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CSE, COPPER STRIKE LTD
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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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


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 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%
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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 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
Attached Image


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: 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
 
blacksheep
post Posted: Jul 27 2017, 02:21 PM
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Posts: 5,604
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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.

QUOTE
The thought had crossed my mind as well that someone could have their sights set on SYR, with that recently raised $211 million in the bank, by acquiring a slice of SYR via a backdoor. CSE doesn't have anything else on the boil, other than 11 million SYR shares, and at 22c it's a cheap way of getting a foot in the door


QUOTE
I just had a quick look at a couple of SYR's latest Substantial Holder forms and Aurora Funds Management Limited appears on the the 19/8/2015 return under Appendix A-1 Prime Brokerage Agreement - UBS AG Australia Branch.

Aurora Funds Management was acquired by Keybridge/Bolton.

Doesn't say how many shares, but must be under 5%

http://www.asx.com.au/asxpdf/20150819/pdf/430lrwv9jfdswh.pdf


From CSE's recent ann Aurora Funds Management decreased their s/h from 12,005,600 11.24% to 9,372,186 8.77% - the difference appears to be - "On 30 June 2016, Keybridge sold all of the shares in its wholly-owned subsidiary, AFML, to Seventh Orion ". See below the relationship of Seven Orion - it's taken from the Takeovers Panel argument dated 30/6/17.

So Bolton still appears to have in control of the CSE 11.24% - I'm still wondering why.


QUOTE
Background
On 30 June 2016, Keybridge sold Aurora to Seventh Orion Pty Ltd (Seventh Orion) as trustee of the Aurora Investments Unit Trust.

Since the sale of Aurora, Keybridge has increased its relevant interest in Molopo from 18.48% to 19.95% and Aurora1 has increased its relevant interest in Molopo from approximately 1.88% to 17.92%.

On 13 March 2017, Keybridge requisitioned a meeting of Molopo shareholders to consider resolutions to replace the Molopo board with three new directors nominated by Keybridge2 Aurora also nominated one director for appointment.

Mr Nicholas Bolton was previously the managing director of Keybridge3 and is now a consultant to Keybridge. Mr John Patton is the chairman, and a part-time executive, of Keybridge, a director of Seventh Orion and the managing director of Aurora.

There are a number of other structural links between Mr Bolton, Mr Patton, Keybridge and Aurora. Some are described in the declaration.

The Panel considered that Mr Bolton has knowledge of, and the capacity to influence substantively, the investment strategies of both Keybridge and Aurora in relation to Molopo. He has used this capacity to influence or orchestrate strategies and actions at Keybridge and Aurora that have as their ultimate aim control of Molopo and access to Molopo's cash. The boards of directors of Keybridge and Aurora were aware of this and agreed to, or at least acquiesced in, those strategies and actions.

Accordingly, the Panel considered that by no later than 26 October 2016 Keybridge and Aurora were associated in relation to Molopo and have contravened section 6064 and the substantial holder notice provisions.

Further or in the alternative, the Panel agreed with the initial Panel that the actions of Mr Bolton and Mr Patton otherwise gave rise to unacceptable circumstances in relation to the affairs of Molopo from no later than 10 August 2016.

The Panel did not consider it against the public interest to make the declaration, and in making it had regard to the matters in section 657A(3).






--------------------
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
 
melua
post Posted: Mar 7 2016, 03:47 PM
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In Reply To: mercury's post @ Jan 5 2015, 10:35 AM

Hi merc,

Sorry just came across this thread. No I don't hold CSE anymore. For some reason, CSE always traded at a discount to their intrinsic value. Frustrating stock. SYR now $1B valuation and TON in administration. MTA on strike with SYR's deposit yet market cap $10M. Amazing times in graphite.

 
 


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