pour les fans de hedgées style barrick , dénouement de la
faillite du 2eme producteur or, australien
, sons of gwallia
les administrateurs confrment que les actionnaires ne seront jamais dédommagés ..
pour mémo la boite ( énorme la boite hein , pas l'épicerie de quartier .. le 2eme producteur australien ! ) a succombé à sa dette sur carnet de hedge de 900 millions de $ en aout dernier
Sons of Gwalia’s Peter Lalor laughed in 1999 when I mentioned to him in Denver that his firm’s aggressive/sizeable hedging program at such low prices would likely be disastrous.
Confirmed: nothing from Sons of Gwalia JOHN PHACEAS
The worst fears of thousands of shareholders in failed WA gold and tantalum miner Sons of Gwalia were confirmed yesterday, with administrators formally declaring there was no chance they would recover any of their investment.
Floated by brothers Peter and Chris Lalor in 1983, Gwalia was WA's biggest home-grown gold miner and the world's biggest producer of tantalum when it collapsed owing $900 million to its hedging banks and other creditors last August.
Known for its record of paying big dividends, the stock was a long-time favourite of conservative retail investors, especially in its home State.
Valued at more than $1 billion in 2001 when the stock peaked at almost $10, shares in the former blue-chip miner were officially declared worthless by Ferrier Hodgson administrator Darren Weaver yesterday.
"The administrators . . . declare that we have reasonable grounds to believe that there is no likelihood that shareholders in the company will receive any distribution," he said in a statement to the stock exchange.
The news will be a blow for shareholders given that Ferrier Hodgson is confident of recouping a lot of the money owed to creditors, mostly through the planned sale or refloat of its tantalum business.
Valued at more than $500 million, the business produces around 55 per cent of the world's tantalum. Investment bank UBS is evaluating proposals to monetise the division, with a float shaping as the most likely option. Like the successful $2 billion float of Zinifex, creditors could be issued shares in lieu of debt.
On top of that, administrators have already sold Gwalia's once powerhouse gold division for $2 million in cash and $35 million in assumed environmental bonds, while a string of other exploration assets have also been offloaded in recent months.
Adding to shareholders' worries is the fact that Ferrier Hodgson has also been a big winner from the collapse, collecting more than $4.6 million in fees from the administration to the end of February. That figure is set to rise substantially given the second creditors meeting has just been deferred again to the end of July, and may yet be deferred once more.
The only good news for shareholders was that Mr Weaver's statement yesterday will enable them to claim a loss against any capital gains tax they may owe on other investments this financial year.
The news may also help listed litigation funder IMF Australia in its efforts to mount a shareholder class action against the company on the basis that it failed to adequately inform investors of its financial woes.
____resumé de l'épisode précdent en aout dernier :
décryptage rapido :
-au mieux 520.000 onces de produc annuelle ( en diminution dernier trimestre ) contre 3 millions d'onces hedgees
( soit presque 6 fois la production annuelle !!!! ce n'est plus du hedging ça ...ds le sens strict du terme .......)
- 2 des 9 contreparties ( g sachs tiens donc !! ) et mac quarie ont hesité à restructurer, bien qu'ils aient fait un financement secondaire ( ak je pense ) de 19 millions d'actions à 3.35$ l'action et cela il y a 6 mois..
today l'action est à 1.30$ australien pour une capitalisation de 245 millions de $ australiens
carnet de hedge en deroute pour une valeur faciale de 245 milllions de $ australiens ... ===> comme on atteint la valeurde capitalisation ...the game is over ...
That something else was Sons of Gwalia blowing up, a major event and LONG predicted by both MIDAS and GATA. Here is the news:
Aug. 30 (Bloomberg) -- The Australian dollar fell after Sons of Gwalia Ltd., the second-biggest Australian gold producer, said it appointed external administrators, raising concern the company will sell the local currency to close out forward contracts and other derivatives.
A review of operations at the company found a ``serious deterioration'' in the status of the company's gold reserves, which raised concerns about its ability to meet the commitments of certain derivatives contracts, or hedges, the Perth-based company said in a statement to the Australian Stock Exchange.
``Whenever foreign exchange markets see a company call in an administrator, there is an underlying assumption that some of those hedges will be unwound,'' said Robert Rennie, a Sydney- based currency strategist at Westpac Banking Corp. ``Sons of Gwalia does have hedged Australian dollar and gold positions on, and it may be the case that the administration process does see those positions shifted.''
Here is the skinny on The Sons of Gwalia flap from a highly regarded source (as best he knows it):
*SOG used to produce 520,000 ounces of gold per annum
*Only produced 115,000 ounces last quarter
*Have sold hedged 3 million ounces which includes 1.77 million ounces of puts
*Hedge book underwater to the tune of A$243
*2 of 9 counter-parties balked at restructuring – thought to be Goldman Sachs and McQuarie
*Goldman Sachs and McQuarie balked even though they did a secondary financing around six months ago for 19 million shares at $3.35 per share
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