Alliance Mining

[Enzed]

Will be applying for liquidation.Do shareholders get anything back??Was trading at 215 when it was suspended.How long does the process take?

[topgun]

Unlikely. The FD apparently gambled in CFD's with shareholder funds with Nedbank as the unfortunate counterparty. All will be revealed soon incl. the IDC's involvement. This is a real can of worms. I wonder if the chairman's firm will act/benefit as liquidators?

[THRESHOLD]

Note to all (AND especially self) NEVER! (Not even speculatively) invest in companies that claim huge profits but have no cash flow to back up their claims! (Particularily when they are small ALTX listed things.)

[topgun]

ALM did pay a R40m divi last year...question is where did the funds come from? And the IDC performed a due diligence before investing/funding a R120m BEE deal, only for the company to be declared insolvent? And what role did Watermark Securities play in ALM's demise?

[topgun]

http://www.moneyweb.co.za/mw/view/mw/en/page295046?oid=481157&sn=2009+Detail&pid=287226