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AAAM African Aura

186.50
0.00 (0.00%)
Last Updated: 00:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
African Aura LSE:AAAM London Ordinary Share CA00830H1082 COM SHS NPV(UK REG)
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 186.50 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 0 186.50 GBX

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African Aura (AAAM) Discussions and Chat

African Aura Forums and Chat

Date Time Title Posts
18/4/201116:13African Aura Mining Inc - West African Iron and Gold9,175
02/1/201117:36african aura-
26/12/201009:04African Aura Mining Inc103

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Posted at 13/4/2011 16:11 by enami
To quote from HMRC Help Sheet IR285

"SHARE REORGANISATIONS INVOLVING DIFFERENT CLASSES OF SHARES.

The time at which you split the cost of the different classes of share depends on whether or not any of the shares are quoted on the Daily Official List of the Stock Exchange, or any other recognised Stock Exchange, within 3 months of the reorganisation taking effect:

• quoted shares - you value the different classes of share on the first day when values are quoted for the shares in the reorganisation."

[ I seem to recall reading somewhere that it is the mid price share price at the close you use for the valuation but I cannot find the reference. I guess you can use the price which gives you the advantage in CGT calculations but it will even out in the end as a higher calculated cost for one means a lower cost for the other.]

Also

"DEMERGERS
A demerger in which a company distributes shares in a subsidiary to its shareholders may be treated as a share reorganisation. Because the shareholder will then own shares in the original company and the subsidiary, this is a share reorganisation involving different classes of share. It is therefore necessary to apportion the allowable cost of the shares using the rules explained in the section 'Share reorganisations involving different classes of share' on page 5. A listed company making a demerger will usually tell its shareholders whether the demerger is a share reorganisation."


About 0.5% difference depending on wether you use the opening or closing prices.

AFF OPEN 185 61.7%
AUE OPEN 115 38.3%

TOTAL 300


AFF CLOSE 181.5 61.2%
AUE CLOSE 115 38.8%

TOTAL 296.5
Posted at 12/4/2011 14:28 by longsight
Who cares? The market has so far completely mispriced the IO. A few RNS resource updates & the share price here will be transformed, imo. The share price now is nonsense - updates on Nkout, Ngoa, Akon & Putu will blow the roof off this, imo.
Posted at 11/4/2011 10:56 by longsight
j1nxed - I had the same thought. Can't make sense of the Evo note target.

Using US$1.20 per contained tonne io & 667m tonnes, you get US$800m m cap or £489m i.e. £5.66 a share.

I think the share price is in some limbo at present. However news must be imminent on several fronts. I see the contained IO rising to at least 1bn tonnes by year end here. Hopefully more. Using the 1bn figure & the conservative basis of US$.75c a tonne, gives me a short term share price target of £5.30 for later this year for Affrero.

The interesting bit comes when resource size starts to rise closer to 2bn tonne of contained IO & as both projects move further along & resources are upgraded to measure / indicated - & the Sundance infrastructure deals are signed off. Then I see the valuation per contained tonne rising to US$1 & above. At that point, & notwithstanding say 50% dilution [which wd raise some really serious funding], I think share price targets by end of 2012 of hepefully £9.50 & above for Affrero.
Posted at 09/4/2011 08:19 by woodpeckers
Cupra - See yesterday's price has taken you to 19th on the TPSR. Are they going to combine the 2 share prices for you or will you zoom to the bottom with a nil share price on Wednesday?! ;-)
Posted at 08/4/2011 07:34 by longsight
I think it is really great they split.

Now it is very easy to state the undervaluation here. The Co has stated that it is targetting 5bt IO currently grading @ 34% at Putu [38.5% stake] & 4bt IO currently grading @ 34% at Nkout. Target date next year. Contained IO attributable to Affrero wd then be 2bt.

2bt at current m cap = 14c a tonne.

Assuming Sundance get the railway / port infrastructure funded then Nkout must be one of the most exciting IO projects in Africa.

By end 2012 I think we might be able to see a valuation at US$1 minimum per tonne. This wd make Affrero worth US$2bn or say £1.25bn. Assume some dilution to say 100m shares issued & you get £12.50 a share.

The only error I see in the above is that I think there is a very good likelihood that Nkout will exceed 4bt - & that Ngoa & Akon will add to the total. So by end 2012, a share price target of £15 or more seems sensible.

Investors might also note on AUE that David Reading mentioned a revised target production level for NL of 125,000 oz pa. He also appeared to suggest that the whole of the Bea licence might be prospective. 10m oz for Bea? I think that might ultimately suggest a share price of £1bn for AUE or say £8 - £10 a share to allow for dilution. However this might prove conservative if Cameroon licences & Sonfon prove up as well.
Posted at 07/4/2011 15:33 by longsight
HB - I emphasise that I am no expert on this. This is my take on things - right or wrong.

As I see it, tomorrow AAAM will trade at a lower price because it will just be the Affrero business. The missing bit of the share price will be in the AUE shares that will not yet be trading but will of course do so on the 13th. So for example, tomorrow AAAM trades at £2.50 reflecting that sale or purchase of it from tomorrow just is of the Co with just the IO assets. Then on next Wednesday AEU starts trading at say £1.50 - so at that point both shares will be priced together at £4 [I take an optimistic view of things!]
Posted at 07/4/2011 13:02 by longsight
diesel - I don't want to send everyone to sleep on this but if the share price stays the same tomorrow & until the 13th then the market will be in effect valuing AUE at zero. Tomorrow AAAM is just the IO business. It is ex entitlement to the Gold shares. So tomorrow's share price will reflect the market's first go at valuing Affrero. That is my understanding anyway.
Posted at 07/4/2011 11:31 by richgit
Just to simplify things for those losing their brain cells.


Today- We holders own just AAAM at £3.10 and corresponding Market Cap Value.


Tomorrow We will own AAAM representing the Gold & Diamonds at that value the Market puts on it + The iron ore at that value.

So tomorrow AAAM wont be £3 a share,yet you add AAAM + the iron Ore and thats
what you own.


Those that dont own any stock today can buy AAAM tomorrow if they consider
its value too low for all the Gold and Diamonds,and or buy the Iron Ore if
they consider that too low in value.


It really is simple.


On 13th AAAM- that Tomorrow represents - just the Gold & Diamonds -will simply change its name and ticker code on 13th- that is all.
Posted at 07/4/2011 09:25 by longsight
unionhall - my understanding is slightly different. Shares trade today for the last day with entitlement to AUE shares. From tomorrow AAAM [or Affrero] trades ex entitlement but will therefore be correspondingly cheaper. If you sold them tomorrow, you will still get your AUE on the 13th. Where I think there might be upside from all of this is my instinct that the AAAM price tomorrow might not fall that far & when AUE then starts trading on 13th the market will have to accord it a reasonable value - so from the 13th those still holding AAAM i.e. AFF & AUE might find they have an immediate revaluation upwards.
Posted at 07/4/2011 08:21 by longsight
Looking at share price post split. Very intruiging! I suppose one possibility is that Affrero trades ex AUE tomorrow & yet the share price doesn't drop very much say 60p. Then when AUE opens on 13th the market might kick off with £1.40. Just some off the wall thoughts! The market is nuts anyway. Why did the share price suddenly move up post the EGM? Everyone knew it was a 100% foregone conclusion that the split wd be approved.

In any case, I agree with Luis on this. The 2 businesses are far too lowly valued at present so if this "2 for the price of 1" idea really takes off we might be pleasantly surprised on the SPs of the 2 Cos.
African Aura share price data is direct from the London Stock Exchange

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