What happened to Silvermere Energy?
I must say that I have no axe to grind with any investor,adviser or board member.
I myself invest my own hard earned cash into the market and accept that high risk does what it says on the tin, thankfully i have been around long enough to know when things look grim.
To the retail who are lagging behind let this be a lesson.
Today I had a chat with various associated parties with Silvermere and these are my findings.
Silvermere Energy had a loan note with mineral financial – Mafl announced that it had written the debt down to a 88% loss.
Mafl announced they have a strategy in place to try and recover what value it can for its shareholders.
Dominion announced that it would auction off the asset if silvermere could not stump up the cash to fulfil their financial commitment.
So now we have a default on loan note and also not the cash to fulfil financial commitment to dominion.
So in a few months where did it go wrong?
Read the full story here:
(These are my own opiniona and not a statement of fact)