ADVFN Logo

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

AFF Afferro Min

88.75
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Afferro Min LSE:AFF London Ordinary Share CA00818V1031 COM SHS NPV(UK REG)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 88.75 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 88.75 GBX

Afferro Min (AFF) Latest News

Real-Time news about Afferro Min (London Stock Exchange): 0 recent articles

Afferro Min (AFF) Discussions and Chat

Afferro Min Forums and Chat

Date Time Title Posts
06/5/201614:20Join ADVFN's affiliate program TODAY!58
17/11/201514:14Afferro Mining Inc. - Mountains of Iron in West Africa42,398
31/5/201314:22Gondola talks Afferro313
14/5/201316:34*** Afferro ***12

Add a New Thread

Afferro Min (AFF) Most Recent Trades

No Trades
Trade Time Trade Price Trade Size Trade Value Trade Type

Afferro Min (AFF) Top Chat Posts

Top Posts
Posted at 21/4/2015 08:34 by nav_mike
These are definitely not our loan notes

Read the last IMIC Annual accounts and you will see under note 20 the various bonds that they are currently looking to restructure.

The 'Affero bond' they refer to was raised prior to the AFF deal completing and issue of our loan notes.

(The convertible loan notes are listed separately under note 21 of the accounts).
Posted at 21/4/2015 07:04 by nav_mike
I originally thought there was no way they would allow the AFF loan notes to convert into shares, as it would distort the ownership structure too much, however on reflection.....

Convert the shares, let the share price tank on the ensuing selling, then do a financing placing to the favoured few at rock bottom prices to restore holding % to whatever they want

Just a thought...
Posted at 21/4/2015 06:50 by blah blah
My best guess is we will be paid out in shares which would probably be the best we can hope for. Won't do the IMIC share price any favours though.
Posted at 17/4/2015 22:13 by che7win
Not if we don't agree...they could offer us an option to extend I suppose but there are a lot more AFF former shareholders to deal with.
Posted at 15/4/2015 18:04 by deltrotter
I know that some of the AFF BOD were extremely pessimistic about the future Blah blah. They had touted their assets to all parties and the best they could extract was the IMIC bid. No other party came in with a higher offer - which is very telling.

As it turns out, the BOD called it correctly.

My big mistake was not realising that a world class asset could be worth a fortune one year and then be valueless the next. Indeed it could be worse than that and actually be a millstone around a company's neck.

Maybe there will be a turnaround - I just can't see it happening for some years. And AFF bond holders need the turnaround in the next six months!
Posted at 15/4/2015 15:57 by deltrotter
LOL - the AFF BOD shafting Severstal and IMIC. Wonder how much they would get for Putu now?
Posted at 15/2/2015 05:57 by myst1
I learn't a lot from some of the posters on this board and due to that, looking back, i didn't do as bad as I originaly thought with AFF.

On the subject of exposure to zinc, I would suggest a Look at NRRP.

Looks like a fast track to production at just at the right time. Also recently appointed experienced senior management to facilitate this.

Extract from recent RNS - 'It is rare that a company of North River's size continues to attract such very senior and experienced appointees. I believe this to be a reflection in the potential of the Company'.

Also Greenstone Resources (private equity fund)have invested after looking at a total of 300 companies. Their next tranch will be purchased at 0.9p.

Currently only 0.5p to buy!
Posted at 03/1/2014 10:27 by sham62
AlbertEdwin

I have researched this issue and here is what I have discovered. My comments below are enclosed in parenthesis [].

Please note that I am not qualified to provide advice and that what follows is my personal interpretation of what my research has uncovered.

The following is from the HMRC website and is the most recently published advice I found.




A company carrying out a take-over may issue securities, such as loan notes. Usually you'll receive information about the take-over that explains if they're 'Qualifying Corporate Bonds'.

If the loan notes are Qualifying Corporate Bonds, you work out the gain as if you'd sold your original shares at their market value immediately before the take-over. But the gain isn't chargeable to Capital Gains Tax until you sell or dispose of the Bonds.

If the loan notes aren't Qualifying Corporate Bonds, they're treated in the same way as shares issued in a take-over.

[So the question is are they Qualifying Corporate Bonds or should we treat them the same way as shares?]

The following is taken from the AFF/IMIC Arrangement documentation available on .

CERTAIN UK TAX CONSIDERATIONS

...

Capital gains and chargeable gains

A disposal of Afferro Shares by an Afferro Shareholder who is resident for tax purposes in the UK may, depending on the shareholder's circumstances and subject to any available exemption or relief, give rise to a chargeable gain or an allowable loss for the purposes of capital gains tax and corporation tax on chargeable gains ("CGT").

An individual shareholder who for a period of less than five years either has ceased to be resident for tax purposes in the UK or has become resident in a territory outside the UK for purposes of double taxation relief arrangements and who disposes of the Shares during that period, maybe liable on his or her return to the UK to CGT on any capital gain realized. Nothing in any double taxation relief arrangements prevents such an individual from being subject to CGT in those circumstances.

The proceeds received by holders of Afferro Shares for the purposes of CGT will be the aggregate of the Cash Consideration and the market value of the Convertible Notes on the date when they are issued.

Income tax

Individuals who are resident in the UK for tax purposes and who hold Convertible Notes maybe liable to UK income tax (under Chapter 8 of Part 4 of the Income Tax (Trading and Other Income) Act 2005) on the profit realized on a disposal of a Convertible Note (whether on redemption, sale or transfer of a Convertible Note or on conversion of a Convertible Note into IMIC Shares). For these purposes the profit realized on disposal is, broadly, the amount by which the proceeds received on disposal of a Convertible Note, or the market value of any IMIC Shares issued on the conversion of a Convertible Note, exceeds the market value of the Convertible Note at the time when it was issued, less certain costs.

Individuals who are resident in the UK for tax purposes may be liable to UK income tax on interest received on Convertible Notes. For individuals, interest is normally taxable in the tax year in which it is received.

[I can see nothing that suggests the Loan Notes are QualifyingCorporate Bonds. So I believe I should treat them the same way as shares in the HMRC advice.]



...

When you sell or dispose of your new shares and work out your Capital Gains Tax, your allowable cost will be the cost of the original shares less the amount of cash received.

If you receive cash that is more than the cost of your original shares, you need to work out your Capital Gains Tax on the amount received. You can do either of the following:

Calculate your Capital Gains Tax in the way described below for 'larger amounts of cash'.
Calculate your Capital Gains Tax on the difference between the cash received and the cost of your original shares. You must elect to do this and it will reduce the cost of your new shares to nil. When you sell or dispose of your new shares you use a cost of nil to work out your Capital Gains Tax.

...

If you receive a larger amount of cash

If you receive shares and more than £3,000 cash, you may owe tax on the cash payment. This also applies if you receive an amount that is equal to or more than 5 per cent of the value of your shares in the original company just before the take-over.

To work out your Capital Gains Tax you need to allocate a 'cost' to this cash payment. You do this by splitting the original cost of the shares proportionally between the cash received and the new shares.

Step 1 - Work out the value of the cash received in proportion to the total value of the cash and shares received.

Step 2 - Split the cost of your original shares between the cash and the new shares in the same proportion as the value.

[I have highlighted what I believe is the key phrase that you can do either of the above.]

[So the options as I see them are

1. Value of cash 80p total value of 88.75p (using last AFF closing price). Apportion allowable costs 90% to cash 10% to loan notes when value realised.
2. Value of cash 80p total value of 120p (using face value of loan notes). Apportion allowable costs 66.66% to cash and 33.33% to loan notes when value realised.
3. Elect to apportion 100% to cash and 0% to loan notes when value realised.]

[I myself am choosing option 3 as this reduces my current years CGT liability when the gains have been larger as against 2 years time when they may not be.]

Steve
Posted at 19/11/2013 08:04 by gheebee
We should be truly grateful that AFF is a Canadian Company so that at least we get regular reminders of just how well the BOD are looking after Shareholder's interests in these difficult times.



"If the Arrangement is completed, the directors of Afferro expect it to deliver a higher value to Afferro Shareholders over a shorter timescale than Afferro could realise were it to continue operating on a standalone basis. The Board of Afferro also expects that completion of the Arrangement will mitigate the potential downside to Afferro's share price in the current challenging market, in which valuations for development companies with large capital cost projects are at historical lows. The directors believe that the Arrangement will also mitigate the risk to Afferro of continuing development with little certainty that full financing will be available for the construction of the plant and infrastructure for the Nkout Project."

Putting aside any discussion on the relative merits of whole life project value estimation compared with short to medium term share price calculations as determinants of shareholder value, it makes one wonder why IMIC are taking this millstone on at all, if they still are.
Posted at 14/10/2013 13:12 by deltrotter
AFFERRO MINING INC. COM SHS NPV(UK REG) Rating Reiterated by Goldman Sachs Group Inc. (AFF)
Posted by John Perry on Oct 14th, 2013 // No Comments
AFFERRO MINING INC. COM SHS NPV(UK REG) logoAFFERRO MINING INC. COM SHS NPV(UK REG) (LON:AFF)'s stock had its "strong-buy" rating restated by research analysts at Goldman Sachs Group Inc. in a report released on Monday, ARN reports. They currently have a GBX 260 ($4.15) price objective on the stock. Goldman Sachs Group Inc.'s target price indicates a potential upside of 211.75% from the stock's previous close.
AFFERRO MINING INC. COM SHS NP (LON:AFF) opened at 82.00 on Monday. AFFERRO MINING INC. COM SHS NP has a one year low of GBX 49.00 and a one year high of GBX 110.00. The stock has a 50-day moving average of GBX 83.87 and a 200-day moving average of GBX 75.44.
Separately, analysts at RBC Capital reiterated an "outperform" rating on shares of AFFERRO MINING INC. COM SHS NPV(UK REG) in a research note to investors on Tuesday, September 24th. They now have a GBX 120 ($1.92) price target on the stock. Four investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. AFFERRO MINING INC. COM SHS NPV(UK REG) presently has a consensus rating of "Buy" and a consensus price target of GBX 160 ($2.55).
Afferro Min share price data is direct from the London Stock Exchange

Your Recent History

Delayed Upgrade Clock