

Apart from the 11 mil shares it holds in SYR, and the shares in STA, it doesn't do much, lol.

I've been wondering for a while now, whether or not they could make a move on SYR - particularly with the sudden departure/removal (was it really amicable?) of TK from SYR - TK holds some 14.6 mil shares, Harry Hatch held around 4.4 mil SYR shares and Mark Hanlon's Buprestid 1.9 mil SYR shares (all according to 2015 annual report) - all together that's around 32 mil SYR shares - near enough to 14%. Wouldn't take much more to gain another 5% odd to get a couple of seats on the board - could be a couple of disgruntled insto's watching their SYR investment going down/not happy with current management tossing their s/h into the mix, or a bit more buying during recent lows - even by shorting - by one or more of the holders?

Harry Hatch was a seed investor in SYR and previously held around 10.6 m SYR shares.

A bit of a wild theory all just IMHO, but you never know!


QUOTE
Copper Strike Limited (“Copper Strike” or the “Company”) is pleased to advise that it
has taken up 100% of its retail entitlement in the Syrah Resources pro-rata accelerated
Non-Renounceable Entitlement Offer as announced by Syrah on 19 September 2017.
The entitlement is 1,047,619 new shares.

In order to fund this take-up, the Company has entered into a Loan Agreement whereby
the Company will receive an initial advance of $3.55million with the loan to be secured
by the provision of 1,800,000 Syrah shares by way of security to fund the participation
in the Syrah Entitlement Offer. A further advance will occur this week which covers
payment of interest and fees for the term of the loan.

A summary of the material terms of the loan are as follows:
- Initial Advance: $3,550,000
- Repayment Date: 2 years
- Interest Rate: 2.99%
- Origination Fee 2.50%
- Initially Secured Syrah Shares: 1,800,000

Copper Strike believes that the share price of Syrah has considerable potential upside,
and as such this decision has been made in line with the Directors view that it is in the
best interests of the Company to increase this investment supported by a moderate
amount of gearing.


SYR SP going down, while CSE's is going up - albeit on low vloumes
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Sep 12 2017, 02:00 PM
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CSE's SP following SYR's up - currently 29.5c/share.

CSE own 11 mil SYR shares - pretty much all they do. Very illiquid, so not a trading stock. Most of the buying being done by director - Harry Hatch - who owns some 22 mil shares
Attached Image






--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
 


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